Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

NOTE 6. DEBT

The components of debt follow (in millions):

	March 31, 2017			December 31, 2016
Senior notes and debentures:
Issued by FCX	$	13,242		$	13,745
Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC)	267			267
Issued by FMC	358			359
Cerro Verde credit facility	1,267			1,390
Cerro Verde shareholder loans	224			261
Other	5			5
Total debta	15,363			16,027
Less current portion of debt	(2,228		)	(1,232		)
Long-term debt	$	13,135		$	14,795

a. Includes additions for unamortized fair value adjustments totaling $171 million at March 31, 2017 ($179 million at December 31, 2016), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $95 million at March 31, 2017 ($100 million at December 31, 2016).

At March 31, 2017, there were no borrowings outstanding and $39 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit.

During first-quarter2017, FCX’s 2.15% Senior Notes matured, and the $500 million outstanding principal balance was repaid.

Consolidated interest expense from continuing operations (excluding capitalized interest) totaled $195 million in first-quarter2017 and $218 million in first-quarter2016. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $28 million in first-quarter2017 and $20 million in first-quarter2016. Capitalized interest added to oil and gas properties not subject to amortization totaled $7 million in first-quarter2016 (none in first-quarter2017).