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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-11307-01
fcx_logoa01a01a03a19.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
74-2480931
(State or other jurisdiction of
 
(I.R.S. Employer Identification No.)
incorporation or organization)
 
 
333 North Central Avenue
Phoenix
AZ
 
 
85004-2189
(Address of principal executive offices)
 
 
 
 
(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.10 per share
FCX
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging grown company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging grown company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes   No 
On July 31, 2019, there were issued and outstanding 1,450,890,574 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS

 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents             

Part I.
FINANCIAL INFORMATION

Item 1.
Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)

 
June 30,
2019
 
December 31,
2018
 
(In millions)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2,623

 
$
4,217

Trade accounts receivable
725

 
829

Income and other tax receivables
245

 
493

Inventories:
 
 
 
Materials and supplies, net
1,634

 
1,528

Mill and leach stockpiles
1,352

 
1,453

Product
1,391

 
1,778

Other current assets
760

 
422

Total current assets
8,730

 
10,720

Property, plant, equipment and mine development costs, net
28,841

 
28,010

Long-term mill and leach stockpiles
1,347

 
1,314

Other assets
2,168

 
2,172

Total assets
$
41,086

 
$
42,216

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
2,721

 
$
2,625

Current portion of environmental and asset retirement obligations
425

 
449

Dividends payable
73

 
73

Accrued income taxes
63

 
165

Current portion of debt
4

 
17

Total current liabilities
3,286

 
3,329

Long-term debt, less current portion
9,912

 
11,124

Deferred income taxes
4,055

 
4,032

Environmental and asset retirement obligations, less current portion
3,617

 
3,609

Other liabilities
2,399

 
2,230

Total liabilities
23,269

 
24,324

 
 
 
 
Equity:
 
 
 
Stockholders’ equity:
 
 
 
Common stock
158

 
158

Capital in excess of par value
25,949

 
26,013

Accumulated deficit
(12,082
)
 
(12,041
)
Accumulated other comprehensive loss
(582
)
 
(605
)
Common stock held in treasury
(3,734
)
 
(3,727
)
Total stockholders’ equity
9,709

 
9,798

Noncontrolling interests
8,108

 
8,094

Total equity
17,817

 
17,892

Total liabilities and equity
$
41,086

 
$
42,216


The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions, except per share amounts)
Revenues
$
3,546

 
$
5,168

 
$
7,338

 
$
10,036

Cost of sales:
 
 
 
 
 
 
 
Production and delivery
3,002

 
2,915

 
5,978

 
5,723

Depreciation, depletion and amortization
352

 
442

 
699

 
893

Total cost of sales
3,354

 
3,357

 
6,677

 
6,616

Selling, general and administrative expenses
97

 
109

 
209

 
240

Mining exploration and research expenses
31

 
24

 
58

 
45

Environmental obligations and shutdown costs
23

 
59

 
65

 
68

Net loss (gain) on sales of assets
8

 
(45
)
 
(25
)
 
(56
)
Total costs and expenses
3,513

 
3,504

 
6,984

 
6,913

Operating income
33

 
1,664

 
354

 
3,123

Interest expense, net
(132
)
 
(142
)
 
(278
)
 
(293
)
Net gain (loss) on early extinguishment of debt

 
9

 
(6
)
 
8

Other income, net
5

 
20

 
19

 
49

(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings
(94
)
 
1,551

 
89

 
2,887

Benefit from (provision for) income taxes
15

 
(515
)
 
(90
)
 
(1,021
)
Equity in affiliated companies’ net earnings
5

 
3

 
2

 
1

Net (loss) income from continuing operations
(74
)
 
1,039

 
1

 
1,867

Net (loss) income from discontinued operations

 
(4
)
 
1

 
(15
)
Net (loss) income
(74
)
 
1,035

 
2

 
1,852

Net loss (income) attributable to noncontrolling interests
2

 
(166
)
 
(43
)
 
(291
)
Net (loss) income attributable to common stockholders
$
(72
)
 
$
869

 
$
(41
)
 
$
1,561

 
 
 
 
 
 
 
 
Basic net (loss) income per share attributable to common stockholders:
 
 
 
 
 
 
 
Continuing operations
$
(0.05
)
 
$
0.60

 
$
(0.03
)
 
$
1.08

Discontinued operations

 

 

 
(0.01
)
 
$
(0.05
)
 
$
0.60

 
$
(0.03
)
 
$
1.07

 
 
 
 
 
 
 
 
Diluted net (loss) income per share attributable to common stockholders:
 
 
 
 
 
 
 
Continuing operations
$
(0.05
)
 
$
0.59

 
$
(0.03
)
 
$
1.08

Discontinued operations

 

 

 
(0.01
)
 
$
(0.05
)
 
$
0.59

 
$
(0.03
)
 
$
1.07

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
1,451

 
1,449

 
1,451

 
1,449

Diluted
1,451

 
1,458

 
1,451

 
1,458

 
 
 
 
 
 
 
 
Dividends declared per share of common stock
$
0.05

 
$
0.05

 
$
0.10

 
$
0.10

 
The accompanying notes are an integral part of these consolidated financial statements.


4

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions)
Net (loss) income
$
(74
)
 
$
1,035

 
$
2

 
$
1,852

 
 
 
 
 
 
 
 
Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
Defined benefit plans:
 
 
 
 
 
 
 
Amortization of unrecognized amounts included in net periodic benefit costs
13

 
11

 
24

 
23

Foreign exchange losses

 

 

 
(1
)
Other comprehensive income
13

 
11

 
24

 
22

 
 
 
 
 
 
 
 
Total comprehensive (loss) income
(61
)
 
1,046

 
26

 
1,874

Total comprehensive loss (income) attributable to noncontrolling interests
1

 
(166
)
 
(44
)
 
(290
)
Total comprehensive (loss) income attributable to common stockholders
$
(60
)
 
$
880

 
$
(18
)
 
$
1,584


The accompanying notes are an integral part of these consolidated financial statements.




5

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Six Months Ended
 
 
June 30,
 
 
2019
 
2018
 
 
(In millions)
 
Cash flow from operating activities:
 
 
 
 
Net income
$
2

 
$
1,852

 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation, depletion and amortization
699

 
893

 
Metals inventory adjustments
59

 
2

 
Net gain on sales of assets
(25
)
 
(56
)
 
Stock-based compensation
40

 
60

 
Net charges for environmental and asset retirement obligations, including accretion
109

 
152

 
Payments for environmental and asset retirement obligations
(100
)
 
(110
)
 
Net charges for defined pension and postretirement plans
53

 
38

 
Pension plan contributions
(33
)
 
(44
)
 
Net loss (gain) on early extinguishment of debt
6

 
(8
)
 
Deferred income taxes
20

 
61

 
(Income) loss on disposal of discontinued operations
(1
)
 
15

 
(Increase) decrease in long-term mill and leach stockpiles
(33
)
 
38

 
PT Freeport Indonesia surface water tax settlement
28

 

 
Cerro Verde royalty dispute
28

 
4

 
Payments for Cerro Verde royalty dispute
(86
)
 
(21
)
 
Other, net
41

 
15

 
Changes in working capital and other tax payments:
 
 
 
 
Accounts receivable
256

 
309

 
Inventories
287

 
(468
)
 
Other current assets
(26
)
 
(20
)
 
Accounts payable and accrued liabilities
9

 
114

 
Accrued income taxes and timing of other tax payments
(245
)
 
(148
)
 
Net cash provided by operating activities
1,088

 
2,678

 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
Capital expenditures:
 
 
 
 
North America copper mines
(417
)
 
(232
)
 
South America
(108
)
 
(138
)
 
Indonesia
(658
)
 
(449
)
 
Molybdenum mines
(6
)
 
(2
)
 
Other
(62
)
 
(63
)
 
Proceeds from sales of oil and gas properties
91

 

 
Intangible water rights and other, net
(7
)
 
(86
)
 
Net cash used in investing activities
(1,167
)
 
(970
)
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
Proceeds from debt
328

 
352

 
Repayments of debt
(1,563
)
 
(2,297
)
 
Cash dividends and distributions paid:
 
 
 
 
Common stock
(146
)
 
(73
)
 
Noncontrolling interests
(79
)
 
(241
)
 
Contributions from noncontrolling interests
100

 

 
Stock-based awards net (payments) proceeds
(6
)
 
5

 
Debt financing costs and other, net
(4
)
 
(23
)
 
Net cash used in financing activities
(1,370
)
 
(2,277
)
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(1,449
)
 
(569
)
 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
4,455

 
4,710

 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$
3,006

 
$
4,141

 
The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED JUNE 30
 
Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
Accum-ulated Deficit
 
Accumu-
lated
Other Compre-
hensive
Loss
 
Common Stock
Held in Treasury
 
Total
Stock-holders’ Equity
 
 
 
 
 
Number
of
Shares
 
At Par
Value
 
Capital in
Excess of
Par Value
 
 
 
Number
of
Shares
 
At
Cost
 
 
Non-
controlling
Interests
 
Total
Equity
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance at March 31, 2019
1,582

 
$
158

 
$
25,963

 
$
(12,010
)
 
$
(594
)
 
131

 
$
(3,734
)
 
$
9,783

 
$
8,058

 
$
17,841

Stock-based compensation, including the tender of shares

 

 
10

 

 

 

 

 
10

 

 
10

Dividends

 

 
(73
)
 

 

 

 

 
(73
)
 

 
(73
)
Contributions from noncontrolling interests

 

 
49

 

 

 

 

 
49

 
51

 
100

Net loss attributable to common stockholders

 

 

 
(72
)
 

 

 

 
(72
)
 

 
(72
)
Net loss attributable to noncontrolling interests

 

 

 

 

 

 

 

 
(2
)
 
(2
)
Other comprehensive income

 

 

 

 
12

 

 

 
12

 
1

 
13

Balance at June 30, 2019
1,582

 
$
158

 
$
25,949

 
$
(12,082
)
 
$
(582
)
 
131

 
$
(3,734
)
 
$
9,709

 
$
8,108

 
$
17,817

 
Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
Accum-ulated Deficit
 
Accumu-
lated
Other Compre-
hensive
Loss
 
Common Stock
Held in Treasury
 
Total
Stock-holders’ Equity
 
 
 
 
 
Number
of
Shares
 
At Par
Value
 
Capital in
Excess of
Par Value
 
 
 
Number
of
Shares
 
At
Cost
 
 
Non-
controlling
Interests
 
Total
Equity
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance at March 31, 2018
1,579

 
$
158

 
$
26,729

 
$
(14,030
)
 
$
(475
)
 
130

 
$
(3,726
)
 
$
8,656

 
$
3,270

 
$
11,926

Exercised and issued stock-based awards

 

 
2

 

 

 

 

 
2

 

 
2

Stock-based compensation, including the tender of shares

 

 
9

 

 

 

 

 
9

 

 
9

Dividends

 

 
(73
)
 

 

 

 

 
(73
)
 
(68
)
 
(141
)
Net income attributable to common stockholders

 

 

 
869

 

 

 

 
869

 

 
869

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 
166

 
166

Other comprehensive income

 

 

 

 
11

 

 

 
11

 

 
11

Balance at June 30, 2018
1,579

 
$
158

 
$
26,667

 
$
(13,161
)
 
$
(464
)
 
130

 
$
(3,726
)
 
$
9,474

 
$
3,368

 
$
12,842


7

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
SIX MONTHS ENDED JUNE 30
 
Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
Accum-ulated Deficit
 
Accumu-
lated
Other Compre-
hensive
Loss
 
Common Stock
Held in Treasury
 
Total
Stock-holders’ Equity
 
 
 
 
 
Number
of
Shares
 
At Par
Value
 
Capital in
Excess of
Par Value
 
 
 
Number
of
Shares
 
At
Cost
 
 
Non-
controlling
Interests
 
Total
Equity
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance at December 31, 2018
1,579

 
$
158

 
$
26,013

 
$
(12,041
)
 
$
(605
)
 
130

 
$
(3,727
)
 
$
9,798

 
$
8,094

 
$
17,892

Exercised and issued stock-based awards
3

 

 
1

 

 

 

 

 
1

 

 
1

Stock-based compensation, including the tender of shares

 

 
33

 

 

 
1

 
(7
)
 
26

 

 
26

Dividends

 

 
(146
)
 

 

 

 

 
(146
)
 
(70
)
 
(216
)
Changes in noncontrolling interests

 

 
(1
)
 

 

 

 

 
(1
)
 
(11
)
 
(12
)
Contributions from noncontrolling interests

 

 
49

 

 

 

 

 
49

 
51

 
100

Net loss attributable to common stockholders

 

 

 
(41
)
 

 

 

 
(41
)