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Debt and Equity | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt and Equity | DEBT AND EQUITY The components of debt follow (in millions):
|  | March 31, 2020 |  | December 31, 2019
Senior notes and debentures: |  |  |  |
Issued by FCX |  | $ | 8,773 |  |  | $ | 8,602 |
Issued by Freeport Minerals Corporation (FMC) |  | 357 |  |  | 357 |
Cerro Verde credit facility |  | 826 |  |  | 826 |
Other |  | 118 |  |  | 41 |
Total debt |  | 10,074 |  |  | 9,826 |
Less current portion of debt |  | (245 | ) |  | (5 | )
Long-term debt |  | $ | 9,829 |  |  | $ | 9,821 |
Revolving Credit Facility. At March 31, 2020, 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. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. At March 31, 2020, FCX was in compliance with its revolving credit facility covenants. Senior Notes. On March 4, 2020, FCX completed the sale of $700 million of 4.125% Senior Notes due 2028 and $600 million of 4.25% Senior Notes due 2030 for total net proceeds of $1.29 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 a portion of the net proceeds from this offering 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 $32 million in first-quarter 2020 as follows (in millions):
| Principal Amount |  | Net Adjustments |  | Book Value |  | Tender Value |  | Loss
FCX 4.00% Senior Notes due 2021 | $ | 40 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 42 |  |  | $ | 2 |
FCX 3.55% Senior Notes due 2022 | 1,075 |  |  | 5 |  |  | 1,070 |  |  | 1,100 |  |  | 30 |
| $ | 1,115 |  |  | $ | 5 |  |  | $ | 1,110 |  |  | $ | 1,142 |  |  | $ | 32 |
On April 3, 2020, FCX used the remaining net proceeds from the offering to fund the make-whole redemption of all of its remaining 4.00% Senior Notes due 2021 (book value of $154 million as of March 31, 2020) and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with the transaction. As a result of the redemption, FCX expects to record a loss on early extinguishment of debt of $9 million in second-quarter 2020. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $171 million in first-quarter 2020 and $178 million in first-quarter 2019. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $44 million in first-quarter 2020 and $32 million in first-quarter 2019. Common Stock. In March 2020, in response to the COVID-19 pandemic and resulting global economic uncertainties, the FCX Board of Directors (the Board) suspended FCX’s quarterly cash dividend of $0.05 per share previously planned for May 1, 2020. Under current market and economic conditions, the Board does not expect to declare common stock dividends during 2020. The declaration and payment of future dividends is at the discretion of the Board and will be assessed on an ongoing basis, taking into account FCX’s financial results, cash requirements, future prospects, global economic conditions and other factors deemed relevant by the Board.

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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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