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INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES
 12 Months Ended
Dec. 31, 2021
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,
 20212020
Current inventories:
Total materials and supplies, neta
$1,669 $1,594 
Mill stockpiles$193 $205 
Leach stockpiles977 809 
Total current mill and leach stockpiles$1,170 $1,014 
Raw materials (primarily concentrate)$536 $366 
Work-in-process195 174 
Finished goods927 745 
Total product$1,658 $1,285 
Long-term inventories:
Mill stockpiles$226 $223 
Leach stockpiles1,161 1,240 
Total long-term mill and leach stockpilesb
$1,387 $1,463 
a.Materials and supplies inventory was net of obsolescence reserves totaling $36 million at December 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded NRV inventory adjustments to decrease metals inventory carrying values totaling $16 million in 2021, primarily associated with stockpiles no longer expected to be leached; $96 million in 2020, associated with lower market prices for copper ($58 million) and molybdenum ($38 million); and $179 million in 2019, associated with lower market prices for molybdenum ($84 million), cobalt ($58 million) and copper ($37 million). Refer to Note 16 for metals inventory adjustments by business segment.
FCX's Morenci mine has experienced improved recoveries at certain of its leach stockpiles and following an analysis of column testing results, Morenci concluded it had sufficient evidence to increase its estimated recoveries for certain of its leach stockpiles effective July 1, 2021. As a result of the revised recoveries, Morenci increased its estimated recoverable copper in leach stockpiles, net to its joint venture interest, by 191 million pounds. The effect of this change in estimate reduced site production and delivery costs and increased net income by $112 million ($0.08 per share) in 2021.