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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended
--- | ---
Jun. 30, 2024 | Jun. 30, 2023
Cash flow from operating activities: |  |
Net income | $ 2,442 | $ 1,780
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation, depletion and amortization | 1,104 | 946
Stock-based compensation | 77 | 72
Net charges for environmental and asset retirement obligations, including accretion | 300 | 237
Payments for environmental and asset retirement obligations | (97) | (114)
Net charges for defined pension and postretirement plans | 16 | 31
Pension plan contributions | (38) | (6)
Net gain on early extinguishment of debt | 0 | (5)
Deferred income taxes | 37 | 74
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting | 0 | (112)
Charges for social investment programs at PT Freeport Indonesia | 51 | 36
Payments for social investment programs at PT Freeport Indonesia | (37) | (28)
Other, net | 21 | 14
Changes in working capital and other: |  |
Accounts receivable | 92 | 756
Inventories | (341) | (530)
Other current assets | 21 | (17)
Accounts payable and accrued liabilities | 103 | (203)
Accrued income taxes and timing of other tax payments | 101 | (208)
Net cash provided by operating activities | 3,852 | 2,723
Cash flow from investing activities: |  |
Capital expenditures | (2,370) | (2,284)
Loans to PT Smelting for expansion | (28) | (61)
Proceeds from sales of assets and other, net | 13 | (20)
Net cash used in investing activities | (2,385) | (2,365)
Cash flow from financing activities: |  |
Proceeds from debt | 1,281 | 681
Repayments of debt | (1,281) | (1,806)
Cash dividends and distributions paid: |  |
Common stock | (433) | (432)
Noncontrolling interests | (685) | (291)
Contributions from noncontrolling interests | 0 | 50
Proceeds from exercised stock options | 26 | 34
Payments for withholding of employee taxes related to stock-based awards | (35) | (47)
Other, net | (1) | (1)
Net cash used in financing activities | (1,128) | (1,812)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 339 | (1,454)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 6,063 | 8,390
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 6,402 | 6,936
North America Copper Mines Segment |  |
Cash flow from investing activities: |  |
Capital expenditures | (480) | (378)
South America Mines Segment |  |
Cash flow from investing activities: |  |
Capital expenditures | (172) | (183)
Grasberg Segment |  |
Cash flow from investing activities: |  |
Capital expenditures | (750) | (790)
Indonesia Smelter |  |
Cash flow from investing activities: |  |
Capital expenditures | (740) | (823)
Molybdenum |  |
Cash flow from investing activities: |  |
Capital expenditures | (63) | (22)
Other Segments |  |
Cash flow from investing activities: |  |
Capital expenditures | $ (165) | $ (88)

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