Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 09, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | NEWMONT MINING CORP /DE/ | ||
Entity Central Index Key | 1,164,727 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 12,344,658,436 | ||
Entity Common Stock, Shares Outstanding | 529,161,509 |
STATEMENTS OF CONSOLIDATED OPER
STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
STATEMENTS OF CONSOLIDATED OPERATIONS | ||||||||||||
Sales | $ 1,816 | $ 2,033 | $ 1,908 | $ 1,972 | $ 2,017 | $ 1,746 | $ 1,765 | $ 1,764 | $ 7,729 | $ 7,292 | $ 8,414 | |
Costs and expenses | ||||||||||||
Costs applicable to sales | [1] | 4,312 | 4,457 | 5,299 | ||||||||
Depreciation and amortization | 1,239 | 1,229 | 1,362 | |||||||||
Reclamation and remediation (Note 5) | 266 | 154 | 81 | |||||||||
Exploration | 156 | 164 | 247 | |||||||||
Advanced projects, research and development | 133 | 161 | 222 | |||||||||
General and administrative | 183 | 186 | 203 | |||||||||
Impairment of long-lived assets (Note 6) | 56 | 26 | 4,352 | |||||||||
Other expense, net (Note 7) | 221 | 205 | 300 | |||||||||
Total costs and expenses | 6,566 | 6,582 | 12,066 | |||||||||
Other income (expense) | ||||||||||||
Other income, net (Note 8) | 128 | 157 | 349 | |||||||||
Interest expense, net of capitalized interest of $40, $23 and $88, respectively | (325) | (361) | (303) | |||||||||
Total other income (expense) | (197) | (204) | 46 | |||||||||
Income (loss) before income and mining tax and other items | 966 | 506 | (3,606) | |||||||||
Income and mining tax benefit (expense) (Note 9) | (644) | (133) | 755 | |||||||||
Equity income (loss) of affiliates (Note 10) | (45) | (4) | (5) | |||||||||
Income (loss) from continuing operations | 277 | 369 | (2,856) | |||||||||
Income (loss) from discontinued operations (Note 11) | 27 | (40) | 61 | |||||||||
Net income (loss) | 304 | 329 | (2,795) | |||||||||
Net loss (income) attributable to noncontrolling interests (Note 12) | (84) | 179 | 261 | |||||||||
Net income (loss) attributable to Newmont stockholders | (254) | 219 | 72 | 183 | 15 | 213 | 180 | 100 | 220 | 508 | (2,534) | |
Net income (loss) attributable to Newmont stockholders: | ||||||||||||
Continuing operations | (247) | 202 | 63 | 175 | 39 | 210 | 182 | 117 | 193 | 548 | (2,595) | |
Discontinued operations | $ (7) | $ 17 | $ 9 | $ 8 | $ (24) | $ 3 | $ (2) | $ (17) | 27 | (40) | 61 | |
Net income (loss) attributable to Newmont stockholders | $ 220 | $ 508 | $ (2,534) | |||||||||
Income (loss) per common share, Basic (Note 13): | ||||||||||||
Continuing operations | $ (0.48) | $ 0.38 | $ 0.13 | $ 0.35 | $ 0.08 | $ 0.42 | $ 0.37 | $ 0.23 | $ 0.38 | $ 1.10 | $ (5.21) | |
Discontinued operations | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 | |
Income (loss) per common share, basic | (0.50) | 0.42 | 0.14 | 0.37 | 0.03 | 0.43 | 0.36 | 0.20 | 0.43 | 1.02 | (5.09) | |
Income (loss) per common share, Diluted (Note 13) | ||||||||||||
Continuing operations | (0.48) | 0.38 | 0.13 | 0.35 | 0.08 | 0.42 | 0.37 | 0.23 | 0.38 | 1.10 | (5.21) | |
Discontinued operations | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 | |
Income (loss) per common share, diluted | (0.50) | 0.42 | 0.14 | 0.37 | 0.03 | 0.43 | 0.36 | 0.20 | 0.43 | 1.02 | (5.09) | |
Cash dividends declared per common share | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.150 | $ 0.100 | $ 0.225 | $ 1.225 | |
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
STATEMENTS OF CONSOLIDATED OPE3
STATEMENTS OF CONSOLIDATED OPERATIONS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
STATEMENTS OF CONSOLIDATED OPERATIONS | |||
Capitalized interest | $ 40 | $ 23 | $ 88 |
STATEMENTS OF CONSOLIDATED COMP
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income (loss) attributable to: | |||
Net income (loss) | $ 304 | $ 329 | $ (2,795) |
Change in marketable securities, net of $nil, $nil and $57 tax benefit (expense), respectively | |||
Net change from periodic revaluations | (8) | (119) | (436) |
Net amount reclassified to income | 107 | 12 | (141) |
Net unrecognized gain (loss) on marketable securities | 99 | (107) | (577) |
Foreign currency translation adjustments | (11) | (23) | (31) |
Change in pension and other post-retirement benefits, net of $(23), $67 and $(85), tax benefit (expense), respectively | |||
Net change from periodic revaluations | 24 | (133) | 149 |
Net amount reclassified to income | 18 | 8 | 3 |
Net unrecognized gain (loss) on pension and other post-retirement benefits | 42 | (125) | 152 |
Change in fair value of cash flow hedge instruments, net of $(6), $21 and $116, tax benefit (expense), respectively | |||
Net change from periodic revaluations | (42) | (41) | (167) |
Net amount reclassified to income | 56 | (5) | (48) |
Net unrecognized gain (loss) on hedges | 14 | (46) | (215) |
Other comprehensive income (loss) | 144 | (301) | (671) |
Comprehensive income (loss) | 448 | 28 | (3,466) |
Comprehensive income (loss) attributable to: | |||
Newmont stockholders | 364 | 212 | (3,206) |
Noncontrolling interests | (84) | 184 | 260 |
Comprehensive income (loss) | $ 448 | $ 28 | $ (3,466) |
STATEMENTS OF CONSOLIDATED COM5
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) | |||
Other comprehensive income unrealized holding gain (loss) on securities arising during period tax | $ 57 | ||
Change in pension and other post-retirement benefits, tax benefit (expense) | $ 23 | $ (67) | 85 |
Change in fair value of cash flow hedge instruments, tax benefit (expense) | $ (6) | $ 21 | $ 116 |
STATEMENTS OF CONSOLIDATED CASH
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 304 | $ 329 | $ (2,795) |
Adjustments: | |||
Depreciation and amortization | 1,239 | 1,229 | 1,362 |
Stock based compensation and other non-cash benefits | 77 | 51 | 64 |
Reclamation and remediation | 259 | 154 | 81 |
Revaluation of contingent consideration | (18) | ||
Loss (income) from discontinued operations | (27) | 40 | (61) |
Impairment of long-lived assets | 56 | 26 | 4,352 |
Impairment of investments | 115 | 21 | 105 |
Deferred income taxes | 317 | (149) | (1,256) |
Gain on asset and investment sales, net | (118) | (126) | (286) |
Gain on deconsolidation of TMAC | (76) | ||
Other operating adjustments and impairments | 347 | 574 | 1,099 |
Net change in operating assets and liabilities (Note 26) | (336) | (698) | (1,086) |
Net cash provided by continuing operating activities | 2,157 | 1,451 | 1,561 |
Net cash used in discontinued operations | (12) | (13) | (18) |
Net cash provided by operating activities | 2,145 | 1,438 | 1,543 |
Investing activities: | |||
Additions to property, plant and mine development | (1,401) | (1,110) | (1,900) |
Acquisitions, net (Note 3) | (823) | (28) | (13) |
Sales of investments | 29 | 25 | 589 |
Purchases of investments | (26) | (1) | |
Proceeds from sale of other assets | 203 | 661 | 63 |
Other | (49) | (29) | (51) |
Net cash used in investing activities | (2,041) | (507) | (1,313) |
Financing activities: | |||
Proceeds from debt, net | 601 | 1,538 | |
Repayment of debt | (454) | (686) | (1,150) |
Proceeds from stock issuance, net | 675 | 2 | |
Sale of noncontrolling interests | 37 | 179 | 32 |
Funding from noncontrolling interests | 109 | ||
Acquisition of noncontrolling interests | (8) | (9) | (17) |
Dividends paid to noncontrolling interests | (3) | (4) | (2) |
Dividends paid to common stockholders | (52) | (114) | (610) |
Increase in restricted cash and other | (8) | (32) | (5) |
Net cash provided by (used in) financing activities | 296 | (65) | (212) |
Effect of exchange rate changes on cash | (21) | (18) | (24) |
Net change in cash and cash equivalents | 379 | 848 | (6) |
Cash and cash equivalents at beginning of period | 2,403 | 1,555 | 1,561 |
Cash and cash equivalents at end of period | $ 2,782 | $ 2,403 | $ 1,555 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 2,782 | $ 2,403 |
Trade receivables | 260 | 186 |
Other accounts receivables | 185 | 290 |
Investments (Note 18) | 19 | 73 |
Inventories (Note 19) | 710 | 700 |
Stockpiles and ore on leach pads (Note 20) | 896 | 666 |
Deferred income tax assets (Note 9) | 240 | |
Other current assets (Note 21) | 131 | 881 |
Current assets | 4,983 | 5,439 |
Property, plant and mine development, net | 14,303 | 13,650 |
Investments (Note 18) | 402 | 334 |
Stockpiles and ore on leach pads (Note 20) | 3,000 | 2,820 |
Deferred income tax assets (Note 9) | 1,718 | 1,790 |
Other long-term assets (Note 21) | 776 | 883 |
Total assets | 25,182 | 24,916 |
LIABILITIES | ||
Debt (Note 23) | 149 | 166 |
Accounts payable | 396 | 406 |
Employee-related benefits (Note 14) | 293 | 307 |
Income and mining taxes | 38 | 74 |
Other current liabilities (Note 24) | 540 | 1,245 |
Current liabilities | 1,416 | 2,198 |
Debt (Note 23) | 6,087 | 6,480 |
Reclamation and remediation liabilities (Note 5) | 1,800 | 1,606 |
Deferred income tax liabilities (Note 9) | 840 | 656 |
Employee-related benefits (Note 14) | 437 | 492 |
Other long-term liabilities (Note 24) | 310 | 395 |
Total liabilities | 10,890 | 11,827 |
EQUITY | ||
Common stock - $1.60 par value; | 847 | 798 |
Additional paid-in capital | 9,427 | 8,712 |
Accumulated other comprehensive income (loss) | (334) | (478) |
Retained earnings | 1,410 | 1,242 |
Newmont stockholders' equity | 11,350 | 10,274 |
Noncontrolling interests | 2,942 | 2,815 |
Total equity | 14,292 | 13,089 |
Total liabilities and equity | $ 25,182 | $ 24,916 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 1.60 | $ 1.60 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 530,000,000 | 499,000,000 |
Treasury shares | 350,000 | 330,000 |
STATEMENTS OF CONSOLIDATED CHAN
STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total |
At beginning of period at Dec. 31, 2012 | $ 787 | $ 8,427 | $ 490 | $ 3,992 | $ 3,175 | $ 16,871 |
Beginning balance, shares at Dec. 31, 2012 | 497 | |||||
Changes in Equity | ||||||
Net income (loss) | (2,534) | (261) | (2,795) | |||
Other comprehensive income (loss) | (672) | 1 | (671) | |||
Dividends paid | (610) | (2) | (612) | |||
Sale of noncontrolling interests, net | 48 | 3 | 51 | |||
Stock based awards and related share issuances | $ 2 | 63 | 65 | |||
Stock based awards and related share issuances, shares | 1 | |||||
At end of period at Dec. 31, 2013 | $ 789 | 8,538 | (182) | 848 | 2,916 | 12,909 |
Ending balance, shares at Dec. 31, 2013 | 498 | |||||
Changes in Equity | ||||||
Net income (loss) | 508 | (179) | 329 | |||
Other comprehensive income (loss) | (296) | (5) | (301) | |||
Dividends paid | (114) | (4) | (118) | |||
Redemption of exchangeable shares | $ 8 | (8) | ||||
Sale of noncontrolling interests, net | 81 | 87 | 168 | |||
Stock based awards and related share issuances | $ 1 | 101 | 102 | |||
Stock based awards and related share issuances, shares | 1 | |||||
At end of period at Dec. 31, 2014 | $ 798 | 8,712 | (478) | 1,242 | 2,815 | 13,089 |
Ending balance, shares at Dec. 31, 2014 | 499 | |||||
Changes in Equity | ||||||
Net income (loss) | 220 | 84 | 304 | |||
Other comprehensive income (loss) | 144 | 144 | ||||
Dividends paid | (52) | (3) | (55) | |||
Sale of noncontrolling interests, net | 12 | 46 | 58 | |||
Equity Issuance | $ 46 | 629 | 675 | |||
Equity Issuance, shares | 29 | |||||
Stock based awards and related share issuances | $ 3 | 74 | 77 | |||
Stock based awards and related share issuances, shares | 2 | |||||
At end of period at Dec. 31, 2015 | $ 847 | $ 9,427 | $ (334) | $ 1,410 | $ 2,942 | $ 14,292 |
Ending balance, shares at Dec. 31, 2015 | 530 |
THE COMPANY
THE COMPANY | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
THE COMPANY | NOTE 1 THE COMPANY Newmont Mining Corporation and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operates in the mining industry, focused on the production of and exploration for gold and copper. The Company has significant assets and/or operations in the United States, Australia, Peru, Indonesia, Ghana and Suriname. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, and to a lesser extent, silver. The prices of gold and copper are affected by numerous factors beyond the Company’s control. References to “A$” refers to Australian currency, “NZ$” to New Zealand currency, and “C$” to Canadian currency. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our price outlook from current levels could result in material impairment charges related to these assets. In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia entered into a Memorandum of Understanding (“MoU”) that resulted in the government agreeing to issue permits to allow PTNNT to export and sell copper concentrates from the Batu Hijau mine (“Batu Hijau”). The government then issued several six month export permits commencing in September 2014, March 2015 and November 2015. The most recent November permit was issued following a two month delay and expires in May 2016. Effective with the signing of the MoU, PTNNT agreed to pay certain export duties and royalties. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: 1) concession area size; 2) royalties, taxes and export duties; 3) domestic processing and refining; 4) ownership divestment; 5) utilization of local manpower, domestic goods and services; and 6) duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations and the renewal of the export permit. The failure to receive a timely renewal may negatively impact future operations and financial results at Batu Hijau. As a result of the on-going Contract of Work renegotiations at Batu Hijau, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges will continue to be evaluated. At this time, the Company expects operations to continue into the future. The total assets at Batu Hijau as of December 31, 2015 and 2014 were $3,481 and $3,107 , respectively. During the last several years, Minera Yanacocha S.R.L. (“Yanacocha”), in which we own a 51.35% interest, and whose properties include the mining operations at Yanacocha and the Conga Project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga Project complexes and the City of Cajamarca in Peru and resulted in vandalism and equipment damage. We cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect Conga’s development and the continued operation of Yanacocha. Construction activities on our Conga Project were suspended on November 30, 2011 at the request of Peru’s central government following increasing protests in Cajamarca by anti-mining activists led by the regional president. In the first half of 2014, a Conga Restart Study was completed to identify and test alternatives to advancing development of the project. Following this assessment, a new plan was developed to reduce spending to focus on only the most critical work – protecting people and assets, engaging with communities, and maintaining existing project infrastructure – while maintaining optionality. Newmont will not proceed with the full development of Conga without social acceptance, solid project economics and potentially another partner to help defray costs and risk; it is currently difficult to predict when or whether such events may occur. Under the current social and political environment, the Company does not anticipate being able to develop Conga for the foreseeable future. Should the Company be unable to develop Conga, the Company may in the future reprioritize and reallocate capital to development alternatives which may result in an impairment of the Conga Project. The total assets at Conga as of December 31, 2015 and 2014 were $1,678 and $1,700 , respectively. Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill, long-lived assets and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the accounts of Newmont Mining Corporation and the more-than-50%-owned subsidiaries that it controls and entities over which control is achieved through means other than voting rights. The Company also includes its pro-rata share of assets, liabilities and operations for unincorporated joint ventures in which it has an interest. All significant intercompany balances and transactions have been eliminated. The functional currency for the majority of the Company’s operations is the U.S. dollar. The Company follows the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). The Company has identified VIEs in connection with our interests in PTNNT due to certain funding arrangements and shareholder commitments. The Company has financing arrangements with PT Pukuafu Indah (“PTPI”) and PT Indonesia Masbaga Investama (“PTIMI”), unrelated noncontrolling shareholders of PTNNT, whereby the Company agreed to advance certain funds to them in exchange for (i) a pledge of their combined 20% share of PTNNT, (ii) an assignment of dividends payable on the shares, net of withholding tax, (iii) a commitment from them to support the application of our standards to the operation of Batu Hijau and (iv) as of September 16, 2011 in respect of PTPI only, powers of attorney to vote and sell PTNNT shares in support of the pledge, enforceable in an event of default as further security for the funding. The Company has determined itself to be the primary beneficiary of these entities, as it controls the operations of Batu Hijau and has the obligation to absorb losses and the right to receive benefits that are significant to PTNNT. Therefore, the Company consolidates PTNNT in its financial statements. On March 12, 2013, Newmont completed the sale of the Hope Bay Project to TMAC Resources Inc. (“TMAC”). On July 7, 2015, TMAC completed an initial public offering (“IPO”), issuing 22,500,000 common shares at a price of C$6.00 per common share for aggregate gross proceeds of C$135 . Additionally, TMAC entered into a term loan facility for $120 . At December 31, 2015 , Newmont held a 29.37% ownership interest in TMAC. Prior to the financing events, Newmont identified TMAC as a VIE under ASC guidance for consolidation, determined it was the primary beneficiary, and consolidated TMAC in its Consolidated Financial Statements. Upon further evaluation subsequent to the financing events, Newmont determined that TMAC is no longer considered a VIE, and no longer will be consolidated into Newmont’s financial results. Newmont deconsolidated the assets, liabilities, and noncontrolling interest related to TMAC and recognized a gain of $76 , recorded within Other income, net . The fair value of the retained investment was valued utilizing the market approach applying the IPO share price. Newmont’s retained investment in TMAC, which was $101 at December 31, 2015 , is accounted for as an equity method investment reflected in Note 18 . On November 22, 2013, Newmont entered into a Partnership Agreement with Staatsolie (a company wholly owned by the Republic of Suriname). The Partnership Agreement gave Staatsolie the option to participate in the Merian Gold Project (“Merian”) for up to 25% of the partnership. Staatsolie exercised that option in November 2014. At December 31, 2015, Newmont has a 75% ownership in Merian. Newmont has identified Merian as a VIE under ASC guidance for consolidation. The Company has determined itself to be the primary beneficiary of this entity, as it controls the operations of Merian and has the obligation to absorb losses and the right to receive benefits that are significant to Merian, therefore, the Company consolidates Merian in its financial statements. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or long-term assets. Investments Management determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each reporting date. Investments in incorporated entities in which the Company’s ownership is greater than 20% and less than 50%, or which the Company does not control through majority ownership or means other than voting rights, are accounted for by the equity method and are included in long-term assets. The Company accounts for its marketable security investments as available for sale securities in accordance with ASC guidance on accounting for certain investments in debt and equity securities. The Company periodically evaluates whether declines in fair values of its investments below the Company’s carrying value are other-than-temporary in accordance with ASC guidance. The Company’s policy is to generally treat a decline in the investment’s quoted market value that has lasted continuously for more than six months as an other-than-temporary decline in value. The Company also monitors its investments for events or changes in circumstances that have occurred that may have a significant adverse effect on the fair value of the investment and evaluates qualitative and quantitative factors regarding the severity and duration of the unrealized loss and the Company’s ability to hold the investment until a forecasted recovery occurs to determine if the decline in value of an investment is other-than-temporary. Declines in fair value below the Company’s carrying value deemed to be other-than-temporary are charged to Other income, net. Stockpiles, Ore on Leach Pads and Inventories As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization . The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as long-term. The major classifications are as follows: Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit as material is processed. Ore on Leach Pads The recovery of gold from certain gold oxide ores is achieved through the heap leaching process. Under this method, oxide ore is placed on leach pads where it is treated with a chemical solution, which dissolves the gold contained in the ore. The resulting gold-bearing solution is further processed in a plant where the gold is recovered. The recovery of copper from leach pads is further described below in the Copper Cathode Inventory section. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per estimated recoverable ore on the leach pad. The estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete. Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of ore on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In-process Inventory In-process inventories represent materials that are currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach in circuits. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective plants. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process. Precious Metals Inventory Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs. Copper Cathode Inventory Copper heap leaching is performed on copper oxide ore and enriched copper sulfide ore to produce copper cathodes. Heap leaching is accomplished by stacking uncrushed ore onto synthetically lined pads where it is contacted with a dilute sulfuric acid solution thus leaching the acid soluble minerals into a copper sulfate solution. The copper sulfate solution is then collected and pumped to the solvent extraction (“SX”) plant. The SX process consists of two steps. During the first step, the copper is extracted into an organic solvent solution. The loaded organic solution is then pumped to the second step where copper is stripped with a strong acid solution before being sent through the electrowinning (“EW”) process. Cathodes produced in electrowinning are 99.99% copper. Copper cathode is produced at our Phoenix operations by solvent extraction and electrowinning (SX/EW). The inventory is valued at the lower of average cost to produce the cathode or net realizable value. Concentrate Inventory Concentrate inventories represent copper and gold concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at the average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value. Materials and Supplies Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight. Property, Plant and Mine Development Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves. Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting Mineralized Material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales . The cost of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open-pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during development and are recorded as Other income , net of incremental mining and processing costs. The production phase of an open-pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. The Company’s definition of a mine and the mine’s production phase may differ from that of other companies in the mining industry resulting in incomparable allocations of stripping costs to deferred mine development and production costs. Other mining companies may expense pre-stripping costs associated with subsequent pits within a mining complex. Other mining companies may capitalize stripping costs incurred in connection with the production phase. Mine development costs are amortized using the units-of-production (“UOP”) method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Mineral Interests Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. The value of such assets is primarily driven by the nature and amount of Mineralized Material believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain Mineralized Material consisting of (i) Mineralized Material within pits; Mineralized Material with insufficient drill spacing to qualify as proven and probable reserves; and Mineralized Material in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current Mineralized Material and is comprised mainly of material outside of the immediate mine area; (iv) greenfields exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped Mineralized Material. Impairment of Long-lived Assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold and other commodity prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including Mineralized Material that is not part of the Mineralized Material base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold or other commodities that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from such exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital are each subject to significant risks and uncertainties. Revenue Recognition Revenue is recognized, net of treatment and refining charges, from a sale when persuasive evidence of an arrangement exists, the price is determinable, the product has been delivered, risk and the title has been transferred to the customer and collection of the sales price is reasonably assured. Revenues from by-product sales are credited to Costs applicable to sales as a by-product credit. Concentrate sales are initially recorded based on 100% of the provisional sales prices. Until final settlement occurs, adjustments to the provisional sales prices are made to take into account the mark-to-market changes based on the forward prices for the estimated month of settlement. For changes in metal quantities upon receipt of new information and assay, the provisional sales quantities are adjusted as well. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations between the date initially recorded and the date of final settlement. If a significant decline in metal prices occurs between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the sales proceeds received based on the provisional invoice. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward exchange price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement. Income and Mining Taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes; as such taxes are based on a percentage of mining profits. With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible. Valuation of Deferred Tax Assets The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date and the existence and frequency of prior cumulative pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: · Earnings history; · Projected future financial and taxable income based upon existing reserves; and long-term estimates of commodity prices · The duration of statutory carry forward periods · Prudent and feasib |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
ACQUISITIONS | |
ACQUISITIONS | NOTE 3 BUSINESS ACQUISITION On June 8, 2015, the Company announced an agreement with AngloGold Ashanti Limited to acquire 100% ownership in the Cripple Creek &Victor (“CC&V”) gold mining business in Colorado. CC&V is a surface mine with heap leach operations that provides ore to a crusher and a leach facility. During 2015, the Company received $675 in net proceeds from a common stock issuance. Newmont used the proceeds, supplemented with cash from the Company’s balance sheet, to fund the acquisition. On August 3, 2015, the Company completed the acquisition of CC&V for $821 , plus a 2.5% net smelter return royalty on future gold production from underground ore which has no fair value at the acquisition date. In connection with the acquisition, the Company incurred acquisition costs of $12 for the year ended December 31, 2015 , which was recorded in Other expense, net . The acquisition is not material to the Company's results of operations, individually or in the aggregate; as a result, no pro forma financial information is provided. The Company retained an independent third-party appraiser to assist in the valuation. In valuing acquired assets and assumed liabilities, fair values were based on, but not limited to quoted market prices, where available; expected future cash flows; current replacement cost for similar capacity for certain fixed assets; market rate assumptions for contractual obligations; and appropriate discount rates. The fair value measurement of inventories, stockpiles and ore on leach pads, property, plant and mine development, and reclamation and remediation were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. In accordance with the acquisition method of accounting, the purchase price of CC&V has been allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date. The fair value estimates were based on, but not limited to quoted market prices, where available; expected future cash flows based on estimated reserve quantities; costs to produce and develop reserves; current replacement cost for similar capacity for certain fixed assets; and appropriate discount rates and growth rates. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable acquired assets and liabilities assumed has been recorded as mineral interest. The final valuation of acquired assets and liabilities assumed is not complete and the net adjustments to those values may result in changes to mineral interest and other carrying amounts initially assigned to the assets or liabilities based on the preliminary fair value analysis. The principal remaining items to be valued are stockpile and leach pad inventory values, which will be finalized as management monitors actual versus forecasted leach pad and mill performance for both recoveries and costs. During the fourth quarter of 2015, the Company revised the preliminary allocation of the purchase price, which resulted in an increase to current and non-current Stockpiles and ore on leach pads of $17 and $44 , respectively, and a decrease to Property, plant and mine development, net , of $61 . The Company expects these final valuations and assessments to be completed in the first half of 2016. The following table summarizes the preliminary purchase price allocation for CC&V: Assets: Cash and cash equivalents $ Inventories Stockpiles and ore on leach pads Other current assets Current assets Property, plant and mine development, net Stockpiles and ore on leach pads Total assets $ Liabilities: Debt $ Accounts payable Employee-related benefits Other current liabilities Current liabilities Debt Reclamation and remediation liabilities Total liabilities $ Net assets acquired $ |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | NOTE 4 SEGMENT INFORMATION The Company has organized its operations into four geographic regions. The geographic regions include North America, South America, Asia Pacific and Africa and represent the Company’s operating segments. The operating results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and have chosen to disclose this information on the following tables. Pre-Tax Income (Loss) from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes (except for equity investments). Intercompany revenue and expense amounts and deferred tax assets have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Newmont’s business activities that are not considered operating segments are included in Corporate and Other and are not required to be included in this footnote are provided for reconciliation purposes. The financial information relating to the Company’s segments is as follows: Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) Assets Expenditures (1) Year Ended December 31, 2015 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks CC&V (2) Other North America — — North America Yanacocha Other South America — — — South America Boddington: Gold Copper Total Boddington Tanami Waihi (3) — Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem Other Africa — — — — Africa Corporate and Other (4) — — Consolidated $ $ $ $ $ $ $ (1) Includes an increase in accrued capital expenditures of $67 ; consolidated capital expenditures on a cash basis were $1,401 . (2) The Company acquired the CC&V gold mining business on August 3, 2015. (3) On October 29, 2015, the Company sold the Waihi gold mine in New Zealand to OceanaGold Corporation for total cash proceeds of $102 . (4) Corporate and Other includes the Merian Project. Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) Assets Expenditures (1) Year Ended December 31, 2014 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks La Herradura (2) — Other North America — — — North America Yanacocha Other South America — — — South America Boddington: Gold Copper Total Boddington — Tanami Jundee (3) — Waihi Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem — Other Africa — — — — Africa Corporate and Other (4) — — Consolidated $ $ $ $ $ $ $ (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $1,110 . (2) On October 6, 2014, the Company sold its 44% interest in La Herradura. (3) On July 1, 2014, the Company sold the Jundee mine. (4) Corporate and Other includes the Merian Project . Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) (1) Assets Expenditures (2) Year Ended December 31, 2013 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks La Herradura Other North America — — — North America Yanacocha Other South America — — South America Boddington: Gold Copper Total Boddington Tanami Jundee Waihi Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem Other Africa — — — — Africa Corporate and Other (3) — — Consolidated $ $ $ $ $ $ $ (1) Includes impairments of long-lived assets of $2,082 for Long Canyon in Nevada and $2,138 for Boddington in Australia. (2) Accrual basis includes a decrease in accrued capital expenditures of $88 consolidated capital expenditures on a cash basis were $1,900 . (3) Corporate and Other includes the Merian Project. Revenues from sales attributed to countries based on the customer’s location were as follows: Years Ended December 31, 2015 2014 2013 United Kingdom $ $ $ Japan Korea Philippines Indonesia Germany Mexico — Other $ $ $ As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. In 2015 , 2014 and 2013 , sales to Bank of Nova Scotia were $1,074 ( 14% ) , $1,514 ( 23% ) and $1,787 ( 23% ) , respectively, of total gold sales. In 2015 , the Company had sales to Credit Agricole Corporate and Investment that totaled $762 ( 10% ) of total gold sales. In 2014 and 2013 , the Company had sales to Barclays that totaled $1,098 ( 17% ) and $1,338 ( 17% ) of total gold sales. The Company sells copper predominantly in the form of copper concentrates which are sold directly to smelters located in Asia and to a lesser extent North America and Europe. The copper concentrates are sold under long-term supply contracts with processing fees based on the demand for these concentrates in the global market place. In Nevada, the Company produces copper cathode which is sold to one customer in the North American market. Long-lived assets, excluding deferred tax assets, investments and restricted cash, were as follows: At December 31, 2015 2014 United States $ $ Peru Australia Ghana Indonesia Suriname Other $ $ |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 12 Months Ended |
Dec. 31, 2015 | |
RECLAMATION AND REMEDIATION | |
RECLAMATION AND REMEDIATION | NOTE 5 RECLAMATION AND REMEDIATION The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements. The Company’s Reclamation and remediation expense consisted of: Years Ended December 31, 2015 2014 2013 Reclamation $ $ $ Reclamation Accretion Remediation Remediation Accretion $ $ $ Reclamation expense decreased in 2015 compared to 2014 , primarily due to delay in estimated spend to future periods at Yanacocha compared to previous estimates. Reclamation expense increased in 2014 compared to 2013 , due to higher estimated unit costs at Nevada operations and increased water treatment costs at Yanacocha. Remediation expense increased in 2015 , primarily due to increased costs from revised estimates to the remediation plan of the Midnite Mine in Washington State. Refer to Note 30 for further information regarding the Midnite Mine. Remediation expense increased in 2014 , primarily due to additional costs related to EPA oversight and interim actions associated with the design of the Midnite Mine remedy, as well as increased costs resulting from a settlement with the State of California for the Empire Mine remediation. The following is a reconciliation of Reclamation and remediation liabilities : Reclamation Remediation Total Balance at January 1, 2014 $ $ $ Additions, changes in estimates and other Acquisitions and divestitures — Payments and other Accretion expense Balance December 31, 2014 Additions, changes in estimates and other Acquisitions and divestitures — Payments and other Accretion expense Balance December 31, 2015 $ $ $ The current portion of reclamation was $37 and $42 at December 31, 2015 and 2014 , respectively, and is included in Other current liabilities . The current portion of remediation was $34 and $ 41 at December 31, 2015 and 2014 , respectively, and is included in Other current liabilities . At December 31, 2015 and 2014 , $1,553 and $1,497 , respectively, were accrued for reclamation obligations relating to operating properties. In addition, the Company is involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. At December 31, 2015 and 2014 , $318 and $192 , respectively, were accrued for such environmental remediation obligations. As of December 31, 2015 and 2014, environmental remediation liabilities for historic mining operations were reduced by $60 and $58 , respectively, as a result of discounting water treatment costs using discount rates ranging between 2.0% and 6.6% and between 0.8% and 6.2% , respectively. Changes in estimates, net of additions, reduced the reclamation obligations by $36 in 2015 , due to decreases at Boddington resulting from updated remediation plans, the derecognition of obligations related to the Hope Bay Project from the deconsolidation of TMAC, and lower equipment and water costs at Nevada operations, partially offset by higher water treatment costs at Batu Hijau and an updated expected footprint at Akyem due to ongoing mining. The reclamation obligations in 2014 included additions of $79 for currently or recently producing properties related to higher unit costs at Nevada operations, additional haulage volumes and rates at Kalgoorlie Consolidated Gold Mine Pty Ltd. (“KCGM”) and increased water treatment costs at Yanacocha. Additions of $163 in 2015 for remediation obligations were primarily related to revised estimates to the remediation plan of the Midnite Mine. Additions of $52 in 2014 for remediation obligations were primarily related to additional water management, surface reclamation and EPA oversight costs at various historic mining sites. Acquisitions and divestitures, net increased reclamation obligations $32 in 2015 , primarily due to acquisition of CC&V which added $63 , partially offset by the divestment of Waihi. Refer to Note 3 for more information on the CC&V acquisition. Acquisitions and divestitures, net decreased reclamation obligations $63 in 2014, due to the divestment of the Jundee, La Herradura and Midas operations, which had obligations of $39 , $16 and $8 , respectively. Cash expected to be used in the next 12 months that is legally restricted for purposes of settling asset retirement obligations was $15 at December 31, 2015 , and related to the Batu Hijau mine in Asia Pacific. There was no short-term restricted cash for settling asset retirement obligations at December 31, 2014 . Short-term restricted cash is included in Other current assets . Long-term restricted cash held for purposes of settling asset retirement obligations was $65 and $67 , at December 31, 2015 and 2014 , respectively. Of the amount in 2015 , $43 is related to the Midnite Mine in Washington State, $13 is related to the Ahafo and Akyem mines in Ghana, Africa, and $9 is related to the Con mine in Yellowknife, NWT, Canada. Of the amount in 2014 , $43 is related to the Midnite Mine in Washington State, $14 is related to the Ahafo and Akyem mines in Ghana, Africa and $10 is related to the Con mine in Yellowknife, NWT, Canada. Included in Investments at December 31, 2015 and 2014 , are $20 and $19 of long-term equity securities, respectively, which are legally pledged for purposes of settling reclamation and remediation obligations related to the San Jose Reservoir in Yanacocha and for various locations in Nevada. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 6 IMPAIRMENT OF LONG-LIVED ASSETS Years Ended December 31, 2015 2014 2013 Property, plant and mine development North America $ — $ $ South America — Asia Pacific — — Africa — — Corporate and Other — Other long-term assets South America — — Africa — — Asia Pacific — — — $ $ $ Impairment of long-lived assets totaled $56 , $26 and $4,352 in 2015 , 2014 and 2013 , respectively. The 2015 impairments were primarily related to assets in South America which were no longer recoverable due to lower projected income, non-essential equipment unrelated to operations at Corporate and Other and an intangible asset at Ahafo in Africa. The 2014 impairments were primarily related to non-essential equipment at Carlin and Phoenix in North America, Corporate and Other and South America, specifically for certain assets at Conga that have been sold. The 2013 impairments were primarily related to assets at Boddington in Asia Pacific for $2,138 and Long Canyon in North America for $2,082 resulting from a decrease in the Company’s long-term gold and copper price assumptions combined with rising operating costs. Goodwill was included in the Company’s impairment analysis in 2013 due to these conditions. As a result, the Company recorded an impairment of $56 at Tanami in Asia Pacific. |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 12 Months Ended |
Dec. 31, 2015 | |
OTHER EXPENSE, NET | |
OTHER EXPENSE, NET | NOTE 7 OTHER EXPENSE, NET Years Ended December 31, 2015 2014 2013 Regional administration $ $ $ Community development Restructuring and other Ghana Investment Agreement — — Transaction/Acquisition costs — Western Australia power plant Other $ $ $ |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2015 | |
OTHER INCOME, NET. | |
OTHER INCOME, NET | NOTE 8 OTHER INCOME, NET Years Ended December 31, 2015 2014 2013 Gain (loss) on asset and investment sales, net $ $ $ Gain on deconsolidation of TMAC — — Foreign currency exchange, net Refinery income, net Dividends — Impairment of investments Other $ $ $ |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME AND MINING TAXES | |
INCOME AND MINING TAXES | NOTE 9 INCOME AND MINING TAXES The Company’s Income and mining tax benefit (expense) consisted of: Years Ended December 31, 2015 2014 2013 Current: United States $ $ $ Foreign Deferred: United States Foreign $ $ $ The Company’s Income (loss) before income and mining tax and other items consisted of: Years Ended December 31, 2015 2014 2013 United States $ $ $ Foreign $ $ $ The Company’s income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: Years Ended December 31, 2015 2014 2013 Income (loss) before income and mining tax and other items $ $ $ Tax at statutory rate % $ % $ % $ Reconciling items: Percentage depletion % % % Change in valuation allowance on deferred tax assets % % % Mining and other taxes % % % U.S. tax effect of minority interest attributable to non-U.S. investees % % % Other % % % Income and mining tax benefit (expense) % $ % $ % $ Factors that Significantly Impact Effective Tax Rate Percentage depletion allowances (tax deductions for depletion that may exceed the tax basis in the mineral reserves) are available to the Company under the income tax laws of the United States for operations conducted in the United States or through branches and partnerships owned by U.S. subsidiaries included in the consolidated United States income tax return. These deductions are highly sensitive to the price of gold and other minerals produced by the Company. A valuation allowance is provided for those deferred income tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If we determine that we will not realize all or a portion of our deferred income tax assets, we will increase our valuation allowance. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. The Company reviews the measurement of its deferred tax assets at each balance sheet date. On the basis of available information at December 31, 2015 , the Company has provided a valuation allowance for certain of its deferred tax assets where the Company believes it is more likely than not that some portion or all of such assets will not be realized. The valuation allowance totaled $2,987 at December 31, 2015 , and $2,817 at December 31, 2014 . The overall valuation allowance increased $170 during 2015 . This increase is reflected in the Company’s effective tax rate to the extent it relates to U.S. foreign tax credits, U.S. alternative minimum tax credits, U.S. capital losses, and long-term stockpile write-downs in Indonesia. Changes in valuation allowance for other items such as depreciation in marketable securities are reflected in Other comprehensive income (loss) . Other net increases, such as those that relate to Australian asset impairments and Australian net operating losses have no impact on the Consolidated Financial Statements due to the tax accounting treatment of non-U.S. entities that are disregarded for U.S. income tax purposes. Mining taxes in Nevada, Peru and Australia represent state and provincial taxes levied on mining operations and are classified as income taxes; as such taxes are based on a percentage of mining profits. The Company consolidates certain subsidiaries of which it does not own 100% of the outstanding equity. However, for tax purposes, the Company is only responsible for the income taxes on the portion of the taxable earnings attributable to its ownership interest of each consolidated entity. There was a valuation allowance placed on the net deferred tax assets of MYSRL, the Company’s partially owned subsidiary in Peru. The increase of the tax effect of minority interest is a result of this valuation allowance. Components of the Company's deferred income tax assets (liabilities) are as follows: At December 31, 2015 2014 Deferred income tax assets: Property, plant and mine development $ $ Inventory Reclamation and remediation Net operating losses, capital losses and tax credits Investment in partnerships and subsidiaries Employee-related benefits Derivative instruments and unrealized loss on investments Other Valuation allowances $ $ Deferred income tax liabilities: Property, plant and mine development $ $ Reclamation and remediation — Net undistributed earnings of subsidiaries — Other Net deferred income tax assets (liabilities) $ $ These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Net deferred income tax assets and liabilities consist of: At December 31, 2015 2014 Current deferred income tax assets $ — $ Long-term deferred income tax assets Current deferred income tax liabilities — Long-term deferred income tax liabilities $ $ Company’s Unrecognized Tax Benefits At December 31, 2015 , 2014 and 2013 , the Company had $62 , $394 and $320 of total gross unrecognized tax benefits, respectively. The reduction to the unrecognized tax benefits in 2015 is a result of the settlement of previously open tax years in the United States. The settlement of $302 in 2015 utilized the Company’s foreign tax credits and did not result in a cash payment. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2015 2014 2013 Total amount of gross unrecognized tax benefits at beginning of year $ $ $ Additions for tax positions of prior years Reductions due to settlements with taxing authorities Reductions due to lapse of statute of limitations Total amount of gross unrecognized tax benefits at end of year $ $ $ At December 31, 2015 , 2014 and 2013 , $35 , $91 and $77 , respectively, represent the amount of unrecognized tax benefits that, if recognized, would impact the Company’s effective income tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. PTNNT, the Company’s partially owned subsidiary in Indonesia, carries income tax receivables associated with disputed tax amounts totaling $213 for 2008 through 2014 tax years. The Company has paid all amounts in full, including penalties. These payments were necessary to preserve the Company’s right to dispute these assessments. PTNNT is vigorously defending its positions through all available processes and, based on prior experience, believes it will prevail and amounts are collectible. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for years before 2005. As a result of (i) statute of limitations that will begin to expire within the next 12 months in various jurisdictions, and (ii) possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $55 to $60 in the next 12 months. The Company’s practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of its income and mining tax expense. At December 31, 2015 and 2014 , the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $16 and $17 , respectively. During 2015 , 2014 , and 2013 the Company released $1 , accrued an additional $5 , and released $2 of interest and penalties, respectively, through the Statements of Consolidated Income. Valuation of Deferred Tax Assets In the United States and Australia, the Company's analysis indicates that it has encountered cumulative three year historical losses as a result of significant 2013 write-downs to assets at Boddington and Long Canyon. These write-downs were triggered by a decrease in the Company’s long-term gold and copper price assumptions combined with rising operating costs. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis. This analysis, which incorporated the Company’s recent earnings history and forecasted future results, driven by its existing reserves and the Company’s forecast long-term commodity prices, points to the full realization of those deferred tax assets not previously subject to a valuation allowance. In addition, the Company expects a return back to a cumulative profit position in 2016. As a result, the Company believes it is more likely than not that the net deferred tax assets that do not currently carry a valuation allowance in the United States and Australia will be fully realized in the future. Accordingly, the Company has not placed a valuation allowance related to those net deferred tax assets. A similar analysis was conducted in Peru. Based upon the same factors above and the declining production profile in Peru, the Company believes it is more likely than not that the net deferred tax assets in Peru will not be realized in the future. Accordingly, the Company recorded a full valuation allowance of $188 on these assets at December 31, 2015. No corresponding deferred income tax benefit is recognized with respect to losses incurred and no corresponding deferred income tax expense is recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. The Company intends to maintain the valuation allowance in Peru until it determines that it is more likely than not that the net deferred tax assets will be realized. If Peruvian operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions could change, possibly resulting in a future decrease of the valuation allowance. This could have a significant impact on income tax expense in the period the valuation allowance is decreased and subsequent periods. The Company determined that the realization of deferred tax assets related to certain carry forwards such as tax losses and tax pools in Canada, capital losses in the U.S. and Australia and foreign tax credits and alternative minimum tax credits in the U.S., does not meet the more likely than not standard. Accordingly, these assets continue to be subject to a valuation allowance. At December 31, 2015, the valuation allowance related to these assets was $2,542 . Realization is dependent not only on generating sufficient taxable income in the period that net deferred tax assets reverse but also on the character/classification of that income. Refer to Note 2 for additional risk factors that could impact the Company’s ability to realize the deferred tax assets. Tax Loss Carryforwards, Foreign Tax Credits, and AMT Credits At December 31, 2015 and 2014 , the Company had (i) $1,086 and $1,096 of net operating loss carry forwards, respectively; and (ii) $524 and $420 of tax credit carry forwards, respectively. At December 31, 2015 and 2014 , $432 and $547 , respectively, of net operating loss carry forwards are attributable to operations in Australia and France for which current tax law provides no expiration period. The remaining net operating loss carry forwards attributable to the U.S., Indonesia and Canada will expire by 2035, 2022 and 2035 respectively. Valuation allowances have been recorded on net operating loss carry forwards where the Company believes, based on the available evidence, it is more likely than not that the net operating losses will not be realized. Tax credit carry forwards for 2015 and 2014 of $433 and $287 consist of foreign tax credits available in the United States; substantially all such credits not utilized will expire at the end of 2025. Other credit carry forwards at the end of 2015 and 2014 in the amounts of $92 and $133 , respectively, represent alternative minimum tax credits attributable to the Company’s U.S. operations for which the current tax law provides no period of expiration. Differences in tax rates and other foreign income tax law variations make the ability to fully utilize all available foreign income tax credits on a year-by-year basis highly dependent on the selling price of the gold and copper produced by the Company and the costs of production, since lower selling prices or higher costs can result in having insufficient sources of taxable income in the United States to utilize all available foreign tax credits. Such credits have limited carry back and carry forward periods and can only be used to reduce the United States income tax imposed on foreign earnings included in the annual United States consolidated income tax return. Accordingly, a valuation allowance has been established. Alternative minimum tax credits are utilized to the extent the Company incurs U.S. regular income tax in excess of U.S. alternative minimum tax. These credits carry forward indefinitely. However, based upon long range income forecasts, the Company is not expected to incur regular tax in excess of alternative minimum tax in any given year. Accordingly, a valuation allowance has been established. Other Newmont intends to indefinitely reinvest earnings from certain foreign operations. Accordingly, non-U.S. income and withholding taxes for which deferred taxes might otherwise be required have not been provided on a cumulative amount of temporary differences. For this purpose, any difference between the tax basis in the stock of a consolidated subsidiary and the amount of the subsidiary’s net equity determined for financial reporting purposes related to investments in foreign subsidiaries is immaterial to the Company. The Company does not anticipate the need to repatriate funds from these particular foreign operations to satisfy liquidity needs arising in the ordinary course of business, including liquidity needs associated with any debt service requirements. |
EQUITY INCOME (LOSS) OF AFFILIA
EQUITY INCOME (LOSS) OF AFFILIATES | 12 Months Ended |
Dec. 31, 2015 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
EQUITY INCOME (LOSS) OF AFFILIATES | NOTE 10 EQUITY INCOME (LOSS) OF AFFILIATES Years Ended December 31, 2015 2014 2013 Minera La Zanja S.R.L. $ $ $ Euronimba Ltd. TMAC — — Novo Resources Corporation — $ $ $ Minera La Zanja S.R.L. Newmont holds a 46.94% interest in Minera La Zanja, S.R.L. (“La Zanja”), a gold project near the city of Cajamarca, Peru. The remaining interest is held by Compañia de Minas Buenaventura, S.A.A. (“Buenaventura”). The mine commenced operations in September 2011 and is operated by Buenaventura. Euronimba Ltd. Newmont holds a 43.50% interest in Euronimba Ltd. (“Euronimba”), with the remaining interests held by BHP Billiton ( 43.50% ) and Areva ( 13% ) . Euronimba owns 95% of the Nimba iron ore project located in the Republic of Guinea. TMAC Newmont holds a 29.37% interest in TMAC. Refer to Note 2 for additional information. Novo Resources Corporation Newmont holds a 23.02% interest in Novo Resources Corp. (“Novo”). Novo owns a majority of the Beaton’s Creek discovery with Millennium Minerals in the Pilbara region of Western Australia. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | NOTE 11 DISCONTINUED OPERATIONS Discontinued operations include a retained royalty obligation (“Holt”) to Holloway Mining Company. Holloway Mining Company, which owned the Holt-McDermott property, was sold to St. Andrew Goldfields Ltd. (“St. Andrew”) in 2006. The Company records adjustments based on short and long-term gold prices, discount rate assumptions and gold production scenarios. Refer to Note 16 for additional information on the Holt property royalty. For the years ended 2015 , 2014 and 2013 , the Company recorded a gain of $27 , a loss of $40 and a gain of $61 , net of tax loss of $11 , gain of $18 and loss of $28 , respectively. Net cash used in discontinued operations was $12 , $13 and $18 for the years ended 2015 , 2014 and 2013 , respecti vely. |
NET INCOME (LOSS) ATTRIBUTABLE
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2015 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | NOTE 12 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS Years Ended December 31, 2015 2014 2013 Minera Yanacocha $ $ $ Batu Hijau TMAC Merian — — Other $ $ $ Newmont has a 51.35% ownership interest in Minera Yanacocha S.R.L., with the remaining interests held by Compañia de Minas Buenaventura, S.A.A. ( 43.65% ) and the International Finance Corporation ( 5% ) . Newmont consolidates Yanacocha in its Consolidated Financial Statements due to a majority voting interest. Newmont has a 48.5% effective economic interest in PTNNT with remaining interests held by an affiliate of Sumitomo Corporation of Japan and various Indonesian entities. PTNNT operates the Batu Hijau copper and gold mine in Indonesia. Newmont consolidates Batu Hijau in its Consolidated Financial Statements as the primary beneficiary in the variable interest entity. Newmont has a 29.37% ownership interest in TMAC, with the remaining interests held by TMAC management and various outside investors. Newmont’s retained investment in TMAC is accounted for as an equity method investment. Refer to Note 2 for additional information. Newmont has a 75% economic interest in the Merian Project, with the remaining interests held by Staatsolie (a company wholly owned by the Republic of Suriname). Newmont consolidates the Merian Project through Surgold, an entity 100% directly owned by Newmont. The project began construction in August 2014 and is planned to be in commercial production by the fourth quarter of 2016. Newmont consolidates the Merian Project in its Consolidated Financial Statements as the primary beneficiary in the variable interest entity. The following summarizes the assets and liabilities, inclusive of deferred tax assets and deferred tax liabilities, of our consolidated VIEs (including noncontrolling interests). At December 31, 2015 At December 31, 2014 Batu Hijau Merian Batu Hijau Merian TMAC Current assets Cash and cash equivalents $ $ $ $ $ Trade receivables — — — Other current assets (1) Long-term assets Property, plant and mine development, net Stockpiles and ore on leach pads — — — Other long-term assets — — — Total assets $ $ $ $ $ Current liabilities Debt $ $ — $ $ — $ — Accounts Payable — — Other current liabilities (2) Long-term liabilities Debt — — — Reclamation and remediation liabilities Other long-term liabilities (3) — — — Total liabilities $ $ $ $ $ (1) Other current assets include Other accounts receivables, Inventories, Stockpiles and ore on leach pads, Deferred income tax assets and Other current assets. (2) Other current liabilities include Employee-related benefits and Other current liabilities. (3) Other long-term liabilities include Deferred income tax liabilities and Employee-related benefits. |
NEWMONT EQUITY AND INCOME_LOSS
NEWMONT EQUITY AND INCOME/LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
NEWMONT EQUITY AND INCOME/LOSS PER SHARE | |
INCOME (LOSS) PER COMMON SHARE | NOTE 13 NEWMONT EQUITY AND INCOME/LOSS PER SHARE Newmont Common Stock In September 2015, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices. It also included the resale of an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities. Net Income (Loss) per Common Share Basic income (loss) per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards and convertible debt instruments. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in income per share are included in the calculation. Years Ended December 31, 2015 2014 2013 Net income (loss) attributable to Newmont stockholders Continuing operations $ $ $ Discontinued operations $ $ $ Weighted average common shares (millions): Basic Diluted Income (loss) per common share Basic: Continuing operations $ $ $ Discontinued operations $ $ $ Diluted: Continuing operations $ $ $ Discontinued operations $ $ $ Options to purchase approximately 2 , 3 , and 3 million shares of common stock for the years ended December 31, 2015 , 2014 and 2013 , respectively, were excluded from the computation of diluted weighted average common shares because their effect would have been anti-dilutive. Additionally, other outstanding performance-based stock awards totaling approximately 2 million shares were not included in the computation of diluted weighted average common shares at December 31, 2013 because their effect would have been anti-dilutive. In July 2007, Newmont issued $1,150 of Convertible Senior Notes due in 2014 and 2017 , each with a principal amount of $575 that, if converted in the future, may have a dilutive effect on the Company’s weighted average number of common shares. The 2014 Notes were retired on July 15, 2014. The 2017 Notes are convertible, at the holder’s option, equivalent to a conversion price of $44.71 ( 12,860,658 shares of common stock) per share of common stock. Under the convertible note indenture, Newmont is required to settle the principal amount of the Convertible Senior Notes in cash and may elect to settle the remaining conversion obligation (Newmont average share price in excess of the conversion price), if any, in cash, shares or a combination thereof. The effect of contingently convertible instruments on diluted earnings per share is calculated under the net share settlement method in accordance with ASC guidance. The conversion price for the notes exceeded the Company’s share price for the years ended December 31, 2015, 2014, and 2013; therefore, no additional shares were included in the computation of diluted weighted average common shares. In connection with the 2007 Convertible Senior Notes offering, the Company entered into Call Spread Transactions which included the purchase of call options and the sale of warrants. As a result of the Call Spread Transactions, the conversion price of $44.71 was effectively increased to $58.32 . Should the warrant transactions become dilutive to the Company’s earnings per share (Newmont’s average share price exceeds $58.32 ) the effect of the warrant transactions on diluted earnings per share will be calculated in accordance with the net share settlement method. |
EMPLOYEE-RELATED BENEFITS
EMPLOYEE-RELATED BENEFITS | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE-RELATED BENEFITS | |
EMPLOYEE-RELATED BENEFITS | NOTE 14 EMPLOYEE-RELATED BENEFITS At December 31, 2015 2014 Current: Accrued payroll and withholding taxes $ $ Peruvian workers’ participation Employee pension benefits Other post-retirement plans Accrued severance Other employee-related payables $ $ Long-term: Employee pension benefits $ $ Accrued severance Other post-retirement benefit plans Other employee-related payables $ $ Pension and Other Benefit Plans The Company provides defined benefit pension plans to eligible employees. Benefits are generally based on years of service and the employee’s average annual compensation. Various international pension plans are based on local laws and requirements. Pension costs are determined annually by independent actuaries and pension contributions to the qualified plans are made based on funding standards established under the Employee Retirement Income Security Act of 1974, as amended. The Company sponsors retiree health care plans that provide prescription drug benefits to eligible retirees that our plans’ actuaries have determined are actuarially equivalent to Medicare Part D. In 2010, Congress passed certain measures of healthcare reform which changed the tax-free status of Medicare Part D subsidies and eliminated the impact on the post-retirement Accumulated Benefit Obligation. In April 2015, the Company approved an amendment to the terms of its Post-Retirement Medical and Life Insurance Plan, effective September 2015. The Company announced this change in June, and as a result, re-measured its other post-retirement benefit plan liability which resulted in a decrease of the post-retirement benefit plan liability of $52 ($34 net of tax). The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2015 and 2014 : Pension Benefits Other Benefits 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at beginning of year $ $ $ $ Service cost Interest cost Actuarial (gain) loss Amendments — — — Foreign currency exchange gain — — Settlement payments — — Benefits paid Projected benefit obligation at end of year $ $ N/A N/A Accumulated Benefit Obligation $ $ $ $ Change in Fair Value of Assets: Fair value of assets at beginning of year $ $ $ — $ — Actual return on plan assets — — Employer contributions Settlement payments — — Benefits paid Fair value of assets at end of year $ $ $ — $ — Unfunded status, net $ $ $ $ The Company’s qualified pension plans are funded with cash contributions in compliance with Internal Revenue Service (“IRS”) rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. The information contained in the above tables presents the combined funded status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its Qualified Plans in determining whether additional contributions are appropriate in calendar year 2016 . The following table provides the net pension and other benefits amounts recognized in the Consolidated Balance Sheets at December 31: Pension Benefits Other Benefits 2015 2014 2015 2014 Accrued employee benefit liability $ $ $ $ Accumulated other comprehensive income (loss): Net actuarial gain (loss) Prior service credit (cost) Less: Income taxes $ $ $ $ The following table provides components of the net periodic pension and other benefits costs for the years ended December 31: Pension Benefit Costs Other Benefit Costs 2015 2014 2013 2015 2014 2013 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets — — — Amortization, net Net periodic pension cost $ $ $ $ $ $ Settlements — — — Total pension cost $ $ $ $ $ $ The following table provides the components recognized in Other comprehensive income (loss) for the years ended December 31: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Net gain (loss) $ $ $ $ $ $ Amortization, net Settlements — — — Total recognized in Other comprehensive income (loss) $ $ $ $ $ $ Total recognized in net periodic benefit cost and Other comprehensive income (loss) $ $ $ $ $ $ Actuarial losses in excess of 10 percent of the greater of the projected benefit obligation or market-related value of plan assets are amortized over the expected average remaining future service period of the current active participants. The expected recognition of amounts in Accumulated other comprehensive income (loss) is $33 and $(8) for net actuarial loss and prior service credit for pension benefits in 2016 , respectively, and $nil and $(6) for net actuarial loss and prior service credit for other benefits in 2016 , respectively. Significant assumptions were as follows: Pension Benefits Other Benefits At December 31, At December 31, 2015 2014 2015 2014 Weighted-average assumptions used in measuring the Company’s benefit obligation: Discount rate % % % % Rate of compensation increase % % % % During 2014, the Society of Actuaries released a new mortality table and mortality improvement projection scale, referred to as RP-2014 and MP-2014, which is believed to better reflect mortality improvements and is to be used in calculating defined benefit pension obligations and other benefits obligations. The Company began using RP-2014/MP-2014 to measure our pension and other post retirement obligation as of December 31, 2014. During 2015, the Society of Actuaries released an updated mortality improvement projection scale, referred to as MP-2015, which further refined the MP-2014 scale. The Company began using RP-2014 adjusted back to 2006 using MP-2014 then projected forward using MP-2015 to measure our pension and other post retirement obligation as of December 31, 2015. Yield curves matching our benefit obligations were derived using a model based on high quality corporate bond data from Bloomberg. The model develops a discount rate by selecting a portfolio of high quality corporate bonds whose projected cash flows match the projected benefit payments of the plan. The resulting curves were used to identify a discount rate for the Company of 4.80% and 4.32% at December 31, 2015 and 2014 , respectively, based on the timing of future benefit payments. Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 Weighted-average assumptions used in measuring the net periodic pension benefit cost: Discount long-term rate % % % % % % Expected return on plan assets % % % N/A N/A N/A Rate of compensation increase % % % % % % The expected long-term return on plan assets used for each period in the three years ended December 31, 2015 was made based on an analysis of the asset returns over multiple time horizons for the Company’s actual plan and for other comparable U.S. corporations. At December 31, 2015 , Newmont has estimated the expected long term return on plan assets to be 7.25% in calculating its benefit obligation, which will be used in determining future net periodic benefit cost. Determination of the long-term return on plan assets is a result of considering the most recent capital market forecasts and the plans’ current allocation as well as the actual return on plan assets as compared to the expected return on assets over the last 5 years. The average actual return on plan assets during the 27 years ended December 31, 2015 approximated 8% . Newmont has two pension calculations for salaried U.S. employees. The first is a “Final Average Pay” pension calculation which pays a monthly amount to employees in retirement based in part on their highest five year eligible earnings and years of credited service. The second is the “Stable Value” calculation which provides a lump sum payment to employees upon retirement. The amount of the lump sum is the total of annual accruals based on the employee’s eligible earnings and years of service during that year. The benefits accrued under the Final Average Pay formula were frozen on June 30, 2014 for those eligible employees. Beginning July 1, 2014, all future accruals are based on the terms and features of the Stable Value Formula. The pension plans employ an independent investment firm which invests the assets of the plans in certain approved funds that correspond to specific asset classes with associated target allocations. The goal of the pension fund investment program is to achieve prudent actuarial funding ratios while maintaining acceptable risk levels. The investment performance of the plans and that of the individual investment firms is measured against recognized market indices. The performance of the pension funds are monitored by an investment committee comprised of members of the Company’s management, which is advised by an independent investment consultant. With the exception of global capital market economic risks, the Company has identified no significant portfolio risks associated to asset classes. The following is a summary of the target asset allocations for 2015 and the actual asset allocation at December 31, 2015 . Actual at December 31, Asset Allocation Target 2015 U.S. equity investments % % International equity investments % % Fixed income investments % % Other % % The following table sets forth the Company’s pension plan assets measured at fair value by level within the fair value hierarchy. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Plan Assets: Cash and cash equivalents $ $ — $ — $ Commingled funds — — $ $ $ — $ Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Plan Assets: Cash and cash equivalents $ $ — $ — $ Commingled funds — — $ $ $ — $ The pension plans’ cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash equivalent instruments that are valued based on quoted market prices in active markets are primarily money market securities and U.S. Treasury securities. The pension plans’ commingled fund investments are classified within Level 2. The funds are managed by several fund managers and are valued at the net asset value per share for each fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and bonds, the unit of account is considered to be at the fund level. These funds require less than a month’s notice for redemptions and can be redeemed at the net asset value per share and therefore, are classified as Level 2. At December 31, 2015 , the underlying assets of the commingled funds consist of U.S. equity investments ( 21 %), international equity investments ( 22 %), fixed income investments ( 49 %), and other investments ( 8 %). For additional fair value disclosures see Note 16 . The assumed health care trend rate used to measure the expected cost of benefits is 7.00% in 2016 and decreases gradually each year to 5.00% in 2021 , which is used thereafter. One ‑ percentage ‑ point One ‑ percentage ‑ point Increase Decrease Effect on total of service and interest cost components of net periodic post-retirement health care benefit cost $ — $ — Effect on the health care component of the accumulated post-retirement benefit obligation $ $ Cash Flows Benefit payments expected to be paid to pension plans are as follows: $41 in 2016 , $51 in 2017 , $50 in 2018 , $58 in 2019 , $64 in 2020 , and $360 in total over the five years from 2021 through 2025. Benefit payments made to other benefit plan participants are expected to be as follows: $4 in 2016 , $5 in 2017 , $5 in 2018 , $5 in 2019 , $5 in 2020 , and $31 in total over the five years from 2021 through 2025. Savings Plans The Company has two qualified defined contribution savings plans in the U.S., one that covers salaried and non-union hourly employees and one that covers substantially all hourly union employees. In addition, the Company has one non-qualified supplemental savings plan for salaried employees whose benefits under the qualified plan are limited by federal regulations. When an employee meets eligibility requirements, the Company matches 100% of employee contributions of up to 6% of eligible earnings for the salaried and hourly union plans. The Company makes a contribution of between 5.0% and 7.5% , based on continuous years of service, to each Western Nevada hourly employee’s retirement contribution account at its sole discretion. Matching contributions were made with Newmont stock up until August 2013; however, no holding restrictions are placed on such contributions, which totaled $14 in 2013. Beginning in September 2013, matching contributions were made in cash. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
STOCK-BASED COMPENSATION | |
STOCK BASED COMPENSATION | NOTE 15 STOCK-BASED COMPENSATION The Company has stock incentive plans for directors, executives and eligible employees. Stock incentive awards include restricted stock units (“RSUs”), performance leveraged stock units (“PSUs”), and strategic stock units (“SSUs”). The Company granted SSUs in 2015, but has decided to no longer grant SSUs at this time. The Company issues new shares of common stock to satisfy exercises and vesting under all of its stock incentive awards. Prior to 2012, the Company also granted options to purchase shares of stock with exercise prices not less than fair market value of the underlying stock at the date of grant. At December 31, 2015 , 16,035,965 shares were authorized for future stock incentive plan awards. Employee Stock Options Stock options granted under the Company’s stock incentive plans vest over periods of three years or more and are exercisable over a period of time not to exceed 10 years from the grant date. The value of each option award is estimated at the grant date using the Black-Scholes option pricing model. There were no options granted in 2015 , 2014 or 2013 . At December 31, 2015 , there were 2,069,722 shares outstanding and exercisable, at a weighted average exercise price of $48.14 , with a weighted average remaining contractual life of 3.5 years. Other Stock Based Compensation The Company grants RSUs to executives and eligible employees. Awards are determined as a target percentage of base salary and, for eligible employees, are subject to a personal performance factor. RSUs vest over periods of three years or more. Prior to vesting, holders of restricted stock units do not have the right to vote the underlying shares; however, executives accrue dividend equivalents on their restricted stock units, which are paid at the time the restricted stock units vest. The accrued dividend equivalents are not paid if shares are forfeited. The restricted stock units are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each restricted stock unit. The Company grants PSUs to eligible executives, based upon certain measures of shareholder return. These measures include absolute shareholder return and relative shareholder return compared to our proxy peer group. The actual number of PSUs that vest are determined at the end of a three year performance period. Beginning in 2013, the Company grants SSUs to eligible executives, based upon certain measures of adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”), based on a targeted number of shares at the beginning of each performance period. At the end of the performance period, one third of the SSUs are issued without restriction in the form of common stock, and two -thirds of the bonus is paid in restricted stock units that vest in equal annual increments at the second and third anniversaries of the start of the performance period. The SSU program was discontinued and no additional SSUs will be granted after 2015. A summary of the status and activity of non-vested RSUs, PSUs, and SSUs for the year ended December 31, 2015 is as follows: RSU PSU SSU Weighted Weighted Weighted Average Average Average Number of Grant-Date Number of Grant-Date Number of Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year $ $ $ Granted $ $ $ Vested $ $ $ Forfeited $ $ $ Non-vested at end of year $ $ $ The total intrinsic value and fair value of RSUs that vested in 2015 , 2014 , and 2013 was $21 , $15 , and $24 , respectively. The total intrinsic value and fair value of PSUs that vested in 2015 , 2014 , and 2013 was $3 , $2 , and $5 , respectively. The total intrinsic value and fair value of SSUs that vested in 2015 , 2014 , and 2013 was $9 , $5 , and $5 , respectively. Cash flows resulting from excess tax benefits are classified as part of cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for vested RSUs, settled PSUs, and exercised options in excess of the deferred tax asset attributable to stock compensation costs for such equity awards. The Company recorded no excess tax benefits for the years ended December 31, 2015 , 2014 , and 2013 . At December 31, 2015 , there was $37 , $44 , and $5 of unrecognized compensation costs related to the unvested RSU, PSU, and SSU awards, respectively. This cost is expected to be recognized over a weighted-average period of approximately two years. The Company recognized stock-based compensation as follows: Years Ended December 31, 2015 2014 2013 Stock options $ — $ $ Restricted stock units Performance leveraged stock units Strategic stock units $ $ $ |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE ACCOUNTING | |
FAIR VALUE ACCOUNTING | NOTE 16 FAIR VALUE ACCOUNTING Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ $ $ — $ — Marketable equity securities: Extractive industries — — Other — — Marketable debt securities: Asset backed commercial paper — — Auction rate securities — — Trade receivable from provisional copper and gold concentrate sales, net — — $ $ $ — $ Liabilities: Debt (1) $ $ — $ $ — Derivative instruments, net: Foreign exchange forward contracts — — Diesel forward contracts — — Boddington contingent consideration — — Holt property royalty — — $ $ — $ $ Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ $ $ — $ — Certificate of deposit — — Marketable equity securities: Extractive industries — — Other — — Marketable debt securities: Asset backed commercial paper — — Auction rate securities — — Trade receivable from provisional copper and gold concentrate sales, net — — $ $ $ — $ Liabilities: Debt (1) $ $ — $ $ — Derivative instruments, net: Foreign exchange forward contracts — — Diesel forward contracts — — Boddington contingent consideration — — Holt property royalty — — $ $ — $ $ (1) Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $6,213 and $6,637 at December 31, 2015 and December 31, 2014 , respectively. The fair value measurement of debt was based on prices obtained from readily available pricing source. The fair values of the derivative instruments in the table above are presented on a net basis. The gross amounts related to the fair value of the derivatives instruments above are included in Note 17 . All other fair value disclosures in the above table are presented on a gross basis. The Company’s cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash equivalent instruments that are valued based on quoted market prices in active markets are primarily money market securities and U.S. Treasury securities. The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The securities are segregated based on industry. The fair value of the marketable equity securities is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The Company’s marketable debt securities include investments in auction rate securities and asset backed commercial paper. The Company reviews the fair value for auction rate securities and asset backed commercial paper on a quarterly basis. The marketable debt securities are traded in markets that are not active, trade infrequently and have little price transparency. Therefore, the investments are classified as Level 3 of the fair value hierarchy. See table below which sets forth a summary of the quantitative and qualitative information related to the significant unobservable inputs used in the calculation of the fair value. The Company’s net trade receivable from provisional copper and gold concentrate sales, subject to final pricing, is valued using quoted market prices based on forward curves and, as such, is classified within Level 1 of the fair value hierarchy. The Company’s derivative instruments are valued using pricing models and the Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, forward curves, measures of volatility, and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The estimated value of the Boddington contingent royalty was determined using a (1) discounted cash flow model, (2) Monte Carlo valuation model to simulate future gold and copper prices, using the Company’s long term gold and copper prices, and (3) Monte Carlo valuation model to simulate costs applicable to sales, using the Company’s Australian to U.S. dollar exchange rate. This contingent royalty is capped at $100 , of which $72 has been paid to date. The liability remained unchanged at $10 for the year ended December 31, 2015 . The estimated fair value of the Holt sliding scale royalty was determined using a (1) discounted cash flow model, (2) Monte Carlo valuation model to simulate future gold prices, using the Company’s long term gold prices, (3) various gold production scenarios from reserve and resource information and (4) weighted average discount rate. The sliding scale royalty liability is classified within Level 3 of the fair value hierarchy. The following table sets forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2015 : At December 31, Range/Weighted Description 2015 Valuation technique Unobservable input average Auction Rate Securities $ Discounted cash flow Recoverability rate % Asset Backed Commercial Paper $ Risk-adjusted indicative price Recoverability rate % Boddington Contingent Consideration $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Short-term copper price $ Long-term copper price $ Long-term Australian to U.S. dollar exchange rate $ Holt property royalty $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Gold production scenarios (in 000's of ounces) 398 - 1,636 At December 31, Range/Weighted Description 2014 Valuation technique Unobservable input average Auction Rate Securities $ Discounted cash flow Recoverability rate % Asset Backed Commercial Paper $ Risk-adjusted indicative price Recoverability rate % Boddington Contingent Consideration $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Short-term copper price $ Long-term copper price $ Long-term Australian to U.S. dollar exchange rate $ Holt property royalty $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Gold production scenarios (in 000's of ounces) 576 - 2,607 The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities: Asset Auction Backed Boddington Holt Rate Commercial Total Contingent Property Total Securities Paper Assets Consideration (1) Royalty (2) Liabilities Fair value at December 31, 2013 $ $ $ $ $ $ Settlements — — — — Revaluation — — Fair value at December 31, 2014 $ $ $ $ $ $ Settlements — — — — Revaluation — Fair value at December 31, 2015 $ $ $ $ $ $ (1) The gain (loss) recognized is included in Other expense, net . (2) The gain (loss) recognized is included in Income (loss) from discontinued operations. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | NOTE 17 DERIVATIVE INSTRUMENTS The Company’s strategy is to provide shareholders with leverage to changes in gold and copper prices by selling its production at spot market prices. Consequently, the Company does not hedge its gold and copper sales. The Company has and will continue to manage certain risks associated with commodity input costs, interest rates and foreign currencies using the derivative market. All of the derivative instruments described below were transacted for risk management purposes and qualify as cash flow hedges. Cash Flow Hedges The following foreign currency and diesel contracts are designated as cash flow hedges, and as such, the effective portion of unrealized changes in market value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to income during the period in which the hedged transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings . Foreign Currency Contracts The Company had the following foreign currency derivative contracts outstanding at December 31, 2015 : Expected Maturity Date 2016 2017 2018 Total/Average A$ Operating Fixed Forward Contracts: A$ notional (millions) Average rate ($/A$) Expected hedge ratio % % % The A$ hedges only run through the middle of the first quarter of 2018. In order to reduce derivative exposure to a lower Australian dollar, in October 2013 the Company closed out certain foreign currency contracts. The Company settled approximately A$2,100 in notional contracts for a net gain of $46 . These gains are recorded in Accumulated other comprehensive income (loss) as the hedged transactions, A$ denominated operating costs, are still probable of occurring over the original time period. The amount deferred in OCI will be recognized in earnings until the second quarter of 2018 as the original hedge transactions occur. From time to time, and depending upon business considerations and market conditions, the Company may consider closing out additional Australian dollar hedging contracts, or conversely, may enter into new Australian dollar hedging contracts. During the year ended December 31, 2015, the Company recognized a loss in Other income, net , for NZ$ cash flow hedges that have been closed out due to the sale of Waihi. Diesel Fixed Forward Contracts The Company had the following diesel derivative contracts in North America outstanding at December 31, 2015 : Expected Maturity Date 2016 2017 Total/Average Diesel Fixed Forward Contracts: Diesel gallons (millions) Average rate ($/gallon) Expected hedge ratio % % Newmont hedges a portion of its operating cost exposure related to diesel consumed at its Nevada operations to reduce the variability in diesel prices. The hedging instruments consist of a series of financially settled fixed forward contracts with expiration dates up to two years. Derivative Instrument Fair Values The Company had the following derivative instruments designated as hedges at December 31, 2015 and 2014 : Fair Values of Derivative Instruments At December 31, 2015 Other Other Other Other Current Long-Term Current Long-Term Assets Assets Liabilities Liabilities Foreign currency exchange contracts: A$ operating fixed forwards $ — $ — $ $ Diesel fixed forwards — — Total derivative instruments (Notes 21 and 24) $ — $ — $ $ Fair Values of Derivative Instruments At December 31, 2014 Other Other Other Other Current Long-Term Current Long-Term Assets Assets Liabilities Liabilities Foreign currency exchange contracts: A$ operating fixed forwards $ — $ — $ $ NZ$ operating fixed forwards — — Diesel fixed forwards — Total derivative instruments (Notes 21 and 24) $ $ — $ $ As of December 31, 2015 and 2014 , all derivative instruments held by the Company were subject to enforceable master netting arrangements held by various financial institutions. In general, the terms of the Company’s agreements provide for offsetting of amounts payable or receivable between it and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency. The Company’s agreements also provide that in the event of an early termination, the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company’s accounting policy is to not offset these positions in its accompanying balance sheets. As of December 31, 2015 , all gross amounts presented in the accompanying balance sheets were in a liability position, with no offsetting (asset) amounts. As of December 31, 2014 , the gross liability amounts presented in the accompanying balance sheets had a potential effect of $1 due to the master netting arrangements. The following table shows the location and amount of gains (losses) reported in the Company’s Consolidated Financial Statements related to the Company’s hedges. Foreign Currency Diesel Fixed Interest Exchange Contracts Forward Contracts Rate Contracts 2015 2014 2013 2015 2014 2013 2015 2014 2013 For the year ended December 31, Cash flow hedging relationships: Gain (loss) recognized in Other comprehensive income (loss) (effective portion) $ $ $ $ $ $ $ — $ — $ — Gain (loss) reclassified from Accumulated other comprehensive income (loss) into income (loss) (effective portion) (1) $ $ $ $ $ $ $ $ $ Gain (loss) reclassified from Accumulated other comprehensive income (loss) into income (loss) (ineffective portion) (2) $ — $ — $ — $ $ $ — $ — $ — $ — (1) The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales, Impairment of long-lived assets, and Interest expense , net . (2) The ineffective portion recognized for cash flow hedges is included in Other income, net . Based on fair values at December 31, 2015 , the amount to be reclassified from Accumulated other comprehensive income (loss) , net of tax to income for derivative instruments during the next 12 months is a loss of approximately $57 . Provisional Gold and Copper Sales The Company’s provisional gold and copper sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the gold and copper concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement. At December 31, 2015 , Newmont had gold and copper sales of 258,000 ounces and 130 million pounds priced at an average of $1,062 per ounce and $2.13 per pound, respectively, subject to final pricing over the next several months. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENTS | |
INVESTMENTS | NOTE 18 INVESTMENTS At December 31, 2015 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Gabriel Resources Ltd. $ $ — $ — $ Other $ $ $ $ Long-term: Marketable Debt Securities: Asset backed commercial paper $ $ $ — $ Auction rate securities — Marketable Equity Securities: Regis Resources Ltd. — Other — — Other investments, at cost — — Equity Method Investments: TMAC — — Minera La Zanja S.R.L. — — Novo Resources Corp. — — Euronimba Ltd. — — $ $ $ $ At December 31, 2014 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Gabriel Resources Ltd. $ $ — $ $ Other Certificate of Deposit — — $ $ $ $ Long-term: Marketable Debt Securities: Asset backed commercial paper $ $ $ — $ Auction rate securities — Marketable Equity Securities: Regis Resources Ltd. — — Other — — Other investments, at cost — — Equity Method Investments: Minera La Zanja S.R.L. — — Novo Resources Corp. — — Euronimba Ltd. — — $ $ $ $ In February 2015, the Company’s $25 Certificate of Deposit matured. In March 2014, the Company sold its investment in Paladin Energy Ltd. for $25 , resulting in a pre-tax gain of $4 recorded in Other income, net . In 2015, the Company recognized investment impairments for other-than-temporary declines in value of $115 in Other income, net , primarily related to holdings of Regis Resources Ltd. for $72 , Gabriel Resources Ltd. for $24 , Pilot Gold for $8 and UltraGold for $7 . In 2014, the Company recognized investment impairments for other-than-temporary declines in value of $21 in Other income, net , primarily related to holdings of Regis Resources Ltd. for $12 and cost investments for $4 . As of December 31, 2015, there was an $80 increase in the fair value of marketable securities previously impaired primarily due to Regis Resources Ltd. As of December 31, 2014, there was a $22 decrease in the fair value of marketable securities previously impaired primarily due to Gabriel Resources Ltd. The following tables present the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are deemed to be temporarily impaired, aggregated by length of time that the individual securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or Greater Total At December 31, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable equity securities $ $ $ — $ — $ $ Auction rate securities — — $ $ $ $ $ $ Less than 12 Months 12 Months or Greater Total At December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable equity securities $ $ $ — $ — $ $ Auction rate securities — — $ $ $ $ $ $ While the fair value of the Company’s investments in auction rate securities are below their respective cost, the Company views these declines as temporary. The Company has the ability and intends to hold its securities until maturity or such time that the market recovers. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES | |
INVENTORIES | |
INVENTORIES | NOTE 19 INVENTORIES At December 31, 2015 2014 Materials and supplies $ $ Concentrate and copper cathode In-process Precious metals $ $ In 2015 , the Company recorded write-downs of $7 and $2 , classified as components of Costs applicable to sales and Depreciation and amortization, respectively. Of the write-downs in 2015 , $4 were at Carlin and $5 at Phoenix related to in-circuit and concentrate inventory adjustments due to lower short term price assumptions. In 2014 , the Company recorded write-downs of $1 and $1 , classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of Yanacocha’s inventories to net realizable value. In 2013 , the Company recorded write-downs of $14 and $3 , classified as components of Costs applicable to sales and Depreciation and amortization , respectively . Of the write-downs in 2013, $2 is related to Carlin, $1 to Twin Creeks, $6 to Boddington, $1 to Tanami and $7 to Batu Hijau. |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 12 Months Ended |
Dec. 31, 2015 | |
Stockpiles and ore on leach pads | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | NOTE 20 STOCKPILES AND ORE ON LEACH PADS At December 31, 2015 2014 Current: Stockpiles $ $ Ore on leach pads $ $ Long-term: Stockpiles $ $ Ore on leach pads $ $ At December 31, 2015 2014 Stockpiles and ore on leach pads: Carlin $ $ Phoenix Twin Creeks CC&V — Yanacocha Boddington Tanami Waihi — Kalgoorlie Batu Hijau Ahafo Akyem Merian — $ $ In 2015 , the Company recorded write-downs of $226 and $116 , classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Adjustments to net realizable value are a result of current and prior year stripping campaigns driving lower grade and lower recovery resulting in higher costs per unit. Of the write-downs in 2015 , $163 is related to Carlin, $20 to Twin Creeks , $21 to Boddington and $138 to Yanacocha. In 2014 , the Company recorded write-downs of $491 and $148 , classified as components of Costs applicable to sales and Depreciation and amortization , respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Adjustments to net realizable value are a result of current and prior stripping costs and the historical and estimated future processing costs in relation to the Company’s long-term price assumptions. Of the write-downs in 2014 , $162 are related to Carlin, $16 to Phoenix, $19 to Twin Creeks, $127 to Yanacocha, $83 to Boddington and $232 to Batu Hijau. The write-downs recorded at Batu Hijau were impacted by the signing of the MoU with the Government of Indonesia and the increase in royalties and export duties, which increased the estimated future costs. In 2013 , the Company recorded write-downs of $958 and $239 , classified as components of Costs applicable to sales and Depreciation and amortization , respectively, of which, $85 is related to Carlin, $32 to La Herradura, $174 to Yanacocha, $223 to Boddington, $2 to Tanami, $4 to Waihi, $48 to Kalgoorlie and $629 to Batu Hijau. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
OTHER ASSETS | |
OTHER ASSETS | NOTE 21 OTHER ASSETS At December 31, 2015 2014 Other current assets: Prepaid assets $ $ Restricted cash — Refinery metal inventory and receivable — Other refinery metal receivables — Derivative instruments — Other $ $ Other long-term assets: Income tax receivable $ $ Prepaid royalties Restricted cash Intangible assets Goodwill Debt issuance costs Taxes other than income and mining Other $ $ On July 24, 2015, the Company completed the sale of its 60.64% ownership interest in European Gold Refinery Holdings (“EGR”). Assets related to EGR were included in the table above in Refinery metal inventory and receivable and Other refinery metal receivables. On October 29, 2015, the Company sold the Waihi mine resulting in a decrease of goodwill of $47 . |
PROPERTY, PLANT AND MINE DEVELO
PROPERTY, PLANT AND MINE DEVELOPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
PROPERTY, PLANT AND MINE DEVELOPMENT | NOTE 22 PROPERTY, PLANT AND MINE DEVELOPMENT Depreciable At December 31, 2015 At December 31, 2014 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land - $ $ — $ $ $ — $ Facilities and equipment - 22 Mine development - 22 Mineral interests - 22 Asset retirement cost - 22 Construction-in-progress - — — $ $ $ $ $ $ Leased assets included above in facilities and equipment - 22 $ $ $ $ $ $ Depreciable At December 31, 2015 At December 31, 2014 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage - 22 $ $ $ $ $ $ Development stage - — — Exploration stage - — — $ $ $ $ $ $ Construction-in-progress at December 31, 2015 of $2,827 included $1,432 at South America primarily related to engineering and construction at Conga and infrastructure at Yanacocha, $458 related to construction at Suriname, $408 at Africa related to the Subika underground Project and Ahafo Mill expansion and other infrastructure at Akyem and Ahafo, $384 at North America related to construction at CC&V, Long Canyon and other infrastructure at Nevada and $135 at Asia Pacific related to infrastructure at Batu Hijau, Tanami, Boddington, and Kalgoorlie. Construction-in-progress at December 31, 2014 of $2,407 included $1,327 at South America primarily related to engineering and construction at Conga and infrastructure at Yanacocha, $441 at Africa related to the Subika underground Project and Ahafo Mill expansion and other infrastructure at Akyem and Ahafo, $277 at North America related to construction of the Turf Vent Shaft and other infrastructure at Nevada, $194 related to construction at Suriname and $146 at Asia Pacific related to infrastructure at Kalgoorlie, Boddington, Tanami, Waihi, and Batu Hijau. Impairment of long-lived assets totaled $56 , $26 and $4,352 for 2015 , 2014 and 2013 , respectively. Refer to Note 6 for more information. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
DEBT | |
DEBT | NOTE 23 DEBT At December 31, 2015 At December 31, 2014 Current Non ‑ Current Current Non ‑ Current 2017 Convertible Senior Notes, net of discount $ — $ $ — $ 2019 Term Loan — — 2019 Senior Notes, net of discount — — 2022 Senior Notes, net of discount — — 2035 Senior Notes, net of discount — — 2039 Senior Notes, net of discount — — 2042 Senior Notes, net of discount — — Ahafo Project Finance Facility — — PTNNT Revolving Credit Facility Other $ $ $ $ Scheduled minimum debt repayments are $143 in 2016 , $765 in 2017 , $nil in 2018 , $1,175 in 2019 , $nil in 2020 and $4,200 thereafter. Scheduled minimum capital lease repayments are $6 in 2016 , $6 in 2017 , $4 in 2018 , $4 in 2019 , $1 in 2020 and $2 thereafter. With the exception of the PTNNT Revolving Credit Facility and capital leases, all outstanding senior notes and the corporate term loan are unsecured and rank equally with one another. Corporate Revolving Credit Facilities In May 2011, the Company entered into a $2,500 revolving credit facility which was subsequently increased to $3,000 . The facility is with a syndicate of commercial banks, provides for borrowings in U.S. dollars and contains a letter of credit-sub facility. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, long-term debt. Borrowings under the facility bear interest at a market based rate plus a margin determined by the Company’s credit rating. During 2015, the credit facility was extended to March 3, 2020. Fees and other debt issuance costs related to the extension of the facility were capitalized and will be amortized over the term of the facility. At December 31, 2015 , the Company had no borrowings outstanding under the facility. There was $87 and $141 outstanding on the sub-facility letters of credit at December 31, 2015 and 2014 , respectively. In September 2013, the Company entered into a Letter of Credit Facility Agreement (“LC Agreement”) with BNP Paribas, New York Branch. The LC Agreement established a $175 letter of credit facility for a three year period to support reclamation obligations. The LC agreement had a balance of $153 and $172 at December 31, 2015 and 2014 , respectively. 2017 Convertible Senior Notes In July 2007, the Company issued $575 uncollateralized convertible senior notes, maturing on July 15, 2017, for net proceeds of $563 . The 2017 notes pay interest semi-annually at a rate of 1.63% per annum. The effective interest rate is 6.25% . The notes are convertible, at the holder’s option, at a conversion price of $44.71 per share of common stock. Upon conversion, the principal amount and all accrued interest will be repaid in cash and any conversion premium will be settled in shares of our common stock or, at our election, cash or any combination of cash and shares of our common stock. In connection with the convertible senior notes offering, the Company entered into Call Spread Transactions. The Call Spread Transactions included the purchase of call options and the sale of warrants. As a result of the Call Spread Transactions, the conversion price of $44.71 was effectively increased to $58.32 . The Company is not entitled to redeem the notes prior to their stated maturity dates. Using prevailing interest rates on similar instruments, the estimated fair value of the 2017 senior notes was $528 and $527 at December 31, 2015 and 2014 , respectively. The foregoing fair value estimate was prepared with the assistance of an independent third party and may or may not reflect the actual trading value of this debt. The Company’s Consolidated Balance Sheets report the following related to the 2017 convertible senior note: At December 31, 2015 2014 Additional paid-in capital $ $ Principal amount $ $ Unamortized debt discount Net carrying amount $ $ For the years ended December 31, 2015 , 2014 , and 2013 , the Company recorded $9 , $13 , and $17 of interest expense for the contractual interest coupon and $23 , $36 , and $46 of amortization of the debt discount, respectively, related to the convertible senior note. The 2014 and 2013 balances included interest expense of $4 and $7 , respectively, and amortization of the debt discount of $14 and $25 , respectively, relating to the 2014 Convertible Senior Notes which matured in July of 2014. At December 31, 2015 , the conversion price exceeded the Company’s stock price and other limited circumstances required for conversion were not met, and as a result the bondholders did not have the option to convert the senior notes. 2019 Term Loan In July 2014, the Company borrowed $575 under an uncollateralized term loan facility entered into with a syndicate of banks. The interest rate on the term loan ranged from 1.57% to 1.82% in 2015 and 1.56% to 1.63% in 2014 . The interest rate is based on factors including the Company’s credit rating and the LIBOR tenor selected for the borrowing. Fees and other debt issuance costs related to the facility were capitalized and will be amortized over the term of the debt. In November 2014 and March 2015, the Company paid $100 and $200 , respectively, toward the principal amount due on the term loan. No premiums were paid as a result of either payment. The par value of the term loan is currently $275 and matures in 2019. 2019 and 2039 Senior Notes In September 2009, the Company completed a two part public offering of $900 and $1,100 uncollateralized senior notes maturing on October 1, 2019 and October 1, 2039, respectively. Net proceeds from the 2019 and 2039 notes were $895 and $1,080 , respectively. The 2019 notes pay interest semi-annually at a rate of 5.13% per annum and the 2039 notes pay semi-annual interest of 6.25% per annum. Using prevailing interest rates on similar instruments, the estimated fair value of the 2019 and 2039 senior notes was $924 and $886 , respectively, at December 31, 2015 and $971 and $1,105 , respectively, at December 31, 2014 . The foregoing fair value estimates were prepared with the assistance of an independent third party and may or may not reflect the actual trading value of this debt. 2035 Senior Notes In March 2005, Newmont issued uncollateralized senior notes with a principal amount of $600 due April 2035 bearing an annual interest rate of 5.88% . Interest on the notes is paid semi-annually in April and October. Using prevailing interest rates on similar instruments, the estimated fair value of these senior notes was $482 and $599 at December 31, 2015 and 2014 , respectively. The foregoing fair value estimate was prepared with the assistance of an independent third party and may or may not reflect the actual trading value of this debt. 2022 and 2042 Senior Notes In March 2012, the Company completed a two part public offering of $1,500 and $1,000 uncollateralized Senior Notes maturing on March 15, 2022 and March 15, 2042, respectively. Net proceeds from the 2022 and 2042 Senior Notes were $1,479 and $983 , respectively. The 2022 Senior Notes pay interest semi-annually at a rate of 3.50% per annum and the 2042 Senior Notes pay semi-annual interest of 4.88% per annum. Using prevailing interest rates on similar instruments, the estimated fair value of the 2022 and 2042 senior notes was $1,341 and $732 , respectively, at December 31, 2015 and $1,412 and $877 , respectively, at December 31, 2014 . The foregoing fair value estimates were prepared with the assistance of an independent third party and may or may not reflect the actual trading value of this debt. Subsidiary Financings Ahafo Project Finance Facility In June 2015, the Company paid the remaining outstanding balance of $25 of the Ahafo Project Finance Facility. PTNNT Revolving Credit Facility Effective May 27, 2011, PTNNT entered into a $600 reducing revolving credit facility with a syndicate of banks. This reducing revolving facility provides for borrowings in U.S. dollars. The facility matures in March 2017. The facility is non-recourse to Newmont and certain assets of PTNNT are pledged as collateral. Borrowings under the facility bear interest at a rate per annum equal to LIBOR plus a margin of 4.00% . Commitment fees currently accrue on the daily average unused amount of the commitment of each lender at an annual rate of 2.00% . A one-time arrangement fee and other debt issuance costs of $22 related to the facility were capitalized and will be amortized over the term of the debt. At December 31, 2015 , the balance of the other debt issuance costs, net of amortization was $5 . In 2015 , the Company made payments to this facility of $225 , leaving a principal balance of $330 at December 31, 2015 . Debt Covenants The Company’s senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. The corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above. Furthermore, the corporate revolving credit facility contains covenants limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions and a negative pledge on certain assets. The PTNNT revolving credit facility requires PTNNT to maintain certain financial ratios and to comply with certain terms and conditions with regards to its mine plan, Contract of Work, export permit and duty, dividends, financing activities, leasing, investments and other matters. At December 31, 2015 and 2014 , the Company and its related entities were in compliance with all debt covenants and provisions related to potential defaults. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | NOTE 24 OTHER LIABILITIES At December 31, 2015 2014 Other current liabilities: Accrued capital expenditures $ $ Accrued operating costs Reclamation and remediation liabilities Accrued interest Royalties Derivative instruments Holt property royalty Taxes other than income and mining Refinery metal payable and liabilities — Deferred income tax — Other $ $ Other long-term liabilities: Holt property royalty $ $ Income and mining taxes Power supply agreements Derivative instruments Social development obligations Boddington contingent consideration Other $ $ On July 24, 2015, the Company completed the sale of its 60.64% ownership interest in EGR. Liabilities related to EGR were included above in Refinery metal payable and liabilities. |
RECLASSIFICATIONS OUT OF ACCUMU
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2015 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 25 RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Changes in Unrealized Foreign other fair value of (loss) on currency post ‑retirement cash flow marketable translation benefit hedge securities, net adjustments adjustments instruments Total Balance at December 31, 2013 $ $ $ $ $ Change in other comprehensive income (loss) before reclassifications Reclassifications from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Balance at December 31, 2014 $ $ $ $ $ Change in other comprehensive income (loss) before reclassifications Reclassifications from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Balance at December 31, 2015 $ $ $ $ $ Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statements of Consolidated Operations Years Ended December 31, 2015 2014 Marketable securities adjustments: Sale of marketable securities $ — $ Other income, net Impairment of marketable securities Other income, net Total before tax Tax benefit (expense) — — Net of tax $ $ Pension and other post-retirement benefit adjustments: Amortization $ $ (1) Settlement Other expense, net Total before tax Tax benefit (expense) Net of tax $ $ Hedge instruments adjustments: Operating cash flow hedges (effective portion) $ $ Costs applicable to sales Operating cash flow hedges (ineffective portion) Other income, net Capital cash flow hedges — Depreciation and Amortization Forward starting swap hedges Interest expense, net Total before tax Tax benefit (expense) — Net of tax $ $ Total reclassifications for the period, net of tax $ $ (1) This accumulated other comprehensive income (loss) component is included in General and administrative and costs that benefit the inventory/production process. Refer to Note 2 for information on costs that benefit the inventory/production process. |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | NOTE 26 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by operating activities attributable to the net change in operating assets and liabilities is composed of the following: Years Ended December 31, 2015 2014 2013 Decrease (increase) in operating assets: Trade and other accounts receivables $ $ $ Inventories, stockpiles and ore on leach pads EGR refinery and other assets Other assets Increase (decrease) in operating liabilities: Accounts payable and other accrued liabilities EGR refinery and other liabilities Reclamation liabilities $ $ $ |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 27 SUPPLEMENTAL CASH FLOW INFORMATION Years Ended December 31, 2015 2014 2013 Income and mining taxes paid, net of refunds $ $ $ Interest paid, net of amounts capitalized $ $ $ Non-cash Investing Activities During 2014, Newmont sold La Herradura which resulted in a non-cash settlement of $27 . Also during 2014, Newmont received warrants as a portion of the proceeds from the sale of Midas which resulted in a non-cash increase to Investments of $6 and Newmont received mineral interests as a portion of the proceeds from the sale of McCoy Cove valued at $2 . |
OPERATING LEASE COMMITMENTS
OPERATING LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2015 | |
OPERATING LEASE COMMITMENTS | |
OPERATING LEASE COMMITMENTS | NOTE 28 OPERATING LEASE COMMITMENTS The Company leases certain assets, such as equipment and facilities, under operating leases expiring at various dates through 2025. Future minimum annual lease payments are $13 in 2016, $12 in 2017, $7 in 2018, $6 in 2019, $5 in 2020 and $2 thereafter, totaling $45 . Rent expense for 2015 , 2014 and 2013 was $45 , $53 and $52 , respectively. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | NOTE 29 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10(e) of Regulation S-X resulting from the inclusion of Newmont USA Limited (“Newmont USA”), a wholly-owned subsidiary of Newmont, as a co-registrant with Newmont on debt securities issued under a shelf registration statement on Form S-3 filed under the Securities Act of 1933 under which securities of Newmont (including debt securities guaranteed by Newmont USA) may be issued (the “Shelf Registration Statement”). In accordance with Rule 3-10(e) of Regulation S-X, Newmont USA, as the subsidiary guarantor, is 100% owned by Newmont, the guarantees are full and unconditional, and no other subsidiary of Newmont guaranteed any security issued under the Shelf Registration Statement. There are no restrictions on the ability of Newmont or Newmont USA to obtain funds from its subsidiaries by dividend or loan. Year Ended December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — Other expense, net — — — Other income (expense) Other income, net — Interest income - intercompany — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — Other expense, net — — — Other income (expense) Other income, net — Interest income - intercompany — — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2013 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — — Other expense, net — — — — Other income (expense) Other income, net — Interest income - intercompany — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity Income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by continuing operating activities — Net cash used in discontinued operations — — — Net cash provided by operating activities — Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — Sales of investments — — Proceeds from sale of other assets — Other — — — Net cash used in investing activities — Financing activities: Repayment of debt — Net intercompany borrowings (repayments) — — Proceeds from stock issuance, net — — — Sale of noncontrolling interests — — Funding from noncontrolling interests — — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — — — (Increase) decrease in restricted cash and other — Net cash used in financing activities — Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ Year Ended December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by (used in) continuing operating activities — Net cash used in discontinued operations — — — Net cash provided by (used in) operating activities — Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — — Sales of investments — — — Purchases of investments — — Proceeds from sale of other assets — — Other — — Net cash provided by (used in) investing activities — Financing activities: Proceeds from debt, net — — Repayment of debt — Net intercompany borrowings (repayments) — — Sale of noncontrolling interests — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — — — (Increase) decrease in restricted cash and other — — — Net cash provided by (used in) financing activities — Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ Year Ended December 31, 2013 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by (used in) continuing operating activities Net cash used in discontinued operations — — — Net cash provided by (used in) operating activities Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — — Sales of investments — — — Purchases of investments — — — Proceeds from sale of other assets — — — Other — — — Net cash used in investing activities — — Financing activities: Proceeds from debt, net — — Repayment of debt — — Net intercompany borrowings (repayments) — — Proceeds from stock issuance, net — — — Sale of noncontrolling interests — — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — (Increase) decrease in restricted cash and other — — Net cash provided by (used in) financing activities Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ At December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ — $ $ $ — $ Trade receivables — — Other accounts receivables — — — Intercompany receivable — Investments — — — Inventories — — Stockpiles and ore on leach pads — — Deferred income tax assets — — — — — Other current assets — — Current assets Property, plant and mine development, net Investments — — Investments in subsidiaries — Stockpiles and ore on leach pads — — Deferred income tax assets Long-term intercompany receivable — Other long-term assets — Total assets $ $ $ $ $ Liabilities Debt $ — $ $ $ — $ Accounts payable — — Intercompany payable — Employee-related benefits — — Income and mining taxes — — — Other current liabilities — Current liabilities Debt — Reclamation and remediation liabilities — — Deferred income tax liabilities — Employee-related benefits — — Long-term intercompany payable — — Other long-term liabilities — — Total liabilities Equity Newmont stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ At December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ — $ $ $ — $ Trade receivables — — Other accounts receivables — — Intercompany receivable — Investments — — Inventories — — Stockpiles and ore on leach pads — — Deferred income tax assets — Other current assets — — Current assets Property, plant and mine development, net Investments — — Investments in subsidiaries — Stockpiles and ore on leach pads — — Deferred income tax assets Long-term intercompany receivable — Other long-term assets — Total assets $ $ $ $ $ Liabilities Debt $ — $ $ $ — $ Accounts payable — — Intercompany payable — Employee-related benefits — — Income and mining taxes — — — Other current liabilities — Current liabilities Debt — Reclamation and remediation liabilities — — Deferred income tax liabilities — Employee-related benefits — — Long-term intercompany payable — — Other long-term liabilities — — Total liabilities Equity Newmont stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 30 COMMITMENTS AND CONTINGENCIES General Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Company’s operating segments are identified in Note 4 . Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other in Note 4 . The Yanacocha matters relate to the South America reportable segment. The PTNNT matters relate to the Asia Pacific reportable segment. The Fronteer matters relate to the North America reportable segment. Environmental Matters The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations so as to protect the public health and environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements. At December 31, 2015 and 2014 , $1,553 and $1,497 , respectively, were accrued for reclamation costs relating to currently or recently producing mineral properties in accordance with asset retirement obligation guidance. The current portions of $37 and $42 at December 31, 2015 and 2014 , respectively, are included in Other current liabilities . In addition, the Company is involved in several matters concerning environmental obligations associated with former mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The Company believes that the related environmental obligations associated with these sites are similar in nature with respect to the development of remediation plans, their risk profile and the compliance required to meet general environmental standards. Based upon the Company’s best estimate of its liability for these matters, $318 and $192 were accrued for such obligations at December 31, 2015 and 2014 , respectively. These amounts are included in Other current liabilities and Reclamation and remediation liabilities . Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 40% greater or 1% lower than the amount accrued at December 31, 2015 . The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised. Details about certain of the more significant matters involved are discussed below. Newmont USA Limited - 100% Newmont Owned Ross-Adams Mine Site. By letter dated June 5, 2007, the U.S. Forest Service notified Newmont that it had expended approximately $0.3 in response costs to address environmental conditions at the Ross-Adams mine in Prince of Wales, Alaska, and requested Newmont USA Limited pay those costs and perform an Engineering Evaluation/Cost Analysis (“EE/CA”) to assess what future response activities might need to be completed at the site. Newmont agreed to perform the EE/CA, which has been provided to the U.S. Forest Service. It is expected that the U.S. Forest Service will issue an action memo in 2016, which Newmont will assess at that time. Newmont intends to vigorously defend any formal claims, if any, by the EPA and cannot reasonably predict the likelihood or outcome of any future action against it arising from this matter. Dawn Mining Company LLC (“Dawn”) - 51% Newmont Owned Midnite Mine Site and Mill Site . Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the United States Environmental Protection Agency (“EPA”). As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: 1) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite Mine site; 2) Newmont and Dawn would reimburse the EPA for its costs associated with overseeing the work; 3) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite Mine site; 4) Newmont and Dawn would be responsible for all other EPA oversight costs and Midnite Mine site cleanup costs; and 5) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite Mine site in a lump sum payment of $42 , which Newmont classified as restricted cash with interest on the consolidated balance sheets for all periods presented. Additionally in 2012, Newmont initiated the remedial design process and subsequently submitted interim process update reports at the 30% design, 60% design and 90% design level of completion, which were approved by the EPA in July 2012, April 2014 and April 2015, respectively. Upon approval by the EPA of the 90% design coupled with the resolution of uncertainties regarding site access and material use, the expected remediation design was reasonably certain and Newmont commissioned an independent cost estimate of the overall project costs based on the 90% design. The cost estimate was received in November 2015 and was used as the basis to update the reclamation liability for the Midnite Mine site and Mill site to approximately $221 at December 31, 2015. Other Legal Matters Minera Yanacocha S.R.L. - 51.35% Newmont Owned Choropampa . In June 2000, a transport contractor of Yanacocha spilled approximately 151 kilograms of elemental mercury near the town of Choropampa, Peru, which is located 53 miles (85 kilometers) southwest of the Yanacocha mine. Elemental mercury is not used in Yanacocha’s operations but is a by-product of gold mining and was sold to a Lima firm for use in medical instruments and industrial applications. A comprehensive health and environmental remediation program was undertaken by Yanacocha in response to the incident. In August 2000, Yanacocha paid under protest a fine of 1,740,000 Peruvian soles (approximately $0.5) to the Peruvian government. Yanacocha has entered into settlement agreements with a number of individuals impacted by the incident. As compensation for the disruption and inconvenience caused by the incident, Yanacocha entered into agreements with and provided a variety of public works in the three communities impacted by this incident. Yanacocha cannot predict the likelihood of additional expenditures related to this matter. Additional lawsuits relating to the Choropampa incident were filed against Yanacocha in the local courts of Cajamarca, Peru, in May 2002 by over 900 Peruvian citizens. A significant number of the plaintiffs in these lawsuits entered into settlement agreements with Yanacocha prior to filing such claims. In April 2008, the Peruvian Supreme Court upheld the validity of these settlement agreements, which the Company expects to result in the dismissal of all claims brought by previously settled plaintiffs. Yanacocha has also entered into settlement agreements with approximately 350 additional plaintiffs. The claims asserted by approximately 200 plaintiffs remain. In 2011, Yanacocha was served with 23 complaints alleging grounds to nullify the settlements entered into between Yanacocha and the plaintiffs. Yanacocha has answered the complaints and the court has dismissed several of the matters and the plaintiffs have filed appeals. All appeals were referred to the Civil Court of Cajamarca, which affirmed the decisions of the lower court judge. The plaintiffs have filed appeals of such orders before the Supreme Court. Some of these appeals were dismissed by the Supreme Court in favor of Yanacocha, and others are pending resolution. Yanacocha will continue to vigorously defend its position. Neither the Company nor Yanacocha can reasonably estimate the ultimate loss relating to such claims. Administrative Actions . The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluacion y Fiscalizacion Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. In 2011, 2012, and 2013, and the first quarter of 2015, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. Total fines for all outstanding OEFA alleged violations remain dependent upon the number of units associated with the alleged violations. In the first quarter of 2015, the water authority of Cajamarca issued notices of alleged regulatory violations. The alleged OEFA violations currently range from zero to 90,112 units and the water authority alleged violations range from zero to 20,000 units, with each unit having a potential fine equivalent to approximately $.00116 ( $0 to $127 ). Yanacocha and Conga are responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations. During the first quarter of 2015, the Peruvian government agency responsible for certain environmental regulations, Ministry of the Environment ("MINAM"), issued proposed in-stream water quality criteria pursuant to which MINAM may require mining companies, including Yanacocha, to comply. These criteria would modify the in-stream water quality criteria, pursuant to which Yanacocha has been designing water treatment processes and infrastructure, with a compliance deadline of December 2015. The proposed criteria may require additional and potentially different water treatment infrastructure from that required under the December 2015 compliance deadline. Yanacocha appealed for an extension to the December 2015 compliance deadline for these previously announced in-stream water quality criteria and the mining counsel rejected the appeal finding that the legal article provides for compliance by December 2015. However, the mining council decision included a finding that it is not possible for mining companies to comply with the MINAM modified requirements by December 2015. Yanacocha filed an appeal of the decision of the mining council in court. The Ministry of Environment published a new regulation with new compliance standards in December 2015 providing for a process to submit an adaption plan to the new standards with the relevant environmental authority for review and approval. There is an initial one year period to present the adaption plan and a three year period to achieve compliance after approval of the adaptation plan by the relevant environmental authority. Yanacocha is evaluating this new regulation and whether or not to proceed with the existing appeal. Yanacocha is assessing redesign and treatment options in connection with the recently proposed criteria. See Item 1A, Risk Factors for a description of risks relating to hazards and uncertainties associates with mining and compliance with increasing environmental regulations. Conga Project Constitutional Claim . On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of Conga Project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga Project Environmental Impact Assessment (“EIA”). On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: 1) plaintiffs had not exhausted previous administrative proceedings; 2) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; 3) there was inadequate evidence to conclude that the Conga Project is a threat to the constitutional right of living in an adequate environment and 4) the directorial resolution approving the Conga Project EIA does not guarantee that the Conga Project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation. Yanacocha Tax Dispute. I n 2000, Yanacocha paid Buenaventura and Minas Conga S.R.L. a total of $29 to assume their respective contractual positions in mining concession agreements with Chaupiloma Dos de Cajamarca S.M.R.L. The contractual rights allowed Yanacocha the opportunity to conduct exploration on the concessions, but not a purchase of the concessions. The tax authority alleges that the payments to Buenaventura and Minas Conga S.R.L. were acquisitions of mining concessions requiring the amortization of the amounts under the Peru Mining Law over the life of the mine. Yanacocha expensed the amounts at issue in the initial year since the payments were not for the acquisition of a concession but rather these expenses represent the payment of an intangible and therefore, amortizable in a single year or proportionally for up to ten years according to Income Tax Law. In 2010, the tax court in Peru ruled in favor of Yanacocha and the tax authority appealed the issue to the judiciary. The first appellate court confirmed the ruling of the tax court in favor of Yanacocha. However, in November, 2015, a Superior Court in Peru made an appellate decision overturning the two prior findings in favor of Yanacocha. Yanacocha has appealed the Superior Court ruling to the Peru Supreme Court. The potential liability in this matter is in the form of fines and interest in an amount up to $70 . While the Company has assessed that the likelihood of a ruling against Yanacocha in the Supreme Court as remote, it is not possible to fully predict the outcome of this litigation. PT Newmont Nusa Tenggara – 31.5% Newmont Owned Divestiture: Under the Batu Hijau Contract of Work, beginning in 2006 and continuing through 2010, a portion of PTNNT’s shares were required to be offered for sale, first, to the Indonesian government or, second, to Indonesian nationals, equal to the difference between the following percentages and the percentage of shares already owned by the Indonesian government or Indonesian nationals (if such number is positive): 23% by March 31, 2006; 30% by March 31, 2007; 37% by March 31, 2008; 44% by March 31, 2009; and 51% by March 31, 2010. As PT Pukuafu Indah, an Indonesian national, owned a 20% interest in PTNNT at all relevant times, in 2006, a 3% interest was required to be offered for sale and, in each of 2007 through 2010, an additional 7% interest was required to be offered (for an aggregate 31% interest). The price at which such interests were offered for sale to the Indonesian parties was the fair market value of such interest considering PTNNT as a going concern, as agreed with the Indonesian government. Following certain disputes and an arbitration with the Indonesian government, in November and December 2009, sale agreements were concluded pursuant to which the 2006, 2007 and 2008 shares were sold to PT Multi Daerah Bersaing (“PTMDB”), the nominee of the local governments, and the 2009 shares were sold to PTMDB in February 2010, resulting in PTMDB owning a 24% interest in PTNNT. On December 17, 2010, the Ministry of Energy & Mineral Resources, acting on behalf of the Indonesian government, accepted the offer to acquire the final 7% interest in PTNNT. Subsequently, the Indonesian government designated Pusat Investasi Pemerintah (“PIP”), an agency of the Ministry of Finance, as the entity that will buy the final stake. On May 6, 2011, PIP and the foreign shareholders entered into a definitive agreement for the sale and purchase of the final 7% divestiture stake, subject to receipt of approvals from certain Indonesian government ministries. Subsequent to signing the agreement, a disagreement arose between the Ministry of Finance and the Indonesian parliament in regard to whether parliamentary approval was needed to allow PIP to make the share purchase. In July 2012, the Constitutional Court ruled that parliament approval is required for PIP to use state funds to purchase the shares, which approval was never obtained. PIP and the foreign shareholders have not further extended the period in the definitive agreement for satisfaction of the conditions. Further disputes may arise in regard to the divestiture of the 2010 shares. NWG Investments Inc. v. Fronteer Gold Inc. In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”). Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada. NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three -year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement. On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014. On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of CAD $1.2 billion. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Other Commitments and Contingencies The Company has minimum royalty obligations on one of its producing mines in Nevada for the life of the mine. Amounts paid as a minimum royalty (where production royalties are less than the minimum obligation) in any year are recoverable in future years when the minimum royalty obligation is exceeded. Although the minimum royalty requirement may not be met in a particular year, the Company expects that over the mine life, gold production will be sufficient to meet the minimum royalty requirements. Minimum royalty payments payable, net of recoverable amounts, are $28 in 2016 , $32 in 2017 through 2020 and $19 thereafter. On June 25, 2009, the Company completed the acquisition of the remaining 33.33% interest in Boddington from AngloGold Ashanti Australia Limited (“AngloGold”). Consideration for the acquisition consisted of $982 and a contingent royalty capped at $100 , equal to 50% of the average realized operating margin (Revenue less Costs applicable to sales on a by-product basis), if any, exceeding $600 per ounce, payable quarterly beginning in the second quarter of 2010 on one-third of gold sales from Boddington. At the acquisition date, the Company estimated the fair value of the contingent consideration at $62 . At December 31, 2015 and 2014 , the estimated fair value of the unpaid contingent consideration was approximately $10 and $10 , respectively. Changes to the estimated fair value resulting from periodic revaluations are recorded to Other expense, net . This contingent royalty is capped at $100 in aggregate payments. During 2015 , 2014 and 2013 , the Company paid $0 , $0 and $13 , respectively, related to the contingent consideration. The range of remaining undiscounted amounts the Company could pay is between $0 and $28 . The Holt property was sold to St. Andrew in 2006. In 2009, the Superior Court issued a decision finding Newmont Canada Corporation (“Newmont Canada”) liable for a sliding scale royalty on production from the Holt property, which Newmont Canada appealed. In May 2011, the Ontario Court of Appeal upheld the Superior Court ruling finding Newmont liable for the sliding scale royalty, which equals 0.013% of net smelter returns multiplied by the quarterly average gold price, minus a 0.013% of net smelter returns. There is no cap on the sliding scale royalty and it will increase or decrease with changes in gold price, discount rate, and gold production scenarios. At December 31, 2015 and 2014 , the estimated fair value of the Holt sliding scale royalty was $129 and $179 , respectively. Changes to the estimated fair value resulting from periodic revaluations are recorded to Income (loss) from discontinued operations . During 2015 , 2014 and 2013 , the Company paid $12 , $13 and $18 , respectively, related to the royalty. As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At December 31, 2015 and 2014 , there were $2,060 and $1,865 , respectively, of outstanding letters of credit, surety bonds and bank guarantees. The surety bonds, letters of credit and bank guarantees reflect fair value as a condition of their underlying purpose and are subject to fees competitively determined in the market place. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise. Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | NOTE 31 UNAUDITED SUPPLEMENTARY DATA Quarterly Data The following is a summary of selected quarterly financial information (unaudited): 2015 Three Months Ended March 31 June 30 September 30 December 31 Sales $ $ $ $ Gross profit (1) $ $ $ $ Income (loss) from continuing operations (2) $ $ $ $ Income (loss) from discontinued operations (2) Net income (loss) (2) $ $ $ $ Income (loss) per common share Basic: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Diluted: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Weighted average common shares (millions) Basic Diluted Cash dividends declared per common share $ $ $ $ Closing price of common stock $ $ $ $ 2014 Three Months Ended March 31 June 30 September 30 December 31 Sales $ $ $ $ Gross profit (1) $ $ $ $ Income (loss) from continuing operations (2) $ $ $ $ Income (loss) from discontinued operations (2) Net income (loss) (2) $ $ $ $ Income (loss) per common share Basic: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Diluted: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Weighted average common shares (millions) Basic Diluted Cash dividends declared per common share $ $ $ $ Closing price of common stock $ $ $ $ (1) Sales less Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation . (2) Attributable to Newmont stockholders. Significant after-tax items were as follows (quarterly amounts may not calculate to annual amounts due to rounding): Fourth quarter 2015 (i) $130 ( $0.25 per share, basic) loss related to tax adjustments; (ii) $94 ( $0.18 per share, basic) loss related to reclamation charges; (iii) $18 ( $0.03 per share, basic) loss related to the Ghana Investment Agreement; (iv) $18 ( $0.03 per share, basic) loss related to impairment of long-lived assets; (v) $8 ( $0.02 per share, basic) loss related to impairment of investments; (vi) $7 ( $0.01 per share, basic) loss from discontinued operations; (vii) $6 ( $0.01 per share, basic) gain on asset sales and (viii) $3 ( $0.01 per share, basic) loss related to restructuring and other; Third quarter 2015 (i) $49 ($0.10 per share, basic) gain on deconsolidation of TMAC; (ii) $36 ( $0.07 per share, basic) gain on asset sales; (iii) $24 ( $0.05 per share, basic) gain related to tax adjustments; (iv) $19 ( $0.05 per share, basic) loss related to impairment of investments; (v) $17 ( $0.04 per share, basic) gain from discontinued operations; (vi) $7 ( $0.02 per share, basic) loss related to restructuring and other and (vii) $5 ( $0.01 per share, basic) loss related to acquisition costs; Second quarter 2015 (i) $45 ( $0.09 per share, basic) loss related to tax adjustments; (ii) $10 ( $0.02 per share, basic) loss related to impairment of investments; (iii) $9 ( $0.02 per share, basic) gain from discontinued operations; (iv) $5 ( $0.01 per share, basic) loss related to restructuring and other; (v) $5 ( $0.01 per share, basic) loss related to acquisition costs and (vi) $1 ( $0.01 per share, basic) loss on asset sales; First quarter 2015 (i) $44 ( $0.09 per share, basic) loss related to tax adjustments; (ii) $37 ( $0.07 per share, basic) loss related to impairment of investments; (iii) $29 ( $0.06 per share, basic) gain on asset sales and (iv) $8 ( $0.01 per share, basic) gain from discontinued operations; Fourth quarter 2014 (i) $43 ( $0.09 per share, basic) loss related to tax adjustments; (ii) $24 ( $0.05 per share, basic) loss from discontinued operations; (iii) $23 ( $0.05 per share, basic) gain on asset sales; (iv) $10 ( $0.02 per share, basic) loss related to impairment of investments; (v) $10 ( $0.02 per share, basic) loss related to reclamation charges and (vi) $4 ( $0.01 per share, basic) loss related to impairment of long-lived assets; Third quarter 2014 (i) $21 ( $0.04 per share, basic) loss related to tax adjustments; (ii) $19 ( $0.04 per share, basic) loss related to abnormal production costs at Batu; (iii) $17 ( $0.03 per share, basic) gain on asset sales; (iv) $11 ( $0.02 per share, basic) loss related to restructuring and other; (v) $3 ( $0.01 per share, basic) loss related to impairment of long-lived assets and (vi) $3 ( $0.01 per share, basic) gain from discontinued operations; Second quarter 2014 (i) $98 ( $0.20 per share, basic) gain related to tax adjustments; (ii) $9 ( $0.02 per share, basic) loss related to abnormal production costs at Batu; (iii) $4 ( $0.01 per share, basic) loss related to impairment of long-lived assets; (iv) $4 ( $0.01 per share, basic) loss related to restructuring and other; First quarter 2014 (i) $17 ( $0.04 per share, basic) loss from discontinued operations; (ii) $13 ( $0.03 per share, basic) gain on asset sales and (iii) $3 ( $0.01 per share, basic) loss related to restructuring and other. |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Risks and Uncertainties | Risks and Uncertainties As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our price outlook from current levels could result in material impairment charges related to these assets. In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia entered into a Memorandum of Understanding (“MoU”) that resulted in the government agreeing to issue permits to allow PTNNT to export and sell copper concentrates from the Batu Hijau mine (“Batu Hijau”). The government then issued several six month export permits commencing in September 2014, March 2015 and November 2015. The most recent November permit was issued following a two month delay and expires in May 2016. Effective with the signing of the MoU, PTNNT agreed to pay certain export duties and royalties. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: 1) concession area size; 2) royalties, taxes and export duties; 3) domestic processing and refining; 4) ownership divestment; 5) utilization of local manpower, domestic goods and services; and 6) duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations and the renewal of the export permit. The failure to receive a timely renewal may negatively impact future operations and financial results at Batu Hijau. As a result of the on-going Contract of Work renegotiations at Batu Hijau, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges will continue to be evaluated. At this time, the Company expects operations to continue into the future. The total assets at Batu Hijau as of December 31, 2015 and 2014 were $3,481 and $3,107 , respectively. During the last several years, Minera Yanacocha S.R.L. (“Yanacocha”), in which we own a 51.35% interest, and whose properties include the mining operations at Yanacocha and the Conga Project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga Project complexes and the City of Cajamarca in Peru and resulted in vandalism and equipment damage. We cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect Conga’s development and the continued operation of Yanacocha. Construction activities on our Conga Project were suspended on November 30, 2011 at the request of Peru’s central government following increasing protests in Cajamarca by anti-mining activists led by the regional president. In the first half of 2014, a Conga Restart Study was completed to identify and test alternatives to advancing development of the project. Following this assessment, a new plan was developed to reduce spending to focus on only the most critical work – protecting people and assets, engaging with communities, and maintaining existing project infrastructure – while maintaining optionality. Newmont will not proceed with the full development of Conga without social acceptance, solid project economics and potentially another partner to help defray costs and risk; it is currently difficult to predict when or whether such events may occur. Under the current social and political environment, the Company does not anticipate being able to develop Conga for the foreseeable future. Should the Company be unable to develop Conga, the Company may in the future reprioritize and reallocate capital to development alternatives which may result in an impairment of the Conga Project. The total assets at Conga as of December 31, 2015 and 2014 were $1,678 and $1,700 , respectively. |
Use of Estimates | Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill, long-lived assets and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Newmont Mining Corporation and the more-than-50%-owned subsidiaries that it controls and entities over which control is achieved through means other than voting rights. The Company also includes its pro-rata share of assets, liabilities and operations for unincorporated joint ventures in which it has an interest. All significant intercompany balances and transactions have been eliminated. The functional currency for the majority of the Company’s operations is the U.S. dollar. The Company follows the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). The Company has identified VIEs in connection with our interests in PTNNT due to certain funding arrangements and shareholder commitments. The Company has financing arrangements with PT Pukuafu Indah (“PTPI”) and PT Indonesia Masbaga Investama (“PTIMI”), unrelated noncontrolling shareholders of PTNNT, whereby the Company agreed to advance certain funds to them in exchange for (i) a pledge of their combined 20% share of PTNNT, (ii) an assignment of dividends payable on the shares, net of withholding tax, (iii) a commitment from them to support the application of our standards to the operation of Batu Hijau and (iv) as of September 16, 2011 in respect of PTPI only, powers of attorney to vote and sell PTNNT shares in support of the pledge, enforceable in an event of default as further security for the funding. The Company has determined itself to be the primary beneficiary of these entities, as it controls the operations of Batu Hijau and has the obligation to absorb losses and the right to receive benefits that are significant to PTNNT. Therefore, the Company consolidates PTNNT in its financial statements. On March 12, 2013, Newmont completed the sale of the Hope Bay Project to TMAC Resources Inc. (“TMAC”). On July 7, 2015, TMAC completed an initial public offering (“IPO”), issuing 22,500,000 common shares at a price of C$6.00 per common share for aggregate gross proceeds of C$135 . Additionally, TMAC entered into a term loan facility for $120 . At December 31, 2015 , Newmont held a 29.37% ownership interest in TMAC. Prior to the financing events, Newmont identified TMAC as a VIE under ASC guidance for consolidation, determined it was the primary beneficiary, and consolidated TMAC in its Consolidated Financial Statements. Upon further evaluation subsequent to the financing events, Newmont determined that TMAC is no longer considered a VIE, and no longer will be consolidated into Newmont’s financial results. Newmont deconsolidated the assets, liabilities, and noncontrolling interest related to TMAC and recognized a gain of $76 , recorded within Other income, net . The fair value of the retained investment was valued utilizing the market approach applying the IPO share price. Newmont’s retained investment in TMAC, which was $101 at December 31, 2015 , is accounted for as an equity method investment reflected in Note 18 . On November 22, 2013, Newmont entered into a Partnership Agreement with Staatsolie (a company wholly owned by the Republic of Suriname). The Partnership Agreement gave Staatsolie the option to participate in the Merian Gold Project (“Merian”) for up to 25% of the partnership. Staatsolie exercised that option in November 2014. At December 31, 2015, Newmont has a 75% ownership in Merian. Newmont has identified Merian as a VIE under ASC guidance for consolidation. The Company has determined itself to be the primary beneficiary of this entity, as it controls the operations of Merian and has the obligation to absorb losses and the right to receive benefits that are significant to Merian, therefore, the Company consolidates Merian in its financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or long-term assets. |
Investments | Investments Management determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each reporting date. Investments in incorporated entities in which the Company’s ownership is greater than 20% and less than 50%, or which the Company does not control through majority ownership or means other than voting rights, are accounted for by the equity method and are included in long-term assets. The Company accounts for its marketable security investments as available for sale securities in accordance with ASC guidance on accounting for certain investments in debt and equity securities. The Company periodically evaluates whether declines in fair values of its investments below the Company’s carrying value are other-than-temporary in accordance with ASC guidance. The Company’s policy is to generally treat a decline in the investment’s quoted market value that has lasted continuously for more than six months as an other-than-temporary decline in value. The Company also monitors its investments for events or changes in circumstances that have occurred that may have a significant adverse effect on the fair value of the investment and evaluates qualitative and quantitative factors regarding the severity and duration of the unrealized loss and the Company’s ability to hold the investment until a forecasted recovery occurs to determine if the decline in value of an investment is other-than-temporary. Declines in fair value below the Company’s carrying value deemed to be other-than-temporary are charged to Other income, net. |
Stockpiles, Ore on Leach Pads and Inventories | Stockpiles, Ore on Leach Pads and Inventories As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization . The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as long-term. The major classifications are as follows: Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit as material is processed. Ore on Leach Pads The recovery of gold from certain gold oxide ores is achieved through the heap leaching process. Under this method, oxide ore is placed on leach pads where it is treated with a chemical solution, which dissolves the gold contained in the ore. The resulting gold-bearing solution is further processed in a plant where the gold is recovered. The recovery of copper from leach pads is further described below in the Copper Cathode Inventory section. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per estimated recoverable ore on the leach pad. The estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete. Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of ore on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In-process Inventory In-process inventories represent materials that are currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach in circuits. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective plants. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process. Precious Metals Inventory Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs. Copper Cathode Inventory Copper heap leaching is performed on copper oxide ore and enriched copper sulfide ore to produce copper cathodes. Heap leaching is accomplished by stacking uncrushed ore onto synthetically lined pads where it is contacted with a dilute sulfuric acid solution thus leaching the acid soluble minerals into a copper sulfate solution. The copper sulfate solution is then collected and pumped to the solvent extraction (“SX”) plant. The SX process consists of two steps. During the first step, the copper is extracted into an organic solvent solution. The loaded organic solution is then pumped to the second step where copper is stripped with a strong acid solution before being sent through the electrowinning (“EW”) process. Cathodes produced in electrowinning are 99.99% copper. Copper cathode is produced at our Phoenix operations by solvent extraction and electrowinning (SX/EW). The inventory is valued at the lower of average cost to produce the cathode or net realizable value. Concentrate Inventory Concentrate inventories represent copper and gold concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at the average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value. Materials and Supplies Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight. |
Property, Plant and Mine Development | Property, Plant and Mine Development Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves. Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting Mineralized Material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales . The cost of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open-pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during development and are recorded as Other income , net of incremental mining and processing costs. The production phase of an open-pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. The Company’s definition of a mine and the mine’s production phase may differ from that of other companies in the mining industry resulting in incomparable allocations of stripping costs to deferred mine development and production costs. Other mining companies may expense pre-stripping costs associated with subsequent pits within a mining complex. Other mining companies may capitalize stripping costs incurred in connection with the production phase. Mine development costs are amortized using the units-of-production (“UOP”) method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Mineral Interests Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. The value of such assets is primarily driven by the nature and amount of Mineralized Material believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain Mineralized Material consisting of (i) Mineralized Material within pits; Mineralized Material with insufficient drill spacing to qualify as proven and probable reserves; and Mineralized Material in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current Mineralized Material and is comprised mainly of material outside of the immediate mine area; (iv) greenfields exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped Mineralized Material. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold and other commodity prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including Mineralized Material that is not part of the Mineralized Material base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold or other commodities that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from such exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital are each subject to significant risks and uncertainties. |
Revenue Recognition | Revenue Recognition Revenue is recognized, net of treatment and refining charges, from a sale when persuasive evidence of an arrangement exists, the price is determinable, the product has been delivered, risk and the title has been transferred to the customer and collection of the sales price is reasonably assured. Revenues from by-product sales are credited to Costs applicable to sales as a by-product credit. Concentrate sales are initially recorded based on 100% of the provisional sales prices. Until final settlement occurs, adjustments to the provisional sales prices are made to take into account the mark-to-market changes based on the forward prices for the estimated month of settlement. For changes in metal quantities upon receipt of new information and assay, the provisional sales quantities are adjusted as well. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations between the date initially recorded and the date of final settlement. If a significant decline in metal prices occurs between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the sales proceeds received based on the provisional invoice. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward exchange price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement. |
Income and Mining Taxes | Income and Mining Taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes; as such taxes are based on a percentage of mining profits. With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible. Valuation of Deferred Tax Assets The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date and the existence and frequency of prior cumulative pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: · Earnings history; · Projected future financial and taxable income based upon existing reserves; and long-term estimates of commodity prices · The duration of statutory carry forward periods · Prudent and feasible t ax planning strategies readily available that may alter the timing of reversal of the temporary difference · Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and · The sensitivity of future forecasted results to commodity prices and other factors. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis. |
Reclamation and Remediation Costs | Reclamation and Remediation Costs Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for reclamation obligations. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable. All other costs of future expenditures for environmental remediation obligations are not discounted to their present value. |
Foreign Currency | Foreign Currency The functional currency for the majority of the Company’s operations, including the Australian operations, is the U.S. dollar. All monetary assets and liabilities where the functional currency is the U.S. dollar are translated at current exchange rates and the resulting adjustments are included in Other income, net . All assets and liabilities recorded in functional currencies other than U.S. dollars are translated at current exchange rates and the resulting adjustments are charged or credited directly to Accumulated other comprehensive income (loss) in Total equity. Revenues and expenses in foreign currencies are translated at the weighted-average exchange rates for the period. The gain/loss on foreign currency rates on cash holdings in foreign currencies is included in Effect of exchange rate changes on cash in the Company’s Statements of Consolidated Cash Flows. |
Derivative Instruments | Derivative Instruments Newmont has forward contracts designated as cash flow hedges in place to hedge against changes in foreign exchanges rates and diesel prices. The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the balance sheet. To the extent these hedges are effective in offsetting forecasted cash flows from production costs (the “effective portion”), changes in fair value are deferred in Accumulated other comprehensive income (loss) . Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred. The ineffective portion of the change in the fair value of the derivative is recorded in Other income, net in each period. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the statement of cash flows. When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, as applicable, when the originally designated hedged transaction impacts earnings. Newmont assesses the effectiveness of the derivative contracts using either regression analysis or the dollar offset approach, both retrospectively and prospectively, to determine whether the hedging instruments have been highly effective in offsetting changes in the fair value of the hedged items. The Company also assesses whether the hedging instruments are expected to be highly effective in the future. If a hedging instrument is not expected to be highly effective, the Company will stop hedge accounting prospectively. In those instances, the gains or losses remain in Accumulated other comprehensive income (loss) until the hedged item affects earnings. |
Stock Based Compensation | Stock-Based Compensation The Company records stock based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the consolidated statement of operations over the requisite employee service period. Stock based compensation expense includes an estimate for forfeitures. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of restricted stock units (“RSUs”) is based on the Newmont stock price on the date of grant. The fair value of performance leverage stock units (“PSUs”) is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders . Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards and convertible debt instruments. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in income per share are included in the calculation. |
Comprehensive Income | Comprehensive Income (Loss) In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, the effective portion of changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable securities available-for-sale or other investments, except those resulting from investments by and distributions to owners. |
Reclassifications | Reclassifications Certain amounts in prior years have been reclassified to conform to the 2015 presentation. Reclassified amounts were not material to the financial statements. |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Deferred Income Taxes In November 2015, the Financial Accounting Services Board issued Accounting Standards Update (“ ASU”) guidance related to the presentation of deferred income taxes in the statement of financial position by requiring that deferred tax liabilities and assets be classified as noncurrent. The update is effective in fiscal years, including interim periods beginning on or after December 15, 2016. The Company early adopted this guidance prospectively as of December 31, 2015, which has been reflected in the Consolidated Balance Sheets. Prior periods were not retrospectively adjusted. Business combinations In September 2015, ASU guidance was issued related to accounting for measurement-period adjustments in a business combination. This update simplifies the measurement-period adjustments by requiring that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and not retrospectively. This update also requires the separate presentation on the face of the statement of income, or disclosure in the notes to the financial statements, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company early adopted this guidance prospectively as of September 30, 2015. As applicable, adoption of the new guidance has impacted the accounting for business acquisitions as discussed in Note 3 . Stock-based compensation In June 2014, ASU guidance was issued to resolve the diversity of practice relating to the accounting for stock-based performance awards for which the performance target could be achieved after the employee completes the required service period. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2015, had no impact on the Consolidated Balance Sheets or Statements of Operations or Cash Flows. Recently Issued Accounting Pronouncements Inventory In July 2015, ASU guidance was issued related to inventory simplifying the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The update is effective in fiscal years, including interim periods, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the Consolidated Balance Sheets or Statements of Operations or Cash Flows. Employee benefit plan accounting In July 2015, ASU guidance was issued related to defined benefit pension plans, defined contribution pension plans, and health and welfare benefit plans. This update designates contract value as the only required measure for fully benefit-responsive investment contracts, simplifies and makes more effective the investment disclosure requirements for employee benefit plans, and provides a simplified method for determining the measurement date for employee benefit plans. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the Consolidated Balance Sheets or Statements of Operations or Cash Flows. Fair value measurement In May 2015, ASU guidance was issued related to investments for which fair value is measured, or are eligible to be measured, using the net asset value per share practical expedient. This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendment also removes certain disclosure requirements for these investments. This update will impact the disclosure related to pension plan assets measured at fair value. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. The guidance will have no impact on the Consolidated Balance Sheets or Statements of Operations or Cash Flows. Debt issuance costs In April 2015, and further amended in August 2015, ASU guidance was issued related to debt issuance costs. This update simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015. The Company is currently evaluating this guidance and the impact to Other assets and Debt on the Consolidated Balance Sheets. Consolidations In February 2015, ASU guidance was issued related to consolidations. This update makes some targeted changes to current consolidation guidance and impacts both the voting and the variable interest consolidation models. In particular, the update will change how companies determine whether limited partnerships or similar entities are variable interest entities. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. We currently consolidate certain variable interest entities, and we do not expect the updated guidance to have an impact on the Consolidated Balance Sheets or Statements of Operations or Cash Flows . Revenue recognition In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. In August 2015, the effective date was deferred to reporting periods, including interim periods, beginning after December 15, 2017, and will be applied retrospectively. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on the Consolidated Balance Sheets or Statements of Operations or Cash Flows. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ACQUISITIONS | |
Summary of preliminary purchase price allocations | Assets: Cash and cash equivalents $ Inventories Stockpiles and ore on leach pads Other current assets Current assets Property, plant and mine development, net Stockpiles and ore on leach pads Total assets $ Liabilities: Debt $ Accounts payable Employee-related benefits Other current liabilities Current liabilities Debt Reclamation and remediation liabilities Total liabilities $ Net assets acquired $ |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION | |
Financial Information of Company's Segments | Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) Assets Expenditures (1) Year Ended December 31, 2015 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks CC&V (2) Other North America — — North America Yanacocha Other South America — — — South America Boddington: Gold Copper Total Boddington Tanami Waihi (3) — Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem Other Africa — — — — Africa Corporate and Other (4) — — Consolidated $ $ $ $ $ $ $ (1) Includes an increase in accrued capital expenditures of $67 ; consolidated capital expenditures on a cash basis were $1,401 . (2) The Company acquired the CC&V gold mining business on August 3, 2015. (3) On October 29, 2015, the Company sold the Waihi gold mine in New Zealand to OceanaGold Corporation for total cash proceeds of $102 . (4) Corporate and Other includes the Merian Project. Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) Assets Expenditures (1) Year Ended December 31, 2014 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks La Herradura (2) — Other North America — — — North America Yanacocha Other South America — — — South America Boddington: Gold Copper Total Boddington — Tanami Jundee (3) — Waihi Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem — Other Africa — — — — Africa Corporate and Other (4) — — Consolidated $ $ $ $ $ $ $ (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $1,110 . (2) On October 6, 2014, the Company sold its 44% interest in La Herradura. (3) On July 1, 2014, the Company sold the Jundee mine. (4) Corporate and Other includes the Merian Project . Advanced Costs Depreciation Projects, Research Pre ‑ Tax Applicable and and Development Income Total Capital Sales to Sales Amortization and Exploration (Loss) (1) Assets Expenditures (2) Year Ended December 31, 2013 Carlin $ $ $ $ $ $ $ Phoenix: Gold Copper Total Phoenix Twin Creeks La Herradura Other North America — — — North America Yanacocha Other South America — — South America Boddington: Gold Copper Total Boddington Tanami Jundee Waihi Kalgoorlie Batu Hijau: Gold Copper Total Batu Hijau Other Asia Pacific — — Asia Pacific Ahafo Akyem Other Africa — — — — Africa Corporate and Other (3) — — Consolidated $ $ $ $ $ $ $ (1) Includes impairments of long-lived assets of $2,082 for Long Canyon in Nevada and $2,138 for Boddington in Australia. (2) Accrual basis includes a decrease in accrued capital expenditures of $88 consolidated capital expenditures on a cash basis were $1,900 . (3) Corporate and Other includes the Merian Project. |
Revenues from Sales Based on the Customer's Location | Years Ended December 31, 2015 2014 2013 United Kingdom $ $ $ Japan Korea Philippines Indonesia Germany Mexico — Other $ $ $ |
Long-Lived Assets, Excluding Deferred Tax Assets, Investments and Restricted Cash, by Country | At December 31, 2015 2014 United States $ $ Peru Australia Ghana Indonesia Suriname Other $ $ |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RECLAMATION AND REMEDIATION | |
Reclamation and Remediation Expense | Years Ended December 31, 2015 2014 2013 Reclamation $ $ $ Reclamation Accretion Remediation Remediation Accretion $ $ $ |
Reconciliation of Reclamation and Remediation Liabilities | Reclamation Remediation Total Balance at January 1, 2014 $ $ $ Additions, changes in estimates and other Acquisitions and divestitures — Payments and other Accretion expense Balance December 31, 2014 Additions, changes in estimates and other Acquisitions and divestitures — Payments and other Accretion expense Balance December 31, 2015 $ $ $ |
IMPAIRMENT OF LONG-LIVED ASSE45
IMPAIRMENT OF LONG-LIVED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Write-Downs of Property, Plant and Mine Development and Other Long-Term Assets | Years Ended December 31, 2015 2014 2013 Property, plant and mine development North America $ — $ $ South America — Asia Pacific — — Africa — — Corporate and Other — Other long-term assets South America — — Africa — — Asia Pacific — — — $ $ $ |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER EXPENSE, NET | |
Other Expense, Net | Years Ended December 31, 2015 2014 2013 Regional administration $ $ $ Community development Restructuring and other Ghana Investment Agreement — — Transaction/Acquisition costs — Western Australia power plant Other $ $ $ |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER INCOME, NET. | |
Other Income, Net | Years Ended December 31, 2015 2014 2013 Gain (loss) on asset and investment sales, net $ $ $ Gain on deconsolidation of TMAC — — Foreign currency exchange, net Refinery income, net Dividends — Impairment of investments Other $ $ $ |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME AND MINING TAXES | |
Income and Mining Tax (Expense) Benefit - Current vs Deferred | Years Ended December 31, 2015 2014 2013 Current: United States $ $ $ Foreign Deferred: United States Foreign $ $ $ |
Income and Mining Tax (Expense) Benefit - Domestic Vs Foreign | Years Ended December 31, 2015 2014 2013 United States $ $ $ Foreign $ $ $ |
Income and Mining Tax Expense Reconciliation | Years Ended December 31, 2015 2014 2013 Income (loss) before income and mining tax and other items $ $ $ Tax at statutory rate % $ % $ % $ Reconciling items: Percentage depletion % % % Change in valuation allowance on deferred tax assets % % % Mining and other taxes % % % U.S. tax effect of minority interest attributable to non-U.S. investees % % % Other % % % Income and mining tax benefit (expense) % $ % $ % $ |
Components of Deferred Tax Assets (Liabilities) | Components of the Company's deferred income tax assets (liabilities) are as follows: At December 31, 2015 2014 Deferred income tax assets: Property, plant and mine development $ $ Inventory Reclamation and remediation Net operating losses, capital losses and tax credits Investment in partnerships and subsidiaries Employee-related benefits Derivative instruments and unrealized loss on investments Other Valuation allowances $ $ Deferred income tax liabilities: Property, plant and mine development $ $ Reclamation and remediation — Net undistributed earnings of subsidiaries — Other Net deferred income tax assets (liabilities) $ $ These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Net deferred income tax assets and liabilities consist of: At December 31, 2015 2014 Current deferred income tax assets $ — $ Long-term deferred income tax assets Current deferred income tax liabilities — Long-term deferred income tax liabilities $ $ |
Reconciliation of Gross Unrecognized Tax Benefits | 2015 2014 2013 Total amount of gross unrecognized tax benefits at beginning of year $ $ $ Additions for tax positions of prior years Reductions due to settlements with taxing authorities Reductions due to lapse of statute of limitations Total amount of gross unrecognized tax benefits at end of year $ $ $ |
EQUITY INCOME (LOSS) OF AFFIL49
EQUITY INCOME (LOSS) OF AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
Equity Income (Loss) of Affiliates | Years Ended December 31, 2015 2014 2013 Minera La Zanja S.R.L. $ $ $ Euronimba Ltd. TMAC — — Novo Resources Corporation — $ $ $ |
NET INCOME (LOSS) ATTRIBUTABL50
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests | Years Ended December 31, 2015 2014 2013 Minera Yanacocha $ $ $ Batu Hijau TMAC Merian — — Other $ $ $ |
Schedule summarizing the assets and liabilities of consolidated VIEs (including noncontrolling interests) | At December 31, 2015 At December 31, 2014 Batu Hijau Merian Batu Hijau Merian TMAC Current assets Cash and cash equivalents $ $ $ $ $ Trade receivables — — — Other current assets (1) Long-term assets Property, plant and mine development, net Stockpiles and ore on leach pads — — — Other long-term assets — — — Total assets $ $ $ $ $ Current liabilities Debt $ $ — $ $ — $ — Accounts Payable — — Other current liabilities (2) Long-term liabilities Debt — — — Reclamation and remediation liabilities Other long-term liabilities (3) — — — Total liabilities $ $ $ $ $ (1) Other current assets include Other accounts receivables, Inventories, Stockpiles and ore on leach pads, Deferred income tax assets and Other current assets. (2) Other current liabilities include Employee-related benefits and Other current liabilities. (3) Other long-term liabilities include Deferred income tax liabilities and Employee-related benefits. |
NEWMONT EQUITY AND INCOME_LOS51
NEWMONT EQUITY AND INCOME/LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
NEWMONT EQUITY AND INCOME/LOSS PER SHARE | |
Summary of Income (Loss) per Common Share, Basic and Diluted | Years Ended December 31, 2015 2014 2013 Net income (loss) attributable to Newmont stockholders Continuing operations $ $ $ Discontinued operations $ $ $ Weighted average common shares (millions): Basic Diluted Income (loss) per common share Basic: Continuing operations $ $ $ Discontinued operations $ $ $ Diluted: Continuing operations $ $ $ Discontinued operations $ $ $ |
EMPLOYEE RELATED BENEFITS (Tabl
EMPLOYEE RELATED BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE-RELATED BENEFITS | |
Schedule of current and long-term employee-related benefits | At December 31, 2015 2014 Current: Accrued payroll and withholding taxes $ $ Peruvian workers’ participation Employee pension benefits Other post-retirement plans Accrued severance Other employee-related payables $ $ Long-term: Employee pension benefits $ $ Accrued severance Other post-retirement benefit plans Other employee-related payables $ $ |
Schedule of reconciliation of changes in the obligations and fair value of pension and other benefits | Pension Benefits Other Benefits 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at beginning of year $ $ $ $ Service cost Interest cost Actuarial (gain) loss Amendments — — — Foreign currency exchange gain — — Settlement payments — — Benefits paid Projected benefit obligation at end of year $ $ N/A N/A Accumulated Benefit Obligation $ $ $ $ Change in Fair Value of Assets: Fair value of assets at beginning of year $ $ $ — $ — Actual return on plan assets — — Employer contributions Settlement payments — — Benefits paid Fair value of assets at end of year $ $ $ — $ — Unfunded status, net $ $ $ $ |
Schedule of net pension amounts recognized in the consolidated balance sheets | Pension Benefits Other Benefits 2015 2014 2015 2014 Accrued employee benefit liability $ $ $ $ Accumulated other comprehensive income (loss): Net actuarial gain (loss) Prior service credit (cost) Less: Income taxes $ $ $ $ |
Schedule of components of the net periodic pension and other benefits costs | Pension Benefit Costs Other Benefit Costs 2015 2014 2013 2015 2014 2013 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets — — — Amortization, net Net periodic pension cost $ $ $ $ $ $ Settlements — — — Total pension cost $ $ $ $ $ $ |
Schedule of components recognized in Other comprehensive income (loss) | Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Net gain (loss) $ $ $ $ $ $ Amortization, net Settlements — — — Total recognized in Other comprehensive income (loss) $ $ $ $ $ $ Total recognized in net periodic benefit cost and Other comprehensive income (loss) $ $ $ $ $ $ |
Schedule of significant assumptions used in measuring the benefit obligation and net periodic pension benefit cost | Significant assumptions were as follows: Pension Benefits Other Benefits At December 31, At December 31, 2015 2014 2015 2014 Weighted-average assumptions used in measuring the Company’s benefit obligation: Discount rate % % % % Rate of compensation increase % % % % Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 Weighted-average assumptions used in measuring the net periodic pension benefit cost: Discount long-term rate % % % % % % Expected return on plan assets % % % N/A N/A N/A Rate of compensation increase % % % % % % |
Schedule of target and actual asset allocations | Actual at December 31, Asset Allocation Target 2015 U.S. equity investments % % International equity investments % % Fixed income investments % % Other % % |
Schedule of pension plan assets measured at fair value by level with the fair value heirarchy | Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Plan Assets: Cash and cash equivalents $ $ — $ — $ Commingled funds — — $ $ $ — $ Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Plan Assets: Cash and cash equivalents $ $ — $ — $ Commingled funds — — $ $ $ — $ |
Schedule of effect of one percentage point change in assumed health care cost trend rates | One ‑ percentage ‑ point One ‑ percentage ‑ point Increase Decrease Effect on total of service and interest cost components of net periodic post-retirement health care benefit cost $ — $ — Effect on the health care component of the accumulated post-retirement benefit obligation $ $ |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
STOCK-BASED COMPENSATION | |
Schedule of status and activity of non-vested RSUs, PSUs, and SSUs | RSU PSU SSU Weighted Weighted Weighted Average Average Average Number of Grant-Date Number of Grant-Date Number of Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year $ $ $ Granted $ $ $ Vested $ $ $ Forfeited $ $ $ Non-vested at end of year $ $ $ |
Schedule of stock based compensation by award | Years Ended December 31, 2015 2014 2013 Stock options $ — $ $ Restricted stock units Performance leveraged stock units Strategic stock units $ $ $ |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE ACCOUNTING | |
Fair Value Measurement of Assets and Liabilities | Fair Value at December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ $ $ — $ — Marketable equity securities: Extractive industries — — Other — — Marketable debt securities: Asset backed commercial paper — — Auction rate securities — — Trade receivable from provisional copper and gold concentrate sales, net — — $ $ $ — $ Liabilities: Debt (1) $ $ — $ $ — Derivative instruments, net: Foreign exchange forward contracts — — Diesel forward contracts — — Boddington contingent consideration — — Holt property royalty — — $ $ — $ $ Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ $ $ — $ — Certificate of deposit — — Marketable equity securities: Extractive industries — — Other — — Marketable debt securities: Asset backed commercial paper — — Auction rate securities — — Trade receivable from provisional copper and gold concentrate sales, net — — $ $ $ — $ Liabilities: Debt (1) $ $ — $ $ — Derivative instruments, net: Foreign exchange forward contracts — — Diesel forward contracts — — Boddington contingent consideration — — Holt property royalty — — $ $ — $ $ (1) Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $6,213 and $6,637 at December 31, 2015 and December 31, 2014 , respectively. The fair value measurement of debt was based on prices obtained from readily available pricing source. |
Fair Value Inputs Assets Liabilities Quantitative Information | At December 31, Range/Weighted Description 2015 Valuation technique Unobservable input average Auction Rate Securities $ Discounted cash flow Recoverability rate % Asset Backed Commercial Paper $ Risk-adjusted indicative price Recoverability rate % Boddington Contingent Consideration $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Short-term copper price $ Long-term copper price $ Long-term Australian to U.S. dollar exchange rate $ Holt property royalty $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Gold production scenarios (in 000's of ounces) 398 - 1,636 At December 31, Range/Weighted Description 2014 Valuation technique Unobservable input average Auction Rate Securities $ Discounted cash flow Recoverability rate % Asset Backed Commercial Paper $ Risk-adjusted indicative price Recoverability rate % Boddington Contingent Consideration $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Short-term copper price $ Long-term copper price $ Long-term Australian to U.S. dollar exchange rate $ Holt property royalty $ Monte Carlo Discount rate % Short-term gold price $ Long-term gold price $ Gold production scenarios (in 000's of ounces) 576 - 2,607 |
Changes in the Fair Value of the Company's Level 3 Financial Assets | Asset Auction Backed Boddington Holt Rate Commercial Total Contingent Property Total Securities Paper Assets Consideration (1) Royalty (2) Liabilities Fair value at December 31, 2013 $ $ $ $ $ $ Settlements — — — — Revaluation — — Fair value at December 31, 2014 $ $ $ $ $ $ Settlements — — — — Revaluation — Fair value at December 31, 2015 $ $ $ $ $ $ (1) The gain (loss) recognized is included in Other expense, net . (2) The gain (loss) recognized is included in Income (loss) from discontinued operations. |
Changes in the Fair Value of the Company's Level 3 Financial Liabilities | Asset Auction Backed Boddington Holt Rate Commercial Total Contingent Property Total Securities Paper Assets Consideration (1) Royalty (2) Liabilities Fair value at December 31, 2013 $ $ $ $ $ $ Settlements — — — — Revaluation — — Fair value at December 31, 2014 $ $ $ $ $ $ Settlements — — — — Revaluation — Fair value at December 31, 2015 $ $ $ $ $ $ (1) The gain (loss) recognized is included in Other expense, net. (2) The gain (loss) recognized is included in Income (loss) from discontinued operations. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DERIVATIVE INSTRUMENTS | |
Fair Values of Derivative Instruments Designated as Hedges | Fair Values of Derivative Instruments At December 31, 2015 Other Other Other Other Current Long-Term Current Long-Term Assets Assets Liabilities Liabilities Foreign currency exchange contracts: A$ operating fixed forwards $ — $ — $ $ Diesel fixed forwards — — Total derivative instruments (Notes 21 and 24) $ — $ — $ $ Fair Values of Derivative Instruments At December 31, 2014 Other Other Other Other Current Long-Term Current Long-Term Assets Assets Liabilities Liabilities Foreign currency exchange contracts: A$ operating fixed forwards $ — $ — $ $ NZ$ operating fixed forwards — — Diesel fixed forwards — Total derivative instruments (Notes 21 and 24) $ $ — $ $ |
Location and Amount of Gains (Losses) Reported in Condensed Consolidated Financial Statements | Foreign Currency Diesel Fixed Interest Exchange Contracts Forward Contracts Rate Contracts 2015 2014 2013 2015 2014 2013 2015 2014 2013 For the year ended December 31, Cash flow hedging relationships: Gain (loss) recognized in Other comprehensive income (loss) (effective portion) $ $ $ $ $ $ $ — $ — $ — Gain (loss) reclassified from Accumulated other comprehensive income (loss) into income (loss) (effective portion) (1) $ $ $ $ $ $ $ $ $ Gain (loss) reclassified from Accumulated other comprehensive income (loss) into income (loss) (ineffective portion) (2) $ — $ — $ — $ $ $ — $ — $ — $ — (1) The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales, Impairment of long-lived assets, and Interest expense , net . (2) The ineffective portion recognized for cash flow hedges is included in Other income, net . |
Cash Flow Hedges | Foreign exchange forward contracts | |
DERIVATIVE INSTRUMENTS | |
Outstanding Derivative Contracts | Expected Maturity Date 2016 2017 2018 Total/Average A$ Operating Fixed Forward Contracts: A$ notional (millions) Average rate ($/A$) Expected hedge ratio % % % |
Cash Flow Hedges | Diesel forward contracts | |
DERIVATIVE INSTRUMENTS | |
Outstanding Derivative Contracts | Expected Maturity Date 2016 2017 Total/Average Diesel Fixed Forward Contracts: Diesel gallons (millions) Average rate ($/gallon) Expected hedge ratio % % |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENTS | |
Schedule of reconciliation of cost to fair value for Available-for-sale and other investments | At December 31, 2015 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Gabriel Resources Ltd. $ $ — $ — $ Other $ $ $ $ Long-term: Marketable Debt Securities: Asset backed commercial paper $ $ $ — $ Auction rate securities — Marketable Equity Securities: Regis Resources Ltd. — Other — — Other investments, at cost — — Equity Method Investments: TMAC — — Minera La Zanja S.R.L. — — Novo Resources Corp. — — Euronimba Ltd. — — $ $ $ $ At December 31, 2014 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Gabriel Resources Ltd. $ $ — $ $ Other Certificate of Deposit — — $ $ $ $ Long-term: Marketable Debt Securities: Asset backed commercial paper $ $ $ — $ Auction rate securities — Marketable Equity Securities: Regis Resources Ltd. — — Other — — Other investments, at cost — — Equity Method Investments: Minera La Zanja S.R.L. — — Novo Resources Corp. — — Euronimba Ltd. — — $ $ $ $ |
Schedule of investments in a continuous unrealized loss position | Less than 12 Months 12 Months or Greater Total At December 31, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable equity securities $ $ $ — $ — $ $ Auction rate securities — — $ $ $ $ $ $ Less than 12 Months 12 Months or Greater Total At December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable equity securities $ $ $ — $ — $ $ Auction rate securities — — $ $ $ $ $ $ |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES | |
Summary of Inventories | At December 31, 2015 2014 Materials and supplies $ $ Concentrate and copper cathode In-process Precious metals $ $ |
STOCKPILES AND ORE ON LEACH P58
STOCKPILES AND ORE ON LEACH PADS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At December 31, 2015 2014 Current: Stockpiles $ $ Ore on leach pads $ $ Long-term: Stockpiles $ $ Ore on leach pads $ $ |
Stockpiles and Ore on Leach Pads, by Segment | At December 31, 2015 2014 Stockpiles and ore on leach pads: Carlin $ $ Phoenix Twin Creeks CC&V — Yanacocha Boddington Tanami Waihi — Kalgoorlie Batu Hijau Ahafo Akyem Merian — $ $ |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER ASSETS | |
Other Assets | At December 31, 2015 2014 Other current assets: Prepaid assets $ $ Restricted cash — Refinery metal inventory and receivable — Other refinery metal receivables — Derivative instruments — Other $ $ Other long-term assets: Income tax receivable $ $ Prepaid royalties Restricted cash Intangible assets Goodwill Debt issuance costs Taxes other than income and mining Other $ $ |
PROPERTY, PLANT AND MINE DEVE60
PROPERTY, PLANT AND MINE DEVELOPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
Property, Plant and Mine Development | Depreciable At December 31, 2015 At December 31, 2014 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land - $ $ — $ $ $ — $ Facilities and equipment - 22 Mine development - 22 Mineral interests - 22 Asset retirement cost - 22 Construction-in-progress - — — $ $ $ $ $ $ Leased assets included above in facilities and equipment - 22 $ $ $ $ $ $ Depreciable At December 31, 2015 At December 31, 2014 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage - 22 $ $ $ $ $ $ Development stage - — — Exploration stage - — — $ $ $ $ $ $ |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER LIABILITIES | |
Other Liabilities | At December 31, 2015 2014 Other current liabilities: Accrued capital expenditures $ $ Accrued operating costs Reclamation and remediation liabilities Accrued interest Royalties Derivative instruments Holt property royalty Taxes other than income and mining Refinery metal payable and liabilities — Deferred income tax — Other $ $ Other long-term liabilities: Holt property royalty $ $ Income and mining taxes Power supply agreements Derivative instruments Social development obligations Boddington contingent consideration Other $ $ |
RECLASSIFICATIONS OUT OF ACCU62
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Change in Accumulated Other Comprehensive Income (Loss) | Pension and Changes in Unrealized Foreign other fair value of (loss) on currency post ‑retirement cash flow marketable translation benefit hedge securities, net adjustments adjustments instruments Total Balance at December 31, 2013 $ $ $ $ $ Change in other comprehensive income (loss) before reclassifications Reclassifications from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Balance at December 31, 2014 $ $ $ $ $ Change in other comprehensive income (loss) before reclassifications Reclassifications from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Balance at December 31, 2015 $ $ $ $ $ |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statements of Consolidated Operations Years Ended December 31, 2015 2014 Marketable securities adjustments: Sale of marketable securities $ — $ Other income, net Impairment of marketable securities Other income, net Total before tax Tax benefit (expense) — — Net of tax $ $ Pension and other post-retirement benefit adjustments: Amortization $ $ (1) Settlement Other expense, net Total before tax Tax benefit (expense) Net of tax $ $ Hedge instruments adjustments: Operating cash flow hedges (effective portion) $ $ Costs applicable to sales Operating cash flow hedges (ineffective portion) Other income, net Capital cash flow hedges — Depreciation and Amortization Forward starting swap hedges Interest expense, net Total before tax Tax benefit (expense) — Net of tax $ $ Total reclassifications for the period, net of tax $ $ (1) This accumulated other comprehensive income (loss) component is included in General and administrative and costs that benefit the inventory/production process. Refer to Note 2 for information on costs that benefit the inventory/production process. |
NET CHANGE IN OPERATING ASSET63
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | |
Net Cash Provided from Operations Attributable to the Net Change in Operating Assets and Liabilities | Years Ended December 31, 2015 2014 2013 Decrease (increase) in operating assets: Trade and other accounts receivables $ $ $ Inventories, stockpiles and ore on leach pads EGR refinery and other assets Other assets Increase (decrease) in operating liabilities: Accounts payable and other accrued liabilities EGR refinery and other liabilities Reclamation liabilities $ $ $ |
SUPPLEMENTAL CASH FLOW INFORM64
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Supplemental Cash Flow Information | Years Ended December 31, 2015 2014 2013 Income and mining taxes paid, net of refunds $ $ $ Interest paid, net of amounts capitalized $ $ $ |
CONDENSED CONSOLIDATING FINAN65
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
Condensed Consolidating Statement of Operation | Year Ended December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — Other expense, net — — — Other income (expense) Other income, net — Interest income - intercompany — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — Other expense, net — — — Other income (expense) Other income, net — Interest income - intercompany — — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2013 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ $ $ — $ Costs and expenses Costs applicable to sales (1) — — Depreciation and amortization — — Reclamation and remediation — — Exploration — — Advanced projects, research and development — — General and administrative — — Impairment of long-lived assets — — — Other expense, net — — — — Other income (expense) Other income, net — Interest income - intercompany — Interest expense - intercompany — — Interest expense, net — — Income (loss) before income and mining tax and other items — Income and mining tax benefit (expense) — Equity Income (loss) of affiliates Income (loss) from continuing operations Income (loss) from discontinued operations — — — Net income (loss) Net loss (income) attributable to noncontrolling interests — — Net income (loss) attributable to Newmont stockholders $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ Comprehensive loss (income) attributable to noncontrolling interests — — Comprehensive income (loss) attributable to Newmont stockholders $ $ $ $ $ (1) Excludes Depreciation and amortization and Reclamation and remediation . |
Condensed Consolidating Statement of Cash Flows | Year Ended December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by continuing operating activities — Net cash used in discontinued operations — — — Net cash provided by operating activities — Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — Sales of investments — — Proceeds from sale of other assets — Other — — — Net cash used in investing activities — Financing activities: Repayment of debt — Net intercompany borrowings (repayments) — — Proceeds from stock issuance, net — — — Sale of noncontrolling interests — — Funding from noncontrolling interests — — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — — — (Increase) decrease in restricted cash and other — Net cash used in financing activities — Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ Year Ended December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by (used in) continuing operating activities — Net cash used in discontinued operations — — — Net cash provided by (used in) operating activities — Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — — Sales of investments — — — Purchases of investments — — Proceeds from sale of other assets — — Other — — Net cash provided by (used in) investing activities — Financing activities: Proceeds from debt, net — — Repayment of debt — Net intercompany borrowings (repayments) — — Sale of noncontrolling interests — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — — — (Increase) decrease in restricted cash and other — — — Net cash provided by (used in) financing activities — Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ Year Ended December 31, 2013 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net income (loss) $ $ $ $ $ Adjustments Net change in operating assets and liabilities — Net cash provided by (used in) continuing operating activities Net cash used in discontinued operations — — — Net cash provided by (used in) operating activities Investing activities: Additions to property, plant and mine development — — Acquisitions, net — — — Sales of investments — — — Purchases of investments — — — Proceeds from sale of other assets — — — Other — — — Net cash used in investing activities — — Financing activities: Proceeds from debt, net — — Repayment of debt — — Net intercompany borrowings (repayments) — — Proceeds from stock issuance, net — — — Sale of noncontrolling interests — — — Acquisition of noncontrolling interests — — — Dividends paid to noncontrolling interests — — — Dividends paid to common stockholders — (Increase) decrease in restricted cash and other — — Net cash provided by (used in) financing activities Effect of exchange rate changes on cash — — — Net change in cash and cash equivalents — — Cash and cash equivalents at beginning of period — — Cash and cash equivalents at end of period $ — $ $ $ — $ |
Condensed Consolidating Balance Sheet | At December 31, 2015 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ — $ $ $ — $ Trade receivables — — Other accounts receivables — — — Intercompany receivable — Investments — — — Inventories — — Stockpiles and ore on leach pads — — Deferred income tax assets — — — — — Other current assets — — Current assets Property, plant and mine development, net Investments — — Investments in subsidiaries — Stockpiles and ore on leach pads — — Deferred income tax assets Long-term intercompany receivable — Other long-term assets — Total assets $ $ $ $ $ Liabilities Debt $ — $ $ $ — $ Accounts payable — — Intercompany payable — Employee-related benefits — — Income and mining taxes — — — Other current liabilities — Current liabilities Debt — Reclamation and remediation liabilities — — Deferred income tax liabilities — Employee-related benefits — — Long-term intercompany payable — — Other long-term liabilities — — Total liabilities Equity Newmont stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ At December 31, 2014 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ — $ $ $ — $ Trade receivables — — Other accounts receivables — — Intercompany receivable — Investments — — Inventories — — Stockpiles and ore on leach pads — — Deferred income tax assets — Other current assets — — Current assets Property, plant and mine development, net Investments — — Investments in subsidiaries — Stockpiles and ore on leach pads — — Deferred income tax assets Long-term intercompany receivable — Other long-term assets — Total assets $ $ $ $ $ Liabilities Debt $ — $ $ $ — $ Accounts payable — — Intercompany payable — Employee-related benefits — — Income and mining taxes — — — Other current liabilities — Current liabilities Debt — Reclamation and remediation liabilities — — Deferred income tax liabilities — Employee-related benefits — — Long-term intercompany payable — — Other long-term liabilities — — Total liabilities Equity Newmont stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ |
UNAUDITED SUPPLEMENTARY DATA (T
UNAUDITED SUPPLEMENTARY DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
UNAUDITED SUPPLEMENTARY DATA | |
Quarterly Financial Information Tables | 2015 Three Months Ended March 31 June 30 September 30 December 31 Sales $ $ $ $ Gross profit (1) $ $ $ $ Income (loss) from continuing operations (2) $ $ $ $ Income (loss) from discontinued operations (2) Net income (loss) (2) $ $ $ $ Income (loss) per common share Basic: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Diluted: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Weighted average common shares (millions) Basic Diluted Cash dividends declared per common share $ $ $ $ Closing price of common stock $ $ $ $ 2014 Three Months Ended March 31 June 30 September 30 December 31 Sales $ $ $ $ Gross profit (1) $ $ $ $ Income (loss) from continuing operations (2) $ $ $ $ Income (loss) from discontinued operations (2) Net income (loss) (2) $ $ $ $ Income (loss) per common share Basic: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Diluted: Continuing operations $ $ $ $ Discontinued operations $ $ $ $ Weighted average common shares (millions) Basic Diluted Cash dividends declared per common share $ $ $ $ Closing price of common stock $ $ $ $ (1) Sales less Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation . (2) Attributable to Newmont stockholders. |
Summary of Significant Accoun67
Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Risks and Uncertainties | |||
Total Assets | $ 25,182 | $ 24,916 | $ 24,607 |
Minera Yanacocha S.R.L. | |||
Risks and Uncertainties | |||
Ownership/Economic interest in subsidiaries | 51.35% | ||
Batu Hijau | Copper concentrate export permit | |||
Risks and Uncertainties | |||
Total Assets | $ 3,481 | 3,107 | |
Conga | Minera Yanacocha S.R.L. | Political and financial results contingencies | |||
Risks and Uncertainties | |||
Ownership/Economic interest in subsidiaries | 51.35% | ||
Total Assets | $ 1,678 | $ 1,700 |
Summary of Significant Accoun68
Summary of Significant Accounting Policies - Consolidation - VIE (Details) - Primary Beneficiary | 1 Months Ended | 12 Months Ended |
Nov. 30, 2014 | Dec. 31, 2015 | |
PTNNT - Batu Hijau | ||
Principles of Consolidation | ||
Noncontrolling ownership interest pledged under terms of financing arrangement (as a percent) | 20.00% | |
Merian | Staatsolie | ||
Principles of Consolidation | ||
Option to participate, maximum (as a percent) | 25.00% | |
Ownership interest held (as a percent) | 75.00% |
Summary of Significant Accoun69
Summary of Significant Accounting Policies - Consolidation - Other (Details) CAD / shares in Units, CAD in Millions, $ in Millions | Jul. 07, 2015CADCAD / sharesshares | Dec. 31, 2015USD ($) | Jul. 07, 2015USD ($) |
Deconsolidation disclosures | |||
Gain from derecognization of assets, liabilities, and non-controlling interest | $ 76 | ||
TMAC | |||
Sale of stock by subsidiary | |||
Ownership/Economic interest in subsidiaries | 29.37% | ||
Deconsolidation disclosures | |||
Investment in affilates | $ 101 | ||
TMAC | Other income, net | |||
Deconsolidation disclosures | |||
Gain from derecognization of assets, liabilities, and non-controlling interest | $ 76 | ||
TMAC | Term Loan Facility | |||
Sale of stock by subsidiary | |||
Line of credit facility maximum borrowing capacity | $ 120 | ||
TMAC | IPO | |||
Sale of stock by subsidiary | |||
Shares issued in subsidiary IPO | shares | 22,500,000 | ||
IPO share price (in Nicaraguan Cordobas per share) | CAD / shares | CAD 6 | ||
Proceeds from initial public offering | CAD | CAD 135 |
Summary of Significant Accoun70
Summary of Significant Accounting Policies - Stockpiles and Ore on Leach Pads (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Stockpiles, Ore on Leach Pads and Inventories | |
Percentage of copper in cathodes produced in electrowinning | 99.99% |
Minimum | |
Stockpiles, Ore on Leach Pads and Inventories | |
Leach pad recovery rate | 50.00% |
Maximum | |
Stockpiles, Ore on Leach Pads and Inventories | |
Leach pad recovery rate | 95.00% |
Summary of Significant Accoun71
Summary of Significant Accounting Policies - Revenue Recognition and Income and Mining Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue Recognition | ||
Concentrate sales, percentage of provisional sales prices | 100.00% | |
Income and Mining Taxes | ||
Deferred tax on unremitted earnings | $ 4,000,000 | |
Consolidated subsidiaries | ||
Income and Mining Taxes | ||
Deferred tax on unremitted earnings | $ 0 |
Acquisitions - Consideration (D
Acquisitions - Consideration (Details) - USD ($) $ in Millions | Aug. 03, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Jun. 08, 2015 |
Acquisition price | ||||
Net proceeds from common stock issuance | $ 675 | $ 2 | ||
Acquisition costs | 19 | $ 27 | ||
Cripple Creek & Victor mine | ||||
Acquisition price | ||||
Ownership interest acquired | 100.00% | |||
Acquisition price | $ 821 | |||
Smelter Return Royalty | Cripple Creek & Victor mine | ||||
Acquisition price | ||||
Net smelter return royalty (as a percent) | 2.50% | |||
Fair value of net smelter return royalty | 0 | |||
Other expense, net | Cripple Creek & Victor mine | ||||
Acquisition price | ||||
Acquisition costs | $ 12 |
Acquisitions - Recognized asset
Acquisitions - Recognized assets and liabilities (Details) - Cripple Creek & Victor mine - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Aug. 03, 2015 | |
Revisions to preliminary purchase price allocation | ||
Increase in purchase price allocated to Stockpiles and ore on leach pads, current | $ 17 | |
Increase in purchase price allocated to Stockpiles and ore on leach pads, noncurrent | 44 | |
Decrease in purchase price allocated to Property, plant and mine development, net | $ (61) | |
Assets: | ||
Cash and cash equivalents | $ 2 | |
Inventories | 15 | |
Stockpiles and ore on leach pads | 75 | |
Other current assets | 1 | |
Current assets | 93 | |
Property, plant and mine development, net | 671 | |
Stockpiles and ore on leach pads | 175 | |
Total assets | 939 | |
Liabilities: | ||
Debt | 3 | |
Accounts Payable | 28 | |
Employee-related benefits | 2 | |
Other current liabilities | 12 | |
Current liabilities | 45 | |
Debt | 10 | |
Reclamation and remediation liabilities | 63 | |
Total liabilities | 118 | |
Net assets acquired | $ 821 |
Segment Information - Financial
Segment Information - Financial Information Table (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 06, 2014 | ||
Segment Information | |||||||||||||
Sales | $ 1,816 | $ 2,033 | $ 1,908 | $ 1,972 | $ 2,017 | $ 1,746 | $ 1,765 | $ 1,764 | $ 7,729 | $ 7,292 | $ 8,414 | ||
Costs applicable to sales | [1] | 4,312 | 4,457 | 5,299 | |||||||||
Depreciation and amortization | 1,239 | 1,229 | 1,362 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 289 | 325 | 469 | ||||||||||
Pre-Tax Income (Loss) | 966 | 506 | (3,606) | ||||||||||
Total Assets | 25,182 | 24,916 | 25,182 | 24,916 | 24,607 | ||||||||
Capital Expenditures | 1,468 | 1,099 | 1,812 | ||||||||||
Additional disclosures | |||||||||||||
Increase (decrease) in accrued capital expenditures | 67 | (11) | (88) | ||||||||||
Consolidated capital expenditures on a cash basis | 1,401 | 1,110 | 1,900 | ||||||||||
Impairment of long-lived assets | 56 | 26 | 4,352 | ||||||||||
Cripple Creek & Victor mine | |||||||||||||
Segment Information | |||||||||||||
Sales | 91 | ||||||||||||
Costs applicable to sales | 44 | ||||||||||||
Depreciation and amortization | 19 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | ||||||||||||
Pre-Tax Income (Loss) | 23 | ||||||||||||
Total Assets | 1,043 | 1,043 | |||||||||||
Capital Expenditures | 66 | ||||||||||||
Corporate and other | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 15 | 21 | 22 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 84 | 116 | 137 | ||||||||||
Pre-Tax Income (Loss) | (708) | (726) | (513) | ||||||||||
Total Assets | 4,183 | 4,864 | 4,183 | 4,864 | 3,990 | ||||||||
Capital Expenditures | 394 | 98 | 84 | ||||||||||
North America | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,999 | 2,209 | 2,763 | ||||||||||
Costs applicable to sales | 1,332 | 1,359 | 1,433 | ||||||||||
Depreciation and amortization | 332 | 287 | 299 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 60 | 70 | 135 | ||||||||||
Pre-Tax Income (Loss) | 249 | 545 | (1,221) | ||||||||||
Total Assets | 7,140 | 5,893 | 7,140 | 5,893 | 6,268 | ||||||||
Capital Expenditures | 545 | 441 | 556 | ||||||||||
North America | Operating Segments | Carlin | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,027 | 1,143 | 1,390 | ||||||||||
Costs applicable to sales | 788 | 795 | 767 | ||||||||||
Depreciation and amortization | 198 | 162 | 142 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 16 | 22 | 34 | ||||||||||
Pre-Tax Income (Loss) | 12 | 147 | 440 | ||||||||||
Total Assets | 2,240 | 2,147 | 2,240 | 2,147 | 2,140 | ||||||||
Capital Expenditures | 270 | 251 | 238 | ||||||||||
North America | Operating Segments | Phoenix | |||||||||||||
Segment Information | |||||||||||||
Sales | 330 | 405 | 387 | ||||||||||
Costs applicable to sales | 254 | 268 | 216 | ||||||||||
Depreciation and amortization | 63 | 53 | 43 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | 6 | 10 | ||||||||||
Pre-Tax Income (Loss) | (12) | 65 | 101 | ||||||||||
Total Assets | 1,002 | 1,040 | 1,002 | 1,040 | 1,022 | ||||||||
Capital Expenditures | 25 | 32 | 121 | ||||||||||
North America | Operating Segments | Phoenix | Gold | |||||||||||||
Segment Information | |||||||||||||
Sales | 221 | 271 | 295 | ||||||||||
Costs applicable to sales | 163 | 160 | 164 | ||||||||||
Depreciation and amortization | 42 | 35 | 32 | ||||||||||
North America | Operating Segments | Phoenix | Copper | |||||||||||||
Segment Information | |||||||||||||
Sales | 109 | 134 | 92 | ||||||||||
Costs applicable to sales | 91 | 108 | 52 | ||||||||||
Depreciation and amortization | 21 | 18 | 11 | ||||||||||
North America | Operating Segments | Twin Creeks | |||||||||||||
Segment Information | |||||||||||||
Sales | 551 | 509 | 728 | ||||||||||
Costs applicable to sales | 246 | 207 | 273 | ||||||||||
Depreciation and amortization | 51 | 43 | 80 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 8 | 5 | 7 | ||||||||||
Pre-Tax Income (Loss) | 240 | 295 | 364 | ||||||||||
Total Assets | 1,141 | 1,110 | 1,141 | 1,110 | 1,131 | ||||||||
Capital Expenditures | 48 | 112 | 68 | ||||||||||
North America | Operating Segments | La Herradura | |||||||||||||
Segment Information | |||||||||||||
Sales | 152 | 258 | |||||||||||
Costs applicable to sales | 89 | 177 | |||||||||||
Depreciation and amortization | 29 | 34 | |||||||||||
Advanced Projects, Research and Development, and Exploration | 12 | 42 | |||||||||||
Pre-Tax Income (Loss) | 54 | 5 | |||||||||||
Total Assets | 434 | ||||||||||||
Capital Expenditures | 23 | 103 | |||||||||||
Additional disclosures | |||||||||||||
Ownership interest sold (as a percent) | 44.00% | ||||||||||||
North America | Operating Segments | Other North America | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 1 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 30 | 25 | 42 | ||||||||||
Pre-Tax Income (Loss) | (14) | (16) | (2,131) | ||||||||||
Total Assets | 1,714 | 1,596 | 1,714 | 1,596 | 1,541 | ||||||||
Capital Expenditures | 136 | 23 | 26 | ||||||||||
South America | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,070 | 1,210 | 1,458 | ||||||||||
Costs applicable to sales | 555 | 663 | 684 | ||||||||||
Depreciation and amortization | 334 | 338 | 334 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 83 | 73 | 75 | ||||||||||
Pre-Tax Income (Loss) | (26) | 32 | 260 | ||||||||||
Total Assets | 4,316 | 4,503 | 4,316 | 4,503 | 4,528 | ||||||||
Capital Expenditures | 100 | 120 | 371 | ||||||||||
South America | Operating Segments | Yanacocha | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,070 | 1,210 | 1,458 | ||||||||||
Costs applicable to sales | 555 | 663 | 684 | ||||||||||
Depreciation and amortization | 320 | 338 | 333 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 37 | 32 | 41 | ||||||||||
Pre-Tax Income (Loss) | 40 | 89 | 292 | ||||||||||
Total Assets | 2,628 | 2,795 | 2,628 | 2,795 | 2,797 | ||||||||
Capital Expenditures | 100 | 83 | 178 | ||||||||||
South America | Operating Segments | Other South America | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 14 | 1 | |||||||||||
Advanced Projects, Research and Development, and Exploration | 46 | 41 | 34 | ||||||||||
Pre-Tax Income (Loss) | (66) | (57) | (32) | ||||||||||
Total Assets | 1,688 | 1,708 | 1,688 | 1,708 | 1,731 | ||||||||
Capital Expenditures | 37 | 193 | |||||||||||
Asia Pacific | Boddington | |||||||||||||
Additional disclosures | |||||||||||||
Impairment of long-lived assets | 2,138 | ||||||||||||
Asia Pacific | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales | 3,725 | 2,707 | 3,236 | ||||||||||
Costs applicable to sales | 2,016 | 2,014 | 2,843 | ||||||||||
Depreciation and amortization | 409 | 435 | 616 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 28 | 31 | 54 | ||||||||||
Pre-Tax Income (Loss) | 1,163 | 125 | (2,567) | ||||||||||
Total Assets | 6,548 | 6,599 | 6,548 | 6,599 | 6,932 | ||||||||
Capital Expenditures | 292 | 310 | 391 | ||||||||||
Asia Pacific | Operating Segments | Boddington | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,081 | 1,040 | 1,249 | ||||||||||
Costs applicable to sales | 709 | 743 | 1,000 | ||||||||||
Depreciation and amortization | 139 | 129 | 202 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | 1 | |||||||||||
Pre-Tax Income (Loss) | 222 | 167 | (2,056) | ||||||||||
Total Assets | 2,066 | 2,271 | 2,066 | 2,271 | 2,209 | ||||||||
Capital Expenditures | 58 | 87 | 113 | ||||||||||
Additional disclosures | |||||||||||||
Impairment of long-lived assets | 2,138 | ||||||||||||
Asia Pacific | Operating Segments | Boddington | Gold | |||||||||||||
Segment Information | |||||||||||||
Sales | 910 | 867 | 1,038 | ||||||||||
Costs applicable to sales | 569 | 585 | 805 | ||||||||||
Depreciation and amortization | 113 | 104 | 165 | ||||||||||
Asia Pacific | Operating Segments | Boddington | Copper | |||||||||||||
Segment Information | |||||||||||||
Sales | 171 | 173 | 211 | ||||||||||
Costs applicable to sales | 140 | 158 | 195 | ||||||||||
Depreciation and amortization | 26 | 25 | 37 | ||||||||||
Asia Pacific | Operating Segments | Tanami | |||||||||||||
Segment Information | |||||||||||||
Sales | 504 | 437 | 449 | ||||||||||
Costs applicable to sales | 223 | 251 | 270 | ||||||||||
Depreciation and amortization | 82 | 72 | 81 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 7 | 10 | 11 | ||||||||||
Pre-Tax Income (Loss) | 192 | 104 | (33) | ||||||||||
Total Assets | 539 | 530 | 539 | 530 | 518 | ||||||||
Capital Expenditures | 98 | 90 | 93 | ||||||||||
Asia Pacific | Operating Segments | Jundee | |||||||||||||
Segment Information | |||||||||||||
Sales | 181 | 398 | |||||||||||
Costs applicable to sales | 85 | 206 | |||||||||||
Depreciation and amortization | 34 | 80 | |||||||||||
Advanced Projects, Research and Development, and Exploration | 1 | 7 | |||||||||||
Pre-Tax Income (Loss) | 83 | 106 | |||||||||||
Total Assets | 140 | ||||||||||||
Capital Expenditures | 15 | 45 | |||||||||||
Asia Pacific | Operating Segments | Waihi | |||||||||||||
Segment Information | |||||||||||||
Sales | 136 | 167 | 157 | ||||||||||
Costs applicable to sales | 54 | 76 | 103 | ||||||||||
Depreciation and amortization | 14 | 24 | 31 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | 7 | 5 | ||||||||||
Pre-Tax Income (Loss) | 59 | 58 | 15 | ||||||||||
Total Assets | 123 | 123 | 127 | ||||||||||
Capital Expenditures | 12 | 20 | 11 | ||||||||||
Asia Pacific | Operating Segments | Kalgoorlie | |||||||||||||
Segment Information | |||||||||||||
Sales | 360 | 409 | 460 | ||||||||||
Costs applicable to sales | 272 | 284 | 342 | ||||||||||
Depreciation and amortization | 21 | 18 | 23 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | 5 | 3 | ||||||||||
Pre-Tax Income (Loss) | 65 | 105 | 96 | ||||||||||
Total Assets | 391 | 418 | 391 | 418 | 375 | ||||||||
Capital Expenditures | 21 | 33 | 19 | ||||||||||
Asia Pacific | Operating Segments | Batu Hijau | |||||||||||||
Segment Information | |||||||||||||
Sales | 1,644 | 473 | 523 | ||||||||||
Costs applicable to sales | 758 | 575 | 922 | ||||||||||
Depreciation and amortization | 137 | 141 | 185 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 7 | 3 | 14 | ||||||||||
Pre-Tax Income (Loss) | 671 | (315) | (658) | ||||||||||
Total Assets | 3,481 | 3,107 | 3,481 | 3,107 | 3,424 | ||||||||
Capital Expenditures | 98 | 59 | 105 | ||||||||||
Asia Pacific | Operating Segments | Batu Hijau | Gold | |||||||||||||
Segment Information | |||||||||||||
Sales | 669 | 80 | 57 | ||||||||||
Costs applicable to sales | 274 | 81 | 107 | ||||||||||
Depreciation and amortization | 52 | 20 | 22 | ||||||||||
Asia Pacific | Operating Segments | Batu Hijau | Copper | |||||||||||||
Segment Information | |||||||||||||
Sales | 975 | 393 | 466 | ||||||||||
Costs applicable to sales | 484 | 494 | 815 | ||||||||||
Depreciation and amortization | 85 | 121 | 163 | ||||||||||
Asia Pacific | Operating Segments | Other Asia Pacific | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 16 | 17 | 14 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 5 | 5 | 13 | ||||||||||
Pre-Tax Income (Loss) | (46) | (77) | (37) | ||||||||||
Total Assets | 71 | 150 | 71 | 150 | 139 | ||||||||
Capital Expenditures | 5 | 6 | 5 | ||||||||||
Africa | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales | 935 | 1,166 | 957 | ||||||||||
Costs applicable to sales | 409 | 421 | 339 | ||||||||||
Depreciation and amortization | 149 | 148 | 91 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 34 | 35 | 68 | ||||||||||
Pre-Tax Income (Loss) | 288 | 530 | 435 | ||||||||||
Total Assets | 2,995 | 3,057 | 2,995 | 3,057 | 2,889 | ||||||||
Capital Expenditures | 137 | 130 | 410 | ||||||||||
Africa | Operating Segments | Ahafo | |||||||||||||
Segment Information | |||||||||||||
Sales | 387 | 569 | 793 | ||||||||||
Costs applicable to sales | 204 | 249 | 307 | ||||||||||
Depreciation and amortization | 53 | 62 | 78 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 24 | 27 | 51 | ||||||||||
Pre-Tax Income (Loss) | 74 | 221 | 344 | ||||||||||
Total Assets | 1,752 | 1,755 | 1,752 | 1,755 | 1,628 | ||||||||
Capital Expenditures | 92 | 104 | 170 | ||||||||||
Africa | Operating Segments | Akyem | |||||||||||||
Segment Information | |||||||||||||
Sales | 548 | 597 | 164 | ||||||||||
Costs applicable to sales | 205 | 172 | 32 | ||||||||||
Depreciation and amortization | 96 | 86 | 13 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 8 | 8 | |||||||||||
Pre-Tax Income (Loss) | 227 | 323 | 105 | ||||||||||
Total Assets | 1,241 | 1,300 | 1,241 | 1,300 | 1,260 | ||||||||
Capital Expenditures | 45 | 26 | 240 | ||||||||||
Africa | Operating Segments | Other Africa | |||||||||||||
Segment Information | |||||||||||||
Advanced Projects, Research and Development, and Exploration | 2 | 8 | 9 | ||||||||||
Pre-Tax Income (Loss) | (13) | (14) | (14) | ||||||||||
Total Assets | $ 2 | $ 2 | $ 2 | $ 2 | 1 | ||||||||
Long Canyon | North America | Operating Segments | |||||||||||||
Additional disclosures | |||||||||||||
Impairment of long-lived assets | $ 2,082 | ||||||||||||
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
Segment Information - Dispositi
Segment Information - Dispositions (Details) $ in Millions | Oct. 29, 2015USD ($) |
Waihi | Disposal by sale | |
Disposal group | |
Total cash proceeds | $ 102 |
Segment Information - Revenues
Segment Information - Revenues by Location (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Information | |||
Revenues | $ 7,729 | $ 7,292 | $ 8,414 |
United Kingdom | |||
Segment Information | |||
Revenues | 4,954 | 5,542 | 6,373 |
Japan | |||
Segment Information | |||
Revenues | 758 | 273 | 376 |
Korea | |||
Segment Information | |||
Revenues | 660 | 315 | 360 |
Philippines | |||
Segment Information | |||
Revenues | 543 | 290 | 242 |
Indonesia | |||
Segment Information | |||
Revenues | 250 | 195 | 130 |
Germany | |||
Segment Information | |||
Revenues | 231 | 196 | 324 |
Mexico | |||
Segment Information | |||
Revenues | 152 | 258 | |
Other | |||
Segment Information | |||
Revenues | $ 333 | $ 329 | $ 351 |
Segment Information - Concentra
Segment Information - Concentration Risk (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Information | |||||||||||
Sales | $ 1,816 | $ 2,033 | $ 1,908 | $ 1,972 | $ 2,017 | $ 1,746 | $ 1,765 | $ 1,764 | $ 7,729 | $ 7,292 | $ 8,414 |
Sales Revenue, Product Line | Bank Of Nova Scotia | Customers | Gold | |||||||||||
Segment Information | |||||||||||
Sales | $ 1,074 | $ 1,514 | $ 1,787 | ||||||||
Percentage of sales by customer | 14.00% | 23.00% | 23.00% | ||||||||
Sales Revenue, Product Line | Credit Agricole Corporate and Investment | Customers | Gold | |||||||||||
Segment Information | |||||||||||
Sales | $ 762 | ||||||||||
Percentage of sales by customer | 10.00% | ||||||||||
Sales Revenue, Product Line | Barclays | Customers | Gold | |||||||||||
Segment Information | |||||||||||
Sales | $ 1,098 | $ 1,338 | |||||||||
Percentage of sales by customer | 17.00% | 17.00% |
Segment Information - Long-live
Segment Information - Long-lived Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Information | ||
Long-Lived Assets | $ 17,962 | $ 17,226 |
United States | ||
Segment Information | ||
Long-Lived Assets | 6,651 | 5,596 |
Peru | ||
Segment Information | ||
Long-Lived Assets | 2,980 | 3,315 |
Australia | ||
Segment Information | ||
Long-Lived Assets | 2,739 | 2,800 |
Ghana | ||
Segment Information | ||
Long-Lived Assets | 2,526 | 2,524 |
Indonesia | ||
Segment Information | ||
Long-Lived Assets | 2,446 | 2,636 |
Suriname | ||
Segment Information | ||
Long-Lived Assets | 614 | 246 |
Other | ||
Segment Information | ||
Long-Lived Assets | $ 6 | $ 109 |
Reclamation and Remediation - E
Reclamation and Remediation - Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RECLAMATION AND REMEDIATION | |||
Reclamation | $ 5 | $ 19 | $ (4) |
Reclamation accretion | 87 | 76 | 66 |
Total reclamation expense | 92 | 95 | 62 |
Remediation | 170 | 55 | 15 |
Remediation Accretion | 4 | 4 | 4 |
Total remediation expense | 174 | 59 | 19 |
Reclamation and remediation expense | $ 266 | $ 154 | $ 81 |
Reclamation and Remediation - R
Reclamation and Remediation - Reconciliation of Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impact of discounting water treatment costs | |||
Discount of water treatment costs | $ 60 | $ 58 | |
Change in reclamation liability | |||
Balance at beginning of period | 1,497 | 1,432 | |
Additions, changes in estimates and other | (36) | 79 | |
Acquisitions and divestitures | (32) | 63 | |
Payments and other | (27) | (27) | |
Accretion expense | 87 | 76 | $ 66 |
Balance at end of period | 1,553 | 1,497 | 1,432 |
Change in remediation liability | |||
Balance at beginning of period | 192 | 179 | |
Additions, changes in estimates and other | 163 | 52 | |
Payments and other | (41) | (43) | |
Accretion Expense | 4 | 4 | 4 |
Balance at end of period | 318 | 192 | 179 |
Change in Reclamation and Remediation Liabilities | |||
Balance at beginning of period | 1,689 | 1,611 | |
Additions, changes in estimates and other | 127 | 131 | |
Acquisitions and divestitures | 32 | (63) | |
Payments and other | (68) | (70) | |
Accretion expense | 91 | 80 | |
Balance at end of period | 1,871 | 1,689 | $ 1,611 |
Current portion of reclamation and remediation obligations | |||
Reclamation obligation, current | $ 37 | $ 42 | |
Minimum | |||
Impact of discounting water treatment costs | |||
Discount of water treatment costs, discount percentage | 2.00% | 0.80% | |
Maximum | |||
Impact of discounting water treatment costs | |||
Discount of water treatment costs, discount percentage | 6.60% | 6.20% | |
Other current liabilities | |||
Current portion of reclamation and remediation obligations | |||
Reclamation obligation, current | $ 37 | $ 42 | |
Remediation obligation, current | $ 34 | $ 41 |
Reclamation and Remediation - A
Reclamation and Remediation - Aquisitions and Disposals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclamation and remediation liability | ||
Additions, changes in estimates and other | $ 163 | $ 52 |
Cripple Creek & Victor mine | ||
Reclamation and remediation liability | ||
Additions to reclamation obligations, acquisitions | $ 63 | |
Disposal by sale | Jundee | ||
Reclamation and remediation liability | ||
Reductions in reclamation obligations, divestitures | 39 | |
Disposal by sale | La Herradura | ||
Reclamation and remediation liability | ||
Reductions in reclamation obligations, divestitures | 16 | |
Disposal by sale | Midas | ||
Reclamation and remediation liability | ||
Reductions in reclamation obligations, divestitures | $ 8 |
Reclamation and Remediation -82
Reclamation and Remediation - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | $ 0 | |
Other current liabilities | ||
Reclamation and remediation liability | ||
Current portion of reclamation and remediation liabilities | $ 34 | 41 |
Other Long-Term Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | 65 | 67 |
Batu Hijau | Other Current Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | 15 | |
Midnite Mine | Other Long-Term Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | 43 | 43 |
Ahafo and Akyem Mines | Other Long-Term Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | 13 | 14 |
Con Mine | Other Long-Term Assets | Cash and cash equivalents | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | 9 | 10 |
San Jose Reservoir | Investments, Noncurrent | Cash and cash equivalents | Long-term equity securities | ||
Reclamation and remediation liability | ||
Asset retirement obligation restricted assets | $ 20 | $ 19 |
Impairment of Long-Lived Asse83
Impairment of Long-Lived Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | $ 56 | $ 26 | $ 4,352 |
North America | Long Canyon | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 2,082 | ||
Asia Pacific | Boddington | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 2,138 | ||
Asia Pacific | Tanami | |||
Asset Impairment Charges [Line Items] | |||
Goodwill impairment loss | 56 | ||
Property Plant And Mine Development | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 8 | 26 | 4,265 |
Property Plant And Mine Development | North America | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 5 | 2,082 | |
Property Plant And Mine Development | South America | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 13 | 8 | |
Property Plant And Mine Development | Asia Pacific | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 2,175 | ||
Property Plant And Mine Development | Africa | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 2 | ||
Property Plant And Mine Development | Corporate and other | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 6 | $ 8 | |
Other Long-Term Assets | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 48 | 87 | |
Other Long-Term Assets | South America | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | 44 | ||
Other Long-Term Assets | Asia Pacific | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | $ 87 | ||
Other Long-Term Assets | Africa | |||
Asset Impairment Charges [Line Items] | |||
Impairment of long-lived assets (Note 6) | $ 4 |
Other Expense, Net (Details)
Other Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OTHER EXPENSE, NET | |||
Regional administration | $ 64 | $ 59 | $ 59 |
Community development | 38 | 47 | 84 |
Restructuring and other | 34 | 40 | 67 |
Ghana Investment Agreement | 27 | ||
Acquisition costs | 19 | 27 | |
Western Australia power plant | 10 | 13 | 19 |
Other | 29 | 46 | 44 |
Other expense, net | $ 221 | $ 205 | $ 300 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain (loss) on asset and investment sales, net | $ 118 | $ 126 | $ 286 |
Gain on deconsolidation of TMAC | 76 | ||
Foreign currency exchange, net | 23 | 3 | 59 |
Refinery income, net | 9 | 26 | 32 |
Dividends | 4 | 35 | |
Impairment of investments | (115) | (21) | (105) |
Other | 13 | 23 | 42 |
Other Income, net | $ 128 | $ 157 | $ 349 |
Income and Mining Taxes - (Expe
Income and Mining Taxes - (Expense) Benefit - Current vs Deferred (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Current: United States | $ 17 | $ (43) | $ (129) |
Current: Foreign | (344) | (239) | (372) |
Current income taxes | (327) | (282) | (501) |
Deferred: | |||
Deferred: United States | 41 | 167 | 805 |
Deferred: Foreign | (358) | (18) | 451 |
Deferred income taxes | (317) | 149 | 1,256 |
Income and mining tax benefit (expense) | $ (644) | $ (133) | $ 755 |
Income and Mining Taxes - Domes
Income and Mining Taxes - Domestic Vs Foreign (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) before income and mining tax and other items | |||
United States | $ (279) | $ 41 | $ (1,625) |
Foreign | 1,245 | 465 | (1,981) |
Income (loss) before income and mining tax and other items | $ 966 | $ 506 | $ (3,606) |
Income and Mining Taxes - Tax E
Income and Mining Taxes - Tax Expense Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciling item, percentage | |||
Tax at statutory rate | 35.00% | 35.00% | 35.00% |
Percentage depletion | (6.00%) | (24.00%) | 4.00% |
Change in valuation allowance on deferred tax assets | 16.00% | 2.00% | (19.00%) |
Mining and other taxes | 6.00% | 7.00% | (1.00%) |
U.S. tax effect of minority interest attributable to non-U.S. investees | 12.00% | 5.00% | 0.00% |
Other | 3.00% | 1.00% | 2.00% |
Income and mining tax expense (benefit) | 66.00% | 26.00% | 21.00% |
Reconciling item, amount | |||
Income (loss) before income and mining tax and other items | $ 966 | $ 506 | $ (3,606) |
Income tax benefit (expense) at statutory rate | (338) | (177) | 1,262 |
Percentage depletion | 56 | 122 | 134 |
Change in valuation allowance on deferred tax assets | (155) | (10) | (665) |
Mining and other taxes | (58) | (34) | (45) |
U.S. tax effect of minority interest attributable to non-U.S. investees | (120) | (25) | 10 |
Other | (29) | (9) | 59 |
Income and mining tax benefit (expense) | $ (644) | $ (133) | $ 755 |
Income and Mining Taxes - Addit
Income and Mining Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Factors that Significantly Impact Effective Tax Rate | |||
Deferred tax assets, valuation allowance | $ 2,987 | $ 2,817 | |
Increase in overall valuation allowance | 170 | ||
Deferred: United States | $ 41 | $ 167 | $ 805 |
Income and Mining Taxes - Compo
Income and Mining Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Property, plant and mine development | $ 740 | $ 1,153 |
Inventory | 398 | 367 |
Reclamation and remediation | 436 | 420 |
Net operating losses, capital losses and tax credits | 1,743 | 1,722 |
Investment in partnerships and subsidiaries | 550 | 340 |
Employee-related benefits | 365 | 342 |
Derivative instruments and unrealized loss on investments | 371 | 378 |
Other | 251 | 173 |
Deferred tax assets gross | 4,854 | 4,895 |
Valuation allowances | (2,987) | (2,817) |
Deferred tax assets net | 1,867 | 2,078 |
Deferred income tax liabilities: | ||
Property, plant and mine development | (772) | (695) |
Reclamation and remediation | (203) | |
Net undistributed earnings of subsidiaries | (4) | |
Other | (14) | (137) |
Deferred tax liabilities | (989) | (836) |
Net deferred income tax assets (liabilities) | 878 | 1,242 |
Net deferred income tax assets and liabilities consist of: | ||
Current deferred income tax assets | 240 | |
Long-term deferred income tax assets | 1,718 | 1,790 |
Current deferred income tax liabilities | (132) | |
Long-term deferred income tax liabilities | (840) | (656) |
Net deferred income tax assets (liabilities) | $ 878 | $ 1,242 |
Income and Mining Taxes - Unrec
Income and Mining Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Unrecognized Tax Benefits | |||
Total amount of gross unrecognized tax benefits at beginning of year | $ 394 | $ 320 | $ 391 |
Additions for tax positions of prior years | (24) | 98 | 19 |
Reductions due to settlements with taxing authorities | (302) | (10) | (75) |
Reductions due to lapse of statute of limitations | (6) | (14) | (15) |
Total amount of gross unrecognized tax benefits at end of year | 62 | 394 | 320 |
Unrecognized Tax Benefits, other information | |||
Unrecognized tax benefits affecting effective tax rate | 35 | 91 | 77 |
Income Tax Receivable | 222 | 215 | |
Accrued income-tax-related interest and penalties | 16 | 17 | |
Increase (decrease) in income tax expense for adjustments to previous accruals for interest and penalties | (1) | $ 5 | $ (2) |
Minimum | |||
Unrecognized Tax Benefits, other information | |||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change | 55 | ||
Maximum | |||
Unrecognized Tax Benefits, other information | |||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change | 60 | ||
PTNNT - Batu Hijau | Tax Years 2008 to 2014 | |||
Unrecognized Tax Benefits, other information | |||
Income Tax Receivable | $ 213 |
Income and Mining Taxes - Valua
Income and Mining Taxes - Valuation of Deferred Tax Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation of Deferred Tax Assets | ||
Deferred tax assets, valuation allowance | $ 2,987 | $ 2,817 |
Net Deferred Tax Assets | ||
Valuation of Deferred Tax Assets | ||
Look-back period | 3 years | |
Net Deferred Tax Assets | Peru | ||
Valuation of Deferred Tax Assets | ||
Deferred tax assets, valuation allowance | $ 188 | |
Long Canyon and Northumberland Asset Impairment | United States | ||
Valuation of Deferred Tax Assets | ||
Deferred tax assets, valuation allowance | 0 | |
Long Canyon and Northumberland Asset Impairment | Australia | ||
Valuation of Deferred Tax Assets | ||
Deferred tax assets, valuation allowance | 0 | |
Deferred Tax Assets, Carry forwards, capital losses, and tax credits | ||
Valuation of Deferred Tax Assets | ||
Deferred tax assets, valuation allowance | $ 2,542 |
Income and Mining Taxes - Tax L
Income and Mining Taxes - Tax Loss Carryforwards, Foreign Tax Credits, and AMT Credits (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Carryforwards | ||
Operating loss carryforwards | $ 1,086 | $ 1,096 |
Tax credit carryforwards | 524 | 420 |
Australia and France Tax Authorities | ||
Carryforwards | ||
Operating loss carryforwards | 432 | 547 |
U.S. Tax Authority | Foreign Tax Credits | ||
Carryforwards | ||
Tax credit carryforwards | 433 | 287 |
U.S. Tax Authority | AMT | ||
Carryforwards | ||
Tax credit carryforwards | $ 92 | $ 133 |
Equity Income (Loss) of Affil94
Equity Income (Loss) of Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity method investments | |||
Equity income (loss) of affiliates | $ (45) | $ (4) | $ (5) |
Minera La Zanja S.R.L. | |||
Equity method investments | |||
Equity income (loss) of affiliates | (30) | 7 | 19 |
Euronimba Ltd. | |||
Equity method investments | |||
Equity income (loss) of affiliates | (9) | $ (11) | (25) |
TMAC | |||
Equity method investments | |||
Equity income (loss) of affiliates | (7) | ||
Novo Resources Corporation | |||
Equity method investments | |||
Equity income (loss) of affiliates | $ 1 | $ 1 |
Equity Income (Loss) of Affil95
Equity Income (Loss) of Affiliates - Additional Information (Detail) | Dec. 31, 2015 |
Minera La Zanja S.R.L. | |
Ownership interests | |
Newmont equity interest ownership (as a percent) | 46.94% |
Euronimba Ltd. | |
Ownership interests | |
Newmont equity interest ownership (as a percent) | 43.50% |
TMAC | |
Ownership interests | |
Newmont equity interest ownership (as a percent) | 29.37% |
Novo Resources Corporation | |
Ownership interests | |
Newmont equity interest ownership (as a percent) | 23.02% |
BHP Billiton | Euronimba Ltd. | |
Ownership interests | |
Equity investment remaining ownership interests | 43.50% |
Areva | Euronimba Ltd. | |
Ownership interests | |
Equity investment remaining ownership interests | 13.00% |
Euronimba Ltd. | Nimba Project | |
Ownership interests | |
Ownership interest in project (as a percent) | 95.00% |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disposal group | |||
Income (loss) from discontinued operations | $ 27 | $ (40) | $ 61 |
Net operating cash used in discontinued operations | (12) | (13) | (18) |
Holloway Mining Company | Discontinued operations disposed of by sale | |||
Disposal group | |||
Income (loss) from discontinued operations | 27 | (40) | 61 |
Discontinued operations, income tax expense (benefit) | 11 | (18) | 28 |
Net operating cash used in discontinued operations | $ (12) | $ (13) | $ (18) |
Net Income (Loss) Attributabl97
Net Income (Loss) Attributable to Noncontrolling Interests - Net Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | $ 84 | $ (179) | $ (261) |
Minera Yanacocha S.R.L. | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | (126) | (16) | 68 |
PTNNT - Batu Hijau | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | 224 | (142) | (320) |
TMAC | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | (13) | (28) | (18) |
Merian | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | (3) | ||
Other | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | $ 2 | $ 7 | $ 9 |
Net Income (Loss) Attributabl98
Net Income (Loss) Attributable to Noncontrolling Interests - Ownership (Details) | Dec. 31, 2015 |
Minera Yanacocha S.R.L. | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Ownership/Economic interest in subsidiaries | 51.35% |
Minera Yanacocha S.R.L. | Compania de Minas Buenaventura SAA | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.65% |
Minera Yanacocha S.R.L. | International Finance Corporation | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 5.00% |
PTNNT - Batu Hijau | Primary Beneficiary | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Ownership/Economic interest in subsidiaries | 48.50% |
TMAC | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Ownership/Economic interest in subsidiaries | 29.37% |
Newmont equity interest ownership (as a percent) | 29.37% |
Merian | Primary Beneficiary | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 75.00% |
Surgold | Primary Beneficiary | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Ownership/Economic interest in subsidiaries | 100.00% |
Net Income (Loss) Attributabl99
Net Income (Loss) Attributable to Noncontrolling Interests - Classified Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
TMAC | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | $ 34 | |
Long-term assets | 4 | |
Total assets | 38 | |
Current liabilities | 4 | |
Long-term liabilities | 13 | |
Total liabilities | 17 | |
TMAC | Cash and cash equivalents | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 28 | |
TMAC | Other Current Assets | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 6 | |
TMAC | Property Plant And Mine Development | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term assets | 4 | |
TMAC | Accounts payable | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 1 | |
TMAC | Other current liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 3 | |
TMAC | Reclamation and remediation liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term liabilities | 13 | |
Primary Beneficiary | PTNNT - Batu Hijau | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | $ 960 | 458 |
Long-term assets | 2,528 | 2,692 |
Total assets | 3,488 | 3,150 |
Current liabilities | 292 | 301 |
Long-term liabilities | 767 | 854 |
Total liabilities | 1,059 | 1,155 |
Primary Beneficiary | PTNNT - Batu Hijau | Cash and cash equivalents | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 419 | 170 |
Primary Beneficiary | PTNNT - Batu Hijau | Trade receivables | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 179 | 66 |
Primary Beneficiary | PTNNT - Batu Hijau | Other Current Assets | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 362 | 222 |
Primary Beneficiary | PTNNT - Batu Hijau | Property Plant And Mine Development | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term assets | 1,103 | 1,126 |
Primary Beneficiary | PTNNT - Batu Hijau | Stockpiles and ore on leach pads | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term assets | 1,104 | 1,239 |
Primary Beneficiary | PTNNT - Batu Hijau | Other Long-Term Assets | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term assets | 321 | 327 |
Primary Beneficiary | PTNNT - Batu Hijau | Debt, current | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 140 | 155 |
Primary Beneficiary | PTNNT - Batu Hijau | Accounts payable | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 81 | 65 |
Primary Beneficiary | PTNNT - Batu Hijau | Other current liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 71 | 81 |
Primary Beneficiary | PTNNT - Batu Hijau | Debt, noncurrent | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term liabilities | 192 | 402 |
Primary Beneficiary | PTNNT - Batu Hijau | Reclamation and remediation liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term liabilities | 245 | 187 |
Primary Beneficiary | PTNNT - Batu Hijau | Other Long-Term Liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term liabilities | 330 | 265 |
Primary Beneficiary | Merian | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 39 | 11 |
Long-term assets | 564 | 216 |
Total assets | 603 | 227 |
Current liabilities | 35 | 12 |
Long-term liabilities | 8 | 3 |
Total liabilities | 43 | 15 |
Primary Beneficiary | Merian | Cash and cash equivalents | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 16 | 8 |
Primary Beneficiary | Merian | Other Current Assets | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current assets | 23 | 3 |
Primary Beneficiary | Merian | Property Plant And Mine Development | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term assets | 564 | 216 |
Primary Beneficiary | Merian | Other current liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Current liabilities | 35 | 12 |
Primary Beneficiary | Merian | Reclamation and remediation liabilities | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||
Long-term liabilities | $ 8 | $ 3 |
Newmont Equity and Income (Loss
Newmont Equity and Income (Loss) Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) attributable to Newmont stockholders: | |||||||||||
Continuing operations | $ (247) | $ 202 | $ 63 | $ 175 | $ 39 | $ 210 | $ 182 | $ 117 | $ 193 | $ 548 | $ (2,595) |
Discontinued operations | $ (7) | $ 17 | $ 9 | $ 8 | $ (24) | $ 3 | $ (2) | $ (17) | 27 | (40) | 61 |
Net income (loss) attributable to Newmont stockholders | $ 220 | $ 508 | $ (2,534) | ||||||||
Weighted average common shares (millions): | |||||||||||
Basic | 529 | 529 | 505 | 499 | 499 | 499 | 499 | 498 | 516 | 499 | 498 |
Diluted | 530 | 530 | 506 | 500 | 500 | 500 | 499 | 499 | 516 | 499 | 498 |
Basic: | |||||||||||
Continuing operations | $ (0.48) | $ 0.38 | $ 0.13 | $ 0.35 | $ 0.08 | $ 0.42 | $ 0.37 | $ 0.23 | $ 0.38 | $ 1.10 | $ (5.21) |
Discontinued operations | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 |
Income (loss) per common share, basic | (0.50) | 0.42 | 0.14 | 0.37 | 0.03 | 0.43 | 0.36 | 0.20 | 0.43 | 1.02 | (5.09) |
Diluted: | |||||||||||
Continuing operations | (0.48) | 0.38 | 0.13 | 0.35 | 0.08 | 0.42 | 0.37 | 0.23 | 0.38 | 1.10 | (5.21) |
Discontinued operations | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 |
Income (loss) per common share, diluted | $ (0.50) | $ 0.42 | $ 0.14 | $ 0.37 | $ 0.03 | $ 0.43 | $ 0.36 | $ 0.20 | $ 0.43 | $ 1.02 | $ (5.09) |
Newmont Equity and Income (L101
Newmont Equity and Income (Loss) Per Common Share - Anti-dilutive Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options | |||
Antidilutive securities | |||
Anti-dilutive shares | 2 | 3 | 3 |
PSUs | |||
Antidilutive securities | |||
Anti-dilutive shares | 2 |
Newmont Equity and Income (L102
Newmont Equity and Income (Loss) Per Share - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015security$ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2013shares | Jul. 31, 2007USD ($) | |
2007 Convertible Senior Notes | ||||
Convertible Debt - impact on earnings (loss) per share | ||||
Debt issued | $ | $ 1,150 | |||
2007 Convertible Senior Notes | Call Options | ||||
Convertible Debt - impact on earnings (loss) per share | ||||
Conversion price on convertible notes | $ / shares | $ 44.71 | |||
Conversion price on call spread transaction | $ / shares | 58.32 | |||
2014 Notes | ||||
Convertible Debt - impact on earnings (loss) per share | ||||
Debt issued | $ | 575 | |||
2017 Convertible Senior Notes, net of discount | ||||
Convertible Debt - impact on earnings (loss) per share | ||||
Debt issued | $ | $ 575 | |||
Conversion price on convertible notes | $ / shares | $ 44.71 | |||
2017 Convertible Senior Notes, net of discount | Common shares | ||||
Convertible Debt - impact on earnings (loss) per share | ||||
Number of shares issuable upon conversion of notes | security | 12,860,658 | |||
Number of additional shares included in diluted weighted-average shares | shares | 0 | 0 | 0 |
Employee Related Benefits - Cur
Employee Related Benefits - Current and Long-Term Employee-Related Benefits (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current: | |||
Accrued payroll and withholding taxes | $ 249 | $ 254 | |
Peruvian workers’ participation | 20 | 31 | |
Employee pension benefits | 5 | 8 | |
Other post-retirement plans | 4 | 3 | |
Accrued severance | 2 | 2 | |
Other employee-related payables | 13 | 9 | |
Employee-related Liabilities, Current, Total | 293 | 307 | |
Long-term: | |||
Employee pension benefits | 213 | 216 | |
Accrued severance | 125 | 121 | |
Other post-retirement benefit plans | 88 | 146 | |
Other employee-related payables | 11 | 9 | |
Employee-related Liabilities, Long-term, Total | $ 437 | $ 492 | |
Pension and Other Benefit Plans | |||
Decrease in post-retirement benefit plan liability | $ 52 | ||
Decrease in post-retirement benefit plan liability, net of tax | $ 34 |
Employee Related Benefits - Ben
Employee Related Benefits - Benefit Obligations and Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Fair Value of Assets: | |||
Fair value of assets at beginning of year | $ 766 | ||
Fair value of assets at end of year | 760 | $ 766 | |
Pension Plans | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 990 | 758 | |
Service cost | 31 | 26 | $ 33 |
Interest cost | 43 | 40 | 40 |
Actuarial (gain) loss | (46) | 205 | |
Foreign currency exchange gain | (3) | (1) | |
Settlement payments | (4) | (9) | |
Benefits paid | (33) | (29) | |
Projected benefit obligation at end of year | 978 | 990 | 758 |
Accumulated Benefit Obligation | 956 | 962 | |
Change in Fair Value of Assets: | |||
Fair value of assets at beginning of year | 766 | 681 | |
Actual return on plan assets | (16) | 70 | |
Employer contributions | 47 | 53 | |
Settlement payments | (4) | (9) | |
Benefits paid | (33) | (29) | |
Fair value of assets at end of year | 760 | 766 | 681 |
Unfunded status, net | 218 | 224 | |
Other Benefit Plans | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 149 | 117 | |
Service cost | 3 | 3 | 4 |
Interest cost | 5 | 6 | 6 |
Actuarial (gain) loss | (22) | 26 | |
Amendments | (39) | ||
Benefits paid | (4) | (3) | |
Projected benefit obligation at end of year | 149 | $ 117 | |
Accumulated Benefit Obligation | 92 | 149 | |
Change in Fair Value of Assets: | |||
Employer contributions | 4 | 3 | |
Benefits paid | (4) | (3) | |
Unfunded status, net | $ 92 | $ 149 |
Employee Related Benefits - Net
Employee Related Benefits - Net Pension Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated other comprehensive income (loss): | ||||
Total equity | $ 14,292 | $ 13,089 | $ 12,909 | $ 16,871 |
Pension Plans | ||||
Pension and other post-retirement costs, net | ||||
Accrued employee benefit liability | 218 | 224 | ||
Pension Plans | Net pension and other benefits included in AOCI | ||||
Accumulated other comprehensive income (loss): | ||||
Net actuarial gain (loss) | (426) | (439) | ||
Prior service credit (cost) | 64 | 71 | ||
Accumulated other comprehensive income (loss) before tax | (362) | (368) | ||
Less: Income taxes | 127 | 129 | ||
Total equity | (235) | (239) | ||
Other Benefit Plans | ||||
Pension and other post-retirement costs, net | ||||
Accrued employee benefit liability | 92 | 149 | ||
Other Benefit Plans | Net pension and other benefits included in AOCI | ||||
Accumulated other comprehensive income (loss): | ||||
Net actuarial gain (loss) | 7 | (16) | ||
Prior service credit (cost) | 38 | 2 | ||
Accumulated other comprehensive income (loss) before tax | 45 | (14) | ||
Less: Income taxes | (16) | 5 | ||
Total equity | $ 29 | $ (9) |
Employee-Related Benefits - Net
Employee-Related Benefits - Net Periodic Pension and Other Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans | |||
Pension and other post-retirement costs, net | |||
Service cost | $ 31 | $ 26 | $ 33 |
Interest cost | 43 | 40 | 40 |
Expected return on plan assets | (58) | (51) | (50) |
Amortization, net | 28 | 13 | 6 |
Net periodic pension cost | 44 | 28 | 29 |
Settlements | 3 | 7 | 12 |
Total pension cost | 47 | 35 | 41 |
Other Benefit Plans | |||
Pension and other post-retirement costs, net | |||
Service cost | 3 | 3 | 4 |
Interest cost | 5 | 6 | 6 |
Amortization, net | (3) | (1) | (1) |
Net periodic pension cost | 5 | 8 | 9 |
Total pension cost | $ 5 | $ 8 | $ 9 |
Employee Related Benefits - Com
Employee Related Benefits - Components Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans | |||
Pension and other post-retirement costs, net | |||
Net gain (loss) | $ (25) | $ (185) | $ 198 |
Amortization, net | 28 | 13 | 6 |
Settlements | 3 | 7 | 12 |
Total recognized in Other comprehensive income (loss) | 6 | (165) | 216 |
Total recognized in net periodic benefit cost and Other comprehensive income (loss) | (41) | (193) | 187 |
Expected recognition of amounts in AOCI | |||
Expected recognition of amounts in AOCI for net actuarial loss | 33 | ||
Expected recognition of amounts in AOCI for prior service cost | (8) | ||
Other Benefit Plans | |||
Pension and other post-retirement costs, net | |||
Net gain (loss) | 62 | (26) | 22 |
Amortization, net | (3) | (1) | (1) |
Total recognized in Other comprehensive income (loss) | 59 | (27) | 21 |
Total recognized in net periodic benefit cost and Other comprehensive income (loss) | 54 | $ (35) | $ 12 |
Expected recognition of amounts in AOCI | |||
Expected recognition of amounts in AOCI for prior service cost | $ (6) |
Employee Related Benefits - Sig
Employee Related Benefits - Significant Assumptions (Detail) - item | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other information | |||
Expected long term return on plan assets for calculating benefit obligation | 7.25% | ||
Look-back period used for comparing actual returns to expected returns | 5 years | ||
Period for look-back of average actual return on plan assets | 27 years | ||
Actual return on plan assets | 8.00% | ||
Pension Plans | |||
Weighted-average assumptions used in measuring the Company’s benefit obligation: | |||
Discount rate (as a percent) | 4.80% | 4.32% | |
Rate of compensation increase | 4.00% | 5.00% | |
Weighted-average assumptions used in measuring the net periodic pension benefit cost: | |||
Discount long-term rate | 4.32% | 5.25% | 4.30% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of compensation increase | 5.00% | 5.00% | 5.00% |
Other information | |||
Number of calculation methods for salaried U.S. employees | 2 | ||
Final Average Pay, number of years included in calculation | 5 years | ||
Other Benefit Plans | |||
Weighted-average assumptions used in measuring the Company’s benefit obligation: | |||
Discount rate (as a percent) | 4.80% | 4.32% | |
Rate of compensation increase | 4.00% | 5.00% | |
Weighted-average assumptions used in measuring the net periodic pension benefit cost: | |||
Discount long-term rate | 4.32% | 5.25% | 4.30% |
Rate of compensation increase | 5.00% | 5.00% | 5.00% |
Employee Related Benefits - Ass
Employee Related Benefits - Asset Allocation (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
U.S. equity investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 21.00% |
Actual asset allocation (as a percent) | 21.00% |
International equity investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 22.00% |
Actual asset allocation (as a percent) | 22.00% |
Fixed income investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 49.00% |
Actual asset allocation (as a percent) | 49.00% |
Other | |
Pension and other post-retirement costs, net | |
Target asset allocation | 8.00% |
Actual asset allocation (as a percent) | 8.00% |
Employee Related Benefits - Fai
Employee Related Benefits - Fair Value of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Plan Assets: | ||
Fair value of assets | $ 760 | $ 766 |
Level 1 | ||
Plan Assets: | ||
Fair value of assets | 1 | 2 |
Level 2 | ||
Plan Assets: | ||
Fair value of assets | 759 | 764 |
Cash and cash equivalents | ||
Plan Assets: | ||
Fair value of assets | 1 | 2 |
Cash and cash equivalents | Level 1 | ||
Plan Assets: | ||
Fair value of assets | 1 | 2 |
Commingled Funds | ||
Plan Assets: | ||
Fair value of assets | 759 | 764 |
Commingled Funds | Level 2 | ||
Plan Assets: | ||
Fair value of assets | $ 759 | $ 764 |
Commingled Funds | Level 2 | U.S. equity investments | ||
Plan Assets: | ||
Actual asset allocation (as a percent) | 21.00% | |
Commingled Funds | Level 2 | International equity investments | ||
Plan Assets: | ||
Actual asset allocation (as a percent) | 22.00% | |
Commingled Funds | Level 2 | Fixed income investments | ||
Plan Assets: | ||
Actual asset allocation (as a percent) | 49.00% | |
Commingled Funds | Level 2 | Other | ||
Plan Assets: | ||
Actual asset allocation (as a percent) | 8.00% |
Employee Related Benefits - Eff
Employee Related Benefits - Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) - Other Benefit Plans $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Assumed health care trend rates | |
Assumed health care cost trend rate for next fiscal year | 7.00% |
Assumed ultimate health care cost trend rate | 5.00% |
Year when health care costs reach ultimate trend rate | 2,021 |
Assumed health care trend rates, one-percent change | |
One-percentage-point increase effect on the health care component of the accumulated post-retirement benefit obligation | $ 3 |
One-percentage-point decrease effect on the health care component of the accumulated post-retirement benefit obligation | $ (2) |
Employee Related Benefits - Hea
Employee Related Benefits - Health Care Trend Rates (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension Plans | |
Cash Flows | |
2,016 | $ 41 |
2,017 | 51 |
2,018 | 50 |
2,019 | 58 |
2,020 | 64 |
2021 - 2025 | 360 |
Other Benefit Plans | |
Cash Flows | |
2,016 | 4 |
2,017 | 5 |
2,018 | 5 |
2,019 | 5 |
2,020 | 5 |
2021 - 2025 | $ 31 |
Employee Related Benefits - Def
Employee Related Benefits - Defined Contribution Plans (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015plan | Dec. 31, 2013USD ($) | |
U.S. Defined Contribution Savings Plans | ||
Savings Plans | ||
Percentage of employee contributions matched | 100.00% | |
Defined contribution savings plans matching contributions | $ | $ 14 | |
U.S. Defined Contribution Savings Plans | Maximum | ||
Savings Plans | ||
Maximum employer match, as a percentage of eligible earnings | 6.00% | |
U.S. Defined Contribution Savings Plans | Western Nevada hourly employees | Minimum | ||
Savings Plans | ||
Maximum employer match, as a percentage of eligible earnings | 5.00% | |
U.S. Defined Contribution Savings Plans | Western Nevada hourly employees | Maximum | ||
Savings Plans | ||
Maximum employer match, as a percentage of eligible earnings | 7.50% | |
U.S. Qualified Defined Contribution Plans | ||
Savings Plans | ||
Number of plans | 2 | |
U.S. Qualified Defined Contribution Plan - Salaried and other non-union employees | ||
Savings Plans | ||
Number of plans | 1 | |
U.S. Qualified Defined Contribution Plan - Union employees | ||
Savings Plans | ||
Number of plans | 1 | |
U.S. Non-qualified Defined Contribution Plan - Salaried employees | ||
Savings Plans | ||
Number of plans | 1 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option and General Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation | |||
Shares authorized for future stock incentive plan awards | 16,035,965 | ||
Employee Stock Options | |||
Options granted (in shares) | 0 | 0 | 0 |
Options outstanding (in shares) | 2,069,722 | ||
Options exercisable (in shares) | 2,069,722 | ||
Options exercisable - weighted-average exercise price | $ 48.14 | ||
Stock options | |||
Employee Stock Options | |||
Options exercisable - weighted average remaining contractual life | 3 years 6 months | ||
Minimum | Stock options | |||
Employee Stock Options | |||
Stock award vesting period | 3 years | ||
Stock award expiration period | 10 years |
Stock-Based Compensation - Othe
Stock-Based Compensation - Other Stock Based Compensation (Details) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2015shares | Dec. 31, 2014 | |
PSUs | ||
Other Stock Based Compensation | ||
Stock award vesting period | 3 years | |
SSUs | ||
Other Stock Based Compensation | ||
Percentage of vested awards issued without restriction in common shares | 33.30% | |
Percentage of vested awards issued with restrictions | 66.70% | |
Shares reserved for future grant | 0 | |
Common shares | RSUs | ||
Other Stock Based Compensation | ||
Common shares received per each unit vested under award | 1 | |
Minimum | RSUs | ||
Other Stock Based Compensation | ||
Stock award vesting period | 3 years |
Stock-Based Compensation - Non-
Stock-Based Compensation - Non-option Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other information | |||
Excess tax benefit recognized in financing activities (in dollars) | $ 0 | $ 0 | $ 0 |
RSUs | |||
Number of Shares | |||
Non-vested at beginning of year (in shares) | 1,957,170 | ||
Granted (in shares) | 1,557,336 | ||
Vested (in shares) | (837,263) | ||
Forfeited (in shares) | (247,173) | ||
Non-vested at end of year (in shares) | 2,430,070 | 1,957,170 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (in dollars per share) | $ 30.87 | ||
Granted (in dollars per share) | 24.91 | ||
Vested (in dollars per share) | 34.16 | ||
Forfeited (in dollars per share) | 27.31 | ||
Nonvested at end of year (in dollars per share) | $ 26.28 | $ 30.87 | |
Other information | |||
Total intrinsic value, vested shares (in dollars) | $ 21 | $ 15 | 24 |
Total fair value, vested shares (in dollars) | $ 21 | $ 15 | 24 |
PSUs | |||
Number of Shares | |||
Non-vested at beginning of year (in shares) | 954,647 | ||
Granted (in shares) | 1,782,371 | ||
Vested (in shares) | (115,259) | ||
Forfeited (in shares) | (207,888) | ||
Non-vested at end of year (in shares) | 2,413,871 | 954,647 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (in dollars per share) | $ 42.87 | ||
Granted (in dollars per share) | 42.05 | ||
Vested (in dollars per share) | 69.94 | ||
Forfeited (in dollars per share) | 62.63 | ||
Nonvested at end of year (in dollars per share) | $ 39.27 | $ 42.87 | |
Other information | |||
Total intrinsic value, vested shares (in dollars) | $ 3 | $ 2 | 5 |
Total fair value, vested shares (in dollars) | $ 3 | $ 2 | 5 |
SSUs | |||
Number of Shares | |||
Non-vested at beginning of year (in shares) | 247,697 | ||
Granted (in shares) | 604,825 | ||
Vested (in shares) | (367,297) | ||
Forfeited (in shares) | (42,790) | ||
Non-vested at end of year (in shares) | 442,435 | 247,697 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (in dollars per share) | $ 25.40 | ||
Granted (in dollars per share) | 25.56 | ||
Vested (in dollars per share) | 25.98 | ||
Forfeited (in dollars per share) | 24.99 | ||
Nonvested at end of year (in dollars per share) | $ 25.17 | $ 25.40 | |
Other information | |||
Total intrinsic value, vested shares (in dollars) | $ 9 | $ 5 | 5 |
Total fair value, vested shares (in dollars) | $ 9 | $ 5 | $ 5 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation | |||
Excess tax benefit recognized in financing activities (in dollars) | $ 0 | $ 0 | $ 0 |
Unrecognized compensation | |||
Unrecognized compensation cost expected to be recognized on a weighted-average basis, period | 2 years | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock-based compensation | $ 77 | 51 | 51 |
Stock options | |||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock-based compensation | 2 | 7 | |
RSUs | |||
Unrecognized compensation | |||
Unrecognized compensation cost related to unvested stock | 37 | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock-based compensation | 31 | 34 | 31 |
PSUs | |||
Unrecognized compensation | |||
Unrecognized compensation cost related to unvested stock | 44 | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock-based compensation | 39 | 10 | 8 |
SSUs | |||
Unrecognized compensation | |||
Unrecognized compensation cost related to unvested stock | 5 | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock-based compensation | $ 7 | $ 5 | $ 5 |
Fair Value Accounting - Fair Va
Fair Value Accounting - Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value | Recurring | ||
Assets: | ||
Cash equivalents | $ 1,907 | $ 1,493 |
Assets | 2,312 | 1,921 |
Liabilities: | ||
Debt | 5,502 | 6,548 |
Liabilities | 5,733 | 6,861 |
Fair Value | Recurring | Boddington Contingent Consideration | ||
Liabilities: | ||
Contingent consideration | 10 | 10 |
Fair Value | Recurring | Holt property royalty | ||
Liabilities: | ||
Royalty | 129 | 179 |
Fair Value | Recurring | Certificate of Deposit | ||
Assets: | ||
Cash equivalents | 25 | |
Fair Value | Recurring | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable, net | 178 | 153 |
Fair Value | Recurring | Foreign exchange forward contracts | ||
Liabilities: | ||
Derivative instruments, net | 60 | 88 |
Fair Value | Recurring | Diesel forward contracts | ||
Liabilities: | ||
Derivative instruments, net | 32 | 36 |
Fair Value | Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 1,907 | 1,493 |
Assets | 2,287 | 1,891 |
Fair Value | Recurring | Level 1 | Certificate of Deposit | ||
Assets: | ||
Cash equivalents | 25 | |
Fair Value | Recurring | Level 1 | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable, net | 178 | 153 |
Fair Value | Recurring | Level 2 | ||
Liabilities: | ||
Debt | 5,502 | 6,548 |
Liabilities | 5,594 | 6,672 |
Fair Value | Recurring | Level 2 | Foreign exchange forward contracts | ||
Liabilities: | ||
Derivative instruments, net | 60 | 88 |
Fair Value | Recurring | Level 2 | Diesel forward contracts | ||
Liabilities: | ||
Derivative instruments, net | 32 | 36 |
Fair Value | Recurring | Level 3 | ||
Assets: | ||
Assets | 25 | 30 |
Liabilities: | ||
Liabilities | 139 | 189 |
Fair Value | Recurring | Level 3 | Boddington Contingent Consideration | ||
Liabilities: | ||
Contingent consideration | 10 | 10 |
Fair Value | Recurring | Level 3 | Holt property royalty | ||
Liabilities: | ||
Royalty | 129 | 179 |
Fair Value | Recurring | Extractive industries | ||
Assets: | ||
Marketable securities | 203 | |
Fair Value | Recurring | Extractive industries | Level 1 | ||
Assets: | ||
Marketable securities | 203 | |
Fair Value | Recurring | Other industries | ||
Assets: | ||
Marketable securities | 17 | |
Fair Value | Recurring | Other industries | Level 1 | ||
Assets: | ||
Marketable securities | 17 | |
Fair Value | Recurring | Long-term equity securities | Extractive industries | ||
Assets: | ||
Marketable securities | 186 | |
Fair Value | Recurring | Long-term equity securities | Extractive industries | Level 1 | ||
Assets: | ||
Marketable securities | 186 | |
Fair Value | Recurring | Long-term equity securities | Other industries | ||
Assets: | ||
Marketable securities | 16 | |
Fair Value | Recurring | Long-term equity securities | Other industries | Level 1 | ||
Assets: | ||
Marketable securities | 16 | |
Fair Value | Recurring | Asset backed commercial paper | ||
Assets: | ||
Marketable securities | 18 | 24 |
Fair Value | Recurring | Asset backed commercial paper | Level 3 | ||
Assets: | ||
Marketable securities | 18 | 24 |
Fair Value | Recurring | Auction rate securities | ||
Assets: | ||
Marketable securities | 7 | 6 |
Fair Value | Recurring | Auction rate securities | Level 3 | ||
Assets: | ||
Marketable securities | 7 | 6 |
Carrying value | ||
Liabilities: | ||
Debt | $ 6,213 | $ 6,637 |
Fair Value Accounting - Additio
Fair Value Accounting - Additional Information (Detail) - Boddington Contingent Consideration - Level 3 $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair value of Contingent Consideration | |
Boddington contingent royalty | $ 100 |
Payments on contingent consideration | 72 |
Boddington contingent consideration liability | $ 10 |
Fair Value Accounting - Quantit
Fair Value Accounting - Quantitative Information (Details) oz in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)oz$ / oz$ / lb | Dec. 31, 2014USD ($)oz$ / oz$ / lb | Dec. 31, 2013USD ($) | |
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 25 | $ 30 | $ 30 |
Financial liabilities, fair value | 139 | 189 | 144 |
Boddington Contingent Consideration | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | 10 | 10 | 10 |
Holt property royalty | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | 129 | 179 | 134 |
Auction rate securities | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | 7 | 6 | 5 |
Asset backed commercial paper | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | 18 | 24 | $ 25 |
Level 3 | Discounted Cash Flow | Auction rate securities | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 7 | $ 6 | |
Recoverability Rate | 85.00% | ||
Level 3 | Discounted Cash Flow | Auction rate securities | Weighted Average | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Recoverability Rate | 80.00% | ||
Level 3 | Discounted Cash Flow | Asset backed commercial paper | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 18 | ||
Recoverability Rate | 90.00% | ||
Level 3 | Risk-Adjusted Indicative Price | Asset backed commercial paper | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 24 | ||
Level 3 | Risk-Adjusted Indicative Price | Asset backed commercial paper | Weighted Average | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Recoverability Rate | 90.00% | ||
Level 3 | Monte Carlo | Boddington Contingent Consideration | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | $ 10 | $ 10 | |
Discount Rate | 5.32% | ||
Long-term gold price | $ / oz | 1,300 | ||
Long-term copper price | $ / oz | 3 | ||
Level 3 | Monte Carlo | Boddington Contingent Consideration | Weighted Average | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Discount Rate | 4.19% | ||
Short-term gold price | $ / oz | 1,106 | 1,201 | |
Long-term gold price | $ / oz | 1,300 | ||
Short-term copper price | $ / lb | 2.22 | 3 | |
Long-term copper price | $ / lb | 3 | ||
Long-term Australian to U.S. dollar exchange rate | 0.80 | 0.87 | |
Level 3 | Monte Carlo | Holt property royalty | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | $ 129 | $ 179 | |
Discount Rate | 5.06% | ||
Long-term gold price | $ / oz | 1,300 | ||
Level 3 | Monte Carlo | Holt property royalty | Weighted Average | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Discount Rate | 4.36% | ||
Short-term gold price | $ / oz | 1,106 | 1,201 | |
Long-term gold price | $ / oz | 1,300 | ||
Level 3 | Monte Carlo | Holt property royalty | Minimum | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Gold production scenarios (in 000's of ounces) | oz | 398 | 576 | |
Level 3 | Monte Carlo | Holt property royalty | Maximum | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Gold production scenarios (in 000's of ounces) | oz | 1,636 | 2,607 |
Fair Value Accounting - Changes
Fair Value Accounting - Changes in the Fair Value of Level 3 Financial Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | $ 30 | $ 30 |
Revaluation | (5) | |
Balance at end of period, assets | 25 | 30 |
Auction rate securities | ||
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | 6 | 5 |
Revaluation | 1 | 1 |
Balance at end of period, assets | 7 | 6 |
Asset backed commercial paper | ||
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | 24 | 25 |
Revaluation | (6) | (1) |
Balance at end of period, assets | $ 18 | $ 24 |
Fair Value Accounting - Chan122
Fair Value Accounting - Changes in the Fair Value of Level 3 Financial Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | $ 189 | $ 144 |
Settlements | (12) | (13) |
Revaluation | (38) | 58 |
Balance at end of period, liabilities | 139 | 189 |
Boddington Contingent Consideration | ||
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | 10 | 10 |
Settlements | 0 | 0 |
Revaluation | 0 | 0 |
Balance at end of period, liabilities | 10 | 10 |
Holt property royalty | ||
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | 179 | 134 |
Settlements | (12) | (13) |
Revaluation | (38) | 58 |
Balance at end of period, liabilities | $ 129 | $ 179 |
Derivative Instruments - Foreig
Derivative Instruments - Foreign Currency Derivative Contracts Outstanding (Details) - Cash Flow Hedges - AUD AUD in Millions | Dec. 31, 2015AUD |
Foreign exchange forward contracts | |
Derivative contracts | |
Derivative notional amount | AUD 269 |
Average rate | 0.95 |
Expected Maturity Date - 2016 | |
Derivative contracts | |
Derivative notional amount | AUD 158 |
Average rate | 0.95 |
Expected hedge ratio | 12.00% |
Expected Maturity Date - 2017 | |
Derivative contracts | |
Derivative notional amount | AUD 105 |
Average rate | 0.93 |
Expected hedge ratio | 8.00% |
Expected Maturity Date - 2018 | |
Derivative contracts | |
Derivative notional amount | AUD 6 |
Average rate | 0.92 |
Expected hedge ratio | 4.00% |
Derivative Instruments - Diesel
Derivative Instruments - Diesel Derivative Contracts Outstanding (Details) - Cash Flow Hedges gal in Millions | 12 Months Ended |
Dec. 31, 2015$ / galgal | |
Diesel forward contracts | |
Derivative contracts | |
Diesel gallons (millions) | gal | 27 |
Average rate ($/gallon) | $ / gal | 2.33 |
Diesel forward contracts maturing in 2016 | |
Derivative contracts | |
Diesel gallons (millions) | gal | 20 |
Average rate ($/gallon) | $ / gal | 2.39 |
Expected hedge ratio | 53.00% |
Diesel forward contracts maturing in 2017 | |
Derivative contracts | |
Diesel gallons (millions) | gal | 7 |
Average rate ($/gallon) | $ / gal | 2.16 |
Expected hedge ratio | 24.00% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative contracts | |||
Potential effect of gross liability due to master netting arrangements | $ 0 | $ 1 | |
Foreign exchange forward contracts | AUD | |||
Derivative contracts | |||
Notional amount of foreign currency contracts settled | $ 2,100 | ||
Gain on settlement of foreign currency contracts | $ 46 | ||
Diesel forward contracts | |||
Derivative contracts | |||
Derivative instrument forward contract expiration date | 2 years |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Instruments Designated as Hedges (Details) - Cash Flow Hedges - Designated - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Assets | $ 1 | |
Other Current Assets | Diesel forward contracts | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Assets | 1 | |
Other current liabilities | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | $ 63 | 72 |
Other current liabilities | Foreign exchange forward contracts | AUD | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 36 | 45 |
Other current liabilities | Foreign exchange forward contracts | NZD | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 2 | |
Other current liabilities | Diesel forward contracts | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 27 | 25 |
Other Long-Term Liabilities | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 29 | 53 |
Other Long-Term Liabilities | Foreign exchange forward contracts | AUD | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 24 | 40 |
Other Long-Term Liabilities | Foreign exchange forward contracts | NZD | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | 1 | |
Other Long-Term Liabilities | Diesel forward contracts | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | $ 5 | $ 12 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amount of Gains (Losses) Reported in Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative contracts | |||
Approximate loss amount to be reclassified from accumulated other comprehensive income (loss), net of tax to income | $ (57) | ||
Cash Flow Hedges | Foreign exchange forward contracts | |||
Derivative contracts | |||
Gain (loss) recognized in other comprehensive income | (39) | $ (19) | $ (266) |
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) | (39) | 30 | 85 |
Cash Flow Hedges | Diesel forward contracts | |||
Derivative contracts | |||
Gain (loss) recognized in other comprehensive income | (23) | (40) | 3 |
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) | (27) | (4) | 2 |
Cash Flow Hedges | Interest rate contracts | |||
Derivative contracts | |||
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) | (18) | (18) | $ (19) |
Other income, net | Cash Flow Hedges | Diesel forward contracts | |||
Derivative contracts | |||
Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion) | $ 2 | $ (4) |
Derivative Instruments - Add128
Derivative Instruments - Additional Information (Details) oz in Thousands, lb in Millions | 12 Months Ended |
Dec. 31, 2015lboz$ / oz$ / lb | |
Gold Contracts - Embedded Derivative | |
Provisional Gold and Copper Sales - Embedded derivatives | |
Provisional pricing quantity sales | oz | 258 |
Average price, subject to final pricing | $ / oz | 1,062 |
Copper Contracts - Embedded Derivative | |
Provisional Gold and Copper Sales - Embedded derivatives | |
Provisional pricing quantity sales | lb | 130 |
Average price, subject to final pricing | $ / lb | 2.13 |
Investments - Marketable Securi
Investments - Marketable Securities - Amortized Cost/Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments | ||
Investments, Fair/Equity Basis | $ 402 | $ 334 |
TMAC | ||
Investments | ||
Equity Method Investments | 101 | |
Current | ||
Investments | ||
Unrealized Gain | 3 | |
Unrealized Loss | (19) | |
Certificate of deposit | 25 | |
Marketable securities and certificates of deposit | 89 | |
Marketable securities and certificates of deposit, Fair/Equity Basis | 73 | |
Current | Long-term equity securities | ||
Investments | ||
Cost/Equity Basis | 19 | 64 |
Unrealized Gain | 2 | 3 |
Unrealized Loss | (2) | (19) |
Fair/Equity Basis - Current Marketable Equity Securities | 19 | 48 |
Current | Long-term equity securities | Gabriel Resources Ltd | ||
Investments | ||
Cost/Equity Basis | 5 | 34 |
Unrealized Loss | (17) | |
Fair/Equity Basis - Current Marketable Equity Securities | 5 | 17 |
Current | Long-term equity securities | Other Marketable Equity Securities | ||
Investments | ||
Cost/Equity Basis | 14 | 30 |
Unrealized Gain | 2 | 3 |
Unrealized Loss | (2) | (2) |
Fair/Equity Basis - Current Marketable Equity Securities | 14 | 31 |
Investments, Noncurrent | ||
Investments | ||
Unrealized Gain | 86 | 4 |
Unrealized Loss | (1) | (2) |
Other investments, at cost | 6 | 14 |
Investments, Cost/Equity Basis | 317 | 332 |
Investments, Fair/Equity Basis | 402 | 334 |
Investments, Noncurrent | Euronimba Ltd. | ||
Investments | ||
Equity Method Investments | 2 | 2 |
Investments, Noncurrent | Minera La Zanja S.R.L. | ||
Investments | ||
Equity Method Investments | 71 | 101 |
Investments, Noncurrent | Novo Resources Corp | ||
Investments | ||
Equity Method Investments | 14 | 15 |
Investments, Noncurrent | TMAC | ||
Investments | ||
Equity Method Investments | 101 | |
Investments, Noncurrent | Long-term equity securities | ||
Investments | ||
Cost/Equity Basis | 98 | 170 |
Unrealized Gain | 85 | 2 |
Fair/Equity Basis - Long-Term Marketable Securities | 183 | 172 |
Investments, Noncurrent | Long-term equity securities | Regis Resources Ltd. | ||
Investments | ||
Cost/Equity Basis | 81 | 153 |
Unrealized Gain | 82 | |
Fair/Equity Basis - Long-Term Marketable Securities | 163 | 153 |
Investments, Noncurrent | Long-term equity securities | Other Marketable Equity Securities | ||
Investments | ||
Cost/Equity Basis | 17 | 17 |
Unrealized Gain | 3 | 2 |
Fair/Equity Basis - Long-Term Marketable Securities | 20 | 19 |
Investments, Noncurrent | Asset backed commercial paper | ||
Investments | ||
Cost/Equity Basis | 17 | 22 |
Unrealized Gain | 1 | 2 |
Fair/Equity Basis - Long-Term Marketable Securities | 18 | 24 |
Investments, Noncurrent | Auction rate securities | ||
Investments | ||
Cost/Equity Basis | 8 | 8 |
Unrealized Loss | (1) | (2) |
Fair/Equity Basis - Long-Term Marketable Securities | 7 | 6 |
Investments, Noncurrent | Marketable Debt Securities | ||
Investments | ||
Cost/Equity Basis | 25 | 30 |
Unrealized Gain | 1 | 2 |
Unrealized Loss | (1) | (2) |
Fair/Equity Basis - Long-Term Marketable Securities | $ 25 | $ 30 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments | |||||
Maturities of certificates of deposit | $ 25 | ||||
Impairment of investments | $ 115 | $ 21 | $ 105 | ||
Increase Decrease in fair value of marketable securities previously impaired | 80 | 22 | |||
Cost-method Investments | |||||
Investments | |||||
Impairment of investments | 4 | ||||
Other income, net | |||||
Investments | |||||
Impairment of investments | 115 | 21 | |||
Paladin Energy Ltd | |||||
Investments | |||||
Proceeds from sale of available for sale securities equity | $ 25 | ||||
Paladin Energy Ltd | Other income, net | |||||
Investments | |||||
Gain on sale of investments, net | $ 4 | ||||
Regis Resources Ltd. | Other income, net | |||||
Investments | |||||
Impairment of investments | 72 | $ 12 | |||
Gabriel Resources Ltd | Other income, net | |||||
Investments | |||||
Impairment of investments | 24 | ||||
Pilot Gold | Other income, net | |||||
Investments | |||||
Impairment of investments | 8 | ||||
Ultra Gold | Other income, net | |||||
Investments | |||||
Impairment of investments | $ 7 |
Investments - Gross Unrealized
Investments - Gross Unrealized Losses and Fair Value of the Company's Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments | ||
Securities continuous unrealized losses less than 12 months - fair value | $ 5 | $ 33 |
Securities continuous unrealized losses less than 12 months - Unrealized Losses | 2 | 19 |
Securities continuous unrealized losses greater than 12 months - fair value | 7 | 6 |
Securities continuous unrealized losses greater than 12 months - Unrealized Losses | 1 | 2 |
Total Fair Value | 12 | 39 |
Total Unrealized Loss | 3 | 21 |
Long-term equity securities | ||
Investments | ||
Securities continuous unrealized losses less than 12 months - fair value | 5 | 33 |
Securities continuous unrealized losses less than 12 months - Unrealized Losses | 2 | 19 |
Total Fair Value | 5 | 33 |
Total Unrealized Loss | 2 | 19 |
Auction rate securities | ||
Investments | ||
Securities continuous unrealized losses greater than 12 months - fair value | 7 | 6 |
Securities continuous unrealized losses greater than 12 months - Unrealized Losses | 1 | 2 |
Total Fair Value | 7 | 6 |
Total Unrealized Loss | $ 1 | $ 2 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, net | ||
Materials, supplies and other | $ 454 | $ 451 |
Concentrate and copper cathode | 128 | 110 |
In-process | 118 | 127 |
Precious metals | 10 | 12 |
Total inventories | $ 710 | $ 700 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Carlin | |||
INVENTORIES | |||
Inventory write-downs | $ 4 | $ 2 | |
Phoenix | |||
INVENTORIES | |||
Inventory write-downs | 5 | ||
Twin Creeks | |||
INVENTORIES | |||
Inventory write-downs | 1 | ||
Boddington | |||
INVENTORIES | |||
Inventory write-downs | 6 | ||
Tanami | |||
INVENTORIES | |||
Inventory write-downs | 1 | ||
Batu Hijau | |||
INVENTORIES | |||
Inventory write-downs | 7 | ||
Costs Applicable to Sales | |||
INVENTORIES | |||
Inventory write-downs | 7 | 14 | |
Costs Applicable to Sales | Yanacocha | |||
INVENTORIES | |||
Inventory write-downs | $ 1 | ||
Depreciation and Amortization | |||
INVENTORIES | |||
Inventory write-downs | $ 2 | $ 3 | |
Depreciation and Amortization | Yanacocha | |||
INVENTORIES | |||
Inventory write-downs | $ 1 |
Stockpiles and Ore on Leach 134
Stockpiles and Ore on Leach Pads - by location (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 896 | $ 666 |
Long-term stockpiles and ore on leach pads | 3,000 | 2,820 |
Stockpiles and ore on leach pads | 3,896 | 3,486 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 554 | 445 |
Long-term stockpiles and ore on leach pads | 2,622 | 2,599 |
Ore on Leach Pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 342 | 221 |
Long-term stockpiles and ore on leach pads | 378 | 221 |
Operating Segments | Carlin | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 394 | 399 |
Operating Segments | Phoenix | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 106 | 103 |
Operating Segments | Twin Creeks | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 329 | 285 |
Operating Segments | Cripple Creek & Victor mine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 319 | |
Operating Segments | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 440 | 459 |
Operating Segments | Boddington | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 390 | 390 |
Operating Segments | Tanami | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 12 | 14 |
Operating Segments | Waihi | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 2 | |
Operating Segments | Kalgoorlie | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 109 | 116 |
Operating Segments | Batu Hijau | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1,218 | 1,242 |
Operating Segments | Ahafo | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 456 | 376 |
Operating Segments | Akyem | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 119 | $ 100 |
Operating Segments | Merian | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | $ 4 |
Stockpiles and Ore on Leach 135
Stockpiles and Ore on Leach Pads - Write-downs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Carlin | |||
Write-downs | |||
Inventory write-downs | $ 4 | $ 2 | |
Twin Creeks | |||
Write-downs | |||
Inventory write-downs | 1 | ||
Boddington | |||
Write-downs | |||
Inventory write-downs | 6 | ||
Phoenix | |||
Write-downs | |||
Inventory write-downs | 5 | ||
Batu Hijau | |||
Write-downs | |||
Inventory write-downs | 7 | ||
Tanami | |||
Write-downs | |||
Inventory write-downs | 1 | ||
Depreciation and Amortization | |||
Write-downs | |||
Inventory write-downs | 2 | 3 | |
Depreciation and Amortization | Yanacocha | |||
Write-downs | |||
Inventory write-downs | $ 1 | ||
Stockpiles and ore on leach pads | Carlin | |||
Write-downs | |||
Inventory write-downs | 163 | 162 | 85 |
Stockpiles and ore on leach pads | Twin Creeks | |||
Write-downs | |||
Inventory write-downs | 20 | 19 | |
Stockpiles and ore on leach pads | Boddington | |||
Write-downs | |||
Inventory write-downs | 21 | 83 | 223 |
Stockpiles and ore on leach pads | Yanacocha | |||
Write-downs | |||
Inventory write-downs | 138 | 127 | 174 |
Stockpiles and ore on leach pads | Phoenix | |||
Write-downs | |||
Inventory write-downs | 16 | ||
Stockpiles and ore on leach pads | Batu Hijau | |||
Write-downs | |||
Inventory write-downs | 232 | 629 | |
Stockpiles and ore on leach pads | La Herradura | |||
Write-downs | |||
Inventory write-downs | 32 | ||
Stockpiles and ore on leach pads | Tanami | |||
Write-downs | |||
Inventory write-downs | 2 | ||
Stockpiles and ore on leach pads | Waihi | |||
Write-downs | |||
Inventory write-downs | 4 | ||
Stockpiles and ore on leach pads | Kalgoorlie | |||
Write-downs | |||
Inventory write-downs | 48 | ||
Stockpiles and ore on leach pads | Costs applicable to sales | |||
Write-downs | |||
Inventory write-downs | 226 | 491 | 958 |
Stockpiles and ore on leach pads | Depreciation and Amortization | |||
Write-downs | |||
Inventory write-downs | $ 116 | $ 148 | $ 239 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Oct. 29, 2015 | Dec. 31, 2015 | Jul. 24, 2015 | Dec. 31, 2014 |
Other current assets: | ||||
Prepaid assets | $ 112 | $ 147 | ||
Restricted cash | 15 | |||
Refinery metal inventory and receivable | 606 | |||
Other refinery metal receivables | 124 | |||
Derivative instruments | 1 | |||
Other | 4 | 3 | ||
Other current assets, total | 131 | 881 | ||
Other long-term assets: | ||||
Income tax receivable | 222 | 215 | ||
Prepaid royalties | 140 | 125 | ||
Restricted cash | 117 | 127 | ||
Intangible assets | 94 | 109 | ||
Goodwill | 58 | 105 | ||
Debt issuance costs | 46 | 58 | ||
Taxes other than income and mining | 15 | 59 | ||
Other | 84 | 85 | ||
Other long-term assets, total | $ 776 | $ 883 | ||
Disposal by sale | Waihi Mine | ||||
Dispositions | ||||
Decrease in goodwill due to sale | $ 47 | |||
Disposal by sale | EGR | ||||
Dispositions | ||||
Ownership interest sold (as a percent) | 60.64% |
Property, Plant and Mine Dev137
Property, Plant and Mine Development - Property, Plant and Mine Development (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 27,720 | $ 26,185 |
Accumulated Amortization | (13,417) | (12,535) |
Property, Plant and Equipment, Net, Total | 14,303 | 13,650 |
Mineral Interests Cost | 1,990 | 1,989 |
Mineral Interests Accumulated Amortization | (528) | (556) |
Mineral Interests Net Book Value | 1,462 | 1,433 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 222 | 222 |
Property, Plant and Equipment, Net, Total | 222 | 222 |
Facilities And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 16,848 | 16,022 |
Accumulated Amortization | (9,720) | (9,076) |
Property, Plant and Equipment, Net, Total | $ 7,128 | 6,946 |
Facilities And Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Facilities And Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Mine Development | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 4,832 | 4,502 |
Accumulated Amortization | (2,554) | (2,374) |
Property, Plant and Equipment, Net, Total | $ 2,278 | 2,128 |
Mine Development | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Mine Development | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Mineral Interests | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,990 | 1,989 |
Accumulated Amortization | (528) | (556) |
Property, Plant and Equipment, Net, Total | $ 1,462 | 1,433 |
Mineral Interests | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Mineral Interests | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Asset Retirement Obligation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,001 | 1,043 |
Accumulated Amortization | (615) | (529) |
Property, Plant and Equipment, Net, Total | $ 386 | 514 |
Asset Retirement Obligation Costs | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Asset Retirement Obligation Costs | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Construction In Progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 2,827 | 2,407 |
Property, Plant and Equipment, Net, Total | 2,827 | 2,407 |
Leased assets included in facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 30 | 8 |
Accumulated Amortization | (4) | (1) |
Property, Plant and Equipment, Net, Total | $ 26 | 7 |
Leased assets included in facilities and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Leased assets included in facilities and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Production Stage | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Interests Cost | $ 713 | 733 |
Mineral Interests Accumulated Amortization | (528) | (556) |
Mineral Interests Net Book Value | $ 185 | 177 |
Production Stage | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 1 year | |
Production Stage | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Life | 22 years | |
Development Stage | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Interests Cost | $ 215 | 190 |
Mineral Interests Net Book Value | 215 | 190 |
Exploration Stage | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Interests Cost | 1,062 | 1,066 |
Mineral Interests Net Book Value | $ 1,062 | $ 1,066 |
Property, Plant and Mine Dev138
Property, Plant and Mine Development - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant And Mine Development | |||
Impairment of long-lived assets | $ 56 | $ 26 | $ 4,352 |
South America | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 1,432 | 1,327 | |
Africa | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 408 | 441 | |
North America | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 384 | 277 | |
Suriname | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 458 | 194 | |
Asia Pacific | |||
Property, Plant And Mine Development | |||
Construction-in-progress | $ 135 | $ 146 |
Debt - Long-term Debt (Detail)
Debt - Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt | ||
Total Debt Current | $ 149 | $ 166 |
Total Debt Non-Current | 6,087 | 6,480 |
Debt, Current | ||
Debt | ||
Other | 9 | 1 |
Total Debt Current | 149 | 166 |
Debt, Noncurrent | ||
Debt | ||
Other | 18 | 8 |
Total Debt Non-Current | 6,087 | 6,480 |
2017 Convertible Senior Notes, net of discount | ||
Debt | ||
Convertible notes | 536 | 513 |
2017 Convertible Senior Notes, net of discount | Debt, Noncurrent | ||
Debt | ||
Convertible notes | 536 | 513 |
2019 Term Loan | Debt, Noncurrent | ||
Debt | ||
Term Loan | 275 | 475 |
2019 Senior Notes | Debt, Noncurrent | ||
Debt | ||
Senior Notes | 898 | 898 |
2022 Senior Notes | Debt, Noncurrent | ||
Debt | ||
Senior Notes | 1,492 | 1,492 |
2035 Senior Notes | Debt, Noncurrent | ||
Debt | ||
Senior Notes | 598 | 598 |
2039 Senior Notes | Debt, Noncurrent | ||
Debt | ||
Senior Notes | 1,088 | 1,088 |
2042 Senior Notes | Debt, Noncurrent | ||
Debt | ||
Senior Notes | 992 | 993 |
Ahafo Project Facility | Debt, Current | ||
Debt | ||
Project Facility | 10 | |
Ahafo Project Facility | Debt, Noncurrent | ||
Debt | ||
Project Facility | 15 | |
PTNNT Revolving Credit Facility | ||
Debt | ||
Credit facility, amount outstanding | 330 | |
PTNNT Revolving Credit Facility | Debt, Current | ||
Debt | ||
Credit facility, amount outstanding | 140 | 155 |
PTNNT Revolving Credit Facility | Debt, Noncurrent | ||
Debt | ||
Credit facility, amount outstanding | $ 190 | $ 400 |
Debt - Maturities, Corporate Re
Debt - Maturities, Corporate Revolving Credit Facility (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2009 | Jul. 31, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | May. 31, 2011 | May. 27, 2011 | Mar. 31, 2005 | |
Debt Disclosure [Line Items] | |||||||||
Debt repayments, 2016 | $ 143 | ||||||||
Debt repayments, 2017 | 765 | ||||||||
Debt repayments, 2019 | 1,175 | ||||||||
Debt repayments, thereafter | 4,200 | ||||||||
Capital lease repayments, 2016 | 6 | ||||||||
Capital lease repayments, 2017 | 6 | ||||||||
Capital lease repayments, 2018 | 4 | ||||||||
Capital lease repayments, 2019 | 4 | ||||||||
Capital lease repayments, 2020 | 1 | ||||||||
Capital lease repayments, thereafter | 2 | ||||||||
Interest expense, net | (325) | $ (361) | $ (303) | ||||||
Corporate Revolving Credit Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit facility maximum borrowing capacity | 3,000 | $ 2,500 | |||||||
Credit facility, amount outstanding | 0 | ||||||||
Letters of Credit, Outstanding Amount | 87 | 141 | |||||||
2014 Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Amortization of debt discount | 14 | 25 | |||||||
2017 Convertible Senior Notes, net of discount | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | $ 575 | $ 575 | 575 | ||||||
Proceeds from convertible debt | $ 563 | ||||||||
Debt instrument, interest rate, stated percentage | 1.63% | ||||||||
Effective interest rate | 6.25% | ||||||||
Conversion price on convertible notes | $ 44.71 | ||||||||
Amortization of debt discount | $ 23 | 36 | $ 46 | ||||||
2019 Senior Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | $ 900 | ||||||||
Debt instrument, interest rate, stated percentage | 5.13% | ||||||||
Estimated fair value of outstanding debt | $ 924 | 971 | |||||||
2039 Senior Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | 1,100 | ||||||||
Proceeds from convertible debt | $ 1,080 | ||||||||
Debt instrument, interest rate, stated percentage | 6.25% | ||||||||
Estimated fair value of outstanding debt | $ 886 | 1,105 | |||||||
2035 Senior Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | $ 600 | ||||||||
Debt instrument, interest rate, stated percentage | 5.88% | ||||||||
Estimated fair value of outstanding debt | $ 482 | 599 | |||||||
2022 Senior Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | $ 1,500 | ||||||||
Debt instrument, interest rate, stated percentage | 3.50% | ||||||||
Estimated fair value of outstanding debt | $ 1,341 | 1,412 | |||||||
2042 Senior Notes | |||||||||
Debt Disclosure [Line Items] | |||||||||
Principal amount | $ 1,000 | ||||||||
Debt instrument, interest rate, stated percentage | 4.88% | ||||||||
Estimated fair value of outstanding debt | $ 732 | 877 | |||||||
PTNNT Revolving Credit Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit facility maximum borrowing capacity | $ 600 | ||||||||
Credit facility, amount outstanding | 330 | ||||||||
LC Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit facility maximum borrowing capacity | $ 175 | ||||||||
Debt Instrument, Term | 3 years | ||||||||
Letters of Credit, Outstanding Amount | $ 153 | $ 172 |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Information pertaining to debt | ||||
Additional paid-in capital | $ 9,427 | $ 8,712 | ||
2017 Convertible Senior Notes, net of discount | ||||
Information pertaining to debt | ||||
Principal amount | $ 575 | $ 575 | 575 | |
Net proceeds | $ 563 | |||
Interest rate, as a percent | 1.63% | |||
Effective interest rate | 6.25% | |||
Conversion price on convertible notes | $ 44.71 | |||
Effective conversion price on convertible notes | $ 58.32 | |||
Estimated fair value | $ 528 | 527 | ||
Additional paid-in capital | 123 | 123 | ||
Unamortized debt discount | (39) | (62) | ||
Net carrying amount | 536 | 513 | ||
Interest Expense | 9 | 13 | $ 17 | |
Amortization of debt discount | $ 23 | 36 | 46 | |
2014 Notes | ||||
Information pertaining to debt | ||||
Interest Expense | 4 | 7 | ||
Amortization of debt discount | $ 14 | $ 25 |
Debt - Term Loan, Senior Notes,
Debt - Term Loan, Senior Notes, Subsidiary Financings (Detail) - USD ($) | May. 27, 2011 | Jun. 30, 2015 | Mar. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2012 | Sep. 30, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | May. 31, 2011 | Mar. 31, 2005 |
Information pertaining to debt | ||||||||||||
Debt payments | $ 454,000,000 | $ 686,000,000 | $ 1,150,000,000 | |||||||||
Proceeds from debt, net | $ 601,000,000 | $ 1,538,000,000 | ||||||||||
Corporate Revolving Credit Facility | ||||||||||||
Information pertaining to debt | ||||||||||||
Line of credit facility maximum borrowing capacity | 3,000,000,000 | $ 2,500,000,000 | ||||||||||
Credit facility, amount outstanding | $ 0 | |||||||||||
Corporate Revolving Credit Facility | Maximum | ||||||||||||
Information pertaining to debt | ||||||||||||
Debt to capitalization ratio, maximum allowed under covenant | 0.625 | |||||||||||
2019 Term Loan | ||||||||||||
Information pertaining to debt | ||||||||||||
Debt instrument principal amount | $ 275,000,000 | $ 575,000,000 | ||||||||||
Interest rate, minimum | 1.57% | 1.56% | ||||||||||
Interest rate, maximum | 1.82% | 1.63% | ||||||||||
Debt payments | $ 200,000,000 | $ 100,000,000 | ||||||||||
2019 Senior Notes | ||||||||||||
Information pertaining to debt | ||||||||||||
Principal amount | $ 900,000,000 | |||||||||||
Proceeds from debt, net | 895,000,000 | |||||||||||
Interest rate, as a percent | 5.13% | |||||||||||
Estimated fair value of outstanding debt | $ 924,000,000 | $ 971,000,000 | ||||||||||
2039 Senior Notes | ||||||||||||
Information pertaining to debt | ||||||||||||
Principal amount | $ 1,100,000,000 | |||||||||||
Interest rate, as a percent | 6.25% | |||||||||||
Estimated fair value of outstanding debt | $ 886,000,000 | 1,105,000,000 | ||||||||||
2035 Senior Notes | ||||||||||||
Information pertaining to debt | ||||||||||||
Principal amount | $ 600,000,000 | |||||||||||
Interest rate, as a percent | 5.88% | |||||||||||
Estimated fair value of outstanding debt | $ 482,000,000 | 599,000,000 | ||||||||||
2022 Senior Notes | ||||||||||||
Information pertaining to debt | ||||||||||||
Principal amount | $ 1,500,000,000 | |||||||||||
Proceeds from debt, net | 1,479,000,000 | |||||||||||
Interest rate, as a percent | 3.50% | |||||||||||
Estimated fair value of outstanding debt | $ 1,341,000,000 | 1,412,000,000 | ||||||||||
2042 Senior Notes | ||||||||||||
Information pertaining to debt | ||||||||||||
Principal amount | 1,000,000,000 | |||||||||||
Proceeds from debt, net | $ 983,000,000 | |||||||||||
Interest rate, as a percent | 4.88% | |||||||||||
Estimated fair value of outstanding debt | $ 732,000,000 | $ 877,000,000 | ||||||||||
Ahafo Project Facility | ||||||||||||
Information pertaining to debt | ||||||||||||
Debt payments | $ 25,000,000 | |||||||||||
PTNNT Revolving Credit Facility | ||||||||||||
Information pertaining to debt | ||||||||||||
Debt payments | $ 225,000,000 | |||||||||||
Line of credit facility maximum borrowing capacity | $ 600,000,000 | |||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 2.00% | |||||||||||
One time arrangement fee and other debt issuance cost | $ 22,000,000 | |||||||||||
Unamortized debt issuance costs | $ 5,000,000 | |||||||||||
Credit facility, amount outstanding | $ 330,000,000 | |||||||||||
PTNNT Revolving Credit Facility | LIBOR | ||||||||||||
Information pertaining to debt | ||||||||||||
Margin interest rate, as a percent | 4.00% |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jul. 24, 2015 | Dec. 31, 2014 |
Other current liabilities: | |||
Accrued capital expenditures | $ 121 | $ 59 | |
Accrued operating costs | 105 | 99 | |
Reclamation and remediation liabilities | 71 | 83 | |
Interest | 71 | 71 | |
Royalties | 63 | 67 | |
Derivative instruments | 63 | 72 | |
Holt property royalty | 10 | 12 | |
Taxes other than income and mining | 9 | 21 | |
Refinery metal payable and liabilities | 606 | ||
Deferred income tax | 132 | ||
Other | 27 | 23 | |
Other current liabilities, total | 540 | 1,245 | |
Other long-term liabilities: | |||
Holt property royalty | 119 | 167 | |
Income and mining taxes | 78 | 79 | |
Power supply agreements | 31 | 35 | |
Derivative instruments | 29 | 53 | |
Social development obligations | 29 | 29 | |
Boddington contingent consideration | 10 | 10 | |
Other | 14 | 22 | |
Other long-term liabilities, total | $ 310 | $ 395 | |
Disposal by sale | EGR | |||
Other long-term liabilities: | |||
Ownership interest sold (as a percent) | 60.64% |
Reclassifications Out of Acc144
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | $ 13,089 | $ 12,909 | $ 16,871 |
Other comprehensive income (loss) | 144 | (301) | (671) |
At end of period | 14,292 | 13,089 | 12,909 |
Accumulated Other Comprehensive Income (Loss) | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | (478) | (182) | 490 |
Change in other comprehensive income (loss) before reclassifications | (37) | (311) | |
Reclassifications from accumulated other comprehensive income (loss) | 181 | 15 | |
Other comprehensive income (loss) | 144 | (296) | (672) |
At end of period | (334) | (478) | (182) |
Marketable securities adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | (142) | (35) | |
Change in other comprehensive income (loss) before reclassifications | (8) | (119) | |
Reclassifications from accumulated other comprehensive income (loss) | 107 | 12 | |
Other comprehensive income (loss) | 99 | (107) | |
At end of period | (43) | (142) | (35) |
Foreign currency translation adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | 127 | 145 | |
Change in other comprehensive income (loss) before reclassifications | (11) | (18) | |
Other comprehensive income (loss) | (11) | (18) | |
At end of period | 116 | 127 | 145 |
Pension and other post-retirement benefit adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | (249) | (124) | |
Change in other comprehensive income (loss) before reclassifications | 24 | (133) | |
Reclassifications from accumulated other comprehensive income (loss) | 18 | 8 | |
Other comprehensive income (loss) | 42 | (125) | |
At end of period | (207) | (249) | (124) |
Changes in fair value of cash flow hedge instruments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
At beginning of period | (214) | (168) | |
Change in other comprehensive income (loss) before reclassifications | (42) | (41) | |
Reclassifications from accumulated other comprehensive income (loss) | 56 | (5) | |
Other comprehensive income (loss) | 14 | (46) | |
At end of period | $ (200) | $ (214) | $ (168) |
Reclassifications Out of Acc145
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Costs applicable to sales | [1] | $ 4,312 | $ 4,457 | $ 5,299 |
Other income, net | 128 | 157 | 349 | |
Depreciation and amortization | 1,239 | 1,229 | 1,362 | |
Interest expense, net | (325) | (361) | (303) | |
Income (loss) before income and mining tax and other items | 966 | 506 | (3,606) | |
Tax benefit (expense) | 644 | 133 | (755) | |
Net income (loss) | 304 | 329 | $ (2,795) | |
Marketable securities adjustments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Net of tax | 107 | 12 | ||
Pension and other post-retirement benefit adjustments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 28 | 12 | ||
Tax benefit (expense) | 10 | 4 | ||
Net of tax | 18 | 8 | ||
Accumulated defined benefit pension plans adjustment, amortization | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 25 | 5 | ||
Accumulated defined benefit pension plans adjustment, settlement | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 3 | 7 | ||
Changes in fair value of cash flow hedge instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Net of tax | 56 | (5) | ||
Reclassification Out of Accumulated Other Comprehensive Income | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Net of tax | 181 | 15 | ||
Reclassification Out of Accumulated Other Comprehensive Income | Marketable securities adjustments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Income (loss) before income and mining tax and other items | 107 | 12 | ||
Net income (loss) | 107 | 12 | ||
Reclassification Out of Accumulated Other Comprehensive Income | Accumulated net marketable securities adjustments - sale of marketable securities | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Other income, net | (5) | |||
Reclassification Out of Accumulated Other Comprehensive Income | Accumulated net marketable securities adjustments - Impairment of marketable securities | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Other income, net | 107 | 17 | ||
Reclassification Out of Accumulated Other Comprehensive Income | Changes in fair value of cash flow hedge instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Income (loss) before income and mining tax and other items | 82 | (5) | ||
Tax benefit (expense) | 26 | |||
Net income (loss) | 56 | (5) | ||
Reclassification Out of Accumulated Other Comprehensive Income | Operating cash flow hedges | Changes in fair value of cash flow hedge instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Costs applicable to sales | 66 | (28) | ||
Other income, net | (2) | 4 | ||
Reclassification Out of Accumulated Other Comprehensive Income | Capital cash flow hedges | Changes in fair value of cash flow hedge instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Depreciation and amortization | 1 | |||
Reclassification Out of Accumulated Other Comprehensive Income | Interest rate contracts | Changes in fair value of cash flow hedge instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Interest expense, net | $ 18 | $ 18 | ||
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
Net Change in Operating Asse146
Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Decrease (increase) in operating assets: | |||
Trade and other accounts receivables | $ (16) | $ 86 | $ 245 |
Inventories, stockpiles and ore on leach pads | (270) | (525) | (755) |
EGR refinery and other assets | (36) | 41 | 475 |
Other assets | 56 | (2) | (37) |
Increase (decrease) in operating liabilities: | |||
Accounts payable and other accrued liabilities | (39) | (187) | (480) |
EGR refinery and other liabilities | 36 | (41) | (475) |
Reclamation liabilities | (67) | (70) | (59) |
Net change in operating assets and liabilities | $ (336) | $ (698) | $ (1,086) |
Supplemental Cash Flow Infor147
Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income and mining taxes, net of refunds | $ 223 | $ 187 | $ 361 |
Interest, net of amounts capitalized | $ 327 | $ 291 | $ 247 |
Supplemental Cash Flow Infor148
Supplemental Cash Flow Information - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
La Herradura | |
Non-cash Investing Activities | |
Non-cash assets received | $ 27 |
McCoy Cove | |
Non-cash Investing Activities | |
Non-cash assets received | 6 |
Regis Resources Ltd. | |
Non-cash Investing Activities | |
Non-cash assets received | $ 2 |
Operating Lease Commitments (De
Operating Lease Commitments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases Future Minimum Payments Due [Abstract] | |||
Operating leases future minimum payments due - Current | $ 13 | ||
Operating leases future minimum payments due - Year 2 | 12 | ||
Operating leases future minimum payments due - Year 3 | 7 | ||
Operating leases future minimum payments due - Year 4 | 6 | ||
Operating leases future minimum payments due - Year 5 | 5 | ||
Operating leases future minimum payments due - Thereafter | 2 | ||
Operating leases future minimum payments due - Total | 45 | ||
Rent expense | $ 45 | $ 53 | $ 52 |
Condensed Consolidating Fina150
Condensed Consolidating Financial Statements - Statement of Operation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Condensed Consolidating Statement of Operation | ||||||||||||
Sales | $ 1,816 | $ 2,033 | $ 1,908 | $ 1,972 | $ 2,017 | $ 1,746 | $ 1,765 | $ 1,764 | $ 7,729 | $ 7,292 | $ 8,414 | |
Costs and expenses | ||||||||||||
Costs applicable to sales | [1] | 4,312 | 4,457 | 5,299 | ||||||||
Depreciation and amortization | 1,239 | 1,229 | 1,362 | |||||||||
Reclamation and remediation | 266 | 154 | 81 | |||||||||
Exploration | 156 | 164 | 247 | |||||||||
Advanced projects, research and development | 133 | 161 | 222 | |||||||||
General and administrative | 183 | 186 | 203 | |||||||||
Impairment of long-lived assets | 56 | 26 | 4,352 | |||||||||
Other expense, net | 221 | 205 | 300 | |||||||||
Total costs and expenses | 6,566 | 6,582 | 12,066 | |||||||||
Other income (expense) | ||||||||||||
Other income, net | 128 | 157 | 349 | |||||||||
Interest expense, net | (325) | (361) | (303) | |||||||||
Total other income (expense) | (197) | (204) | 46 | |||||||||
Income (loss) before income and mining tax and other items | 966 | 506 | (3,606) | |||||||||
Income and mining tax benefit (expense) | (644) | (133) | 755 | |||||||||
Equity income (loss) of affiliates | (45) | (4) | (5) | |||||||||
Income (loss) from continuing operations | 277 | 369 | (2,856) | |||||||||
Income (loss) from discontinued operations | 27 | (40) | 61 | |||||||||
Net income (loss) | 304 | 329 | (2,795) | |||||||||
Net loss (income) attributable to noncontrolling interests | (84) | 179 | 261 | |||||||||
Net income (loss) attributable to Newmont stockholders | $ (254) | $ 219 | $ 72 | $ 183 | $ 15 | $ 213 | $ 180 | $ 100 | 220 | 508 | (2,534) | |
Comprehensive income (loss) | 448 | 28 | (3,466) | |||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 84 | (184) | (260) | |||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 364 | 212 | (3,206) | |||||||||
Reportable Legal Entities | Newmont Mining Corporation | ||||||||||||
Costs and expenses | ||||||||||||
Depreciation and amortization | 4 | 4 | ||||||||||
Total costs and expenses | 4 | 4 | ||||||||||
Other income (expense) | ||||||||||||
Other income, net | (10) | (28) | (4) | |||||||||
Interest income - intercompany | 130 | 130 | 144 | |||||||||
Interest expense - intercompany | (20) | (11) | (9) | |||||||||
Interest expense, net | (289) | (317) | (291) | |||||||||
Total other income (expense) | (189) | (226) | (160) | |||||||||
Income (loss) before income and mining tax and other items | (193) | (230) | (160) | |||||||||
Income and mining tax benefit (expense) | 67 | 80 | 56 | |||||||||
Equity income (loss) of affiliates | 346 | 658 | (2,430) | |||||||||
Income (loss) from continuing operations | 220 | 508 | (2,534) | |||||||||
Net income (loss) | 220 | 508 | (2,534) | |||||||||
Net income (loss) attributable to Newmont stockholders | 220 | 508 | (2,534) | |||||||||
Comprehensive income (loss) | 364 | 212 | (3,206) | |||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 364 | 212 | (3,206) | |||||||||
Reportable Legal Entities | Newmont USA | ||||||||||||
Condensed Consolidating Statement of Operation | ||||||||||||
Sales | 1,829 | 1,970 | 2,356 | |||||||||
Costs and expenses | ||||||||||||
Costs applicable to sales | 1,223 | 1,216 | 1,151 | |||||||||
Depreciation and amortization | 319 | 268 | 223 | |||||||||
Reclamation and remediation | 25 | 14 | 9 | |||||||||
Exploration | 30 | 24 | 46 | |||||||||
Advanced projects, research and development | 12 | 34 | 45 | |||||||||
General and administrative | 60 | 93 | 101 | |||||||||
Impairment of long-lived assets | 4 | 3 | ||||||||||
Other expense, net | 43 | 47 | 69 | |||||||||
Total costs and expenses | 1,716 | 1,699 | 1,644 | |||||||||
Other income (expense) | ||||||||||||
Other income, net | 29 | 113 | 15 | |||||||||
Interest income - intercompany | 8 | 23 | ||||||||||
Interest expense, net | (7) | (6) | (10) | |||||||||
Total other income (expense) | 30 | 107 | 28 | |||||||||
Income (loss) before income and mining tax and other items | 143 | 378 | 740 | |||||||||
Income and mining tax benefit (expense) | (10) | (94) | (224) | |||||||||
Equity income (loss) of affiliates | (304) | (104) | (252) | |||||||||
Income (loss) from continuing operations | (171) | 180 | 264 | |||||||||
Net income (loss) | (171) | 180 | 264 | |||||||||
Net income (loss) attributable to Newmont stockholders | (171) | 180 | 264 | |||||||||
Comprehensive income (loss) | (127) | 38 | 409 | |||||||||
Comprehensive income (loss) attributable to Newmont stockholders | (127) | 38 | 409 | |||||||||
Reportable Legal Entities | Other Subsidiaries | ||||||||||||
Condensed Consolidating Statement of Operation | ||||||||||||
Sales | 5,900 | 5,322 | 6,058 | |||||||||
Costs and expenses | ||||||||||||
Costs applicable to sales | 3,089 | 3,241 | 4,148 | |||||||||
Depreciation and amortization | 916 | 957 | 1,139 | |||||||||
Reclamation and remediation | 241 | 140 | 72 | |||||||||
Exploration | 126 | 140 | 201 | |||||||||
Advanced projects, research and development | 121 | 127 | 177 | |||||||||
General and administrative | 123 | 93 | 102 | |||||||||
Impairment of long-lived assets | 52 | 23 | 4,352 | |||||||||
Other expense, net | 178 | 158 | 231 | |||||||||
Total costs and expenses | 4,846 | 4,879 | 10,422 | |||||||||
Other income (expense) | ||||||||||||
Other income, net | 109 | 72 | 338 | |||||||||
Interest income - intercompany | 23 | 12 | 21 | |||||||||
Interest expense - intercompany | (141) | (131) | (179) | |||||||||
Interest expense, net | (29) | (38) | (2) | |||||||||
Total other income (expense) | (38) | (85) | 178 | |||||||||
Income (loss) before income and mining tax and other items | 1,016 | 358 | (4,186) | |||||||||
Income and mining tax benefit (expense) | (701) | (119) | 923 | |||||||||
Equity income (loss) of affiliates | (7) | (15) | (334) | |||||||||
Income (loss) from continuing operations | 308 | 224 | (3,597) | |||||||||
Income (loss) from discontinued operations | 27 | (40) | 61 | |||||||||
Net income (loss) | 335 | 184 | (3,536) | |||||||||
Net loss (income) attributable to noncontrolling interests | (144) | 209 | 478 | |||||||||
Net income (loss) attributable to Newmont stockholders | 191 | 393 | (3,058) | |||||||||
Comprehensive income (loss) | 422 | 64 | (4,363) | |||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 139 | (214) | (477) | |||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 283 | 278 | (3,886) | |||||||||
Eliminations | ||||||||||||
Other income (expense) | ||||||||||||
Interest income - intercompany | (161) | (142) | (188) | |||||||||
Interest expense - intercompany | 161 | 142 | 188 | |||||||||
Equity income (loss) of affiliates | (80) | (543) | 3,011 | |||||||||
Income (loss) from continuing operations | (80) | (543) | 3,011 | |||||||||
Net income (loss) | (80) | (543) | 3,011 | |||||||||
Net loss (income) attributable to noncontrolling interests | 60 | (30) | (217) | |||||||||
Net income (loss) attributable to Newmont stockholders | (20) | (573) | 2,794 | |||||||||
Comprehensive income (loss) | (211) | (286) | 3,694 | |||||||||
Comprehensive loss (income) attributable to noncontrolling interests | (55) | 30 | 217 | |||||||||
Comprehensive income (loss) attributable to Newmont stockholders | $ (156) | $ (316) | $ 3,477 | |||||||||
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
Condensed Consolidating Fina151
Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 304 | $ 329 | $ (2,795) |
Adjustments | 2,189 | 1,820 | 5,442 |
Net change in operating assets and liabilities | (336) | (698) | (1,086) |
Net cash provided by continuing operating activities | 2,157 | 1,451 | 1,561 |
Net cash used in discontinued operations | (12) | (13) | (18) |
Net cash provided by operating activities | 2,145 | 1,438 | 1,543 |
Investing activities: | |||
Additions to property, plant and mine development | (1,401) | (1,110) | (1,900) |
Acquisitions, net | (823) | (28) | (13) |
Sales of investments | 29 | 25 | 589 |
Proceeds from sale of other assets | 203 | 661 | 63 |
Purchases of investments | (26) | (1) | |
Other | (49) | (29) | (51) |
Net cash used in investing activities | (2,041) | (507) | (1,313) |
Financing activities: | |||
Proceeds from debt, net | 601 | 1,538 | |
Repayment of debt | (454) | (686) | (1,150) |
Net proceeds from common stock issuance | 675 | 2 | |
Sale of noncontrolling interests | 37 | 179 | 32 |
Funding from noncontrolling interests | 109 | ||
Acquisition of noncontrolling interests | (8) | (9) | (17) |
Dividends paid to noncontrolling interests | (3) | (4) | (2) |
Dividends paid to common stockholders | (52) | (114) | (610) |
Increase in restricted cash and other | (8) | (32) | (5) |
Net cash provided by (used in) financing activities | 296 | (65) | (212) |
Effect of exchange rate changes on cash | (21) | (18) | (24) |
Net change in cash and cash equivalents | 379 | 848 | (6) |
Cash and cash equivalents at beginning of period | 2,403 | 1,555 | 1,561 |
Cash and cash equivalents at end of period | 2,782 | 2,403 | 1,555 |
Reportable Legal Entities | Newmont Mining Corporation | |||
Operating activities: | |||
Net income (loss) | 220 | 508 | (2,534) |
Adjustments | (262) | (626) | 2,512 |
Net change in operating assets and liabilities | 49 | (92) | (24) |
Net cash provided by continuing operating activities | 7 | (210) | (46) |
Net cash provided by operating activities | 7 | (210) | (46) |
Investing activities: | |||
Acquisitions, net | (821) | ||
Sales of investments | 25 | ||
Proceeds from sale of other assets | 102 | ||
Net cash used in investing activities | (719) | 25 | |
Financing activities: | |||
Proceeds from debt, net | 567 | 1,024 | |
Repayment of debt | (200) | (675) | (1,024) |
Net intercompany borrowings (repayments) | 291 | 407 | 655 |
Net proceeds from common stock issuance | 675 | 2 | |
Dividends paid to common stockholders | (52) | (114) | (610) |
Increase in restricted cash and other | (2) | (1) | |
Net cash provided by (used in) financing activities | 712 | 185 | 46 |
Reportable Legal Entities | Newmont USA | |||
Operating activities: | |||
Net income (loss) | (171) | 180 | 264 |
Adjustments | 869 | 240 | 836 |
Net change in operating assets and liabilities | (276) | (223) | (245) |
Net cash provided by continuing operating activities | 422 | 197 | 855 |
Net cash provided by operating activities | 422 | 197 | 855 |
Investing activities: | |||
Additions to property, plant and mine development | (326) | (395) | (441) |
Sales of investments | 25 | ||
Proceeds from sale of other assets | 18 | 468 | |
Purchases of investments | (25) | ||
Other | (6) | ||
Net cash used in investing activities | (283) | 42 | (441) |
Financing activities: | |||
Repayment of debt | (2) | (1) | |
Net intercompany borrowings (repayments) | (57) | 323 | (328) |
Sale of noncontrolling interests | 3 | 108 | |
Increase in restricted cash and other | 1 | ||
Net cash provided by (used in) financing activities | (55) | 430 | (328) |
Net change in cash and cash equivalents | 84 | 669 | 86 |
Cash and cash equivalents at beginning of period | 1,097 | 428 | 342 |
Cash and cash equivalents at end of period | 1,181 | 1,097 | 428 |
Reportable Legal Entities | Other Subsidiaries | |||
Operating activities: | |||
Net income (loss) | 335 | 184 | (3,536) |
Adjustments | 1,502 | 1,663 | 5,119 |
Net change in operating assets and liabilities | (109) | (383) | (817) |
Net cash provided by continuing operating activities | 1,728 | 1,464 | 766 |
Net cash used in discontinued operations | (12) | (13) | (18) |
Net cash provided by operating activities | 1,716 | 1,451 | 748 |
Investing activities: | |||
Additions to property, plant and mine development | (1,075) | (715) | (1,459) |
Acquisitions, net | (2) | (28) | (13) |
Sales of investments | 4 | 589 | |
Proceeds from sale of other assets | 83 | 193 | 63 |
Purchases of investments | (1) | (1) | |
Other | (49) | (23) | (51) |
Net cash used in investing activities | (1,039) | (574) | (872) |
Financing activities: | |||
Proceeds from debt, net | 34 | 514 | |
Repayment of debt | (252) | (10) | (126) |
Net intercompany borrowings (repayments) | (234) | (730) | (327) |
Sale of noncontrolling interests | 34 | 71 | 32 |
Funding from noncontrolling interests | 109 | ||
Acquisition of noncontrolling interests | (8) | (9) | (17) |
Dividends paid to noncontrolling interests | (3) | (4) | (2) |
Dividends paid to common stockholders | (14) | ||
Increase in restricted cash and other | (7) | (32) | (4) |
Net cash provided by (used in) financing activities | (361) | (680) | 56 |
Effect of exchange rate changes on cash | (21) | (18) | (24) |
Net change in cash and cash equivalents | 295 | 179 | (92) |
Cash and cash equivalents at beginning of period | 1,306 | 1,127 | 1,219 |
Cash and cash equivalents at end of period | 1,601 | 1,306 | 1,127 |
Eliminations | |||
Operating activities: | |||
Net income (loss) | (80) | (543) | 3,011 |
Adjustments | $ 80 | $ 543 | (3,025) |
Net cash provided by continuing operating activities | (14) | ||
Net cash provided by operating activities | (14) | ||
Financing activities: | |||
Dividends paid to common stockholders | 14 | ||
Net cash provided by (used in) financing activities | $ 14 |
Condensed Consolidating Fina152
Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 2,782 | $ 2,403 | $ 1,555 | $ 1,561 |
Trade receivables | 260 | 186 | ||
Other accounts receivables | 185 | 290 | ||
Investments | 19 | 73 | ||
Inventories | 710 | 700 | ||
Stockpiles and ore on leach pads | 896 | 666 | ||
Deferred income tax assets | 240 | |||
Other current assets | 131 | 881 | ||
Current assets | 4,983 | 5,439 | ||
Property, plant and mine development, net | 14,303 | 13,650 | ||
Investments | 402 | 334 | ||
Stockpiles and ore on leach pads | 3,000 | 2,820 | ||
Deferred income tax assets | 1,718 | 1,790 | ||
Other long-term assets | 776 | 883 | ||
Total assets | 25,182 | 24,916 | 24,607 | |
Liabilities | ||||
Debt | 149 | 166 | ||
Accounts payable | 396 | 406 | ||
Employee-related benefits (Note 14) | 293 | 307 | ||
Income and mining taxes | 38 | 74 | ||
Other current liabilities | 540 | 1,245 | ||
Current liabilities | 1,416 | 2,198 | ||
Debt (Note 23) | 6,087 | 6,480 | ||
Reclamation and remediation liabilities (Note 5) | 1,800 | 1,606 | ||
Deferred income tax liabilities (Note 9) | 840 | 656 | ||
Employee-related benefits (Note 14) | 437 | 492 | ||
Other long-term liabilities (Note 24) | 310 | 395 | ||
Total liabilities | 10,890 | 11,827 | ||
Equity | ||||
Newmont stockholders’ equity | 11,350 | 10,274 | ||
Noncontrolling interests | 2,942 | 2,815 | ||
Total equity | 14,292 | 13,089 | 12,909 | 16,871 |
Total liabilities and equity | 25,182 | 24,916 | ||
Reportable Legal Entities | Newmont Mining Corporation | ||||
Assets | ||||
Intercompany receivable | 4,587 | 4,058 | ||
Deferred income tax assets | 3 | |||
Current assets | 4,587 | 4,061 | ||
Property, plant and mine development, net | 26 | 28 | ||
Investments in subsidiaries | 15,650 | 14,553 | ||
Deferred income tax assets | 223 | 275 | ||
Long-term intercompany receivable | 1,742 | 1,968 | ||
Other long-term assets | 41 | 48 | ||
Total assets | 22,269 | 20,933 | ||
Liabilities | ||||
Intercompany payable | 4,888 | 4,299 | ||
Other current liabilities | 70 | 67 | ||
Current liabilities | 4,958 | 4,366 | ||
Debt (Note 23) | 5,880 | 6,055 | ||
Long-term intercompany payable | 81 | 238 | ||
Total liabilities | 10,919 | 10,659 | ||
Equity | ||||
Newmont stockholders’ equity | 11,350 | 10,274 | ||
Total equity | 11,350 | 10,274 | ||
Total liabilities and equity | 22,269 | 20,933 | ||
Reportable Legal Entities | Newmont USA | ||||
Assets | ||||
Cash and cash equivalents | 1,181 | 1,097 | 428 | 342 |
Trade receivables | 31 | 23 | ||
Other accounts receivables | 21 | |||
Intercompany receivable | 6,212 | 6,027 | ||
Investments | 25 | |||
Inventories | 158 | 157 | ||
Stockpiles and ore on leach pads | 201 | 201 | ||
Deferred income tax assets | 153 | |||
Other current assets | 53 | 95 | ||
Current assets | 7,836 | 7,799 | ||
Property, plant and mine development, net | 3,179 | 3,190 | ||
Investments | 15 | 13 | ||
Investments in subsidiaries | 3,886 | 4,121 | ||
Stockpiles and ore on leach pads | 621 | 580 | ||
Deferred income tax assets | 757 | 535 | ||
Long-term intercompany receivable | 434 | 220 | ||
Other long-term assets | 253 | 238 | ||
Total assets | 16,981 | 16,696 | ||
Liabilities | ||||
Debt | 3 | 1 | ||
Accounts payable | 78 | 60 | ||
Intercompany payable | 5,495 | 5,034 | ||
Employee-related benefits (Note 14) | 136 | 141 | ||
Other current liabilities | 133 | 176 | ||
Current liabilities | 5,845 | 5,412 | ||
Debt (Note 23) | 7 | 5 | ||
Reclamation and remediation liabilities (Note 5) | 231 | 236 | ||
Deferred income tax liabilities (Note 9) | 85 | 43 | ||
Employee-related benefits (Note 14) | 283 | 343 | ||
Other long-term liabilities (Note 24) | 37 | 37 | ||
Total liabilities | 6,488 | 6,076 | ||
Equity | ||||
Newmont stockholders’ equity | 10,493 | 10,620 | ||
Total equity | 10,493 | 10,620 | ||
Total liabilities and equity | 16,981 | 16,696 | ||
Reportable Legal Entities | Other Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 1,601 | 1,306 | $ 1,127 | $ 1,219 |
Trade receivables | 229 | 163 | ||
Other accounts receivables | 185 | 269 | ||
Intercompany receivable | 8,101 | 6,698 | ||
Investments | 19 | 48 | ||
Inventories | 552 | 543 | ||
Stockpiles and ore on leach pads | 695 | 465 | ||
Deferred income tax assets | 84 | |||
Other current assets | 78 | 786 | ||
Current assets | 11,460 | 10,362 | ||
Property, plant and mine development, net | 11,136 | 10,473 | ||
Investments | 387 | 321 | ||
Investments in subsidiaries | 2,820 | 2,822 | ||
Stockpiles and ore on leach pads | 2,379 | 2,240 | ||
Deferred income tax assets | 1,228 | 1,470 | ||
Long-term intercompany receivable | 108 | 700 | ||
Other long-term assets | 482 | 597 | ||
Total assets | 30,000 | 28,985 | ||
Liabilities | ||||
Debt | 146 | 165 | ||
Accounts payable | 318 | 346 | ||
Intercompany payable | 8,517 | 7,450 | ||
Employee-related benefits (Note 14) | 157 | 166 | ||
Income and mining taxes | 38 | 74 | ||
Other current liabilities | 337 | 1,002 | ||
Current liabilities | 9,513 | 9,203 | ||
Debt (Note 23) | 200 | 420 | ||
Reclamation and remediation liabilities (Note 5) | 1,569 | 1,370 | ||
Deferred income tax liabilities (Note 9) | 1,245 | 1,103 | ||
Employee-related benefits (Note 14) | 154 | 149 | ||
Long-term intercompany payable | 2,241 | 2,691 | ||
Other long-term liabilities (Note 24) | 273 | 358 | ||
Total liabilities | 15,195 | 15,294 | ||
Equity | ||||
Newmont stockholders’ equity | 10,202 | 9,225 | ||
Noncontrolling interests | 4,603 | 4,466 | ||
Total equity | 14,805 | 13,691 | ||
Total liabilities and equity | 30,000 | 28,985 | ||
Eliminations | ||||
Assets | ||||
Intercompany receivable | (18,900) | (16,783) | ||
Current assets | (18,900) | (16,783) | ||
Property, plant and mine development, net | (38) | (41) | ||
Investments in subsidiaries | (22,356) | (21,496) | ||
Deferred income tax assets | (490) | (490) | ||
Long-term intercompany receivable | (2,284) | (2,888) | ||
Total assets | (44,068) | (41,698) | ||
Liabilities | ||||
Intercompany payable | (18,900) | (16,783) | ||
Current liabilities | (18,900) | (16,783) | ||
Deferred income tax liabilities (Note 9) | (490) | (490) | ||
Long-term intercompany payable | (2,322) | (2,929) | ||
Total liabilities | (21,712) | (20,202) | ||
Equity | ||||
Newmont stockholders’ equity | (20,695) | (19,845) | ||
Noncontrolling interests | (1,661) | (1,651) | ||
Total equity | (22,356) | (21,496) | ||
Total liabilities and equity | $ (44,068) | $ (41,698) |
Commitments and Contingencies -
Commitments and Contingencies - Environmental Matters (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrual for future reclamation costs | |||
Asset retirement obligation | $ 1,553 | $ 1,497 | $ 1,432 |
Reclamation obligation, current | 37 | 42 | |
Reclamation and remediation obligations | 318 | 192 | $ 179 |
Other current liabilities | |||
Accrual for future reclamation costs | |||
Reclamation obligation, current | 37 | 42 | |
Current portion of reclamation and remediation liabilities | $ 34 | $ 41 | |
Reclamation and remediation liabilities | |||
Accrual for future reclamation costs | |||
Range of reclamation and remediation liabilities upper limit | 40.00% | ||
Range of reclamation and remediation liabilities lower limit | 1.00% |
Commitments and Contingencie154
Commitments and Contingencies - Environmental Matters by Site (Details) - USD ($) $ in Millions | Jun. 05, 2007 | Apr. 30, 2015 | Apr. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loss contingencies | |||||||
Reclamation and remediation obligations | $ 318 | $ 192 | $ 179 | ||||
Environmental remediation | Midnite Mine | |||||||
Loss contingencies | |||||||
Expected remediation design completion, first phase percentage | 30.00% | ||||||
Expected remediation design completion, second phase percentage | 60.00% | ||||||
Expected remediation design completion, reasonaby certain threshold as a percent) | 90.00% | ||||||
Newmont USA Limited | |||||||
Loss contingencies | |||||||
Percent ownership of Newmont USA by Newmont Mining Corporation | 100.00% | 100.00% | |||||
Newmont USA Limited | Environmental remediation | Ross-Adams Mine Site | |||||||
Loss contingencies | |||||||
Damages sought | $ 0.3 | ||||||
Dawn Mining Company | Midnite Mine | |||||||
Loss contingencies | |||||||
Department of Interior contribution for past and future cleanup costs | $ 42 | ||||||
Dawn Mining Company | Environmental remediation | Midnite Mine | |||||||
Loss contingencies | |||||||
Reclamation and remediation obligations | $ 221 |
Commitments and Contingencie155
Commitments and Contingencies - Other Legal Matters (Details) $ in Millions | 1 Months Ended | ||||||
Apr. 30, 2008plaintiff | May. 31, 2002plaintiff | Aug. 31, 2000PEN | Aug. 31, 2000USD ($) | Jun. 30, 2000communitykg | Dec. 31, 2015plaintiff | Dec. 31, 2011complaint | |
Dawn Mining Company | |||||||
Loss contingencies | |||||||
Newmont equity interest ownership (as a percent) | 51.00% | ||||||
Newmont Mining Corporation | Minera Yanacocha S.R.L. | |||||||
Loss contingencies | |||||||
Newmont equity interest ownership (as a percent) | 51.35% | ||||||
Minera Yanacocha S.R.L. | South America | Choropampa | |||||||
Loss contingencies | |||||||
Elemental mercury spilled (in kilograms) | kg | 151 | ||||||
Minera Yanacocha S.R.L. | South America | Environmental remediation | Choropampa | |||||||
Loss contingencies | |||||||
Fine paid under protest for spill of elementary mercury | PEN 1,740,000 | $ 0.5 | |||||
Number of communities impacted by incident | community | 3 | ||||||
Minera Yanacocha S.R.L. | South America | Environmental remediation | Cajamarca, Peru local courts | Choropampa | |||||||
Loss contingencies | |||||||
Remaining plaintiffs in the Yanacocha matters | 200 | ||||||
Minera Yanacocha S.R.L. | South America | Environmental remediation | Cajamarca, Peru local courts | Settled Litigation | Minimum | Choropampa | |||||||
Loss contingencies | |||||||
Loss contingency number of plaintiffs | 900 | ||||||
Number of settlement agreements entered into by Yanacocha | 350 | ||||||
Minera Yanacocha S.R.L. | South America | Environmental remediation | Cajamarca, Peru local courts | Pending Litigation | Choropampa | |||||||
Loss contingencies | |||||||
Number of complaints to nullify settlements | complaint | 23 |
Commitments and Contingencie156
Commitments and Contingencies - Administrative Matters (Details) - Minera Yanacocha S.R.L. $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Nov. 30, 2015USD ($)judgment | Dec. 31, 2015USD ($)item$ / item | Dec. 31, 2000USD ($) | |
Environmental remediation | MINAM | ||||
Loss contingencies | ||||
Adaption plan, period | 1 year | |||
Compliance period | 3 years | |||
Unfavorable Tax Ruling | Yanacocha Tax Dispute | Contractual right to conduct exploration | ||||
Loss contingencies | ||||
Number of rulings overturned | judgment | 2 | |||
Potential liability, including fines and interest | $ | $ 70 | |||
Unfavorable Tax Ruling | Yanacocha Tax Dispute | Buenaventura and Minas Conga | Contractual right to conduct exploration | ||||
Loss contingencies | ||||
Intangible asset acquired | $ | $ 29 | |||
Unfavorable Tax Ruling | Yanacocha Tax Dispute | Buenaventura and Minas Conga | Contractual right to conduct exploration | Maximum | ||||
Loss contingencies | ||||
Intangible asset, useful life | 10 years | |||
South America | OEFA | ||||
Loss contingencies | ||||
Potential fine for each unit alleged violations (in dollars per unit) | $ / item | 0.00116 | |||
South America | OEFA | Minimum | ||||
Loss contingencies | ||||
Number of units with alleged violations | item | 0 | |||
Potential fine for alleged violations | $ | $ 0 | |||
South America | OEFA | Maximum | ||||
Loss contingencies | ||||
Number of units with alleged violations | item | 90,112 | |||
Potential fine for alleged violations | $ | $ 127 | |||
South America | Water Authority | Minimum | ||||
Loss contingencies | ||||
Number of units with alleged violations | item | 0 | |||
South America | Water Authority | Maximum | ||||
Loss contingencies | ||||
Number of units with alleged violations | item | 20,000 |
Commitments and Contingencie157
Commitments and Contingencies - PT Newmont Nusa Tenggara (Details) - PTNNT - Batu Hijau | May. 06, 2011 | Dec. 17, 2010 | Feb. 28, 2010 | Dec. 31, 2006 | Dec. 31, 2010 | Mar. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2015 | Mar. 31, 2009 | Mar. 31, 2008 | Mar. 31, 2007 | Mar. 31, 2006 |
Newmont Mining Corporation | ||||||||||||
Loss contingencies | ||||||||||||
Newmont equity interest ownership (as a percent) | 31.50% | |||||||||||
Newmont Mining Corporation | Batu Hijau | Required divestiture | ||||||||||||
Loss contingencies | ||||||||||||
Interest to be offered (as a percent) | 3.00% | 7.00% | ||||||||||
Aggregate interest to be offered | 31.00% | |||||||||||
Newmont Mining Corporation | Batu Hijau | Required divestiture | Minimum | ||||||||||||
Loss contingencies | ||||||||||||
Percentage of ownership shares by the Indonesian government or Indonesian nationals in PTNNT | 51.00% | 44.00% | 23.00% | |||||||||
Newmont Mining Corporation | Batu Hijau | Required divestiture | Ministry of Energy and Mineral Resources | ||||||||||||
Loss contingencies | ||||||||||||
Sale and transfer of shares of interest percent | 7.00% | |||||||||||
Newmont Mining Corporation | Batu Hijau | Required divestiture | PIP | ||||||||||||
Loss contingencies | ||||||||||||
Sale and transfer of shares of interest percent | 7.00% | |||||||||||
PTNNT - Batu Hijau | Batu Hijau | Required divestiture | Minimum | ||||||||||||
Loss contingencies | ||||||||||||
Percentage of ownership shares by the Indonesian government or Indonesian nationals in PTNNT | 37.00% | 30.00% | ||||||||||
PTPI | ||||||||||||
Loss contingencies | ||||||||||||
Other company ownership percentage in affiliate | 20.00% | |||||||||||
PTMDB | Batu Hijau | Required divestiture | ||||||||||||
Loss contingencies | ||||||||||||
PTMDB's ownership in PTNNT | 24.00% |
Commitments and Contingencie158
Commitments and Contingencies - NWG Investments Inc v. Fronteer Gold Inc. (Details) - USD ($) $ in Millions | Feb. 26, 2014 | Sep. 24, 2012 | Apr. 08, 2008 | Sep. 30, 2007 |
North America | Pending Litigation | ||||
Loss contingencies | ||||
Uranium mining moratorium term | 3 years | |||
NWG Investments Inc. | NewWest Gold | ||||
Loss contingencies | ||||
Other company ownership percentage in affiliate | 86.00% | |||
NWG Investments Inc. | North America | NWG New York Summons and Complaint | Pending Litigation | ||||
Loss contingencies | ||||
Damages sought | $ 750 | |||
NWG Investments Inc. | Newmont Mining Corporation | NWG Ontario Complaint | Pending Litigation | ||||
Loss contingencies | ||||
Damages sought | $ 1,200 | |||
NWG Investments Inc. | Jacob Safra | ||||
Loss contingencies | ||||
Ownership interest held by majority shareholder of parent of acquiree entity | 100.00% | |||
Fronteer | Aurora | ||||
Loss contingencies | ||||
Ownership interest in Aurora Energy Resources Inc. held by Fronteer | 47.00% |
Commitments and Contingencie159
Commitments and Contingencies - Royalty Obligations (Details) $ in Millions | Jun. 25, 2009USD ($)$ / oz | Dec. 31, 2015USD ($)location | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Corporate and other | Minimum Royalty Obligations | ||||
Minimum Royalty Obligations | ||||
Number of mines subject to minimum royalty obligations | location | 1 | |||
2,016 | $ 28 | |||
2,017 | 32 | |||
2,018 | 32 | |||
2,019 | 32 | |||
2,020 | 32 | |||
Thereafter | 19 | |||
Boddington | ||||
Minimum Royalty Obligations | ||||
Boddington final interest acquired | 33.33% | |||
Acquisition price | $ 982 | |||
Percentage of average operating margin | 50.00% | |||
Operating margin per ounce | $ / oz | 600 | |||
Boddington contingent consideration liability | $ 62 | 10 | $ 10 | |
Contingent consideration cash paid | 0 | $ 0 | $ 13 | |
Contingent consideration range low | 0 | |||
Contingent consideration range high | $ 28 | |||
Maximum | Boddington | ||||
Minimum Royalty Obligations | ||||
Contingent royalty | $ 100 |
Commitments and Contingencie160
Commitments and Contingencies - Royalty Obligations Holt Property (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Holt property royalty | Discontinued operations disposed of by sale | Holloway Mining Company | ||||
Sliding scale royalty | ||||
Holt royalty | $ 129 | $ 179 | ||
Royalty paid | 12 | 13 | $ 18 | |
Ontario Court of Appeal Ruling | Holt property royalty | Discontinued operations disposed of by sale | Holloway Mining Company | Newmont Canada | ||||
Sliding scale royalty | ||||
Sliding scale royalty, percentage of net smelter returns | 0.013% | |||
Corporate and other | ||||
Other commitments | ||||
Letters of credit surety bonds and bank guarantees, outstanding | $ 2,060 | $ 1,865 |
Unaudited Supplementary Data (D
Unaudited Supplementary Data (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales (Note 3) | $ 1,816 | $ 2,033 | $ 1,908 | $ 1,972 | $ 2,017 | $ 1,746 | $ 1,765 | $ 1,764 | $ 7,729 | $ 7,292 | $ 8,414 |
Gross profit | 140 | 544 | 587 | 641 | 488 | 223 | 378 | 363 | |||
Income (loss) from continuing operations | (247) | 202 | 63 | 175 | 39 | 210 | 182 | 117 | 193 | 548 | (2,595) |
Income (loss) from discontinued operations | (7) | 17 | 9 | 8 | (24) | 3 | (2) | (17) | 27 | (40) | 61 |
Net income (loss) attributable to Newmont stockholders | $ (254) | $ 219 | $ 72 | $ 183 | $ 15 | $ 213 | $ 180 | $ 100 | $ 220 | $ 508 | $ (2,534) |
Income (loss) from continuing operations, per common share, basic | $ (0.48) | $ 0.38 | $ 0.13 | $ 0.35 | $ 0.08 | $ 0.42 | $ 0.37 | $ 0.23 | $ 0.38 | $ 1.10 | $ (5.21) |
Income (loss) from discontinued operations, per common share, basic | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 |
Net income (loss) per common share, basic | (0.50) | 0.42 | 0.14 | 0.37 | 0.03 | 0.43 | 0.36 | 0.20 | 0.43 | 1.02 | (5.09) |
Income (loss) from continuing operations, per common share, diluted | (0.48) | 0.38 | 0.13 | 0.35 | 0.08 | 0.42 | 0.37 | 0.23 | 0.38 | 1.10 | (5.21) |
Income (loss) from discontinued operations, per common share, diluted | (0.02) | 0.04 | 0.01 | 0.02 | (0.05) | 0.01 | (0.01) | (0.03) | 0.05 | (0.08) | 0.12 |
Net income (loss) per common share, diluted | $ (0.50) | $ 0.42 | $ 0.14 | $ 0.37 | $ 0.03 | $ 0.43 | $ 0.36 | $ 0.20 | $ 0.43 | $ 1.02 | $ (5.09) |
Basic weighted-average shares outstanding | 529 | 529 | 505 | 499 | 499 | 499 | 499 | 498 | 516 | 499 | 498 |
Diluted weighted-average shares outstanding | 530 | 530 | 506 | 500 | 500 | 500 | 499 | 499 | 516 | 499 | 498 |
Cash dividends declared per common share | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.150 | $ 0.100 | $ 0.225 | $ 1.225 |
Closing price of common stock | $ 17.99 | $ 16.07 | $ 23.36 | $ 21.71 | $ 18.90 | $ 23.05 | $ 25.44 | $ 23.44 |
Unaudited Supplementary Data -
Unaudited Supplementary Data - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant after tax items | |||||||||||
Net income (loss) per common share, basic | $ (0.50) | $ 0.42 | $ 0.14 | $ 0.37 | $ 0.03 | $ 0.43 | $ 0.36 | $ 0.20 | $ 0.43 | $ 1.02 | $ (5.09) |
Tax Valuation Allowance | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (130) | $ 24 | $ (45) | $ (44) | $ (43) | $ (21) | $ 98 | ||||
Net income (loss) per common share, basic | $ (0.25) | $ 0.05 | $ (0.09) | $ (0.09) | $ (0.09) | $ (0.04) | $ 0.20 | ||||
Reclamation and Remediation Charges | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (94) | ||||||||||
Net income (loss) per common share, basic | $ (0.18) | ||||||||||
Other expense, net | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (18) | ||||||||||
Net income (loss) per common share, basic | $ (0.03) | ||||||||||
Impairment Losses | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (18) | $ (4) | $ (3) | $ (4) | |||||||
Net income (loss) per common share, basic | $ (0.03) | $ (0.01) | $ (0.01) | $ (0.01) | |||||||
Impairment of investments | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (8) | $ (19) | $ (10) | $ (37) | $ 10 | ||||||
Net income (loss) per common share, basic | $ (0.02) | $ (0.05) | $ (0.02) | $ (0.07) | $ 0.02 | ||||||
(Loss) gain from discontinued operations | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (7) | $ 17 | $ 9 | $ 8 | $ (24) | $ 3 | $ (17) | ||||
Net income (loss) per common share, basic | $ (0.01) | $ 0.04 | $ 0.02 | $ 0.01 | $ (0.05) | $ 0.01 | $ (0.04) | ||||
Net Gains (Losses) on Sales of Assets | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ 6 | $ 36 | $ (1) | $ (29) | $ (23) | $ (17) | $ 13 | ||||
Net income (loss) per common share, basic | $ 0.01 | $ 0.07 | $ (0.01) | $ (0.06) | $ (0.05) | $ 0.03 | $ 0.03 | ||||
Restructuring and Other | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (3) | $ (7) | $ (5) | $ (11) | $ (4) | $ (3) | |||||
Net income (loss) per common share, basic | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.01) | |||||
Deconsolidation of TMAC | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ 49 | ||||||||||
Net income (loss) per common share, basic | $ 0.10 | ||||||||||
Reclamation Settlement | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (10) | ||||||||||
Net income (loss) per common share, basic | $ (0.02) | ||||||||||
Abnormal Production Cost At Batu | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (19) | $ (9) | |||||||||
Net income (loss) per common share, basic | $ (0.04) | $ (0.02) | |||||||||
Acquistion costs | |||||||||||
Significant after tax items | |||||||||||
Significant after-tax items (loss)/gain | $ (5) | $ (5) | |||||||||
Net income (loss) per common share, basic | $ (0.01) | $ (0.01) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - Net Deferred Tax Assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 2,817 | $ 2,724 | $ 1,626 |
Additions to deferred income tax expense | 530 | 244 | 1,202 |
Reduction of deferred income tax expense | (360) | (151) | (104) |
Balance at end of year | $ 2,987 | $ 2,817 | $ 2,724 |