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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, 2021
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-20210630_g1.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe 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 growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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 Exchange Act).  ☐ Yes  ☑ No 
On July 30, 2021, there were issued and outstanding 1,468,064,383 shares of the registrant’s common stock, par value $0.10 per share.


Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
 Page
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
S-1
  

2
Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30,
2021		December 31,
2020
 (In millions)
ASSETS  
Current assets:  
Cash and cash equivalents$6,313 $3,657 
Trade accounts receivable1,100 892 
Income and other tax receivables578 520 
Inventories: 
Materials and supplies, net1,616 1,594 
Mill and leach stockpiles1,006 1,014 
Product1,596 1,285 
Other current assets390 341 
Total current assets12,599 9,303 
Property, plant, equipment and mine development costs, net29,836 29,818 
Long-term mill and leach stockpiles1,473 1,463 
Other assets1,528 1,560 
Total assets$45,436 $42,144 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,106 $2,708 
Current portion of debt1,057 34 
Accrued income taxes919 324 
Current portion of environmental and asset retirement obligations334 351 
Dividends payable111 — 
Total current liabilities5,527 3,417 
Long-term debt, less current portion8,638 9,677 
Deferred income taxes4,486 4,408 
Environmental and asset retirement obligations, less current portion3,721 3,705 
Other liabilities2,129 2,269 
Total liabilities24,501 23,476 
Equity:  
Stockholders’ equity:  
Common stock160 159 
Capital in excess of par value26,084 26,037 
Accumulated deficit(9,880)(11,681)
Accumulated other comprehensive loss(576)(583)
Common stock held in treasury(3,777)(3,758)
Total stockholders’ equity12,011 10,174 
Noncontrolling interests8,924 8,494 
Total equity20,935 18,668 
Total liabilities and equity$45,436 $42,144 

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 EndedSix Months Ended
June 30,June 30,
 2021202020212020
(In millions, except per share amounts)
Revenues$5,748 $3,054 $10,598 $5,852 
Cost of sales:  
Production and delivery3,067 2,394 5,853 4,939 
Depreciation, depletion and amortization483 358 902 699 
Metals inventory adjustments— (139)1 83 
Total cost of sales3,550 2,613 6,756 5,721 
Selling, general and administrative expenses87 91 187 201 
Mining exploration and research expenses14 18 21 34 
Environmental obligations and shutdown costs
33 11 38 37 
Net (gain) loss on sales of assets(3)— (3)11 
Total costs and expenses3,681 2,733 6,999 6,004 
Operating income (loss)2,067 321 3,599 (152)
Interest expense, net(148)(115)(293)(242)
Net loss on early extinguishment of debt
— (9)— (41)
Other income, net9 20 20 40 
Income (loss) before income taxes and equity in affiliated companies’ net earnings1,928 217 3,326 (395)
Provision for income taxes(603)(96)(1,046)(36)
Equity in affiliated companies’ net earnings6 3 4 6 
Net income (loss)1,331 124 2,284 (425)
Net income attributable to noncontrolling interests(248)(71)(483)(13)
Net income (loss) attributable to common stockholders$1,083 $53 $1,801 $(438)
Net income (loss) per share attributable to common stockholders:
Basic
$0.74 $0.03 $1.23 $(0.30)
Diluted
$0.73 $0.03 $1.21 $(0.30)
Weighted-average common shares outstanding:
Basic
1,467 1,453 1,465 1,453 
Diluted
1,483 1,458 1,480 1,453 
Dividends declared per share of common stock$0.075 $— $0.15 $— 
 
The accompanying notes are an integral part of these consolidated financial statements.

4
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
(In millions)
Net income (loss)$1,331 $124 $2,284 $(425)
Other comprehensive income, net of taxes:
Defined benefit plans:
Actuarial losses arising during the period— — (1)— 
Amortization of unrecognized amounts included in net periodic benefit costs4 12 8 24 
Foreign exchange gains (losses)— 4 (1)(1)
Other comprehensive income4 16 6 23 
Total comprehensive income (loss)1,335 140 2,290 (402)
Total comprehensive income attributable to noncontrolling interests(248)(71)(482)(12)
Total comprehensive income (loss) attributable to common stockholders
$1,087 $69 $1,808 $(414)

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,
 20212020
 (In millions)
Cash flow from operating activities:  
Net income (loss)$2,284 $(425)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, depletion and amortization902 699 
Metals inventory adjustments1 83 
Net (gain) loss on sales of assets(3)11 
Stock-based compensation56 43 
Net charges for environmental and asset retirement obligations, including accretion94 112 
Payments for environmental and asset retirement obligations(110)(119)
Net charges for defined pension and postretirement plans1 45 
Pension plan contributions(42)(29)
Net loss on early extinguishment of debt— 41 
Deferred income taxes79 (28)
Charges for Cerro Verde royalty dispute
9 15 
Payments for Cerro Verde royalty dispute(65)(90)
Other, net77 (46)
Changes in working capital and other:
 
Accounts receivable(279)83 
Inventories(299)168 
Other current assets(12)(4)
Accounts payable and accrued liabilities272 (73)
Accrued income taxes and timing of other tax payments505 (33)
Net cash provided by operating activities3,470 453 
Cash flow from investing activities:  
Capital expenditures:  
North America copper mines(95)(332)
South America(47)(125)
Indonesia(624)(634)
Molybdenum mines(3)(11)
Other(34)(35)
Proceeds from sales of assets16 116 
Acquisition of minority interest in PT Smelting(33)— 
Other, net(13)(5)
Net cash used in investing activities(833)(1,026)
Cash flow from financing activities:  
Proceeds from debt160 1,585 
Repayments of debt(179)(1,527)
Cash dividends and distributions paid: 
Common stock(111)(73)
Noncontrolling interests(93)— 
Contributions from noncontrolling interests88 74 
Proceeds from exercised stock options184 1 
Payments for withholding of employee taxes related to stock-based awards(19)(5)
Debt financing costs and other, net(1)(31)
Net cash provided by financing activities29 24 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents2,666 (549)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year3,903 2,278 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$6,569 $1,729 
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED JUNE 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
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, 20211,597 $160 $26,080 $(10,963)$(580)133 $(3,777)$10,920 $8,653 $19,573 
Exercised and issued stock-based awards4 — 78 — — — — 78 — 78 
Stock-based compensation, including the tender of shares— — 14 — — — — 14 (1)13 
Dividends— — (111)— — — — (111)— (111)
Contributions from noncontrolling interests— — 23 — — — — 23 24 47 
Net income attributable to common stockholders— — — 1,083 — — — 1,083 — 1,083 
Net income attributable to noncontrolling interests
— — — — — — — — 248 248 
Other comprehensive income — — — — 4 — — 4 — 4 
Balance at June 30, 20211,601 $160 $26,084 $(9,880)$(576)133 $(3,777)$12,011 $8,924 $20,935 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
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, 20201,583 $158 $25,875 $(12,771)$(668)131 $(3,739)$8,855 $8,108 $16,963 
Stock-based compensation, including the tender of shares— — 9 — — — — 9 1 10 
Contributions from noncontrolling interests— — 21 — — — — 21 21 42 
Net income attributable to common stockholders— — — 53 — — — 53 — 53 
Net income attributable to noncontrolling interests— — — — — — — — 71 71 
Other comprehensive income — — — — 16 — — 16 — 16 
Balance at June 30, 20201,583 $158 $25,905 $(12,718)$(652)131 $(3,739)$8,954 $8,201 $17,155 

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










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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
SIX MONTHS ENDED JUNE 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
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, 20201,590 $159 $26,037 $(11,681)$(583)132 $(3,758)$10,174 $8,494 $18,668 
Exercised and issued stock-based awards11 1 183 — — — — 184 — 184 
Stock-based compensation, including the tender of shares— — 43 — — 1 (19)24 (4)20 
Dividends— — (222)— — — — (222)(93)(315)
Contributions from noncontrolling interests
— — 43 — — — — 43 45 88 
Net income attributable to common stockholders— — — 1,801 — — — 1,801 — 1,801 
Net income attributable to noncontrolling interests
— — — — — — — — 483 483 
Other comprehensive income (loss)— — — — 7 — — 7 (1)6 
Balance at June 30, 20211,601 $160 $26,084 $(9,880)$(576)133 $(3,777)$12,011 $8,924 $20,935 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
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, 20191,582 $158 $25,830 $(12,280)$(676)131 $(3,734)$9,298 $8,150 $17,448 
Exercised and issued stock-based awards1 — 1 — — — — 1 — 1 
Stock-based compensation, including the tender of shares— — 38 — — — (5)33 1 34 
Contributions from noncontrolling interests— — 36 — — — — 36 38 74 
Net loss attributable to common stockholders— — — (438)— — — (438)— (438)
Net income attributable to noncontrolling interests
— — — — — — — — 13 13 
Other comprehensive income (loss)— — — — 24 — — 24 (1)23 
Balance at June 30, 20201,583 $158 $25,905 $(12,718)$(652)131 $(3,739)$8,954 $8,201 $17,155 
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Freeport-McMoRan Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. GENERAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Trade Accounts Receivable Agreements. In first-quarter 2021, PT Freeport Indonesia (PT-FI) entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting (PT-FI’s 39.5 percent owned copper smelter and refinery in Gresik, Indonesia - see “Acquisition of Minority Interest in PT Smelting” below for further discussion). The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at June 30, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold.

Gross amounts sold under these a