INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

12 Months Ended

Dec. 31, 2018

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,
	2018		2017
Current inventories:
Total materials and supplies, neta	$	1,528	$	1,323
Mill stockpiles	$	282	$	360
Leach stockpiles	1,171		1,062
Total current mill and leach stockpiles	$	1,453	$	1,422
Raw materials (primarily concentrate)	$	260	$	265
Work-in-process	192		154
Finished goods	1,326		985
Total product inventories	$	1,778	$	1,404
Long-term inventories:
Mill stockpiles	$	265	$	300
Leach stockpiles	1,049		1,109
Total long-term inventoriesb	$	1,314	$	1,409

a. Materials and supplies inventory was net of obsolescence reserves totaling $24 million at December 31, 2018, and $29 million at December 31, 2017.

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 $4 million in 2018, $8 million in 2017 and $36 million in 2016 (primarily for molybdenum inventories).