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DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt DEBT
FCX’s debt at December 31, 2022, is net of reductions of $78 million ($86 million at December 31, 2021) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:
 December 31,
 20222021
Revolving credit facilities:
FCX$— $— 
PT-FI— — 
Cerro Verde— — 
Senior notes and debentures:  
Issued by FCX:
3.875% Senior Notes due 2023a
995 995 
4.55% Senior Notes due 2024729 728 
5.00% Senior Notes due 2027465 594 
4.125% Senior Notes due 2028543 693 
4.375% Senior Notes due 2028475 643 
5.25% Senior Notes due 2029499 593 
4.25% Senior Notes due 2030494 593 
4.625% Senior Notes due 2030615 841 
5.40% Senior Notes due 2034723 742 
5.450% Senior Notes due 20431,687 1,846 
Issued by PT-FI:
4.763% Senior Notes due 2027745 — 
5.315% Senior Notes due 20321,489 — 
6.200% Senior Notes due 2052744 — 
Issued by FMC:
7 1/8% Debentures due 2027
115 115 
9 1/2% Senior Notes due 2031122 123 
6 1/8% Senior Notes due 2034118 117 
PT-FI Term Loan— 432 
Cerro Verde Term Loan— 325 
Other 62 70 
Total debt10,620 9,450 
Less current portion of debt(1,037)(372)
Long-term debt$9,583 $9,078 
a.Maturing in March 2023.

Revolving Credit Facilities
FCX. At December 31, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility and was in compliance with its revolving credit facility covenants.

In October 2022, FCX and PT-FI entered into a $3.0 billion, five-year, unsecured revolving credit facility, which replaced FCX’s prior revolving credit facility that was scheduled to mature in April 2024. The revolving credit facility 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 PT-FI’s capacity limited to $500 million, and letters of credit issuance limited to $1.5 billion. 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 July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. In April 2022, PT-FI amended and restated its five-year, unsecured revolving credit facility to, among other things, increase the availability to $1.3 billion. The amended and restated credit facility
matures in July 2026. At December 31, 2022, PT-FI had no borrowings under its revolving credit facility and was in compliance with its covenants.

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. In May 2022, Cerro Verde entered into a $350 million, five-year, unsecured revolving credit
facility that matures in May 2027. At December 31, 2022, Cerro Verde had no borrowings outstanding under its revolving credit facility and was in compliance with its covenants.

Senior Notes
FCX. In May 2022, FCX began purchasing certain of its senior notes in open-market transactions. Listed below are the FCX senior notes, purchased or redeemed in full during the three-year period ended December 31, 2022.
Principal AmountNet AdjustmentsBook ValueRedemption Value(Gain)/Loss
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)
Year Ended December 31, 2021
FCX 3.55% Senior Notes due 2022$524 $— $524 $524 $— 
Year Ended December 31, 2020
FCX 4.00% Senior Notes due 2021$195 $(1)$194 $205 $11 
FCX 3.55% Senior Notes due 20221,356 (6)1,350 1,391 41 
FCX 3.875% Senior Notes due 2023927 (4)923 964 41 
FCX 4.55% Senior Notes due 2024120 (1)119 126 7 
Total$2,598 $(12)$2,586 $2,686 $100 

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
3.875% Senior Notes due 2023December 15, 2022
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 expects to use the remaining net proceeds to finance its 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
6.2% Senior Notes due 2052October 14, 2051

Term Loans
PT-FI. In April 2022, PT-FI repaid the principal balance of the term loan portion of its unsecured credit facility, which cannot be redrawn, and recorded a loss on early extinguishment of debt of $10 million.

Cerro Verde. In May 2022, Cerro Verde repaid the principal balance of its term loan.

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, 2022 and 2021, and availability under these agreements totals $200 million.

Maturities.  Maturities of debt instruments based on the principal amounts outstanding at December 31, 2022, total $1.0 billion in 2023, $731 million in 2024, $4 million in 2025, $4 million in 2026, $1.3 billion in 2027 and $7.6 billion thereafter.