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Debt and Equity | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt and Equity | DEBT AND EQUITY The components of debt follow (in millions):
|  | September 30, 2019 |  | December 31, 2018
Senior notes and debentures: |  |  |  |
Issued by FCX |  | $ | 8,600 |  |  | $ | 9,594 |
Issued by Freeport Minerals Corporation (FMC) |  | 357 |  |  | 358 |
Cerro Verde credit facility |  | 825 |  |  | 1,023 |
Other |  | 137 |  |  | 166 |
Total debt |  | 9,919 |  |  | 11,141 |
Less current portion of debt |  | (4 | ) |  | (17 | )
Long-term debt |  | $ | 9,915 |  |  | $ | 11,124 |
Revolving Credit Facility. At September 30, 2019, FCX had no borrowings outstanding and $13 million in letters of credit issued under its 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. 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. On August 15, 2019, FCX completed the sale of $600 million of 5.00% Senior Notes due 2027 and $600 million of 5.25% Senior Notes due 2029 for total net proceeds of $1.187 billion. Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. These senior notes rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. FCX used the net proceeds from this offering to fund the make-whole redemption of all of its outstanding 6.875% Senior Notes due 2023, and the concurrent tender offers to purchase a portion of its 4.00% Senior Notes due 2021 and its 3.55% Senior Notes due 2022, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. As a result of these transactions, FCX recorded a loss on early extinguishment of debt totaling $21 million in third-quarter 2019 as follows (in millions):
| Principal Amount |  | Net Adjustments |  | Book Value |  | Redemption/Tender Value |  | Loss
FCX 6.875% Senior Notes due 2023 | $ | 728 |  |  | $ | 34 |  |  | $ | 762 |  |  | $ | 768 |  |  | $ | 6 |
FCX 4.00% Senior Notes due 2021 | 405 |  |  | (2 | ) |  | 403 |  |  | 418 |  |  | 15 |
FCX 3.55% Senior Notes due 2022 | 12 |  |  | — |  |  | 12 |  |  | 12 |  |  | — |
| $ | 1,145 |  |  | $ | 32 |  |  | $ | 1,177 |  |  | $ | 1,198 |  |  | $ | 21 |
Cerro Verde Credit Facility. In March 2019, Cerro Verde prepaid $200 million on its credit facility, which resulted in a $1 million loss on early extinguishment of debt in first-quarter 2019. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $163 million in third-quarter 2019, $167 million in third-quarter 2018, $508 million for the first nine months of 2019 and $508 million for the first nine months of 2018. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $40 million in third-quarter 2019, $24 million in third-quarter 2018, $107 million for the first nine months of 2019 and $72 million for the first nine months of 2018. Common Stock. On September 25, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which was paid on November 1, 2019, to common stockholders of record as of October 15, 2019.

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- 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
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