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Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)
 3 Months Ended
Mar. 31, 2021
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):
March 31, 2021December 31, 2020
Current inventories:
Total materials and supplies, neta
$1,596 $1,594 
Mill stockpiles$177 $205 
Leach stockpiles830 809 
Total current mill and leach stockpiles$1,007 $1,014 
Raw materials (primarily concentrate)$419 $366 
Work-in-process165 174 
Finished goods958 745 
Total product$1,542 $1,285 
Long-term inventories:
Mill stockpiles$245 $223 
Leach stockpiles1,230 1,240 
Total long-term mill and leach stockpilesb
$1,475 $1,463 

a.Materials and supplies inventory was net of obsolescence reserves totaling $35 million at March 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded net realizable value inventory adjustments to decrease long-term metals inventory carrying values totaling $1 million in first-quarter 2021, associated with lower market prices for molybdenum, and $222 million in first-quarter 2020, associated with lower market prices for copper ($205 million) and molybdenum ($17 million) (refer to Note 9 for metals inventory adjustments by business segment).