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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Debt Components | The components of debt follow:
| December 31,
| 2020 |  | 2019
Revolving credit facility | $ | — |  |  | $ | — |
Cerro Verde Term Loan | 523 |  |  | 826 |
Senior notes and debentures: |  |  |
Issued by FCX: |  |  |
4.00% Senior Notes due 2021 | — |  |  | 194 |
3.55% Senior Notes due 2022 | 523 |  |  | 1,876 |
3.875% Senior Notes due 2023 | 994 |  |  | 1,917 |
4.55% Senior Notes due 2024 | 728 |  |  | 846 |
5.00% Senior Notes due 2027 | 593 |  |  | 592 |
4.125% Senior Notes due 2028 | 691 |  |  | — |
4.375% Senior Notes due 2028 | 642 |  |  | — |
5.25% Senior Notes due 2029 | 593 |  |  | 592 |
4.25% Senior Notes due 2030 | 592 |  |  | — |
4.625% Senior Notes due 2030 | 840 |  |  | — |
5.40% Senior Notes due 2034 | 742 |  |  | 741 |
5.450% Senior Notes due 2043 | 1,845 |  |  | 1,844 |
Issued by FMC: |  |  |
7 1/8% Debentures due 2027 | 115 |  |  | 115 |
9½% Senior Notes due 2031 | 124 |  |  | 125 |
6 1/8% Senior Notes due 2034 | 117 |  |  | 117 |
Other | 49 |  |  | 41 |
Total debt | 9,711 |  |  | 9,826 |
Less current portion of debt | (34) |  |  | (5) |
Long-term debt | $ | 9,677 |  |  | $ | 9,821 |
Schedule of Extinguishment of Debt | During 2020, 2019 and 2018, FCX redeemed in full or purchased a portion of the following senior notes.
| Principal Amount |  | Net Adjustments |  | Book Value |  | Redemption/Tender Value |  | Loss/(Gain)
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |
FCX 4.00% Senior Notes due 2021 | $ | 195 |  |  | $ | (1) |  |  | $ | 194 |  |  | $ | 205 |  |  | $ | 11 |
FCX 3.55% Senior Notes due 2022 | 1,356 |  |  | (6) |  |  | 1,350 |  |  | 1,391 |  |  | 41 |
FCX 3.875% Senior Notes due 2023 | 927 |  |  | (4) |  |  | 923 |  |  | 964 |  |  | 41 |
FCX 4.55% Senior Notes due 2024 | 120 |  |  | (1) |  |  | 119 |  |  | 126 |  |  | 7 |
Total | $ | 2,598 |  |  | $ | (12) |  |  | $ | 2,586 |  |  | $ | 2,686 |  |  | $ | 100 |
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |
FCX 3.100% Senior Notes due 2020 | $ | 1,000 |  |  | $ | (2) |  |  | $ | 998 |  |  | $ | 1,003 |  |  | $ | 5 |
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 |  |  | — |
Total | $ | 2,145 |  |  | $ | 30 |  |  | $ | 2,175 |  |  | $ | 2,201 |  |  | $ | 26 |
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |
FCX 6.75% Senior Notes due 2022 | $ | 404 |  |  | $ | 22 |  |  | $ | 426 |  |  | $ | 418 |  |  | $ | (8) |
FM O&G LLC 6 7/8% Senior Notes due 2023 | 50 |  |  | 4 |  |  | 54 |  |  | 52 |  |  | (2) |
Total | $ | 454 |  |  | $ | 26 |  |  | $ | 480 |  |  | $ | 470 |  |  | $ | (10) |
Debt Instrument Redemption | The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below and at 100 percent of principal two years before maturity.
Debt Instrument |  | Date
5.00% Senior Notes due 2027 |  | September 1, 2022
4.125% Senior Notes due 2028 |  | March 1, 2023
4.375% Senior Notes due 2028 |  | August 1, 2023
5.25% Senior Notes due 2029 |  | September 1, 2024
4.25% Senior Notes due 2030 |  | March 1, 2025
4.625% Senior Notes due 2030 |  | August 1, 2025
The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, and beginning on the dates stated below at 100 percent of principal.
Debt Instrument |  | Date
3.55% Senior Notes due 2022 |  | December 1, 2021
3.875% Senior Notes due 2023 |  | December 15, 2022
4.55% Senior Notes due 2024 |  | August 14, 2024
5.40% Senior Notes due 2034 |  | May 14, 2034
5.450% Senior Notes due 2043 |  | September 15, 2042

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