INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

12 Months Ended

Dec. 31, 2016

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,
	2016		2015
Current inventories:
Total materials and supplies, neta	$	1,306	$	1,575
Mill stockpiles	$	259	$	137
Leach stockpiles	1,079		1,402
Total current mill and leach stockpiles	$	1,338	$	1,539
Raw materials (primarily concentrate)	$	255	$	220
Work-in-process	114		108
Finished goods	629		633
Total product inventories	$	998	$	961
Long-term inventories:
Mill stockpiles	$	487	$	480
Leach stockpiles	1,146		1,183
Total long-term inventoriesb	$	1,633	$	1,663

a. Materials and supplies inventory was net of obsolescence reserves totaling $29 million at December 31, 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 $36 million for 2016, primarily for molybdenum because of lower molybdenum prices, $338 million ($215 million for copper inventories and $123 million for molybdenum inventories) for 2015 and $6 million for 2014 (refer to Note 16 for metals inventory adjustments by business segment).