Freeport-McMoRan 2010 Annual Report Download - page 68
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CONSOLIDATED STATEMENTS OF OPERATIONS
FREEPORT-McMoRan COPPER & GOLD INC. 2010 Annual Report
66
Years Ended December 31, 2010 2009 2008
(In Millions, Except Per Share Amounts)
Revenues
$ 18,982
$ 15,040 $ 17,796
Cost of sales:
Production and delivery
8,354
7,016 10,416
Depreciation, depletion and amortization
1,036
1,014 1,782
Lower of cost or market inventory adjustments
—
19 782
Total cost of sales
9,390
8,049 12,980
Selling, general and administrative expenses
381
321 269
Exploration and research expenses
143
90 292
Long-lived asset impairments and other charges
—
77 10,978
Goodwill impairment
—
— 5,987
Total costs and expenses
9,914
8,537 30,506
Operating income (loss)
9,068
6,503 (12,710)
Interest expense, net
(462)
(586) (584)
Losses on early extinguishment of debt
(81)
(48) (6)
Other expense, net
(13)
(53) (9)
Income (loss) before income taxes and equity in affiliated companies’ net earnings
8,512
5,816 (13,309)
(Provision for) benefit from income taxes
(2,983)
(2,307) 2,844
Equity in affiliated companies’ net earnings
15
25 15
Net income (loss)
5,544
3,534 (10,450)
Net income attributable to noncontrolling interests
(1,208)
(785) (617)
Preferred dividends and losses on induced conversions
(63)
(222) (274)
Net income (loss) attributable to FCX common stockholders
$ 4,273
$ 2,527 $ (11,341)
Net income (loss) per share attributable to FCX common stockholders:*
Basic
$ 4.67
$ 3.05 $ (14.86)
Diluted
$ 4.57
$ 2.93 $ (14.86)
Weighted-average common shares outstanding:*
Basic
915
829 763
Diluted
949
938 763
Dividends declared per share of common stock*
$ 1.125
$ 0.075 $ 0.6875
* Reflects the February 1, 2011, two-for-one stock split (refer to Note 11 for further discussion).
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.