Freeport-McMoRan 2003 Annual Report Download - page 75

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2003 Annual Report FREEPORT-McMoRan COPPER & GOLD INC. 73
Mining Smelting
and and Eliminations
Exploration Refining and Other FCX Total
(In Thousands)
2003
Revenues
$1,744,580
a
$910,417 $(442,832) $2,212,165
Production and delivery
631,951 892,681 (453,306)
b
1,071,326
Depreciation and amortization
190,450 28,464 11,889 230,803
Exploration expenses
6,284 — 165 6,449
General and administrative expenses
123,408
c
11,023 (54,152)
c
80,279
Operating income (loss)
$792,487 $ (21,751) $ 52,572 $ 823,308
Equity in PT Smelting earnings
$—$5,609 $ — $ 5,609
Interest expense, net
$44,861 $ 16,675 $ 135,481 $ 197,017
Provision for income taxes
$273,378 $ — $ 64,675 $ 338,053
Capital expenditures
$129,029 $ 9,941 $ 216 $ 139,186
Total assets
$3,656,714 $689,213
d
$372,439 $4,718,366
2002
Revenues $1,519,010
a
$768,680 $(377,228) $1,910,462
Production and delivery 554,870 729,789 (346,197)
b
938,462
Depreciation and amortization 218,716 27,652 14,078 260,446
Exploration expenses 2,965 — 147 3,112
General and administrative expenses 55,302
c
8,675 4,328
c
68,305
Operating income (loss) $ 687,157 $ 2,564 $ (49,584) $ 640,137
Equity in PT Smelting losses $ — $ 4,181 $ — $ 4,181
Interest expense, net $ 71,424 $ 18,436 $ 81,349 $ 171,209
Provision for income taxes $ 221,527 $ — $ 23,991 $ 245,518
Capital expenditures $ 181,092 $ 5,108 $ 1,804 $ 188,004
Total assets $3,339,449 $650,640
d
$202,104 $4,192,193
2001
Revenues $1,414,114
a
$758,282 $(333,530) $1,838,866
Production and delivery 545,858 738,618 (341,037)
b
943,439
Depreciation and amortization 251,835 27,262 4,792 283,889
Exploration expenses 8,496 — 694 9,190
General and administrative expenses 44,470 8,384 6,568 59,422
Operating income (loss) $ 563,455 $ (15,982) $ (4,547) $ 542,926
Equity in PT Smelting losses $ — $ 5,137 $ — $ 5,137
Interest expense, net $ 95,238 $ 25,279 $ 53,078 $ 173,595
Provision for income taxes $ 170,013 $ — $ 32,966 $ 202,979
Capital expenditures $ 154,396 $ 10,599 $ 1,977 $ 166,972
Total assets $3,191,053 $649,422
d
$371,454 $4,211,929
a. Includes PT Freeport Indonesia sales to PT Smelting totaling $510.2 million in 2003, $391.1 million in 2002 and $374.1 million in 2001.
b. Includes deferrals (recognition) of intercompany profits on 25 percent of PT Freeport Indonesia’s sales to PT Smelting, for which the final sale has not
occurred, totaling $(7.0) million in 2003, $8.4 million in 2002 and $(6.2) million in 2001.
c. Includes charges to the mining and exploration segment for FCX stock option exercises which are eliminated in consolidation and totaled $69.1 million in
2003 and $6.8 million in 2002.
d. Includes PT Freeport Indonesia’s equity investment in PT Smelting totaling $58.2 million at December 31, 2003, $44.6 million at December 31, 2002,
and $57.2 million at December 31, 2001.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS