Analysis of Debt
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Freeport-McMoRan Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Total Debt (Carrying Amount)
Freeport-McMoRan Inc., balance sheet: debt
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Current portion of debt | ||||||
| Long-term debt, less current portion | ||||||
| Total long-term debt, including current portion (carrying amount) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Debt item | Description | The company |
|---|---|---|
| Total long-term debt, including current portion (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Freeport-McMoRan Inc. total debt increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total long-term debt, including current portion (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Freeport-McMoRan Inc., interest costs incurred
US$ in millions
| 12 months ended: | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense, net | |||||||||||
| Capitalized interest | |||||||||||
| Interest costs |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Debt item | Description | The company |
|---|---|---|
| Interest expense, net | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Freeport-McMoRan Inc. interest expense, net decreased from 2021 to 2022 and from 2022 to 2023. |
| Capitalized interest | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | Freeport-McMoRan Inc. capitalized interest increased from 2021 to 2022 and from 2022 to 2023. |
| Interest costs | Total interest costs incurred during the period and either capitalized or charged against earnings. | Freeport-McMoRan Inc. interest costs increased from 2021 to 2022 and from 2022 to 2023. |
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Freeport-McMoRan Inc. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |