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DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt DEBT
FCX’s debt at December 31, 2023, is net of reductions of $67 million ($78 million at December 31, 2022) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:
 December 31,
 20232022
Revolving credit facilities:
FCX$— $— 
PT-FI— — 
Cerro Verde— — 
Senior notes and debentures:  
Issued by FCX:
3.875% Senior Notes due 2023— 995 
4.55% Senior Notes due 2024730 729 
5.00% Senior Notes due 2027448 465 
4.125% Senior Notes due 2028483 543 
4.375% Senior Notes due 2028430 475 
5.25% Senior Notes due 2029468 499 
4.25% Senior Notes due 2030446 494 
4.625% Senior Notes due 2030588 615 
5.40% Senior Notes due 2034723 723 
5.450% Senior Notes due 20431,689 1,687 
Issued by PT-FI:
4.763% Senior Notes due 2027746 745 
5.315% Senior Notes due 20321,490 1,489 
6.200% Senior Notes due 2052744 744 
Issued by FMC:
7 1/8% Debentures due 2027
115 115 
9 1/2% Senior Notes due 2031121 122 
6 1/8% Senior Notes due 2034118 118 
Other 83 62 
Total debt9,422 10,620 
Less current portion of debt(766)(1,037)
Long-term debt$8,656 $9,583 

Revolving Credit Facilities.
FCX. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PT-FI’s borrowing capacity. At December 31, 2023, FCX had $7 million in letters of credit issued under its revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PT-FI, be determined based on the Secured Overnight Financing Rate plus a spread to be determined by reference to a grid based on FCX’s credit rating.

The revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant.

PT-FI. In November 2023, PT-FI amended and restated its senior unsecured revolving credit facility to, among other things, increase the availability to $1.75 billion, extend the maturity date under the facility to November 2028 and reduce the applicable margin used in the determination of interest rates. PT-FI’s revolving credit facility is available for its general corporate purposes, including to fund PT-FI’s projects related to the expansion of smelting and refining capacity in Indonesia.

PT-FI’s revolving credit facility contains customary affirmative covenants and representations and also contains standard negative covenants that, among other things, restrict, subject to certain exceptions, the ability of PT-FI to
incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements.

Cerro Verde. Cerro Verde has a $350 million, senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants.

At December 31, 2023, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

Senior Notes.
FCX. In March 2023, FCX repaid in full the outstanding principal balance of its 3.875% Senior Notes totaling $996 million at maturity.

Beginning in 2022 and through 2023, FCX has purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion. There have been no purchases of senior notes in open-market transactions since July 2023. Listed below are the FCX senior notes purchased on the open market during 2023 and 2022.

Principal AmountNet AdjustmentsBook ValueRedemption ValueGain
Year Ended December 31, 2023
5.00% Senior Notes due 2027$17 $— $17 $17 $— 
4.125% Senior Notes due 202861 — 61 58 3 
4.375% Senior Notes due 202846 (1)45 43 2 
5.25% Senior Notes due 202931 — 31 31 — 
4.25% Senior Notes due 203050 (1)49 46 3 
4.625% Senior Notes due 203028 — 28 26 2 
Total$233 $(2)$231 $221 $10 
Year Ended December 31, 2022
5.00% Senior Notes due 2027$131 $(1)$130 $130 $— 
4.125% Senior Notes due 2028153 (1)152 143 9 
4.375% Senior Notes due 2028171 (2)169 163 6 
5.25% Senior Notes due 202997 (1)96 93 3 
4.25% Senior Notes due 2030101 (1)100 93 7 
4.625% Senior Notes due 2030228 (2)226 215 11 
5.40% Senior Notes due 203420 — 20 20 — 
5.450% Senior Notes due 2043160 (2)158 150 8 
Total$1,061 $(10)$1,051 $1,007 $44 

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% of principal two years before maturity.

Debt InstrumentDate
5.00% Senior Notes due 2027September 1, 2022
4.125% Senior Notes due 2028March 1, 2023
4.375% Senior Notes due 2028August 1, 2023
5.25% Senior Notes due 2029September 1, 2024
4.25% Senior Notes due 2030March 1, 2025
4.625% Senior Notes due 2030August 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% of principal.
Debt InstrumentDate
4.55% Senior Notes due 2024August 14, 2024
5.40% Senior Notes due 2034May 14, 2034
5.450% Senior Notes due 2043September 15, 2042

FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness.

PT-FI. In April 2022, PT-FI completed the sale of $3.0 billion aggregate principal amount of unsecured senior notes, consisting of $750 million of 4.763% Senior Notes due 2027, $1.5 billion of 5.315% Senior Notes due 2032 and $750 million of 6.200% Senior Notes due 2052. PT-FI used $0.6 billion of the net proceeds to repay the borrowings under its term loan and recorded a loss on early extinguishment of debt of $10 million in 2022. PT-FI is using the remaining net proceeds to finance the Indonesia smelter projects.

The senior notes listed below are redeemable in whole or in part, at the option of PT-FI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.
Debt InstrumentDate
4.763% Senior Notes due 2027March 14, 2027
5.315% Senior Notes due 2032January 14, 2032
6.200% Senior Notes due 2052October 14, 2051

Cerro Verde Shareholder Loans. In December 2014, Cerro Verde entered into loan agreements with three of its shareholders, which will mature in May 2024. No amounts were outstanding at December 31, 2023 and 2022, and availability under these agreements totals $200 million.

Maturities.  Maturities of debt instruments based on the principal amounts outstanding at December 31, 2023, total $766 million in 2024, $4 million in 2025, $4 million in 2026, $1.3 billion in 2027, $0.9 billion in 2028 and $6.5 billion thereafter.