Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):

	March 31, 2020		December 31, 2019
Current inventories:
Total materials and supplies, neta	$	1,614	$	1,649
Mill stockpiles	$	158	$	220
Leach stockpiles	948		923
Total current mill and leach stockpiles	$	1,106	$	1,143
Raw materials (primarily concentrate)	$	209	$	318
Work-in-process	106		124
Finished goods	819		839
Total product	$	1,134	$	1,281
Long-term inventories:
Mill stockpiles	$	193	$	181
Leach stockpiles	1,079		1,244
Total long-term mill and leach stockpilesb	$	1,272	$	1,425

a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at March 31, 2020, and $24 million at December 31, 2019.

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

FCX recorded charges to adjust metals inventory carrying values to net realizable values because of lower market prices totaling $222 million in first-quarter 2020, associated with copper inventories ($205 million) and molybdenum inventories ($17 million); and $57 million in first-quarter 2019, associated with cobalt inventories (refer to Note 9 for metals inventory adjustments by business segment).