Freeport-McMoRan 2011 Annual Report Download - page 73

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, 2009 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 (loss),
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 loss — — — — — — — — (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
Exercised and issued stock-based awards — — — — 4 — 48 — — — — 48 — 48
Stock-based compensation — — — — — — 117 — — — — 117 — 117
Tax benefit for stock-based awards — — — — — — 24 — — — — 24 — 24
Tender of shares for stock-based awards — — — — — — 67 — — 1 (112) (45) — (45)
Dividends on common stock — — — — — — — (1,424) — — — (1,424) — (1,424)
Distributions to noncontrolling interests — — — — — — — — — — — — (391) (391)
Contributions from noncontrolling interests — — — — — — — — — — — — 62 62
Comprehensive income:
Net income — — — — — — — 4,560 — — — 4,560 1,187 5,747
Other comprehensive income (loss),
net of taxes:
Unrealized losses on securities — — — — — — — — (1) — — (1) — (1)
Translation adjustment — — — — — — — — (2) — — (2) — (2)
Defined benefit plans:
Net loss during period, net of
taxes of $61 million — — — — — — — — (154) — — (154) (3) (157)
Amortization of unrecognized amounts — — — — — — — — 15 — — 15 — 15
Other comprehensive loss — — — — — — — — (142) — — (142) (3) (145)
Total comprehensive income — — — — — — — — — — — 4,418 1,184 5,602
Balance at December 31, 2011 — $ — — $ — 1,071 $ 107 $ 19,007 $ 546 $ (465) 123 $ (3,553) $ 15,642 $ 2,911 $ 18,553
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
CONSOLIDATED STATEMENTS OF EQUITY
2011 ANNUAL REPORT | 71