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Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)
 9 Months Ended
Sep. 30, 2016
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,
2016
 
December 31, 2015
 
Current inventories:
 
 
 
 
Total materials and supplies, neta
$
1,348

 
$
1,594

 
 
 
 
 
 
Mill stockpiles
$
172

 
$
137

 
Leach stockpiles
1,140

 
1,402

 
Total current mill and leach stockpiles
$
1,312

 
$
1,539

 
 
 
 
 
 
Raw materials (primarily concentrate)
$
209

 
$
220

 
Work-in-process
94

 
108

 
Finished goods
722

 
743

 
Total product inventories
$
1,025

 
$
1,071

 
 
 
 
 
 
Long-term inventories:
 
 
 
 
Mill stockpiles
$
580

 
$
480

 
Leach stockpiles
1,143

 
1,183

 
Total long-term mill and leach stockpilesb
$
1,723

 
$
1,663

 

a.
Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2016, and $26 million at December 31, 2015.
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 $20 million in third-quarter 2016 and $27 million for the first nine months of 2016, primarily for molybdenum because of lower molybdenum prices and higher average inventory costs, and $91 million in third-quarter 2015 and $154 million for the first nine months of 2015, primarily because of lower molybdenum and copper prices (refer to Note 10 for 2015 inventory adjustments by business segment).