INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill And Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow:

	December 31,
	2017		2016
Current inventories:
Total materials and supplies, neta	$	1,305	$	1,306
Mill stockpiles	$	360	$	259
Leach stockpiles	1,062		1,079
Total current mill and leach stockpiles	$	1,422	$	1,338
Raw materials (primarily concentrate)	$	265	$	255
Work-in-process	154		114
Finished goods	747		629
Total product inventories	$	1,166	$	998
Long-term inventories:
Mill stockpiles	$	300	$	487
Leach stockpiles	1,109		1,146
Total long-term inventoriesb	$	1,409	$	1,633

a. Materials and supplies inventory was net of obsolescence reserves totaling $29 million at December 31, 2017 and 2016.

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

FCX recorded charges for adjustments to metals inventory carrying values of $8 million in 2017 and $36 million in 2016 (primarily for molybdenum inventories), and $338 million in 2015 ($215 million for copper inventories and $123 million for molybdenum inventories). Refer to Note 16 for metals inventory adjustments by business segment.