Freeport-McMoRan 2010 Annual Report Download - page 71

FREEPORT-McMoRan COPPER & GOLD INC. 2010 Annual Report
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FREEPORT-McMoRan COPPER & GOLD INC. 2010 Annual Report
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CONSOLIDATED STATEMENTS OF EQUITY
FCX Stockholders’ Equity
Accumulated
Convertible Perpetual Mandatory Convertible Retained Other Common Stock
Preferred Stock Preferred Stock
Common Stock
Capital in Earnings Comprehensive Held in Treasury Total FCX
Number of At Par Number of At Par Number of At Par Excess of (Accumulated Income Number Stockholders’ Noncontrolling Total
Shares Value Shares Value Shares Value Par Value* Deficit) (Loss) of Shares At Cost Equity Interests Equity
(In Millions)
Balance at January 1, 2008 1 $ 1,100 29 $ 2,875 871 $ 87 $ 13,370 $ 3,601 $ 42 114 $ (2,841) $ 18,234 $ 1,239 $ 19,473
Conversions of 5½% Convertible
Perpetual Preferred Stock — (268) — — 14 2 289 — — — — 23 — 23
Exercised and issued stock-based awards — — — — 4 — 179 — — — — 179 — 179
Stock-based compensation — — — — — — 100 — — — — 100 — 100
Tax benefit for stock-based awards — — — — — — 13 — — — — 13 — 13
Tender of shares for stock-based awards — — — — — — — — — 1 (61) (61) — (61)
Common stock purchased — — — — — — — — — 6 (500) (500) — (500)
Dividends on common stock — — — — — — — (527) — — — (527) — (527)
Dividends on preferred stock — — — — — — — (274) — — — (274) — (274)
Distributions to noncontrolling interests — — — — — — — — — — — — (730) (730)
Contributions from noncontrolling interests — — — — — — — — — — — — 201 201
Comprehensive income (loss):
Net income (loss) — — — — — — — (11,067) — — — (11,067) 617 (10,450)
Other comprehensive income (loss),
net of taxes:
Unrealized losses on securities — — — — — — — — (9) — — (9) — (9)
Translation adjustment — — — — — — — — (4) — — (4) — (4)
Defined benefit plans:
Net gain (loss) during period, net of
taxes of $190 million — — — — — — — — (341) — — (341) 1 (340)
Amortization of unrecognized amounts — — — — — — — — 7 — — 7 — 7
Other comprehensive income (loss) — — — — — — — — (347) — — (347) 1 (346)
Total comprehensive income (loss) — — — — — — — — — — — (11,414) 618 (10,796)
Balance at December 31, 2008 1 $ 832 29 $ 2,875 889 $ 89 $ 13,951 $ (8,267) $ (305) 121 $ (3,402) $ 5,773 $ 1,328 $ 7,101
Conversions and redemptions of 5½%
Convertible Perpetual Preferred Stock (1) (832) — — 36 4 827 — — — — (1) — (1)
Sale of common stock — — — — 53 5 735 — — — — 740 — 740
Exercised and issued stock-based awards — — — — 3 — 18 — — — — 18 — 18
Stock-based compensation — — — — — — 100 — — — — 100 — 100
Tax benefit for stock-based awards — — — — — — 6 — — — — 6 — 6
Tender of shares for stock-based awards — — — — — — — — — 1 (11) (11) — (11)
Dividends on common stock — — — — — — — (65) — — — (65) — (65)
Dividends on preferred stock — — — — — — — (222) — — — (222) — (222)
Distributions to noncontrolling interests — — — — — — — — — — — — (535) (535)
Contributions from noncontrolling interests — — — — — — — — — — — — 59 59
Comprehensive income:
Net income — — — — — — — 2,749 — — — 2,749 785 3,534
Other comprehensive income, net of taxes:
Unrealized gains on securities — — — — — — — — 3 — — 3 — 3
Translation adjustment — — — — — — — — 3 — — 3 — 3
Defined benefit plans:
Net gain during period, net of
taxes of $51 million — — — — — — — — 8 — — 8 1 9
Amortization of unrecognized amounts — — — — — — — — 18 — — 18 — 18
Other comprehensive income — — — — — — — — 32 — — 32 1 33
Total comprehensive income — — — — — — — — — — — 2,781 786 3,567
Balance at December 31, 2009 — $ — 29 $ 2,875 981 $ 98 $ 15,637 $ (5,805) $ (273) 122 $ (3,413) $ 9,119 $ 1,638 $ 10,757
Conversions of 6¾% Mandatory Convertible
Preferred Stock — — (29) (2,875) 79 8 2,867 — — — — — — —
Conversions of 7% Convertible Senior Notes — — — — — — 1 — — — — 1 — 1
Exercised and issued stock-based awards — — — — 7 1 109 — — — — 110 — 110
Stock-based compensation — — — — — — 129 — — — — 129 — 129
Tax benefit for stock-based awards — — — — — — 8 — — — — 8 — 8
Tender of shares for stock-based awards — — — — — — — — — — (28) (28) — (28)
Dividends on common stock — — — — — — — (1,058) — — — (1,058) — (1,058)
Dividends on preferred stock — — — — — — — (63) — — — (63) — (63)
Distributions to noncontrolling interests — — — — — — — — — — — — (816) (816)
Contributions from noncontrolling interests — — — — — — — — — — — — 28 28
Comprehensive income:
Net income — — — — — — — 4,336 — — — 4,336 1,208 5,544
Other comprehensive income, net of taxes:
Unrealized gains on securities — — — — — — — — 2 — — 2 — 2
Defined benefit plans:
Net loss during period, net of
taxes of $19 million — — — — — — — — (67) — — (67) (2) (69)
Amortization of unrecognized amounts — — — — — — — — 15 — — 15 — 15
Other comprehensive income — — — — — — — — (50) — — (50) (2) (52)
Total comprehensive income — — — — — — — — — — — 4,286 1,206 5,492
Balance at December 31, 2010 — $ — — $ — 1,067 $ 107 $ 18,751 $ (2,590) $ (323) 122 $ (3,441) $ 12,504 $ 2,056 $ 14,560
* 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.
*