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Inventories, Including Long-Term Mill and Leach Stockpiles
 9 Months Ended
Sep. 30, 2023
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):
September 30,
2023		December 31, 2022
Current inventories:
Raw materials (primarily copper concentrate)$467 $443 
Work-in-process219 221 
Finished goodsa
1,729 1,169 
Total product$2,415 $1,833 
Total materials and supplies, netb
$2,131 $1,964 
Mill stockpiles$165 $216 
Leach stockpiles1,238 1,167 
Total current mill and leach stockpiles$1,403 $1,383 
Long-term inventories:
Mill stockpiles$260 $199 
Leach stockpiles1,067 1,053 
Total long-term mill and leach stockpilesc
$1,327 $1,252 
a.The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion.
b.Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022.
c.Estimated metals in stockpiles not expected to be recovered within the next 12 months.