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Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 6 Months Ended
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Jun. 30, 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):
| June 30, 2020 |  | December 31, 2019 |
Current inventories: |  |  |  |
Total materials and supplies, net a | $ | 1,604 |  |  | $ | 1,649 |  |
Mill stockpiles | $ | 166 |  |  | $ | 220 |  |
Leach stockpiles | 864 |  |  | 923 |  |
Total current mill and leach stockpiles | $ | 1,030 |  |  | $ | 1,143 |  |
Raw materials (primarily concentrate) | $ | 287 |  |  | $ | 318 |  |
Work-in-process | 110 |  |  | 124 |  |
Finished goods | 779 |  |  | 839 |  |
Total product | $ | 1,176 |  |  | $ | 1,281 |  |
Long-term inventories: |  |  |  |
Mill stockpiles | $ | 207 |  |  | $ | 181 |  |
Leach stockpiles | 1,239 |  |  | 1,244 |  |
Total long-term mill and leach stockpiles b | $ | 1,446 |  |  | $ | 1,425 |  |
a. | Materials and supplies inventory was net of obsolescence reserves totaling $31 million at June 30, 2020, and $24 million at December 31, 2019.
b. | Estimated metals in stockpiles not expected to be recovered within the next 12 months.
During second-quarter 2020, FCX recorded net favorable adjustments to increase long-term metals inventory carrying values by $139 million, including an increase to long-term copper inventories ($144 million), primarily related to the reversal of net realizable value adjustments recorded on long-term copper inventories in first-quarter 2020 because of higher copper market prices at June 30, 2020, and a decrease to long-term molybdenum inventories ($5 million) because of lower molybdenum market prices at June 30, 2020. Net realizable value inventory adjustments to decrease metals inventory carrying values totaled $83 million for the first six months of 2020 associated with lower market prices for copper ($61 million) and molybdenum ($22 million). Net realizable value inventory adjustments to decrease metals inventory carrying values totaled $2 million in second-quarter 2019 and $59 million for the first six months of 2019, primarily for cobalt inventories because of lower cobalt market prices (refer to Note 9 for metals inventory adjustments by business segment).

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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