Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Freeport-McMoRan Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	(5)	—)	—)	(53)	23)
State	6)	(1)	11)	1)	(3)
Foreign	2,087)	2,232)	2,460)	816)	462)
Current income taxes	2,088)	2,231)	2,471)	764)	482)
Federal	50)	149)	184)	(3)	(48)
State	3)	6)	4)	(5)	(8)
Foreign	320)	144)	23)	306)	101)
Deferred income taxes	373)	299)	211)	298)	45)
Adjustments	(6)	(1)	(193)	(37)	(12)
Operating loss carryforwards	(185)	(262)	(190)	(81)	(5)
Provision for income taxes	2,270)	2,267)	2,299)	944)	510)

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).

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Item	Description	The company
Current income taxes	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Freeport-McMoRan Inc. current income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Deferred income taxes	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Freeport-McMoRan Inc. deferred income taxes increased from 2021 to 2022 and from 2022 to 2023.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Freeport-McMoRan Inc. provision for income taxes decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Freeport-McMoRan Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Withholding and other impacts on foreign earnings	10.00%	10.00%	9.00%	11.00%	18.00%
Effect of foreign rates different than the U.S. federal statutory rate	5.00%	5.00%	4.00%	6.00%	21.00%
Foreign tax credit limitation	5.00%	1.00%	0.00%	-2.00%	5.00%
Percentage depletion	-3.00%	-3.00%	-3.00%	-6.00%	-39.00%
Valuation allowance	-2.00%	0.00%	-3.00%	12.00%	49.00%
Non-deductible permanent differences	1.00%	0.00%	0.00%	0.00%	15.00%
Uncertain tax positions	1.00%	0.00%	0.00%	1.00%	15.00%
State income taxes	0.00%	0.00%	0.00%	0.00%	-6.00%
PT-FI historical tax disputes	0.00%	0.00%	3.00%	0.00%	47.00%
PT Rio Tinto Indonesia valuation allowance	0.00%	0.00%	-2.00%	0.00%	0.00%
Sale of Kisanfu	0.00%	0.00%	0.00%	8.00%	0.00%
Timok exploration project sale	0.00%	0.00%	0.00%	-3.00%	5.00%
Cerro Verde historical tax disputes	0.00%	0.00%	0.00%	2.00%	-1.00%
Adjustment to deferred taxes	0.00%	0.00%	0.00%	0.00%	16.00%
U.S. tax reform	0.00%	0.00%	0.00%	0.00%	-9.00%
Other items, net	0.00%	0.00%	1.00%	3.00%	9.00%
Provision for income taxes	38.00%	34.00%	30.00%	53.00%	166.00%

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).

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Item	Description	The company
Provision for income taxes	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Freeport-McMoRan Inc. provision for income taxes increased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Foreign tax credits	1,228)	1,514)	1,536)	1,641)	1,716)
Net operating losses	1,761)	1,923)	2,220)	2,443)	2,249)
Accrued expenses	1,390)	1,303)	1,193)	1,194)	1,108)
Employee benefit plans	78)	99)	105)	171)	198)
Other	215)	230)	252)	238)	267)
Deferred tax assets	4,672)	5,069)	5,306)	5,687)	5,538)
Valuation allowances	(3,894)	(3,985)	(4,087)	(4,732)	(4,576)
Net deferred tax assets	778)	1,084)	1,219)	955)	962)
Property, plant, equipment and mine development costs	(4,118)	(4,330)	(4,492)	(4,500)	(4,372)
Undistributed earnings	(911)	(810)	(807)	(694)	(639)
Other	(195)	(211)	(152)	(169)	(157)
Deferred tax liabilities	(5,224)	(5,351)	(5,451)	(5,363)	(5,168)
Net deferred tax assets (liabilities)	(4,446)	(4,267)	(4,232)	(4,408)	(4,206)

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).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Freeport-McMoRan Inc. deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Freeport-McMoRan Inc. net deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Freeport-McMoRan Inc. net deferred tax assets (liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred tax assets	7)	2)	2)	—)	4)
	Deferred tax liabilities	4,453)	4,269)	4,234)	4,408)	4,210)

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).

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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Freeport-McMoRan Inc. deferred tax liabilities increased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	52,506)	51,093)	48,022)	42,144)	40,809)
Less: Noncurrent deferred tax assets, net	7)	2)	2)	—)	4)
Total assets (adjusted)	52,499)	51,091)	48,020)	42,144)	40,805)
Adjustment to Total Liabilities
Total liabilities (as reported)	25,196)	26,222)	25,003)	23,476)	23,361)
Less: Noncurrent deferred tax liabilities, net	4,453)	4,269)	4,234)	4,408)	4,210)
Total liabilities (adjusted)	20,743)	21,953)	20,769)	19,068)	19,151)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	16,693)	15,555)	13,980)	10,174)	9,298)
Less: Net deferred tax assets (liabilities)	(4,446)	(4,267)	(4,232)	(4,408)	(4,206)
Stockholders’ equity (adjusted)	21,139)	19,822)	18,212)	14,582)	13,504)
Adjustment to Net Income (loss) Attributable To Common Stockholders
Net income (loss) attributable to common stockholders (as reported)	1,848)	3,468)	4,306)	599)	(239)
Add: Deferred income tax expense (benefit)	373)	299)	211)	298)	45)
Net income (loss) attributable to common stockholders (adjusted)	2,221)	3,767)	4,517)	897)	(194)

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).

Freeport-McMoRan Inc., Financial Data: Reported vs. Adjusted

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Freeport-McMoRan Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	8.09%	15.22%	18.85%	4.22%	-1.66%
Adjusted net profit margin	9.72%	16.54%	19.77%	6.32%	-1.35%
Total Asset Turnover
Reported total asset turnover	0.44	0.45	0.48	0.34	0.35
Adjusted total asset turnover	0.44	0.45	0.48	0.34	0.35
Financial Leverage
Reported financial leverage	3.15	3.28	3.44	4.14	4.39
Adjusted financial leverage	2.48	2.58	2.64	2.89	3.02
Return on Equity (ROE)
Reported ROE	11.07%	22.30%	30.80%	5.89%	-2.57%
Adjusted ROE	10.51%	19.00%	24.80%	6.15%	-1.44%
Return on Assets (ROA)
Reported ROA	3.52%	6.79%	8.97%	1.42%	-0.59%
Adjusted ROA	4.23%	7.37%	9.41%	2.13%	-0.48%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Freeport-McMoRan Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Freeport-McMoRan Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Freeport-McMoRan Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Freeport-McMoRan Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Freeport-McMoRan Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)
Revenues	22,855)	22,780)	22,845)	14,198)	14,402)
Profitability Ratio
Net profit margin¹	8.09%	15.22%	18.85%	4.22%	-1.66%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	2,221)	3,767)	4,517)	897)	(194)
Revenues	22,855)	22,780)	22,845)	14,198)	14,402)
Profitability Ratio
Adjusted net profit margin²	9.72%	16.54%	19.77%	6.32%	-1.35%

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 Net profit margin = 100 × Net income (loss) attributable to common stockholders ÷ Revenues
= 100 × 1,848 ÷ 22,855 = 8.09%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Revenues
= 100 × 2,221 ÷ 22,855 = 9.72%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Freeport-McMoRan Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	22,855)	22,780)	22,845)	14,198)	14,402)
Total assets	52,506)	51,093)	48,022)	42,144)	40,809)
Activity Ratio
Total asset turnover¹	0.44	0.45	0.48	0.34	0.35
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	22,855)	22,780)	22,845)	14,198)	14,402)
Adjusted total assets	52,499)	51,091)	48,020)	42,144)	40,805)
Activity Ratio
Adjusted total asset turnover²	0.44	0.45	0.48	0.34	0.35

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 Total asset turnover = Revenues ÷ Total assets
= 22,855 ÷ 52,506 = 0.44

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 22,855 ÷ 52,499 = 0.44

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Freeport-McMoRan Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	52,506)	51,093)	48,022)	42,144)	40,809)
Stockholders’ equity	16,693)	15,555)	13,980)	10,174)	9,298)
Solvency Ratio
Financial leverage¹	3.15	3.28	3.44	4.14	4.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	52,499)	51,091)	48,020)	42,144)	40,805)
Adjusted stockholders’ equity	21,139)	19,822)	18,212)	14,582)	13,504)
Solvency Ratio
Adjusted financial leverage²	2.48	2.58	2.64	2.89	3.02

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 Financial leverage = Total assets ÷ Stockholders’ equity
= 52,506 ÷ 16,693 = 3.15

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 52,499 ÷ 21,139 = 2.48

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Freeport-McMoRan Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)
Stockholders’ equity	16,693)	15,555)	13,980)	10,174)	9,298)
Profitability Ratio
ROE¹	11.07%	22.30%	30.80%	5.89%	-2.57%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	2,221)	3,767)	4,517)	897)	(194)
Adjusted stockholders’ equity	21,139)	19,822)	18,212)	14,582)	13,504)
Profitability Ratio
Adjusted ROE²	10.51%	19.00%	24.80%	6.15%	-1.44%

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 ROE = 100 × Net income (loss) attributable to common stockholders ÷ Stockholders’ equity
= 100 × 1,848 ÷ 16,693 = 11.07%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Adjusted stockholders’ equity
= 100 × 2,221 ÷ 21,139 = 10.51%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Freeport-McMoRan Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)
Total assets	52,506)	51,093)	48,022)	42,144)	40,809)
Profitability Ratio
ROA¹	3.52%	6.79%	8.97%	1.42%	-0.59%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	2,221)	3,767)	4,517)	897)	(194)
Adjusted total assets	52,499)	51,091)	48,020)	42,144)	40,805)
Profitability Ratio
Adjusted ROA²	4.23%	7.37%	9.41%	2.13%	-0.48%

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 ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 1,848 ÷ 52,506 = 3.52%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Adjusted total assets
= 100 × 2,221 ÷ 52,499 = 4.23%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Freeport-McMoRan Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Freeport-McMoRan Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Freeport-McMoRan Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)