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Inventories, Including Long-Term Mill and Leach Stockpiles | 9 Months Ended
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Sep. 30, 2023
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):
| September 30, 2023 |  | December 31, 2022 |
Current inventories: |  |  |  |
Raw materials (primarily copper concentrate) | $ | 467 |  |  | $ | 443 |  |
Work-in-process | 219 |  |  | 221 |  |
Finished goods a | 1,729 |  |  | 1,169 |  |
Total product | $ | 2,415 |  |  | $ | 1,833 |  |
Total materials and supplies, net b | $ | 2,131 |  |  | $ | 1,964 |  |
Mill stockpiles | $ | 165 |  |  | $ | 216 |  |
Leach stockpiles | 1,238 |  |  | 1,167 |  |
Total current mill and leach stockpiles | $ | 1,403 |  |  | $ | 1,383 |  |
Long-term inventories: |  |  |  |
Mill stockpiles | $ | 260 |  |  | $ | 199 |  |
Leach stockpiles | 1,067 |  |  | 1,053 |  |
Total long-term mill and leach stockpiles c | $ | 1,327 |  |  | $ | 1,252 |  |
a.The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion. b.Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022. c.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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