Freeport-McMoRan 2013 Annual Report Download - page 82
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Years Ended December 31, 2013 2012 2011
(In millions, except per share amounts)
Revenues
$ 20,921
$ 18,010 $ 20,880
Cost of sales:
Production and delivery
11,840
10,382 9,898
Depreciation, depletion and amortization 2,797 1,179 1,022
Total cost of sales
14,637
11,561 10,920
Selling, general and administrative expenses
657
431 415
Mining exploration and research expenses
210
285 271
Environmental obligations and shutdown costs
66
(22) 134
Gain on insurance settlement — (59) —
Total costs and expenses 15,570 12,196 11,740
Operating income
5,351
5,814 9,140
Interest expense, net
(518)
(186) (312)
Losses on early extinguishment of debt
(35)
(168) (68)
Gain on investment in McMoRan Exploration Co. (MMR)
128
— —
Other (expense) income, net (13) 27 58
Income before income taxes and equity in affiliated companies’ net earnings
4,913
5,487 8,818
Provision for income taxes
(1,475)
(1,510) (3,087)
Equity in affiliated companies’ net earnings 3 3 16
Net income
3,441
3,980 5,747
Net income and preferred dividends attributable to noncontrolling interests (783) (939) (1,187)
Net income attributable to FCX common stockholders $ 2,658 $ 3,041 $ 4,560
Net income per share attributable to FCX common stockholders:
Basic $ 2.65 $ 3.20 $ 4.81
Diluted $ 2.64 $ 3.19 $ 4.78
Weighted-average common shares outstanding:
Basic 1,002 949 947
Diluted 1,006 954 955
Dividends declared per share of common stock $ 2.25 $ 1.25 $ 1.50
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 31, 2013 2012 2011
(In millions)
Net income
$ 3,441
$ 3,980 $ 5,747
Other comprehensive income (loss), net of taxes:
Defined benefit plans:
Actuarial gains (losses) arising during the period
85
(66) (137)
Prior service costs arising during the period
(21)
— —
Amortization of unrecognized amounts included in net periodic benefit costs
30
26 15
Adjustment to deferred tax valuation allowance
—
(1) (20)
Translation adjustments and unrealized losses on securities 4 (1) (3)
Other comprehensive income (loss) 98 (42) (145)
Total comprehensive income
3,539
3,938 5,602
Total comprehensive income and preferred dividends attributable to noncontrolling interests (780) (938) (1,184)
Total comprehensive income attributable to FCX common stockholders $ 2,759 $ 3,000 $ 4,418
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME
80 | FREEPORT-McMoRan