Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Freeport-McMoRan Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	3,751)	4,479)	5,365)	865)	(189)
Depreciation, depletion and amortization	2,068)	2,019)	1,998)	1,528)	1,412)
Stock-based compensation	109)	95)	98)	99)	63)
Net charges for environmental and asset retirement obligations, including accretion	295)	369)	540)	181)	221)
Payments for environmental and asset retirement obligations	(250)	(274)	(273)	(216)	(244)
Charge for talc-related litigation	65)	—)	—)	130)	—)
Net charges for defined pension and postretirement plans	62)	45)	4)	65)	108)
Pension plan contributions	(75)	(54)	(109)	(121)	(75)
Net (gain) loss on early extinguishment of debt	(10)	(31)	—)	101)	27)
Net gain on sales of assets	—)	(2)	(80)	(473)	(417)
Deferred income taxes	182)	36)	(171)	181)	29)
Changes in deferred profit on PT Freeport Indonesia’s sales to PT Smelting	(112)	(14)	86)	—)	—)
Charges for social investment programs at PT Freeport Indonesia	84)	84)	75)	—)	—)
Payments for social investment programs at PT Freeport Indonesia	(44)	(11)	(67)	—)	—)
Impairment of oil and gas properties	67)	—)	—)	—)	—)
Payments for Cerro Verde royalty dispute	—)	—)	(421)	(139)	(187)
Other, net	(33)	(1)	(77)	151)	385)
Accounts receivable	166)	56)	(472)	132)	119)
Inventories	(873)	(573)	(618)	42)	259)
Other current assets	(29)	(12)	(101)	(27)	60)
Accounts payable and accrued liabilities	(161)	(73)	487)	115)	(60)
Accrued income taxes and timing of other tax payments	17)	(999)	1,451)	403)	(29)
Changes in working capital and other	(880)	(1,601)	747)	665)	349)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,528)	660)	2,350)	2,152)	1,671)
Net cash provided by operating activities	5,279)	5,139)	7,715)	3,017)	1,482)
North America copper mines	(761)	(597)	(342)	(428)	(877)
South America	(368)	(304)	(162)	(183)	(256)
Indonesia mining	(1,696)	(1,575)	(1,296)	(1,161)	(1,369)
Indonesia smelter projects	(1,715)	(806)	(222)	(105)	—)
Molybdenum mines	(84)	(33)	(6)	(19)	(19)
Other	(200)	(154)	(87)	(65)	(131)
Capital expenditures	(4,824)	(3,469)	(2,115)	(1,961)	(2,652)
Proceeds from sales of assets	27)	108)	247)	704)	561)
Loans to PT Smelting for expansion	(129)	(65)	(36)	—)	—)
Acquisition of minority interest in PT Smelting	—)	—)	(33)	—)	—)
Other, net	(30)	(14)	(27)	(7)	(12)
Net cash used in investing activities	(4,956)	(3,440)	(1,964)	(1,264)	(2,103)
Proceeds from debt	1,781)	5,735)	1,201)	3,531)	1,879)
Repayments of debt	(2,980)	(4,515)	(1,461)	(3,724)	(3,197)
Cash dividends and distributions paid, common stock	(863)	(866)	(331)	(73)	(291)
Cash dividends and distributions paid, noncontrolling interests	(625)	(840)	(583)	—)	(82)
Treasury stock purchases	—)	(1,347)	(488)	—)	—)
Contributions from noncontrolling interests	50)	189)	182)	156)	165)
Proceeds from exercised stock options	47)	125)	210)	51)	2)
Payments for withholding of employee taxes related to stock-based awards	(50)	(55)	(29)	(17)	(8)
Debt financing costs and other, net	(10)	(49)	(41)	(52)	(24)
Net cash provided by (used in) financing activities	(2,650)	(1,623)	(1,340)	(128)	(1,556)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(2,327)	76)	4,411)	1,625)	(2,177)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year	8,390)	8,314)	3,903)	2,278)	4,455)
Cash, cash equivalents and restricted cash and cash equivalents at end of year	6,063)	8,390)	8,314)	3,903)	2,278)

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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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Freeport-McMoRan Inc. net cash provided by operating activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Freeport-McMoRan Inc. net cash used in investing activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Freeport-McMoRan Inc. net cash provided by (used in) financing activities decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Cash Flow Statement