INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

12 Months Ended

Dec. 31, 2015

Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]

Inventories, Including Long-Term Mill And Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow:

	December 31,
	2015		2014
Current inventories:
Total materials and supplies, neta	$	1,869	$	1,886
Mill stockpiles	$	137	$	86
Leach stockpiles	1,587		1,828
Total current mill and leach stockpiles	$	1,724	$	1,914
Raw materials (primarily concentrate)	$	220	$	288
Work-in-process	108		174
Finished goods	867		1,099
Total product inventories	$	1,195	$	1,561
Long-term inventories:
Mill stockpiles	$	480	$	360
Leach stockpiles	1,791		1,819
Total long-term inventoriesb	$	2,271	$	2,179

a. Materials and supplies inventory was net of obsolescence reserves totaling $29 million at December 31, 2015, and $20 million at December 31, 2014.

b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded charges for adjustments to inventory carrying values of $338 million ($215 million for copper inventories and $123 million for molybdenum inventories) for 2015, primarily because of lower copper and molybdenum prices (refer to Note 16 for inventory adjustments by business segment).