XML 71 R31.htm IDEA: XBRL DOCUMENT v3.20.4

DEBT (Tables)

12 Months Ended

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:
71/8% Debentures due 2027			115						115
9½% Senior Notes due 2031			124						125
61/8% 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 67/8% 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

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

Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption.

+ References

No definition available.

+ Details

Name:	us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631

+ Details

Name:	us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration