XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.19.1

Debt and Equity | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt and Equity | NOTE 5. DEBT AND EQUITY The components of debt follow (in millions):
|  | March 31, 2019 |  | December 31, 2018
Senior notes and debentures: |  |  |  |
Issued by FCX |  | $ | 8,595 |  |  | $ | 9,594 |
Issued by Freeport Minerals Corporation (FMC) |  | 357 |  |  | 358 |
Cerro Verde credit facility |  | 825 |  |  | 1,023 |
Other |  | 128 |  |  | 166 |
Total debt |  | 9,905 |  |  | 11,141 |
Less current portion of debt |  | (3 | ) |  | (17 | )
Long-term debt |  | $ | 9,902 |  |  | $ | 11,124 |
Revolving Credit Facility. At March 31, 2019, there were no borrowings outstanding and $13 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. On May 2, 2019, FCX’s $3.5 billion revolving credit facility was amended to extend $3.26 billion of the facility by one year to April 20, 2024. The remaining $240 million matures on April 20, 2023 (the scheduled maturity date). In addition, the revolving credit facility was amended to modify the calculation of the total debt component used to determine the total leverage ratio by increasing the amount of unrestricted cash that may be applied to reduce the amount of total debt. There were no other substantive modifications to the revolving credit facility. Senior Notes. On March 27, 2019, FCX redeemed all of its outstanding $1.0 billion aggregate principal amount of 3.100% Senior Notes due 2020. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest up to the redemption date. As a result of this redemption, FCX recorded a loss on early extinguishment of debt totaling $5 million in first-quarter 2019. Cerro Verde Credit Facility. In March 2019, Cerro Verde prepaid $200 million of its credit facility, which resulted in a $1 million loss recorded to early extinguishment of debt. Interest Expense, Net. Consolidated interest costs totaled $178 million in first-quarter 2019 and $176 million in first-quarter 2018. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $32 million in first-quarter 2019 and $25 million in first-quarter 2018. Common Stock. On March 27, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which was paid on May 1, 2019, to common stockholders of record as of April 15, 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration