DEBT (Tables)

12 Months Ended

Dec. 31, 2015

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
67/8% Senior Notes due 2023	February 15, 2018

The components of debt follow:

	December 31,
	2015			2014
Bank term loan	$	3,032		$	3,036
Revolving credit facility	—			—
Lines of credit	442			474
Cerro Verde credit facility	1,781			402
Cerro Verde shareholder loans	259			—
Senior notes and debentures:
Issued by FCX:
2.15% Senior Notes due 2017	499			498
2.30% Senior Notes due 2017	747			745
2.375% Senior Notes due 2018	1,495			1,493
3.100% Senior Notes due 2020	995			993
4.00% Senior Notes due 2021	594			593
3.55% Senior Notes due 2022	1,987			1,985
3.875% Senior Notes due 2023	1,987			1,986
4.55% Senior Notes due 2024	843			842
5.40% Senior Notes due 2034	788			787
5.450% Senior Notes due 2043	1,973			1,972
Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC):
6.125% Senior Notes due 2019	251			255
6½% Senior Notes due 2020	662			670
6.625% Senior Notes due 2021	281			284
6.75% Senior Notes due 2022	488			493
67/8% Senior Notes due 2023	857			866
Issued by FMC:
71/8% Debentures due 2027	115			115
9½% Senior Notes due 2031	128			129
61/8% Senior Notes due 2034	116			116
Other (including equipment capital leases and other short-term borrowings)	108			115
Total debt	20,428			18,849
Less current portion of debt	(649		)	(478		)
Long-term debt	$	19,779		$	18,371

Schedule of extinguishment of debt

A summary of debt extinguishments during 2014 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
67/8% Senior Notes due 2023	722		84		806		21
	$	4,208	$	364	$	4,572	$	77