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INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES | 12 Months Ended
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Dec. 31, 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:
| December 31, |
| 2020 |  | 2019 |
Current inventories: |  |  |  |
Total materials and supplies, net a | $ | 1,594 |  |  | $ | 1,649 |  |
Mill stockpiles | $ | 205 |  |  | $ | 220 |  |
Leach stockpiles | 809 |  |  | 923 |  |
Total current mill and leach stockpiles | $ | 1,014 |  |  | $ | 1,143 |  |
Raw materials (primarily concentrate) | $ | 366 |  |  | $ | 318 |  |
Work-in-process | 174 |  |  | 124 |  |
Finished goods | 745 |  |  | 839 |  |
Total product | $ | 1,285 |  |  | $ | 1,281 |  |
Long-term inventories: |  |  |  |
Mill stockpiles | $ | 223 |  |  | $ | 181 |  |
Leach stockpiles | 1,240 |  |  | 1,244 |  |
Total long-term mill and leach stockpiles b | $ | 1,463 |  |  | $ | 1,425 |  |
a.Materials and supplies inventory was net of obsolescence reserves totaling $32 million at December 31, 2020, and $24 million at December 31, 2019. 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 $96 million in 2020, associated with lower market prices for copper ($58 million) and molybdenum ($38 million); $179 million in 2019, associated with lower market prices for molybdenum ($84 million), cobalt ($58 million) and copper ($37 million); and $4 million in 2018. Refer to Note 16 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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