Freeport-McMoRan 2009 Annual Report Download - page 16

Years Ended December 31, 2009 2008 2007a2006 2005
(In Millions, Except Per Share Amounts)
FCX CONSOLIDATED FINANCIAL DATA
Revenues $15,040 $17,796 $16,939b$5,791 $4,179
Operating income (loss) 6,503c,d (12,710)c,d,e 6,555b,e 2,869 2,177
Income (loss) from continuing operations 3,534 (10,450) 3,733 1,625 1,122
Net income (loss) 3,534 (10,450) 3,779 1,625 1,122
Net income attributable to noncontrolling interests 785 617 802 168 127
Net income (loss) attributable to FCX common stockholders 2,527c,d,f (11,341)c,d,e,f 2,769
b,e,f
1,396f,g 935f
Basic net income (loss) per share attributable to FCX common stockholders:
Continuing operations $6.10 $(29.72) $8.02 $7.32 $5.18
Discontinued operations ——0.10 — —
Basic net income (loss) $6.10 $(29.72) $8.12 $7.32 $5.18
Basic weighted-average common shares outstanding 414 382 341 191 180
Diluted net income (loss) per share attributable to FCX common stockholders:
Continuing operations $5.86 $(29.72) $7.41 $6.63 $4.67
Discontinued operations ——0.09 — —
Diluted net income (loss) $5.86c,d,f $(29.72)c,d,e,f $7.50b,e,f $6.63f,g $4.67f
Diluted weighted-average common shares outstanding 469 382 397 221 220
Dividends declared per share of common stock $0.15 $1.375 $1.375 $5.0625 $2.50
At December 31:
Cash and cash equivalents $2,656 $ 872 $ 1,626 $ 907 $ 764
Property, plant, equipment and development costs, net 16,195 16,002 25,715 3,099 3,089
Goodwill ——6,105 — —
Total assets 25,996 23,353 40,661 5,390g5,550
Total debt, including current portion and short-term borrowings 6,346 7,351 7,211 680 1,256
Total FCX stockholders’ equity 9,119 5,773 18,234 2,445g1,843
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a. Includes the results of Phelps Dodge Corporation (Phelps Dodge) beginning March 20, 2007.
b. Includes charges totaling $175 million ($106 million to net income attributable to FCX common stockholders or $0.27 per share) for mark-to-market accounting adjustments on
the 2007 copper price protection program assumed in the acquisition of Phelps Dodge.
c. Includes charges totaling $77 million ($61 million to net income attributable to FCX common stockholders or $0.13 per share) in 2009 and $17.0 billion ($12.7 billion to net loss
attributable to FCX common stockholders or $33.21 per share) in 2008 associated with impairment, restructuring and other charges.
d. Includes charges forlower of cost or market inventory adjustments totaling $19 million ($15 million to net income attributable to FCX common stockholders or $0.03 per share)
in 2009 and $782 million ($479 million to net loss attributable to FCX common stockholders or $1.26 per share) in 2008.
e. Includes purchase accounting impacts related to the acquisition of Phelps Dodge totaling $1.1 billion, including $1.0 billion to operating loss and $93 million for non-operating
income and expenses ($679 million to net loss attributable to FCX common stockholders or $1.78 per share) in 2008 and $1.3 billion to operating income ($793 million to net
income attributable to FCX common stockholders or $2.00 per share) in 2007.
f. Includes net losses on early extinguishment and conversion of debt totaling $43 million ($0.09 per share) in 2009, $5 million ($0.01 per share) in 2008, $132 million ($0.33 per
share) in 2007, $30 million ($0.14 per share) in 2006 and $40 million ($0.18 per share) in 2005; 2008 also includes charges totaling $22 million ($0.06 per share) associated with
privately negotiated transactions to induce conversion of a portion of our 5½% Convertible Perpetual Preferred Stock into FCX common stock. Also includes a favorable
adjustment to income tax expense totaling $43 million ($0.09 per share) in 2009, resulting from completion of a review of U.S. deferredincome tax accounts.
g. Effective January 1, 2006, we adopted guidance associated with accounting for stripping costs incurred during production in the mining industry, and recorded a cumulative
effect adjustment ($149 million) to reduce beginning retained earnings for our deferred mining costs asset ($285 million) as of December 31, 2005, net of taxes, noncontrolling
interests and inventory effects ($136 million). As a result, income from continuing operations before income taxes and noncontrolling interests was $35 million lower and net
income was $19 million ($0.08 per share) lower than if we had not adopted this guidance. Effective January 1, 2006, we also adopted accounting guidance on share-based
payments. As a result, income from continuing operations before income taxes and noncontrolling interests was $28 million lower and net income was $16 million ($0.07 per
share) lower than if we had not adopted this guidance. Results for prior years have not been restated.
SELECTED FINANCIAL AND OPERATING DATA
14 FREEPORT- McMoRan COPPER & GOLD INC.
2009 Annual Report