DEBT (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of debt instruments

Debt Instrument	Date
6.125% Senior Notes due 2019	June 15, 2016
6½% Senior Notes due 2020	November 15, 2015
6.625% Senior Notes due 2021	May 1, 2016
6.75% Senior Notes due 2022	February 1, 2017
6⅞% Senior Notes due 2023	February 15, 2018

The components of debt follow:

	December 31,
	2014			2013
Bank term loan	$	3,050		$	4,000
Revolving credit facility	—			—
Lines of credit	474			—
Subsidiary credit facility	425			—
Senior notes and debentures:
Issued by FCX:
1.40% Senior Notes due 2015	—			500
2.15% Senior Notes due 2017	500			500
2.30% Senior Notes due 2017	749			—
2.375% Senior Notes due 2018	1,500			1,500
3.100% Senior Notes due 2020	1,000			999
4.00% Senior Notes due 2021	598			—
3.55% Senior Notes due 2022	1,996			1,996
3.875% Senior Notes due 2023	1,999			1,999
4.55% Senior Notes due 2024	849			—
5.40% Senior Notes due 2034	796			—
5.450% Senior Notes due 2043	1,991			1,991
Issued by FM O&G:
6.125% Senior Notes due 2019	255			817
8.625% Senior Notes due 2019	—			447
7.625% Senior Notes due 2020	—			336
6½% Senior Notes due 2020	670			1,647
6.625% Senior Notes due 2021	284			659
6.75% Senior Notes due 2022	493			1,111
6⅞% Senior Notes due 2023	866			1,686
Issued by FMC:
71/8% Debentures due 2027	115			115
9½% Senior Notes due 2031	129			130
61/8% Senior Notes due 2034	116			115
Other (including equipment capital leases and other short-term borrowings)	115			158
Total debt	18,970			20,706
Less current portion of debt	(478		)	(312		)
Long-term debt	$	18,492		$	20,394

Schedule of extinguishment of debt

A summary of debt extinguishments during 2014 for senior notes resulting from redemptions and tender offers follows:

	Principal Amount		Purchase Accounting Fair Value Adjustments		Book Value		(Loss) Gain
1.40% Senior Notes due 2015	$	500	$	—	$	500	$	(1	)
6.125% Senior Notes due 2019	513		40		553		(2		)
8.625% Senior Notes due 2019	400		41		441		24
7.625% Senior Notes due 2020	300		32		332		14
6½% Senior Notes due 2020	883		79		962		10
6.625% Senior Notes due 2021	339		31		370		3
6.75% Senior Notes due 2022	551		57		608		8
6⅞% Senior Notes due 2023	722		84		806		21
	$	4,208	$	364	$	4,572	$	77