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Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 9 Months Ended
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Sep. 30, 2015
Inventories, Including Long Term Mill and Leach Stockpiles [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, 2015 |  | December 31, 2014 |
Current inventories: |  |  |  |
Total materials and supplies, net a | $ | 2,071 |  |  | $ | 1,886 |  |
Mill stockpiles | $ | 118 |  |  | $ | 86 |  |
Leach stockpiles | 1,777 |  |  | 1,828 |  |
Total current mill and leach stockpiles | $ | 1,895 |  |  | $ | 1,914 |  |
Raw materials (primarily concentrates) | $ | 281 |  |  | $ | 288 |  |
Work-in-process | 102 |  |  | 174 |  |
Finished goods | 996 |  |  | 1,099 |  |
Total product inventories | $ | 1,379 |  |  | $ | 1,561 |  |
Long-term inventories: |  |  |  |
Mill stockpiles | $ | 444 |  |  | $ | 360 |  |
Leach stockpiles | 1,882 |  |  | 1,819 |  |
Total long-term mill and leach stockpiles b | $ | 2,326 |  |  | $ | 2,179 |  |
a. | Materials and supplies inventory was net of obsolescence reserves totaling $26 million at September 30, 2015, and $20 million at December 31, 2014.
b. | Estimated metals in stockpiles not expected to be recovered within the next 12 months.
Beginning in third-quarter 2015, FCX adopted new accounting guidance for the subsequent measurement of inventories (refer to Note 12), which resulted in a change in accounting principle, whereby inventories are stated at the lower of weighted-average cost or net realizable value. Prior to third-quarter 2015, FCX's inventories were stated at the lower of weighted-average cost or market. FCX recorded charges to production costs for adjustments to inventory carrying values of $91 million ($37 million for molybdenum inventories and $54 million for copper inventories) for third-quarter 2015 and $154 million ($89 million for molybdenum inventories and $65 million for copper inventories) for the first nine months of 2015, primarily because of lower molybdenum and copper prices (refer to Note 10 for inventory adjustments by business segment).

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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