Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 13, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report 1 | false | ||
Entity File Number | 001-31240 | ||
Entity Registrant Name | NEWMONT Corp /DE/ | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-1611629 | ||
Entity Address, Address Line One | 6363 South Fiddler’s Green Circle | ||
Entity Address, State or Province | CO | ||
Entity Address, City or Town | Greenwood Village | ||
Entity Address, Postal Zip Code | 80111 | ||
City Area Code | 303 | ||
Local Phone Number | 863-7414 | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common stock, par value $1.60 per share | ||
Trading Symbol | NEM | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 807,583,184 | ||
Entity Central Index Key | 0001164727 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 31,446,331,094 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales (Note 6) | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Costs and expenses | |||||||||||
Depreciation and amortization | 1,960 | 1,215 | 1,261 | ||||||||
Advanced projects, research and development | 150 | 153 | 143 | ||||||||
General and administrative | 313 | 244 | 237 | ||||||||
Impairment of long-lived assets (Note 8) | 5 | 369 | 14 | ||||||||
Other expense, net (Note 9) | 295 | 29 | 32 | ||||||||
Total costs and expenses | 8,463 | 6,463 | 6,120 | ||||||||
Other income (expense): | |||||||||||
Gain on formation of Nevada Gold Mines (Note 4) | 2,390 | ||||||||||
Other income, net (Note 10) | 327 | 155 | 54 | ||||||||
Interest expense, net of capitalized interest of $26, $37 and $22, respectively | (301) | (207) | (241) | ||||||||
Total other income (expense) | 2,416 | (52) | (187) | ||||||||
Income (loss) before income and mining tax and other items | 3,693 | 738 | 1,072 | ||||||||
Income and mining tax benefit (expense) (Note 11) | (832) | (386) | (1,127) | ||||||||
Equity income (loss) of affiliates (Note 12) | 95 | (33) | (16) | ||||||||
Net income (loss) from continuing operations | 2,956 | 319 | (71) | ||||||||
Net income (loss) from discontinued operations (Note 13) | (72) | 61 | (38) | ||||||||
Net income (loss) | 2,884 | 380 | (109) | ||||||||
Net loss (income) attributable to noncontrolling interests: | |||||||||||
Continuing operations | (79) | (39) | (5) | ||||||||
Net loss (income) attributable to noncontrolling interests (Note 14) | (79) | (39) | (5) | ||||||||
Net income (loss) attributable to Newmont stockholders: | |||||||||||
Net income (loss) attributable to Newmont stockholders | 565 | 2,178 | (25) | 87 | 2 | (145) | 292 | 192 | 2,805 | 341 | (114) |
Continuing operations | 537 | 2,226 | 1 | 113 | (3) | (161) | 274 | 170 | 2,877 | 280 | (76) |
Discontinued operations | $ 28 | $ (48) | $ (26) | $ (26) | $ 5 | $ 16 | $ 18 | $ 22 | $ (72) | $ 61 | $ (38) |
Net income (loss) per common share, Basic (Note 15): | |||||||||||
Continuing operations (in dollars per share) | $ 0.66 | $ 2.72 | $ 0.21 | $ (0.31) | $ 0.52 | $ 0.32 | $ 3.92 | $ 0.53 | $ (0.14) | ||
Discontinued operations (in dollars per share) | 0.03 | (0.06) | $ (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | |
Net income (loss) per common share, basic (in dollars per share) | 0.69 | 2.66 | (0.03) | 0.16 | (0.27) | 0.55 | 0.36 | 3.82 | 0.64 | (0.21) | |
Net income (loss) per common share - Diluted: | |||||||||||
Continuing operations (in dollars per share) | 0.66 | 2.71 | 0.21 | (0.31) | 0.51 | 0.32 | 3.91 | 0.53 | (0.14) | ||
Discontinued operations (in dollars per share) | 0.03 | (0.06) | (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | |
Net income (loss) per common share, diluted (in dollars per share) | $ 0.69 | $ 2.65 | $ (0.03) | $ 0.16 | $ (0.27) | $ 0.54 | $ 0.36 | $ 3.81 | $ 0.64 | $ (0.21) | |
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | $ 5,195 | $ 4,093 | $ 4,062 | ||||||||
Reclamation and remediation | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 280 | 163 | 192 | ||||||||
Exploration | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | $ 265 | $ 197 | $ 179 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Capitalized interest | $ 26 | $ 37 | $ 22 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net income (loss) | $ 2,884 | $ 380 | $ (109) |
Other comprehensive income (loss): | |||
Change in marketable securities, net of tax of $-, $-, and $-, respectively | 5 | 1 | (15) |
Foreign currency translation adjustments | 1 | (12) | 12 |
Change in pension and other post-retirement benefits, net of tax of $-, $2, and $(8), respectively | (19) | (9) | 15 |
Change in fair value of cash flow hedge instruments, net of tax of $(2) and $(4), respectively, post-adoption | 32 | 9 | |
Change in fair value of cash flow hedge instruments, net of tax of $(15), pre-adoption | 30 | ||
Other comprehensive income (loss) | 19 | (11) | 42 |
Comprehensive income (loss) | 2,903 | 369 | (67) |
Comprehensive income (loss) attributable to: | |||
Comprehensive income (loss) attributable to Newmont stockholders | 2,824 | 330 | (72) |
Noncontrolling interests | 79 | 39 | 5 |
Comprehensive income (loss) | $ 2,903 | $ 369 | $ (67) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Change in pension and other post-retirement benefits, tax | $ 2 | $ (8) | |
Change in fair value of cash flow hedge instruments, tax, post-adoption | $ (2) | $ (4) | |
Change in fair value of cash flow hedge instruments, tax, pre-adoption | $ (15) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income (loss) | $ 2,884 | $ 380 | $ (109) |
Adjustments: | |||
Depreciation and amortization | 1,960 | 1,215 | 1,261 |
Stock-based compensation (Note 17) | 97 | 76 | 70 |
Reclamation and remediation | 258 | 146 | 180 |
Loss (income) from discontinued operations (Note 13) | 72 | (61) | 38 |
Deferred income taxes (Note 11) | 334 | 150 | 797 |
Impairment of long-lived assets (Note 8) | 5 | 369 | 14 |
Change in fair value of investments (Note 10) | (166) | 50 | |
Gain on formation of Nevada Gold Mines (Note 4) | (2,390) | ||
Write-downs of inventory and stockpiles and ore on leach pads | 130 | 271 | 212 |
Other operating adjustments | 1 | (16) | 68 |
Net change in operating assets and liabilities (Note 29) | (309) | (743) | (392) |
Net cash provided by (used in) operating activities of continuing operations | 2,876 | 1,837 | 2,139 |
Net cash provided by (used in) operating activities of discontinued operations (Note 13) | (10) | (10) | (15) |
Net cash provided by (used in) operating activities | 2,866 | 1,827 | 2,124 |
Investing activities: | |||
Additions to property, plant and mine development | (1,463) | (1,032) | (866) |
Return of investment from equity method investees | 132 | ||
Acquisitions, net (Note 4) | 127 | (140) | |
Purchases of investments | (112) | (39) | (130) |
Proceeds from sales of investments | 67 | 18 | 35 |
Proceeds from sales of other assets | 30 | 24 | 5 |
Other | (7) | (8) | 10 |
Net cash provided by (used in) investing activities | (1,226) | (1,177) | (946) |
Financing activities: | |||
Repayment of debt | (1,876) | (379) | |
Dividends paid to common stockholders | (889) | (301) | (134) |
Proceeds from issuance of debt, net | 690 | ||
Repurchases of common stock | (479) | (98) | |
Distributions to noncontrolling interests | (186) | (160) | (178) |
Funding from noncontrolling interests | 93 | 100 | 94 |
Payments on lease and other financing obligations, post-adoption | (55) | ||
Payments on lease and other financing obligations, post-adoption | (55) | ||
Payments on lease and other financing obligations, pre-adoption | (4) | (5) | |
Payments for withholding of employee taxes related to stock-based compensation | (50) | (40) | (14) |
Proceeds from sale of noncontrolling interests | 48 | ||
Acquisition of noncontrolling interests | (48) | ||
Other | (25) | (4) | |
Net cash provided by (used in) financing activities | (2,777) | (455) | (668) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3) | (4) | 6 |
Net change in cash, cash equivalents and restricted cash | (1,140) | 191 | 516 |
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 | 2,782 |
Cash, cash equivalents and restricted cash at end of period | $ 2,349 | $ 3,489 | $ 3,298 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Cash and cash equivalents | $ 2,243 |
Restricted cash included in Other current assets | $ 2 |
Location of current restricted cash | us-gaap:OtherAssetsCurrent |
Restricted cash included in Other non-current assets | $ 104 |
Location of noncurrent restricted cash | us-gaap:OtherAssetsNoncurrent |
Total cash, cash equivalents and restricted cash | $ 2,349 |
Goldcorp [Member] | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Cash and cash equivalents acquired | 117 |
Restricted cash acquired | 21 |
Net cash paid | 17 |
Nevada Gold Mines LLC NGM [Member] | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Restricted cash acquired | $ 6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 2,243 | $ 3,397 |
Trade receivables (Note 6) | 373 | 254 |
Investments (Note 20) | 237 | 48 |
Inventories (Note 21) | 1,014 | 630 |
Stockpiles and ore on leach pads (Note 22) | 812 | 697 |
Other current assets | 570 | 251 |
Current assets held for sale (Note 5) | 1,023 | |
Current assets | 6,272 | 5,277 |
Property, plant and mine development, net (Note 23) | 25,276 | 12,258 |
Investments (Note 20) | 3,199 | 271 |
Stockpiles and ore on leach pads (Note 22) | 1,484 | 1,866 |
Deferred income tax assets (Note 11) | 549 | 401 |
Goodwill (Note 24) | 2,674 | 58 |
Other non-current assets | 520 | 584 |
Total assets | 39,974 | 20,715 |
LIABILITIES | ||
Accounts payable | 539 | 303 |
Employee-related benefits (Note 16) | 361 | 305 |
Income and mining taxes payable | 162 | 71 |
Lease and other financing obligations, current (Note 26) | 100 | |
Lease and other financing obligations, current (Note 26), ASC840 | 27 | |
Debt (Note 25) | 626 | |
Other current liabilities (Note 27) | 880 | 455 |
Current liabilities held for sale (Note 5) | 343 | |
Current liabilities | 2,385 | 1,787 |
Debt (Note 25) | 6,138 | 3,418 |
Lease and other financing obligations, noncurrent (Note 26) | 596 | |
Lease and other financing obligations, noncurrent (Note 26), ASC840 | 190 | |
Reclamation and remediation liabilities (Note 7) | 3,464 | 2,481 |
Deferred income tax liabilities (Note 11) | 2,407 | 612 |
Employee-related benefits (Note 16) | 448 | 401 |
Silver streaming agreement (Note 6) | 1,058 | |
Other non-current liabilities (Note 27) | 1,061 | 314 |
Total liabilities | 17,557 | 9,203 |
Contingently redeemable noncontrolling interest (Note 14) | 47 | 47 |
EQUITY | ||
Common stock - $1.60 par value; Authorized - 1,280 million and 750 million shares, respectively; Outstanding - 808 million and 750 million shares, respectively | 1,298 | 855 |
Treasury shares - 3 million and 2 million shares, respectively | (120) | (70) |
Additional paid-in capital | 18,216 | 9,618 |
Accumulated other comprehensive income (loss) (Note 28) | (265) | (284) |
Retained Earnings (accumulated deficit) | 2,291 | 383 |
Newmont stockholders' equity | 21,420 | 10,502 |
Noncontrolling interests | 950 | 963 |
Total equity | 22,370 | 11,465 |
Total liabilities and equity | $ 39,974 | $ 20,715 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 1.60 | $ 1.60 |
Common stock, shares authorized | 1,280,000,000 | 750,000,000 |
Common stock, shares outstanding | 808,000,000 | 533,000,000 |
Treasury shares | 3,000,000 | 2,000,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Noncontrolling Interests | Total |
Balance at beginning of period at Dec. 31, 2016 | $ 850 | $ (16) | $ 9,505 | $ (334) | $ 658 | $ 1,122 | $ 11,785 |
Balance at beginning of period, shares at Dec. 31, 2016 | 531 | ||||||
Changes in Equity | |||||||
Net income (loss) | (114) | 5 | (109) | ||||
Other comprehensive income (loss) | 42 | 42 | |||||
Dividends declared | (134) | (134) | |||||
Distributions declared to noncontrolling interests | (170) | (170) | |||||
Cash calls requested from noncontrolling interests | 97 | 97 | |||||
Withholding of employee taxes related to stock-based compensation | $ (14) | $ (14) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | 0.4 | |||||
Stock-based awards and related share issuances | $ 5 | 65 | $ 70 | ||||
Stock-based awards and related share issuances, shares | 3 | ||||||
Acquisition of noncontrolling interests | 22 | (70) | (48) | ||||
Balance at end of period at Dec. 31, 2017 | $ 855 | $ (30) | 9,592 | (292) | 410 | 984 | 11,519 |
Balance at end of period, shares at Dec. 31, 2017 | 534 | (1) | |||||
Changes in Equity | |||||||
Cumulative effect adjustment | Accounting Standards Update 2016-01 | 115 | (115) | |||||
Cumulative effect adjustment | Accounting Standards Update 2018-02 | (96) | 96 | |||||
Net income (loss) | (1) | ||||||
Sale of noncontrolling interest | 48 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2018 | 47 | ||||||
Changes in Equity | |||||||
Net income (loss) | 341 | 40 | 381 | ||||
Other comprehensive income (loss) | (11) | (11) | |||||
Dividends declared | (301) | (301) | |||||
Distributions declared to noncontrolling interests | (160) | (160) | |||||
Cash calls requested from noncontrolling interests | 99 | 99 | |||||
Repurchase and retirement of common stock (1) | $ (4) | (46) | (48) | $ (98) | |||
Repurchase and retirement of common stock (in shares) | (2) | (2.7) | |||||
Withholding of employee taxes related to stock-based compensation | $ (40) | $ (40) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | 1 | |||||
Stock-based awards and related share issuances | $ 4 | 72 | $ 76 | ||||
Stock-based awards and related share issuances, shares | 3 | ||||||
Balance at end of period at Dec. 31, 2018 | $ 855 | $ (70) | 9,618 | (284) | 383 | 963 | $ 11,465 |
Balance at end of period, shares at Dec. 31, 2018 | 535 | (2) | 533 | ||||
Changes in Equity | |||||||
Cumulative effect adjustment | (9) | $ (9) | |||||
Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2019 | 47 | ||||||
Changes in Equity | |||||||
Net income (loss) | 2,805 | 79 | 2,884 | ||||
Other comprehensive income (loss) | 19 | 19 | |||||
Shares issued and other non-cash consideration for Goldcorp acquisition | $ 457 | 8,972 | 9,429 | ||||
Stock issued in acquisition, shares | 285 | ||||||
Dividends declared | (205) | (690) | (895) | ||||
Distributions declared to noncontrolling interests | (187) | (187) | |||||
Cash calls requested from noncontrolling interests | 95 | 95 | |||||
Repurchase and retirement of common stock (1) | $ (19) | (265) | (195) | $ (479) | |||
Repurchase and retirement of common stock (in shares) | (12) | (12) | |||||
Cancellation of shares due to expiration of certain exchange rights | 4 | (3) | $ 1 | ||||
Withholding of employee taxes related to stock-based compensation | $ (50) | $ (50) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | 1.4 | |||||
Stock-based awards and related share issuances | $ 5 | 92 | $ 97 | ||||
Stock-based awards and related share issuances, shares | 3 | ||||||
Balance at end of period at Dec. 31, 2019 | $ 1,298 | $ (120) | $ 18,216 | $ (265) | $ 2,291 | $ 950 | $ 22,370 |
Balance at end of period, shares at Dec. 31, 2019 | 811 | (3) | 808 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||
Cash dividend declared (in dollars per share) | $ 0.56 | $ 0.56 | $ 0.25 |
Special dividend declared (in dollars per share) | $ 0.88 | ||
Purchase consideration from instruments exchanged or assumed | $ 6 |
THE COMPANY
THE COMPANY | 12 Months Ended |
Dec. 31, 2019 | |
BASIS OF PRESENTATION | |
THE COMPANY | NOTE 1 THE COMPANY Newmont Corporation, formerly Newmont Goldcorp Corporation and Newmont Mining Corporation, and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operate in the mining industry, focused on the production of and exploration for gold and copper. The Company has significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, silver, lead and zinc. The prices of gold, copper, silver, lead and zinc are affected by numerous factors beyond the Company’s control. References to “C$” refer to Canadian currency. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
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, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, but also for silver, lead, zinc and copper. 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 the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net Inventories Stockpiles and ore on leach pads Investments; Deferred income tax assets Goodwill In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, political, environmental or regulatory requirements and management’s decision to reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in future impairment charges. Minera Yanacocha S.R.L. (“Yanacocha”) includes the mining operations at Yanacocha and the Conga project in Peru. Under the current social and political environment, the Company does not anticipate being able to develop Conga for five Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with U.S. 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 remediation, 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 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; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; 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 Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The Company also includes its pro rata share of assets, liabilities and operations for unincorporated joint ventures or for entities in which it has an undivided interest. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance . The Company follows the 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”). Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserve quantities and exploration potential, costs to produce and develop reserves, revenues, and operating expenses; (ii) long-term growth rates; (iii) appropriate discount rates; and (iv) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises. Cash, Cash Equivalents and Restricted Cash 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 non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations. 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 Depreciation and amortization Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. 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 added 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. Stockpiles are recorded at the lower of average cost or net realizable value, and carrying values are evaluated at least quarterly. Net realizable value represents the estimated future sales price based on short-term and long-term metals price assumptions, less estimated costs to complete production and bring the product to sale. Ore on Leach Pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. 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 ounce of gold or silver or pound of copper on the leach pad. 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 metal 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 material that is 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-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of 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 or net realizable value. 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 lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value. Concentrate Inventory Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at 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. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized 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 Advanced projects, research and development 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 the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. 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 Mine development costs are amortized using the units-of-production 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. Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense 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. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves. 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 and are amortized using the units-of-production method based on the estimated ounces or pounds in 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) greenfield 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. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The fair value of a reporting unit is determined using both the income and market valuation methods. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of Goodwill and any subsequent goodwill impairment losses recorded by unincorporated joint ventures in which it has an undivided interest. 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 loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. The Company believes its estimates and models used to determine fair value are similar to what a market participant would use. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable estimates; estimated future closure costs; and the use of appropriate discount rates. In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties. Investments Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. In addition, the Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Equity method investments are included in Investments Additionally, the Company has certain marketable equity and debt securities. Marketable equity securities are measured at fair value with any changes in fair value recorded in Other income, net Accumulated other comprehensive income (loss) Total equity Other income, net Debt The Company carries its Senior Notes at amortized cost. Debt issuance costs and debt premiums and discounts, which are included in Debt Accumulated other comprehensive income (loss) Interest expense, net When repurchasing its debt, the Company records the resulting gain or loss as well as the accelerated portion of related debt issuance costs, premiums and discounts, and any unrealized gains or losses from the associated treasury rate lock contracts and/or associated forward starting swap contracts, included in Accumulated other comprehensive income (loss) Other Income, net Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets Other current non-current liabilities Property, plant and mine development, net Lease and other financing obligations Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities. Contingently Redeemable Noncontrolling Interest Certain noncontrolling interests in consolidated entities meet the definition of redeemable financial instruments if the ability to redeem the interest is outside of the control of the consolidating entity. In such cases, these financial instruments are classified outside of permanent equity (referred to as temporary equity). Treasury Stock The Company records repurchases of common shares as Treasury stock Retained earnings Additional paid-in capital Additional paid-in capital Revenue Recognition Newmont generates revenue by selling gold, silver, lead, zinc and copper produced from its mining operations. Refer to Note 5 for further information regarding the Company’s operating segments. The majority of the Company’s Sales A portion of gold sold from certain sites is sold in the form of concentrate which includes copper, silver, lead and zinc. The Company’s Sales Generally, if a metal expected to be mined represents more than 10 to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10 to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Pe asquito. Copper is produced as a co-product at Boddington and was produced as a co-product at Phoenix until the formation of Nevada Gold Mines LLC (“NGM”) on July 1, 2019. Silver, lead, zinc and/or copper are produced as a by-product at all other Newmont sites. Gold Sales from Doré Production The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset. The Company generally recognizes the sale of gold bullion credits at the prevailing market price when gold bullion credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Sales from Concentrate Production The Company recognizes revenue for gold, silver, lead, zinc and copper from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations. The Company generally sells metal concentrate based on the future monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. 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 price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through Sales A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity 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 provisional payment received on the sale. 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. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. 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 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 |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended |
Dec. 31, 2019 | |
Goldcorp [Member] | |
Business Acquisition [Line Items] | |
BUSINESS ACQUISITION | NOTE 3 BUSINESS ACQUISITION On January 14, 2019, the Company entered into a definitive agreement (as amended by the first amendment to the arrangement agreement, dated as of February 19, 2019, the “Arrangement Agreement”) to acquire all outstanding shares of Goldcorp, Inc. (“Goldcorp”), an Ontario corporation. On April 18, 2019 (“acquisition date”), pursuant to the Arrangement Agreement, Newmont completed the business acquisition of Goldcorp, in which Newmont was the acquirer. The acquisition of Goldcorp increased the Company’s gold and other metal reserves and expanded the operating jurisdictions. The acquisition date fair value of the consideration transferred consisted of the following: Newmont stock issued (285 million shares at $33.04 per share) $ 9,423 Cash paid to Goldcorp shareholders 17 Other non-cash consideration 16 Total consideration $ 9,456 The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Goldcorp has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Goldcorp; (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities; and (iv) the financial flexibility to execute capital priorities. As of December 31, 2019, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Goldcorp is preliminary. At December 31, 2019, remaining items to finalize include the fair value of materials and supplies inventories, property plant and mine development, investments, reclamation and remediation liabilities, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to implement Newmont accounting policies and refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Newmont’s measurement period, which is not to exceed one year from the acquisition date. The following table summarizes the preliminary purchase price allocation for the Goldcorp transaction as of December 31, 2019: Assets: Cash and cash equivalents $ 117 Trade receivables 95 Investments 169 Equity method investments (1) 2,796 Inventories 534 Stockpiles and ore on leach pads 57 Property, plant and mine development (2) 11,054 Goodwill (3) 2,537 Deferred income tax assets (4) 205 Other assets 510 Total assets 18,074 Liabilities: Debt (5) 3,304 Accounts payable 240 Employee-related benefits 182 Income and mining taxes payable 22 Lease and other financing obligations 423 Reclamation and remediation liabilities (6) 882 Deferred income tax liabilities (4) 1,466 Silver streaming agreement (7) 1,165 Other liabilities (8) 934 Total liabilities 8,618 Net assets acquired $ 9,456 (1) The preliminary fair value of the equity method investments was determined by applying the income valuation method. The income valuation method relies on a discounted cash flow model and projected financial results. Discount rates for the discounted cash flow models are based on capital structures for similar market participants and included various risk premiums that account for risks associated with the specific investments. (2) The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Preliminary goodwill attributable to the North America and South America reportable segments is $2,095 and $442 , respectively. (4) Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. (5) The preliminary fair value of the Goldcorp senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,250 of borrowings under the term loan and revolving credit agreements approximate fair value. (6) The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (7) The preliminary fair value of the acquired silver streaming intangible liability is valued by using the income valuation method. Key assumptions in the income valuation method include long-term silver prices, level of silver production over the life of mine and discount rates. (8) Other liabilities includes the preliminary balance of $458 related to unrecognized tax benefits, interest and penalties. Based on this preliminary amount, the acquisition of Goldcorp increased Newmont’s unrecognized tax benefits, interest and penalties, which were $17 at December 31, 2018. Sales Net income (loss) attributable to Newmont stockholders Pro Forma Financial Information (unaudited) The following unaudited pro forma financial information presents consolidated results assuming the Newmont Goldcorp transaction occurred on January 1, 2018. Years Ended December 31, 2019 2018 Sales $ 10,468 $ 10,314 Net income (loss) attributable to Newmont stockholders (1) 2,666 (2,898) (1) Included in Net income (loss) attributable to Newmont stockholders is $260 of Goldcorp transaction and integration costs for the year ended December 31, 2019. |
NEVADA GOLD MINES JOINT VENTURE
NEVADA GOLD MINES JOINT VENTURE | 12 Months Ended |
Dec. 31, 2019 | |
Nevada Gold Mines LLC NGM [Member] | |
Business Acquisition [Line Items] | |
NEVADA GOLD MINES JOINT VENTURE | NOTE 4 NEVADA GOLD MINES JOINT VENTUR E On March 10, 2019, the Company entered into an implementation agreement with Barrick Gold Corporation (“Barrick”) to establish a joint venture (“Nevada JV Agreement”). On July 1, 2019 (the “effective date”), Newmont and Barrick consummated the Nevada JV Agreement and established NGM, which combined certain mining operations and assets located in Nevada, historically included in the Company’s North America reportable segment, and certain of Barrick’s Nevada mining operations and assets. The formation of NGM diversifies the Company’s footprint in Nevada and allows the Company to pursue additional efficiencies through integrated mine planning and processing. In connection with the closing of the Nevada JV Agreement, Newmont and Barrick entered into an Amended and Restated Limited Liability Company Agreement of NGM, which is the primary operating document governing NGM. Pursuant to the terms of the Nevada JV Agreement, Newmont and Barrick hold economic interests in the joint venture equal to 38.5% and 61.5%, respectively. Barrick acts as the operator of NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of two managers appointed by Newmont and three managers appointed by Barrick. Newmont and Barrick have an equal number of representatives on NGM’s technical, exploration and finance advisory committees. As of the effective date, the Company contributed its existing Nevada mining operations, which included Carlin, Phoenix, Twin Creeks and Long Canyon, to NGM in exchange for a 38.5% interest in NGM. The interest received in NGM was accounted for at fair value, and accordingly, the Company recognized a gain of $2,390 during 2019 as Gain on formation of Nevada Gold Mines Fair value of 38.5% interest received in NGM $ 7,313 Less: carrying value of Nevada mining operations contributed (4,923) Gain on formation of Nevada Gold Mines $ 2,390 The Company accounts for its interest in NGM using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. NGM retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed as of the effective date. The fair value estimates were based on income and cost valuation methods. The following table summarizes the fair value of the 38.5% interest received in NGM as of the effective date: Assets: Inventories $ 134 Stockpiles and ore on leach pads (1) 500 Property, plant and mine development (2) 7,050 Goodwill (3) 268 Other assets 82 Total assets 8,034 Liabilities: Accounts payable 97 Income and mining taxes payable 16 Reclamation and remediation liabilities (4) 308 Deferred income tax liabilities (5) 278 Other liabilities 22 Total liabilities 721 Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,313 (1) The fair value of the stockpiles and ore on leach pads was determined by applying the income valuation approach adjusted for estimated future costs to complete and normal profit margin. (2) The fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Goodwill represents the Company’s proportionate share of goodwill recognized by NGM at formation and primarily represents: 1) the combination of high-quality reserves in one of the world’s most prolific gold districts, positioning NGM for sustainable growth; 2) the ability to optimize ore sources and production schedules across the joint venture; and 3) the value assigned to the assembled workforce acquired. The Company’s proportionate share of goodwill recognized by NGM is included in the Nevada reportable segment. (4) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (5) Deferred income tax liabilities represent the future tax expense relating to the Nevada net proceeds tax associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill. Sales Net income (loss) attributable to Newmont stockholders In connection with the formation of NGM on July 1, 2019, Newmont and The Bank of New York Mellon Trust Company, N.A. executed the first supplemental indenture (“First Supplemental Indenture”) to the indenture dated March 22, 2005 (“2035 Indenture”), pursuant to which the Company has $600 of outstanding senior notes due in 2035 (“2035 Notes”). Under the terms of the First Supplemental Indenture, NGM had agreed to provide a full and unconditional guarantee of the Company’s 2035 Notes, subject to the terms and conditions set forth in the 2035 Indenture. On August 23, 2019, the Company successfully completed a consent solicitation for its 2035 Notes. In connection with the consent solicitation, a second supplemental indenture (“Second Supplemental Indenture”) was executed that released NGM as a guarantor of the Company’s 2035 Notes. See Note 25 for additional information regarding the 2035 Notes. On July 1, 2019 the Company entered into a transition services agreement (“TSA”) with NGM. The TSA agreement governs specific transition services that the Company provides to NGM. The agreement expires on the earlier of the date on which the last transition service terminates and February 28, 2021. From the effective date to the period ending December 31, 2019, the Company billed NGM $10 for services provided under the TSA. On July 1, 2019 the Company entered into an employee lease agreement with NGM due to the length of time necessary for NGM to establish employment related functions and programs. Under the terms of the agreement, NGM could lease the services and skills of certain personnel that remained employed by Newmont. The leasing period expired on December 31, 2019. On the expiration date, the leased employees who accepted NGM’s offer of employment, ceased employment with Newmont and commenced employment with NGM. The Company billed NGM $213 for services provided under the employee lease agreement. On July 1, 2019 the Company also entered into a toll milling agreement with NGM for processing sulfide concentrate produced at CC&V. Under the terms of the agreement, CC&V will deliver a minimum of 4,000 tons and a maximum of 8,333 tons of concentrate per month for milling to NGM, with NGM and CC&V each covering 50% of the cost of transportation. CC&V will pay $20 per ton towards milling costs and reimburse NGM for doré refining and transportation costs. CC&V continues to hold title to the concentrate sent to NGM for processing and receives bullion credits for gold recovered and NGM utilizes the concentrate as a fuel source for the NGM roaster. The agreement expires on December 31, 2020. From the effective date to the period ending December 31, 2019, the Company’s payments for services provided under the toll milling agreement were immaterial. In addition, the Company purchases gold and silver from NGM for resale to third parties. Gold purchases from NGM totaled $1,002 as of December 31, 2019. Total amounts due to (from) NGM for gold and silver purchased, the TSA services provided, employees leased to NGM and CC&V toll milling outlined above were $120 as of December 31, 2019. In connection with entering into the Nevada JV Agreement, Newmont entered into a mutual two -year standstill agreement with Barrick, which expires on July 1, 2021. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | NOTE 5 SEGMENT INFORMATION The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). In the second quarter of 2019, following the close of the Newmont Goldcorp transaction on April 18, 2019, and in anticipation of the formation of NGM effective July 1, 2019, the Company revised its operating segments and established the Nevada reportable segment to reflect certain changes in the financial information regularly reviewed by the CODM. The Company determined that its operations are organized into five geographic regions; North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. As a result of the Newmont Goldcorp transaction, the Company acquired the Red Lake, Musselwhite, Porcupine, Éléonore and Peñasquito mines, which are included in the North America reportable segment, and the Cerro Negro mine, which is included in the South America reportable segment. Additionally, the Company acquired interests in the Pueblo Viejo mine, the Norte Abierto project, the NuevaUnión project and the Alumbrera mine, which are all accounted for as equity method investments. The Company’s investment in the Pueblo Viejo mine is included in the South America reportable segment within Other South America. All other equity method investments are included in Corporate and other. Refer to Note 3 and Note 20 for further information. The Company’s Nevada reportable segment includes the Carlin, Phoenix, Twin Creeks and Long Canyon mines (“existing Nevada mining operations”), previously included in the North America reportable segment. In July of 2019, the Company added NGM to the Nevada reportable segment, which reflects the Company’s 38.5% ownership interest in the joint venture from the effective date to the period ended December 31, 2019. Pursuant to the terms of the Nevada JV Agreement, the Company contributed its existing Nevada mining operations in exchange for its ownership interest in NGM. Refer to Note 4 for further information. Segment results for the periods ended December 31, 2018 and 2017 have been revised to reflect these changes. Notwithstanding the reportable segments structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information in the following tables. Income (loss) before income and mining tax and other items Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Years Ended December 31, 2019 CC&V $ 445 $ 290 $ 95 $ 13 $ 39 $ 770 $ 35 Red Lake (2) 159 136 50 7 (47) 589 29 Musselwhite (3) 7 13 28 7 (6) 1,301 60 Porcupine 338 185 66 14 58 1,859 61 Éléonore 378 214 80 8 65 1,323 55 Peñasquito: Gold 209 116 43 Silver 253 181 66 Lead 85 77 29 Zinc 143 129 55 Total Peñasquito 690 503 193 6 (58) 7,038 128 Other North America — — 22 5 (161) 4 8 North America 2,017 1,341 534 60 (110) 12,884 376 Yanacocha 735 400 113 24 83 1,803 185 Merian 734 297 93 11 331 990 56 Cerro Negro 502 210 111 22 132 2,213 55 Other South America — — 12 40 (67) 2,809 1 South America 1,971 907 329 97 479 7,815 297 Boddington: Gold 999 575 106 Copper 166 117 22 Total Boddington 1,165 692 128 3 330 2,148 78 Tanami 697 266 96 12 314 966 124 Kalgoorlie (2) 319 216 27 6 67 434 34 Other Australia — — 7 24 (32) 62 10 Australia 2,181 1,174 258 45 679 3,610 246 Ahafo 880 393 160 33 295 2,057 213 Akyem 585 235 150 14 176 993 33 Other Africa — — — 6 (16) 3 — Africa 1,465 628 310 53 455 3,053 246 Nevada Gold Mines 1,022 494 298 22 203 8,096 138 Carlin (4) 533 358 107 15 46 — 64 Phoenix: (4) Gold 151 116 33 Copper 44 28 9 Total Phoenix 195 144 42 1 29 — 13 Twin Creeks (4) 230 113 31 5 89 — 30 Long Canyon (4) 126 36 36 12 40 — 7 Other Nevada — — 2 8 (9) — 5 Nevada 2,106 1,145 516 63 398 8,096 257 Corporate and Other — — 13 97 1,792 4,516 32 Consolidated $ 9,740 $ 5,195 $ 1,960 $ 415 $ 3,693 $ 39,974 $ 1,454 (1) Includes a decrease in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $1,463 . (2) The Company reached definitive agreements to sell these sites, resulting in their assets and liabilities being classified as held for sale on the Consolidated Balance Sheet. Refer below for additional information. (3) Costs applicable to sales are partially offset by insurance recoveries received during 2019. Refer to Note 10 for additional information. (4) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Years Ended December 31, 2018 CC&V $ 450 $ 260 $ 83 $ 10 $ 89 $ 853 $ 29 Other North America — — — — — — — North America 450 260 83 10 89 853 29 Yanacocha 659 425 108 54 (6) 1,518 119 Merian 677 275 90 13 300 1,036 78 Other South America — — 14 34 (61) 1,640 1 South America 1,336 700 212 101 233 4,194 198 Boddington: Gold 900 571 102 Copper 218 132 24 Total Boddington 1,118 703 126 — 293 2,113 57 Tanami 638 297 75 17 251 902 97 Kalgoorlie 410 232 24 10 170 402 22 Other Australia — — 6 12 (8) 72 6 Australia 2,166 1,232 231 39 706 3,489 182 Ahafo 553 323 105 17 99 1,869 264 Akyem 527 227 151 13 125 966 40 Other Africa — — — 5 (13) 2 — Africa 1,080 550 256 35 211 2,837 304 Carlin 1,173 782 220 34 79 2,242 153 Phoenix Gold 291 202 47 Copper 85 55 15 Total Phoenix 376 257 62 5 32 899 32 Twin Creeks 457 240 61 12 (146) 877 82 Long Canyon 215 72 76 23 44 1,008 11 Other Nevada — — 2 23 (54) 857 15 Nevada 2,221 1,351 421 97 (45) 5,883 293 Corporate and Other — — 12 68 (456) 3,459 13 Consolidated $ 7,253 $ 4,093 $ 1,215 $ 350 $ 738 $ 20,715 $ 1,019 (1) Includes a decrease in accrued capital expenditures of $13; consolidated capital expenditures on a cash basis were $1,032 . Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Year Ended December 31, 2017 CC&V $ 585 $ 290 $ 127 $ 10 $ 156 $ 901 $ 33 Other North America — — — — — — — North America 585 290 127 10 156 901 33 Yanacocha 671 504 134 41 (77) 1,420 51 Merian 643 238 91 14 297 967 105 Other South America — — 14 43 (72) 1,661 — South America 1,314 742 239 98 148 4,048 156 Boddington: Gold 981 562 116 Copper 227 108 22 Total Boddington 1,208 670 138 2 369 2,110 80 Tanami 514 251 67 21 181 690 108 Kalgoorlie 458 234 20 9 190 407 21 Other Australia — — 6 8 (37) 54 5 Australia 2,180 1,155 231 40 703 3,261 214 Ahafo 439 268 72 24 70 1,690 181 Akyem 594 272 155 10 152 1,057 26 Other Africa — — 1 6 (13) 1 — Africa 1,033 540 228 40 209 2,748 207 Carlin 1,228 810 224 18 131 2,299 174 Phoenix: Gold 259 182 47 Copper 88 55 15 Total Phoenix 347 237 62 5 30 889 25 Twin Creeks 473 229 64 9 168 1,144 52 Long Canyon 219 59 74 23 63 1,083 10 Other Nevada — — 1 26 (29) 676 9 Nevada 2,267 1,335 425 81 363 6,091 270 Corporate and Other — — 11 53 (507) 3,597 10 Consolidated $ 7,379 $ 4,062 $ 1,261 $ 322 $ 1,072 $ 20,646 $ 890 (1) Includes an increase in accrued capital expenditures of $24; consolidated capital expenditures on a cash basis were $866 . Long-lived assets, excluding assets held for sale, deferred tax assets, investments and restricted assets, were as follows: At December 31, 2019 2018 United States $ 8,357 $ 5,968 Mexico 6,482 — Canada 4,599 206 Australia 2,727 2,987 Ghana 2,523 2,515 Argentina 2,066 — Peru 2,227 2,117 Suriname 812 825 Other 2 — $ 29,795 $ 14,618 Assets Held for Sale Red Lake The Company entered into a binding agreement dated November 25, 2019, to sell the Red Lake complex in Ontario, Canada, included as part of the Company’s North America segment, to Evolution Mining Limited (“Evolution”). Pursuant to the terms of the agreement, upon closing the transaction the Company will receive proceeds of $375 in cash, adjusted for normal working capital movements, with contingent payments of up to an additional $100 tied to new mineralization discoveries over a fifteen year period. The Red Lake assets and liabilities were classified as held for sale for the year ended December 31, 2019. At December 31, 2019, the Company included $589 and $191 of Assets held for sale Liabilities held for sale Kalgoorlie The Company entered into a binding agreement dated December 17, 2019, to sell its 50 % interest in Kalgoorlie Consolidated Gold Mines (“Kalgoorlie”), included as part of the Australia segment to Northern Star Resources Limited (“Northern Star”). The Company completed the sale on January 2, 2020, and pursuant to the terms of the agreement, received proceeds of $800 in cash for its interests in Kalgoorlie. The proceeds are inclusive of a $25 million payment that gives Northern Star specified exploration tenements, transitional services support and an option to negotiate exclusively for 120 days the purchase of Newmont’s Kalgoorlie power business. The Company expects to recognize a gain on the sale of the Kalgoorlie operations of $493 in 2020. The Kalgoorlie assets and liabilities were classified as held for sale for the year ended December 31, 2019. At December 31, 2019, the Company included $434 and $152 of Assets held for sale Liabilities held for sale |
SALES
SALES | 12 Months Ended |
Dec. 31, 2019 | |
SALES | |
Sales | NOTE 6 SALES The following table presents the Company’s Sales Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Years Ended December 31, 2019 CC&V $ 445 $ — $ — $ 445 Red Lake 159 — — 159 Musselwhite 7 — — 7 Porcupine 338 — — 338 Éléonore 378 — — 378 Peñasquito Gold 17 177 15 209 Silver (1) — 245 8 253 Lead — 85 — 85 Zinc — 143 — 143 Total Peñasquito 17 650 23 690 North America 1,344 650 23 2,017 Yanacocha 735 — — 735 Merian 734 — — 734 Cerro Negro 502 — — 502 South America 1,971 — — 1,971 Boddington Gold 238 761 — 999 Copper — 166 — 166 Total Boddington 238 927 — 1,165 Tanami 697 — — 697 Kalgoorlie 319 — — 319 Australia 1,254 927 — 2,181 Ahafo 880 — — 880 Akyem 585 — — 585 Africa 1,465 — — 1,465 Nevada Gold Mines 1,000 22 — 1,022 Carlin (2) 533 — — 533 Phoenix: (2) Gold 52 99 — 151 Copper — 16 28 44 Total Phoenix 52 115 28 195 Twin Creeks (2) 230 — — 230 Long Canyon (2) 126 — — 126 Nevada 1,941 137 28 2,106 Consolidated $ 7,975 $ 1,714 $ 51 $ 9,740 (1) Silver sales from concentrate includes $37 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Years Ended December 31, 2018 CC&V $ 450 $ — $ — $ 450 North America 450 — — 450 Yanacocha 659 — — 659 Merian 677 — — 677 South America 1,336 — — 1,336 Boddington Gold 243 657 — 900 Copper — 218 — 218 Total Boddington 243 875 — 1,118 Tanami 638 — — 638 Kalgoorlie 410 — — 410 Australia 1,291 875 — 2,166 Ahafo 553 — — 553 Akyem 527 — — 527 Africa 1,080 — — 1,080 Carlin 1,173 — — 1,173 Phoenix: Gold 127 164 — 291 Copper — 33 52 85 Total Phoenix 127 197 52 376 Twin Creeks 457 — — 457 Long Canyon 215 — — 215 Nevada 1,972 197 52 2,221 Consolidated $ 6,129 $ 1,072 $ 52 $ 7,253 Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Year Ended December 31, 2017 CC&V $ 576 $ 9 $ — $ 585 North America 576 9 — 585 Yanacocha 671 — — 671 Merian 643 — — 643 South America 1,314 — — 1,314 Boddington Gold 237 744 — 981 Copper — 227 — 227 Total Boddington 237 971 — 1,208 Tanami 514 — — 514 Kalgoorlie 449 9 — 458 Australia 1,200 980 — 2,180 Ahafo 439 — — 439 Akyem 594 — — 594 Africa 1,033 — — 1,033 Carlin 1,228 — — 1,228 Phoenix Gold 131 128 — 259 Copper — 41 47 88 Total Phoenix 131 169 47 347 Twin Creeks 473 — — 473 Long Canyon 219 — — 219 Nevada 2,051 169 47 2,267 Consolidated $ 6,174 $ 1,158 $ 47 $ 7,379 Trade Receivables The following table details the receivables included within Trade receivables At December 31, At December 31, 2019 2018 Receivables from Sales: Gold sales from doré $ 27 $ 40 Sales from concentrate production 331 211 Sales from other production 15 3 Total receivables from Sales $ 373 $ 254 The impact to Sales Sales and $- for the years ended December 31, 2019, 2018 and 2017, respectively. Silver Streaming Agreement As a part of the Newmont Goldcorp transaction, the Company assumed the Silver streaming agreement price, subject to an annual inflation adjustment of up to 1.65%. This agreement contains off-market terms and was initially recognized at its acquisition date fair value as a finite-lived intangible liability. Refer to Note 3 for further discussion of the valuation methodology and initial fair value. The Company’s policy is to amortize the liability into Sales Silver streaming agreement Revenue by Geographic Area Newmont primarily conducts metal sales in U.S. dollars, and therefore Sales Years Ended December 31, 2019 2018 2017 United Kingdom $ 7,980 $ 5,448 $ 5,521 Korea 538 237 384 Philippines 293 254 310 Germany 203 237 168 Mexico 190 — — Japan 172 105 87 Switzerland 120 677 657 United States 78 52 91 Other (1) 166 243 161 $ 9,740 $ 7,253 $ 7,379 (1) Other includes $37 related to non-cash amortization of the Silver streaming agreement liability. Revenue by Major Customer 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 2019, sales to Standard Chartered were $2,907 (30%), JPMorgan Chase were $1,780 (18%), Toronto Dominion Bank were $1,204 (12%) of total gold sales. In 2018, sales to JPMorgan Chase were $2,295 (32%), Toronto Dominion Bank were $1,324 (18%) and Standard Chartered were $1,164 (16%) of total gold sales. In 2017, sales to Toronto Dominion Bank were $2,738 (37%) and JPMorgan Chase were $1,400 (19%) of total gold sales. The Company sells silver, lead, zinc and copper predominantly in the form of concentrates which are sold directly to smelters located in Asia and to a lesser extent North America and Europe. The concentrates are sold under long-term supply contracts with processing fees based on the demand for these concentrates in the global market place. |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 12 Months Ended |
Dec. 31, 2019 | |
RECLAMATION AND REMEDIATION ABSTRACT | |
RECLAMATION AND REMEDIATION | NOTE 7 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 current legal and regulatory requirements. The Company’s Reclamation and remediation Years Ended December 31, 2019 2018 2017 Reclamation adjustments $ 77 $ 33 $ 51 Reclamation accretion 133 99 93 Total reclamation expense 210 132 144 Remediation adjustments 65 26 44 Remediation accretion 5 5 4 Total remediation expense 70 31 48 $ 280 $ 163 $ 192 In 2019, reclamation adjustments primarily related to updated water management costs for operations no longer in production at Yanacocha and an update of the project cost estimates at Mule Canyon and Northumberland mine sites that resulted in increases of $62, $9 and $4, respectively. In 2018, reclamation adjustments primarily related to increased water management costs for operations no longer in production at Yanacocha of $14, a revision in the closure plan for Lone Tree, resulting in increased monitoring costs of $7, and increased water management costs of $9 for operations no longer in production at Carlin. In 2017, reclamation adjustments primarily related to revisions in the closure plan for the Rain mine that resulted in an increase of $35 to our reclamation liabilities. The Company contributed to NGM the non-operating Rain and Lone Tree mines, which are included in the Carlin mine complex and the Phoenix mine, respectively. In 2019, remediation adjustments primarily related to updated project cost estimates at the Midnite mine and Dawn mill sites and increased water management cost estimates at Con mine that resulted in increases of $36 and $9, respectively. In 2018, remediation adjustments related to updated assumptions for future water management costs at the Idarado remediation site, increased costs for project activities at the Woodcutters remediation site, and increased water management costs at the Resurrection remediation site that resulted in increases of $8, $2 and $2, respectively. In 2017, remediation adjustments were primarily related to increased water management and monitoring costs at the Resurrection of $9 and San Luis remediation sites of $4, as well as increased costs for project activities at the Midnite mine and Dawn mill sites of $10. The following is a reconciliation of Reclamation and remediation obligations: Reclamation Remediation Total Balance at January 1, 2018 $ 2,144 $ 304 $ 2,448 Additions, changes in estimates and other 106 9 115 Payments and other (33) (39) (72) Accretion expense 99 5 104 Balance December 31, 2018 2,316 279 2,595 Additions, changes in estimates and other 287 46 333 Additions from the Newmont Goldcorp transaction 882 — 882 Net change from the formation of NGM (49) — (49) Obligations included within liabilities held for sale (1) (153) — (153) Other acquisitions and divestitures (11) — (11) Payments and other (71) (31) (102) Accretion expense 133 5 138 Balance December 31, 2019 $ 3,334 $ 299 $ 3,633 (1) This represents the reclamation obligations at the Red Lake and Kalgoorlie mines which were classified as held for sale as of December 31, 2019. Refer to Note 5 for further information on the assets held for sale. The current portion of reclamation was $125 and $65 at December 31, 2019 and 2018, respectively, and is included in Other current liabilities . The current portion of remediation was $44 and $49 at December 31, 2019 and 2018, respectively, and is included in Other current liabilities . At December 31, 2019 and 2018, $3,334 and $2,316, respectively, were accrued for reclamation obligations relating to operating and formerly operating properties. The Company is also 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, 2019 and 2018, $299 and $279, respectively, were accrued for such environmental remediation obligations. 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 37% greater or 0% lower than the amount accrued at December 31, 2019. These amounts are included in Other current liabilities Reclamation and remediation liabilities Reclamation and remediation Included in Other non-current assets Included in Other non-current assets Refer to Notes 25 and 32 for further information on letters of credit for reclamation bonding and environmental matters relating to the Ross Adams mine site and the Midnite mine and Dawn mill sites, respectively. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 8 IMPAIRMENT OF LONG-LIVED ASSETS Years Ended December 31, 2019 2018 2017 South America $ 3 $ — $ 4 Australia — — 6 Africa 1 2 — Nevada — 366 — Corporate and Other 1 1 4 $ 5 $ 369 $ 14 The 2019 impairments were primarily related to non-cash write downs of obsolete assets. The 2018 impairments related to certain exploration properties of $331 and Emigrant, within the Carlin complex, of $35, both reported in the Nevada segment. The Company determined that an impairment indicator existed at certain Nevada exploration properties, due to the Company’s decision to focus on advancing other projects, and at Emigrant, due to a change in the mine plan that resulted in a significant decrease in mine life. In addition to the impairment of long-lived assets at Emigrant, the Company also recorded an adjustment to the carrying value of the ore on leach pads resulting from the change in mine plan, impacting Costs applicable to sales Depreciation and amortization As a result of the impairment indicators, recoverability tests were performed and the Company concluded the Property, plant and mine development, net The 2017 impairments related to assets in South America, Australia and Corporate. |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSE, NET | |
OTHER EXPENSE, NET | NOTE 9 OTHER EXPENSE, NET Years Ended December 31, 2019 2018 2017 Goldcorp transaction and integration costs $ 217 $ — $ — Nevada JV transaction and implementation costs 30 — — Restructuring and other 12 20 14 Other 36 9 18 $ 295 $ 29 $ 32 Goldcorp transaction and integration costs Nevada JV transaction and implementation costs Restructuring and other |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME, NET. | |
OTHER INCOME, NET | NOTE 10 OTHER INCOME, NET Years Ended December 31, 2019 2018 2017 Change in fair value of investments $ 166 $ (50) $ — Interest 57 56 28 Insurance proceeds 38 25 13 Gain (loss) on asset and investment sales, net 30 100 23 Restructuring and other 20 — — Foreign currency exchange, net (7) 42 (28) Impairment of investments (2) (42) — Other 25 24 18 $ 327 $ 155 $ 54 Insurance proceeds. In September 2018, the Company recorded business interruption insurance proceeds of $25 associated with the East wall slips that occurred in the first half of 2018 at Kalgoorlie. In June 2017, the Company recorded business interruption insurance proceeds of $13 associated with the heavy rainfall at Tanami during the first quarter of 2017. Gain (loss) on asset and investment sales, net. In June 2018, the Company exchanged certain royalty interests carried at cost for cash consideration, an equity ownership in Maverix Metals Inc. ("Maverix") and warrants in Maverix, resulting in a pre-tax gain of $100. For additional information regarding this transaction, see Note 20. In June 2017, the Company exchanged its interest in the Fort á la Corne joint venture for equity ownership in Star Diamond Corporation (“Star Diamond”), formerly known as Shore Gold Inc. (“Shore Gold”), resulting in a pre-tax gain of $15. Restructuring and Other. Foreign currency exchange, net. Impairment of investments. for other-than-temporary declines in value of an equity method investment and a cost method investment, respectively. |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME AND MINING TAXES | |
INCOME AND MINING TAXES | NOTE 11 INCOME AND MINING TAXES The Company’s Income and mining tax benefit (expense) Years Ended December 31, 2019 2018 2017 Current: United States $ 2 $ (18) $ (40) Foreign (500) (218) (290) (498) (236) (330) Deferred: United States (340) (63) (775) Foreign 6 (87) (22) (334) (150) (797) $ (832) $ (386) $ (1,127) The Company’s Income (loss) before income and mining tax and other items Years Ended December 31, 2019 2018 2017 United States $ 2,396 $ (247) $ 243 Foreign 1,297 985 829 $ 3,693 $ 738 $ 1,072 The Company’s Income and mining tax benefit (expense) Years Ended December 31, 2019 2018 2017 Income (loss) before income and mining tax and other items $ 3,693 $ 738 $ 1,072 U.S. Federal statutory tax rate 21 % $ (776) 21 % $ (155) 35 % $ (375) Reconciling items: Re-measurement due to the Tax Cuts and Jobs Act — — (2) 14 29 (312) Tax restructuring related to the Tax Cuts and Jobs Act — — (4) 34 38 (394) Percentage depletion (1) 55 (7) 49 (8) 81 Change in valuation allowance on deferred tax assets (8) 296 24 (175) 7 (80) Rate differential for foreign earnings indefinitely reinvested 4 (140) 15 (111) — — Mining and other taxes 3 (90) 9 (63) 4 (41) Uncertain tax position reserve adjustment 2 (70) (5) 34 — (4) U.S. tax effect of noncontrolling interest attributable to non-U.S. investees (1) 28 (4) 26 — (1) Effect of foreign earnings, net of credits 2 (73) 2 (18) — (4) Tax impact of foreign exchange (3) 96 — — — — Other 4 (158) 3 (21) — 3 Income and mining tax expense 23 % $ (832) 52 % $ (386) 105 % $ (1,127) 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. During the fourth quarter, the Company concluded that it is more likely than not that the Company will realize the benefits of its U.S. deferred tax assets, other than those representing net operating losses, capital losses, foreign tax credits, and gains and losses from investments in marketable securities. Therefore, the Company has released valuation allowance of $126 on certain U.S. operating deferred tax assets. The Company also released valuation allowance of $162 on U.S. foreign tax credit carryovers due to the amendment of the 2014 U.S. federal income tax return and associated carryback claims. Additional 2019 releases in the U.S. include valuation allowance of $91 on deferred tax assets associated with investments. These releases are partially offset by increases in valuation allowance of $45 on U.S. capital loss carryovers, $16 on U.S. net operating losses and a net $22 increase in valuation allowance in jurisdictions other than the U.S. In 2019, the Company recognized other tax expense of $150 associated with the amendment of the 2014 U.S. federal income tax return and $34 due to the expiration of certain U.S. capital loss carryovers. Other tax expense also includes a $58 tax benefit recognized on the formation of NGM and $16 tax expense for transaction costs related to the Newmont Goldcorp transaction. The Company recognized $7 in other tax expense related to the suspension for one year of the previously approved reduction of the corporate income tax rate in Argentina. The reduction from 30% to 25% was originally scheduled to be effective January 1, 2020 but will now be effective on January 1, 2021. The remaining $9 of other tax expense relates to other permanent items in the U.S. The Company operates in various jurisdictions around the world that have statutory tax rates that are significantly different than those of the U.S. These differences combine to move the overall effective tax rate higher than the U.S. statutory rate. Mining taxes in Nevada, Mexico, Canada, 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. The Company has exposure to the tax impact of foreign exchange fluctuations in Argentina, Canada and Mexico. The following items are included in the tax expense: Argentinian and Mexican inflation on tax values, currency translation effects of local currency on deferred tax assets and deferred tax liabilities, the tax impact of local currency foreign exchange gains or losses, and non-taxable or non-deductible U.S. dollar currency foreign exchange gains or losses. Components of the Company's deferred income tax assets (liabilities) are as follows: At December 31, 2019 2018 Deferred income tax assets: Property, plant and mine development $ 1,001 $ 1,400 Inventory 71 74 Reclamation and remediation 771 543 Net operating losses, capital losses and tax credits 1,683 1,078 Investment in partnerships and subsidiaries 31 121 Employee-related benefits 123 142 Derivative instruments and unrealized loss on investments 85 84 Foreign Exchange and Financing Obligations 159 87 Silver Streaming Agreement 396 — Other 224 164 4,544 3,693 Valuation allowances (3,112) (2,994) $ 1,432 $ 699 Deferred income tax liabilities: Property, plant and mine development $ (2,629) $ (741) Inventory (100) (135) Derivative instruments and unrealized gain on investments (508) (5) Other (53) (29) (3,290) (910) Net deferred income tax assets (liabilities) $ (1,858) $ (211) These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Valuation of Deferred Tax Assets The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. On the basis of this evaluation, a valuation allowance has been recorded in Peru. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present or if additional weight were given to subjective evidence such as our projections for growth. During 2019, the Company released net valuation allowance of $296 to tax expense. The acquisition of Goldcorp increased the Company’s valuation allowance on deferred tax assets by $521. The Company reclassified valuation allowance of $371 to assets held for sale. There were additional valuation allowance increases related to other components of the financial statements of $263. 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, Canadian Tax Credits, and AMT Credits At December 31, 2019 and 2018, the Company had (i) $1,754 and $659 of net operating loss carry forwards, respectively; and (ii) $658 and $703 of tax credit carry forwards, respectively. At December 31, 2019 and 2018, $504 and $516, respectively, of net operating loss carry forwards are attributable to the U.S., Australia and France for which current tax law provides no expiration period. The net operating loss carry forward in Canada of $731 will expire by 2038. The net operating loss carryforward in Argentina of $103 will expire in 2024. The net operating loss carryforward in Mexico of $416 will expire in 2029. Tax credit carry forwards for 2019 and 2018 of $489 and $651, respectively, consist of foreign tax credits available in the United States; substantially all such credits not utilized will expire at the end of 2029. Canadian tax credits for 2019 and 2018 of $134 and $26, respectively, consist of investment tax credits and minimum mining tax credits. Canadian investment tax credits of $84 will substantially expire by 2035 and the other Canadian tax credits of $50 do not expire. Other credit carry forwards at the end of 2019 and 2018 in the amounts of $35 and $26, 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 and which will be refunded by the end of 2023. Company’s Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows: 2019 2018 2017 Total amount of gross unrecognized tax benefits at beginning of year $ 43 $ 68 $ 68 Additions due to acquisition of Goldcorp 350 — — Additions for tax positions of prior years 1 1 (27) Additions for tax positions of current year 34 2 30 Reductions due to settlements with taxing authorities (102) (28) — Reductions due to lapse of statute of limitations — — (3) Total amount of gross unrecognized tax benefits at end of year $ 326 $ 43 $ 68 At December 31, 2019, 2018 and 2017, $459, $11 and $72, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties 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. The acquisition of Goldcorp increased the Company’s unrecognized tax benefits, inclusive of interest and penalties, by $417 predominantly due to transfer pricing matters and contested credits. The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is focused on reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $83 (including interest and penalties). The Company disputes this conclusion and intends to vigorously defend its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $25 payment to the ATO and lodged an Appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. The Company reflects this payment as a receivable as it believes that it will ultimately prevail in this dispute. The Company continues to monitor the status of the ATO’s review which it expects to continue into 2020. On February 5, 2020, the Guatemalan Tax Authority issued a notice of assessment to Newmont’s Guatemalan subsidiary, Montana Explorada de Guatemala, S.A. for the years 2015 and 2016. The assessment primarily relates to a disagreement over depreciation and depletion deductions claimed in these years. The assessment levies an additional $17 and $6 of tax expense and penalties for 2015 and 2016, respectively. Newmont intends to vigorously dispute this assessment based on the technical merits of the related positions. The Company and/or subsidiaries file 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 2013. 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, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $95 and $150 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, 2019 and 2018, the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $166 and $2, respectively. During 2019, 2018, and 2017 the Company accrued $29, released $17, and accrued $2 of interest and penalties, respectively, through the Consolidated Statements of Operations. Other No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. |
EQUITY INCOME (LOSS) OF AFFILIA
EQUITY INCOME (LOSS) OF AFFILIATES | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
EQUITY INCOME (LOSS) OF AFFILIATES | NOTE 12 EQUITY INCOME (LOSS) OF AFFILIATES Years Ended December 31, 2019 2018 2017 Pueblo Viejo Mine $ 124 $ — $ — Alumbrera Mine (15) — — Continental Gold, Inc. (6) — — Minera La Zanja S.R.L. (6) (10) (5) Norte Abierto Project (2) — — TMAC Resources Inc. (1) (16) (6) Euronimba Ltd. (1) (7) (5) NuevaUnión Project 1 — — Maverix Metals Inc. 1 — — $ 95 $ (33) $ (16) On April 18, 2019, as a part of the Newmont Goldcorp transaction, the Company acquired interests in the Pueblo Viejo mine, the NuevaUnión project, the Norte Abierto project and the Alumbrera mine. The Company determined these investments qualified as equity method investments. Refer to Note 20 for additional information about the above equity method investments. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | NOTE 13 DISCONTINUED OPERATIONS The details of our Net income (loss) from discontinued operations, net of tax Years Ended December 31, 2019 2018 2017 Holt royalty obligation $ (84) $ 57 $ (44) Batu Hijau contingent consideration and other (1) 12 4 6 Net income (loss) from discontinued operations $ (72) $ 61 $ (38) (1) See Note 19 for details on the Batu Hijau contingent consideration. The Holt Royalty Obligation 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. St. Andrew was acquired by Kirkland Lake Gold Ltd. (formerly known as Kirkland Lake Gold Inc.) in January 2016. In 2009, the Superior Court issued a decision finding Newmont Canada Corporation (“Newmont Canada”) liable for a royalty on production from Holt, which Newmont Canada appealed. In May 2011, the Ontario Court of Appeal upheld the Superior Court ruling finding Newmont liable for the royalty obligation, 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 royalty and it will increase or decrease with changes in gold price, discount rate, and gold production scenarios. Refer to Note 18 for additional information on the Holt royalty. At December 31, 2019 and 2018, the estimated fair value of the Holt royalty obligation was $257 and $161, respectively. Changes to the estimated fair value resulting from periodic revaluations are recorded to Net income (loss) from discontinued operations, Cash Flows Net cash used in operating activities of discontinued operations |
NET INCOME (LOSS) ATTRIBUTABLE
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | NOTE 14 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS FROM CONTINUING OPERATIONS Years Ended December 31, 2019 2018 2017 Merian $ 78 $ 71 $ 69 Yanacocha (1) 1 (32) (63) Other — — (1) $ 79 $ 39 $ 5 (1) Included in Yanacocha is $-, $(1) , and $- gain (loss) attributable to the Contingently redeemable noncontrolling interest for the years ended December 31, 2019, 2018, and 2017, respectively. Newmont has a 75.0% economic interest in Suriname Gold project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. In December 2017, Yanacocha repurchased a 5% ownership interest from International Finance Corporation, which resulted in Newmont’s ownership in Yanacocha increasing from 51.35% to 54.05%, with the remaining interests held by Buenaventura (which increased from 43.65% to 45.95%). In June 2018, Yanacocha sold a 5% ownership interest to Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”), in exchange for $48 in cash, which resulted in Newmont’s and Buenaventura’s ownership returning to 51.35% and 43.65%, respectively. Under the terms of the transaction, Sumitomo has the option to require Yanacocha to repurchase the interest for $48 if the Yanacocha Sulfides project does not adequately progress by June 2022 or if the project is approved with an incremental rate of return below a contractually agreed upon rate. Consequently, Sumitomo’s interest has been classified outside of permanent equity as Contingently redeemable noncontrolling interest |
NEWMONT EQUITY AND NET INCOME (
NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME (LOSS) PER COMMON SHARE | |
NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE | NOTE 15 NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE Newmont Common Stock In September 2018, 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, subject to the limitations of the Delaware General Corporation Law, our certification of incorporation and our bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities. In order to consummate the Newmont Goldcorp transaction, the Company amended its Restated Certificate of Incorporation to increase Newmont’s authorized number of shares of common stock from 750 million to 1.28 billion, as approved by Newmont shareholders at the April 11, 2019 special meeting of stockholders. Net Income (Loss) per Common Share Basic net 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 net 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. 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 net income per share are included in the calculation. Years Ended December 31, 2019 2018 2017 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 2,877 $ 280 $ (76) Discontinued operations (72) 61 (38) $ 2,805 $ 341 $ (114) Weighted average common shares (millions): Basic 735 533 533 Effect of employee stock-based awards 2 2 2 Diluted 737 535 535 Net income (loss) per common share attributable to Newmont stockholders: (1) Basic: Continuing operations $ 3.92 $ 0.53 $ (0.14) Discontinued operations (0.10) 0.11 (0.07) $ 3.82 $ 0.64 $ (0.21) Diluted: Continuing operations $ 3.91 $ 0.53 $ (0.14) Discontinued operations (0.10) 0.11 (0.07) $ 3.81 $ 0.64 $ (0.21) (1) Per share measures may not recalculate due to rounding. On April 18, 2019, the Company issued 285 million shares related to the Newmont Goldcorp transaction. For additional information related to the Newmont Goldcorp transaction, see Note 3. During the years ended December 31, 2019, 2018 and 2017, the Company repurchased and retired approximately 12 million, 2.7 million, and nil shares of its common stock for $479, $98 and $-, respectively. Approximately 0.7 million of the shares repurchased and retired in the year ended December 31, 2018 related to common stock that was held by participants in the Retirement Savings Plan of Newmont and Retirement Savings Plan for Hourly-Rated Employees of Newmont. During the years ended December 31, 2019, 2018 and 2017, the Company withheld 1.4 million, 1.0 million and 0.4 million shares, respectively for payments of employee withholding taxes related to the vesting of stock awards. The Company reported a loss from continuing operations attributable to Newmont stockholders for the year ended December 31, 2017. Therefore, the potentially dilutive effects at December 31, 2017 were not included in the computation of diluted loss per common share attributable to Newmont stockholders because their inclusion would have been anti-dilutive to the computation. |
EMPLOYEE RELATED BENEFITS
EMPLOYEE RELATED BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | |
EMPLOYEE-RELATED BENEFITS | NOTE 16 EMPLOYEE-RELATED BENEFITS At December 31, 2019 2018 Current: Accrued payroll and withholding taxes $ 320 $ 263 Peruvian workers’ participation and other bonuses 17 19 Employee pension benefits 7 5 Other post-retirement benefit plans 6 6 Accrued severance 1 2 Other employee-related payables 10 10 $ 361 $ 305 Non-current: Employee pension benefits $ 115 $ 149 Accrued severance 228 163 Other post-retirement benefit plans 80 76 Other employee-related payables 25 13 $ 448 $ 401 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 following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2019 and 2018: Pension Benefits Other Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 1,063 $ 1,121 $ 82 $ 86 Plans acquired due to Goldcorp acquisition 49 — 4 — Service cost 31 31 1 1 Interest cost 47 41 4 3 Actuarial loss (gain) 141 (87) 6 (5) Foreign currency exchange (gain) loss 1 — — — Restructuring benefits 8 — — — Curtailment loss (gain) (11) — (7) — Amendments (11) — — — Benefits paid (51) (43) (4) (3) Projected benefit obligation at end of year $ 1,267 $ 1,063 $ 7 $ — Accumulated benefit obligation $ 1,256 $ 1,038 $ 86 $ 82 Change in fair value of assets: Fair value of assets at beginning of year $ 909 $ 985 $ — $ — Plans acquired due to Goldcorp acquisition 41 — — — Actual return on plan assets 180 (62) — — Employer contributions 65 29 4 3 Foreign currency exchange (gain) loss 1 — — — Benefits paid (51) (43) (4) (3) Fair value of assets at end of year $ 1,145 $ 909 $ — $ — Unfunded status, net $ 122 $ 154 $ 86 $ 82 The Company’s qualified pension plans are funded with cash contributions in compliance with Internal Revenue Service 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. As of December 31, 2019 and 2018, all pension benefit plans had accumulated benefit obligations in excess of the fair value of assets. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate in calendar year 2020. The significant assumptions used in measuring the Company’s benefit obligation were mortality assumptions and discount rate. The mortality assumptions used to measure the pension and other post retirement obligation incorporate future mortality improvements from tables published by the Society of Actuaries. In October 2014, the Society of Actuaries released RP-2014 mortality tables with MP-2014 generational projection scales. These mortality scales have been updated by the Society of Actuaries every year since 2014. The Company utilized RP-2014 and MP-2018 to measure the pension and other post retirement obligations as of December 31, 2018. In October 2019, the Society of Actuaries released a new mortality table, Pri-2012. The Company utilized Pri-2012 mortality tables and MP-2019 generational projection scales to measure the pension and other post retirement obligations as of December 31, 2019. Yield curves matching the Company’s 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 weighted average discount rate for the Company of 3.49% and 4.40% at December 31, 2019 and 2018, respectively, based on the timing of future benefit payments. Actuarial losses (gains) of $147 were recognized in the year ended December 31, 2019, primarily due to a decrease in discount rate from the prior year. Actuarial losses (gains) of $(92) were recognized in the year ended December 31, 2018, primarily due to an increase in the discount rate from the prior year. The following table provides the net pension and other benefits amounts recognized in the Consolidated Balance Sheets at December 31: Pension Benefits Other Benefits 2019 2018 2019 2018 Accrued employee benefit liability $ 122 $ 154 $ 86 $ 82 Accumulated other comprehensive income (loss): Net actuarial gain (loss) (396) (412) 10 19 Prior service credit 31 39 5 23 (365) (373) 15 42 Less: Income taxes 73 78 (4) (9) $ (292) $ (295) $ 11 $ 33 The following table provides components of the Total benefit cost (credit), inclusive of the net periodic pension and other benefits costs (credits), for the years ended December 31: Pension Benefit Costs (Credits) Other Benefit Costs (Credits) 2019 2018 2017 2019 2018 2017 Pension benefit costs (credits), net (1) Service cost $ 31 $ 31 $ 29 $ 1 $ 1 $ 1 Interest cost 47 41 44 4 3 4 Expected return on plan assets (66) (68) (63) — — — Amortization, net 22 32 30 (8) (7) (7) Net periodic benefit cost (credit) $ 34 $ 36 $ 40 $ (3) $ (3) $ (2) Settlements (2) — — 5 — — — (Gain) loss on curtailment (10) — — (18) — — Restructuring (benefit) loss 8 — — — — — Total benefit cost (credit) $ 32 $ 36 $ 45 $ (21) $ (3) $ (2) (1) Service costs are included in Costs applicable to sales or General and administrative. The other components of the total benefit costs are included in Other income, net. (2) In 2019 and 2018, settlements were included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, settlements were included in Other expense, net . The following table provides the components recognized in Other comprehensive income (loss) Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Net loss (gain) (1) $ 2 $ 42 $ 5 $ 8 $ (6) $ — Amortization, net (22) (32) (30) 8 7 7 Accelerated prior service credit (cost) due to curtailment 12 — — 11 — — Settlements — — (5) — — — Total recognized in other comprehensive income (loss) $ (8) $ 10 $ (30) $ 27 $ 1 $ 7 Total benefit cost (credit) and other comprehensive income (loss) $ 24 $ 46 $ 15 $ 6 $ (2) $ 5 (1) Includes curtailment gain of $(13), $- and $- for the years ended December 31, 2019, 2018 and 2017, respectively. 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 significant assumptions used in measuring the Company’s Total benefit cost (credit) and other comprehensive income (loss) were discount rate and expected return on plan assets: Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Weighted average assumptions used in measuring the net periodic benefit cost: Discount rate 4.40 % 3.77 % 4.36 % 4.40 % 3.77 % 4.36 % Expected return on plan assets 6.75 % 7.25 % 7.25 % N/A N/A N/A The expected long-term return on plan assets used for each period in the three years ended December 31, 2019 was determined 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, 2019, Newmont has estimated the expected long-term return on plan assets to be 6.75% which will be used in determining future net periodic benefit cost. The Company determines the long-term return on plan assets by considering the most recent capital market forecasts, the plans’ current asset allocation and the actual return on plan assets in comparison to the expected return on assets over the last 5 years. The average actual return on plan assets during the 31 years ended December 31, 2019 approximated 8.36%. 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. 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 calculation. 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 2019 and the actual asset allocation at December 31, 2019. Actual at December 31, Asset Allocation Target 2019 U.S. equity investments 11 % 11 % International equity investments 12 % 12 % World equity fund (U.S. and International equity investments) 20 % 21 % High yield fixed income investments 4 % 4 % Fixed income investments 45 % 44 % Other 8 % 8 % The following table sets forth the Company’s pension plan assets measured at fair value at December 31, 2019 and 2018: Fair Value at December 31, 2019 2018 Plan Assets: Cash and cash equivalents $ 4 $ 3 Commingled funds 1,141 906 $ 1,145 $ 909 Cash and cash equivalent instruments are valued based on quoted market prices in active markets, which are primarily invested in money market securities and U.S. Treasury securities. The pension plans’ commingled fund investments 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. The assumed health care trend rate used to measure the expected cost of benefits is 6.25% in 2020 and decreases gradually each year to 5.00% in 2025, which is used thereafter. Cash Flows Benefit payments expected to be paid to pension plan participants are as follows: $371 in 2020, $62 in 2021, $63 in 2022, $64 in 2023, $64 in 2024 and $307 in total over the five years from 2025 through 2029. The increase in expected benefit payments in 2020 reflects the impact of the formation of NGM and current year plan amendments. Benefit payments made to other benefit plan participants are expected to be as follows: $6 in 2020, $6 in 2021, $6 in 2022, $6 in 2023, $6 in 2024 and $27 in total over the five years from 2025 through 2029. 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. Hourly non-union employees receive an additional retirement contribution to the participant’s retirement contribution account equal to an amount which is paid and determined by the Company. Matching contributions are made in cash. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
STOCK-BASED COMPENSATION | |
STOCK BASED COMPENSATION | NOTE 17 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 SSU program was discontinued and no additional SSUs were granted after 2015. 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, 2019, 5,056,988 shares were authorized for future stock incentive plan awards. Additionally, on April 18, 2019, in connection with the Newmont Goldcorp transaction, the Company exchanged certain equity settled Goldcorp share awards and Goldcorp stock options, and also assumed certain other cash-settled Goldcorp share awards. Restricted Stock Units The Company grants RSUs to directors, 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. For all RSU grants issued prior to February 2018, RSU awards vest over periods of three years or more, unless the employee becomes retirement eligible prior to the vesting date. If an employee becomes retirement eligible and retires prior to the vesting date, the remaining awards vest on a pro rata basis at the retirement date. Starting with the February 2018 grant, if the employee becomes retirement eligible at any point during the vesting period, the entire award is considered earned after the later of the one Goldcorp Restricted Stock Units In connection with the Newmont Goldcorp transaction, the Company exchanged 4.1 million outstanding Goldcorp RSUs (“Goldcorp RSUs”) with an acquisition date fair value of $45 for 1.4 million Newmont RSUs. The Company allocated $4 to purchase consideration based on the portion of pre-acquisition services provided. The Company will recognize the remaining $41 in earnings ratably over the requisite service period, with a corresponding increase to equity. Goldcorp Phantom Restricted Share Units In connection with the Newmont Goldcorp transaction, the Company assumed 1.3 million Goldcorp Phantom RSUs (“Goldcorp Phantom RSUs”) and converted the number outstanding to 0.4 million to adjust for the difference between the Goldcorp share price and the Newmont share price at the acquisition date. The Company agreed to settle the Goldcorp Phantom RSUs in cash using the closing price of Newmont shares on the vesting date. Due to the cash settlement provision, these awards are classified as liability awards and their fair value is re-measured at the end of each reporting period until vested. The Goldcorp Phantom RSUs had an acquisition date fair value of $14, of which, $1 has been allocated to purchase consideration based on the portion of services provided prior to acquisition. The Company recognizes the liability and expense for the remaining portion of the awards ratably over the requisite service period giving effect to the adjusted fair value at the end of each reporting period. Based on the fair value of $43.45 per unit as of December 31, 2019, there is $10 of unrecognized compensation costs related to the unvested Goldcorp Phantom RSUs. This cost is expected to be recognized over a weighted average period of approximately 1 year. Performance Stock Units 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. Goldcorp Performance Share Units In connection with the Newmont Goldcorp transaction, the Company assumed 2.4 million Goldcorp PSUs (“Goldcorp PSUs”) and converted the number of units outstanding to 0.8 million based on the difference between the Goldcorp share price and the Newmont share price at the acquisition date. The Company agreed to settle the Goldcorp PSUs in cash using a 30-day historical weighted average price of Newmont shares on the vesting date and a performance multiplier of 100 percent. Due to the cash settlement provision, these awards are classified as liability awards and their fair value is re-measured at the end of each reporting period until vested. The Goldcorp PSUs had an acquisition date fair value of $28, of which, $9 has been allocated to purchase consideration based on the portion of services provided prior to the acquisition. The Company recognizes the liability and expense for the remaining portion of the awards ratably over the requisite service period, giving effect to the adjusted fair value at the end of each reporting period. Based on the fair value of $43.45 per unit at December 31, 2019, there is $3 of unrecognized compensation costs related to the unvested Goldcorp PSUs. This cost is expected to be recognized over a weighted average period of approximately 1.3 years. At December 31, 2019, the Company included Employee-related benefits 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 2019 2018 2017 outstanding price year Goldcorp Options In connection with the Newmont Goldcorp transaction, the Company exchanged 3.6 million outstanding Goldcorp options (“Goldcorp options”) with an acquisition date fair value of $2 for 1.2 million Newmont options with the right to exercise each Newmont option for one share of Newmont common stock. The full $2 acquisition date fair value of Goldcorp options was allocated to purchase consideration based on all services being provided prior to the acquisition. At December 31, 2019 outstanding life Stock-Based Compensation Activity A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2019 is as follows: RSU PSU Weighted Weighted Average Average Number of Grant-Date Number of Grant-Date Units Fair Value Units Fair Value Non-vested at beginning of year 2,166,698 $ 34.75 2,244,031 $ 42.73 Granted 2,949,003 $ 34.95 1,773,870 $ 39.31 Vested (1,695,287) $ 33.37 (1,936,556) $ 37.85 Forfeited (352,246) $ 36.43 (127,548) $ 42.66 Non-vested at end of year 3,068,168 $ 35.51 1,953,797 $ 44.46 The total intrinsic value and fair value of RSUs that vested in 2019 2018 2017 2019 2018 2017 2017 Cash flows resulting from excess tax benefits are classified as part of cash flows from operating 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 $3, $3 and $5 in excess tax benefits for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019, there was $37 and $33 of unrecognized compensation costs related to the unvested RSU and PSUs, 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, 2019 2018 2017 Stock-based compensation: Restricted stock units $ 68 $ 45 $ 34 Performance leveraged stock units 29 31 35 Goldcorp performance share units 17 — — Goldcorp phantom restricted share units 7 — — Strategic stock units — — 1 $ 121 $ 76 $ 70 |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE ACCOUNTING | |
FAIR VALUE ACCOUNTING | NOTE 18 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, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques ( e.g. the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; 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 tables set 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, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 2,243 $ 2,243 $ — $ — Restricted cash 106 106 — — Trade receivable from provisional concentrate sales, net 331 — 331 — Marketable equity securities (Note 20) (1) 376 357 19 — Marketable debt securities (Note 20) 39 — — 39 Continental conversion option (Note 20) 51 — 51 — Restricted marketable debt securities (Note 20) 54 23 31 — Restricted other assets (Note 20) 1 1 — — Batu Hijau contingent consideration 38 — — 38 $ 3,239 $ 2,730 $ 432 $ 77 Liabilities: Debt (2) $ 7,068 $ — $ 7,068 $ — Diesel derivative contracts 1 — 1 — Holt royalty obligation (Note 27) 257 — — 257 Cash-settled Goldcorp share awards 12 — 12 — $ 7,338 $ — $ 7,081 $ 257 Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,397 $ 3,397 $ — $ — Restricted cash 92 92 — — Trade receivable from provisional concentrate sales, net 209 — 209 — Marketable equity securities (Note 20) (1) 127 114 13 — Restricted marketable debt securities (Note 20) 51 21 30 — Restricted other assets (Note 20) 6 6 — — Batu Hijau contingent consideration 26 — — 26 $ 3,908 $ 3,630 $ 252 $ 26 Liabilities: Debt (2) $ 4,229 $ — $ 4,229 $ — Diesel derivative contracts 5 — 5 — Holt royalty obligation (Note 27) 161 — — 161 $ 4,395 $ — $ 4,234 $ 161 (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $13 and $9 at December 31, 2019 and 2018, respectively. (2) Debt is carried at amortized cost. The outstanding carrying value was $6,138 and $4,044 at December 31, 2019 and 2018, respectively. The fair value measurement of debt was based on an independent third party 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 19. All other fair value disclosures in the above table are presented on a gross basis. The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities. The Company’s net trade receivables from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy. The Company’s marketable equity securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are 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 equity securities without readily determinable fair values are primarily comprised of warrants in publicly traded companies and are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the contracts themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy. The Company’s marketable debt securities consist of an unrestricted convertible debenture with Continental (the “Continental Convertible Debt”). The estimated fair value of the host debt instrument was determined using a discounted cash flow model, with an internally derived discount rate. It has been classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease of the Continental Convertible Debt. The Continental conversion option is an embedded derivative in the Continental Convertible Debt agreement, and is further discussed in Note 19. It is valued using a Black-Scholes model using quoted market prices in active markets of the underlying security. As the option itself is not traded on the exchange, this instrument is classified within Level 2 of the fair value hierarchy. The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s South American debt securities are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s North American debt securities are classified within Level 2 of the fair value hierarchy as they are valued using pricing models which are based on prices of similar, actively traded securities. The Company’s restricted other assets primarily consist of marketable equity securities, which are classified within Level 1 of the fair value hierarchy as their fair values are based on quoted market prices available in active markets. The estimated value of the Batu Hijau contingent consideration was determined using (i) a discounted cash flow model, (ii) a Monte Carlo valuation model to simulate future copper prices using the Company’s long-term copper price, and (iii) estimated production and/or development dates for Batu Hijau Phase 7 and the Elang projects in Indonesia. The contingent consideration is classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease in the Batu Hijau contingent consideration. Increases in the copper price will result in a corresponding increase of the Batu Hijau contingent consideration. The Company’s derivative instruments consist of fixed forward contracts. These 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 fair value of the Holt royalty obligation was determined using (i) a discounted cash flow model, (ii) a Monte Carlo valuation model to simulate future gold prices using the Company’s long-term gold price, (iii) various gold production scenarios from reserve and resource information and (iv) a weighted average discount rate. The royalty obligation is classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease of the Holt royalty obligation. Increases in the gold price and production scenarios will result in a corresponding increase of the Holt royalty obligation. The Company’s liability-classified stock-based compensation awards consist of cash-settled Goldcorp share awards which become payable in cash on the vesting date. These awards are valued each reporting period based on the quoted Newmont stock price. As the awards themselves are not traded on the exchange, they are classified within Level 2 of the fair value hierarchy. The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2019 and 2018: At December 31, Range, point estimate Description 2019 Valuation technique Significant input or average Continental Convertible Debt $ 39 Discounted cash flow Discount rate 11.06 % Batu Hijau contingent consideration $ 38 Monte Carlo Discount rate 14.90 % Short-term copper price $ 2.67 Long-term copper price $ 3.00 Holt royalty obligation $ 257 Monte Carlo Discount rate (1) 2.53 % Short-term gold price $ 1,481 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 298 - 1,613 (1) The Holt royalty obligation discount rate is calculated as a weighted-average Newmont-specific unsecured borrowing rate, which is weighted by relative fair value of various production scenarios. At December 31, Range, point estimate Description 2018 Valuation technique Significant input or average Batu Hijau contingent consideration $ 26 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.80 Long-term copper price $ 3.00 Holt royalty obligation $ 161 Monte Carlo Discount rate 4.11 % Short-term gold price $ 1,228 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 302 - 1,544 The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities: Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2017 $ — $ 23 $ 23 $ 243 $ 243 Settlements — — — (10) (10) Revaluation — 3 3 (72) (72) Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (10) (10) Revaluation 6 12 18 106 106 Fair value at December 31, 2019 $ 39 $ 38 $ 77 $ 257 $ 257 (1) The unrealized gain (loss) of $4 related to changes in the fair value of the host debt is included in Other comprehensive income. The gain (loss) of $2 related to the debt discount amortization recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations . During the third quarter of 2018, the Company performed a non-recurring fair value measurement ( e.g. The estimated fair value of the Nevada exploration properties was determined using comparable transactions. The estimated fair value of Emigrant’s existing operations was determined using (i) a country specific discount rate of 5.2%, (ii) a short-term gold price of $1,213 based on the 2018 third quarter average of the London PM fix, (iii) a long-term gold price of $1,300, and (iv) updated cash flow information from the Company’s business plan. For further information regarding the impairment charges, see Note 8. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | NOTE 19 DERIVATIVE INSTRUMENTS The Company uses hedge programs to mitigate the variability of its operating costs primarily related to diesel price fluctuations. Newmont’s hedge portfolio consists of a series of financially settled fixed forward contracts, which run through the second quarter of 2022 in Australia. The following diesel contracts were transacted for risk management purposes and qualify as cash flow hedges. The unrealized changes in market value have been recorded in Accumulated other comprehensive income (loss) The Company had the following diesel derivative contracts outstanding at December 31, 2019: Expected Maturity Date 2020 2021 2022 Total/ Diesel Fixed Forward Contracts: South America (1) Diesel gallons (millions) 3 1 — 4 Average rate ($/gallon) 1.86 1.86 1.82 1.86 Australia Diesel barrels (thousands) 129 102 7 238 Average rate ($/barrel) 78.91 81.15 75.93 79.78 (1) In January 2020, the Company settled all diesel fixed forward contracts in South America, which resulted in an immaterial net gain . Derivative Instrument Fair Values The fair value of the Company’s derivative instruments designated as cash flow hedges at December 31, 2019 was $1, and was classified in Other non-current liabilities Other current liabilities Other non-current liabilities As of December 31, 2019 and 2018, all hedging instruments held by the Company were subject to enforceable master netting arrangements held with 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, in the same commodity 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, 2019 and 2018, the potential effect of netting derivative assets against liabilities due to the master netting agreement was not significant. Batu Hijau Contingent Consideration Consideration received by the Company in conjunction with the sale of PT Newmont Nusa Tenggara in 2016 included certain contingent payment provisions that were determined to be financial instruments that met the definition of a derivative, but do not qualify for hedge accounting, under ASC 815. Contingent consideration of $38 and $26 is included in Other non-current Continental Conversion Option In March 2019, Newmont entered into a $50 convertible debt agreement with Continental. The debt is convertible into common shares of Continental at a price of C$3.00 per share. The conversion feature has been identified as an embedded derivative, which has been bifurcated from the host instrument and included in the Continental equity method investment balance. The value of the conversion option was $51 as of December 31, 2019. See Notes 18 and 20 for additional information. Provisional Sales The Company sells gold, copper, silver, lead and zinc concentrates on a provisional basis. Provisional concentrate 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 concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting treatment, is marked to market through earnings each period prior to final settlement. The impact to Sales At December 31, 2019, Newmont had gold sales of 136,000 ounces priced at an average of $1,518 per ounce, copper sales of 15 million pounds priced at an average price of $2.80 per pound, silver sales of 5 million ounces priced at an average of $17.91 per ounce, lead sales of 40 million pounds priced at an average of $0.88 per pound and zinc sales of 51 million pounds priced at an average of $1.05 per pound, subject to final pricing over the next several months. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
INVESTMENTS | NOTE 20 INVESTMENTS At December 31, 2019 At December 31, 2018 Current: Marketable equity securities $ 237 $ 48 Non-current: Marketable equity securities $ 126 $ 70 Equity method investments: Pueblo Viejo Mine (40.0%) 1,230 — NuevaUnión Project (50.0%) 940 — Norte Abierto Project (50.0%) 478 — Continental Gold, Inc. (18.9%) 164 — TMAC Resources Inc. (28.0%) 114 109 Maverix Metals Inc. (25.1%) 93 85 Alumbrera Mine (37.5%) 54 — Minera La Zanja S.R.L. (46.9%) — 7 3,073 201 $ 3,199 $ 271 Non-current restricted investments: (1) Marketable debt securities $ 54 $ 51 Other assets 1 6 $ 55 $ 57 (1) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . For further information regarding these amounts, see Note 7 . On April 18, 2019, as a part of the Newmont Goldcorp transaction, the Company acquired interests in the Pueblo Viejo mine, the NuevaUnión project, the Norte Abierto project and the Alumbrera mine. Pueblo Viejo The Pueblo Viejo mine is located in the Dominican Republic and commenced operations in September 2014. Barrick operates and holds the remaining interest in the mine. At December 31, 2019 the carrying value of Newmont’s equity investment in Pueblo Viejo was lower than the underlying net assets of its investment by $326. This basis difference is being amortized into Equity income (loss) of affiliates In June 2009, Goldcorp entered into a $400 shareholder loan agreement with Pueblo Viejo with a term of fifteen years . In April 2012, additional funding of $300 was issued to Pueblo Viejo with a term of twelve years . Both loans bear interest at 95% of LIBOR plus 2.95% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The loans have no set repayment terms. At December 31, 2019, the carrying amount of the Company’s share of shareholder loans to Pueblo Viejo was $425, which is included in the Pueblo Viejo equity method investment. At December 31, 2019, $7 in interest receivable relating to the shareholder loans was also included in the Pueblo Viejo equity method investment. In September 2019, the Company and Barrick entered into a $70 revolving loan facility (“Revolving Facility”) to provide short-term financing to Pueblo Viejo. The Company will fund 40% of the borrowings based on its ownership interest in Pueblo Viejo. Under the terms of the Revolving Facility, borrowings bear interest at LIBOR plus 2.09% and expire on December 31, 2020. There were no borrowings outstanding under the Revolving Facility as of December 31, 2019. The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $445 during the year ended December 31, 2019. These purchases, net of subsequent sales, were included in Other income and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of December 31, 2019. NuevaUnión The NuevaUnión project is located in Chile and is currently under development. The project is jointly managed by Newmont and Teck Resources, who holds the remaining interest. At December 31, 2019 the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment by $67. This basis difference will be amortized into Equity income (loss) of affiliates Norte Abierto The Norte Abierto project is located in Chile and is currently under development. The project is jointly managed by Newmont and Barrick, who holds the remaining interest. As part of the Newmont Goldcorp transaction, Newmont assumed deferred payments to Barrick to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. At December 31, 2019, there were $154 of deferred payments included in Other non-current liabilities on the Consolidated Balance Sheet. At December 31, 2019 the carrying value of Newmont’s equity investment in Norte Abierto was lower than the underlying net assets of its investment by $209. This basis difference will be amortized into Equity income (loss) of affiliates Continental Gold, Inc. Newmont holds a right to maintain a 19.9% interest in Continental Gold, Inc. (“Continental”). As of December 31, 2019, Newmont’s interest in Continental was 18.9%, which was diluted due to the conversion of convertible debentures held by another investor during the fourth quarter of 2019. The Company accounts for Continental on a quarter lag and adjusts for any material differences between IFRS to U.S. GAAP. Continental owns and is developing the high-grade Buriticá gold project located in Colombia. In May 2017, Newmont purchased 37 million common shares of Continental Gold Inc. (“Continental”) at C$4.00 per share for total consideration of $109. During the first quarter of 2019, the Company determined that based on its evolving roles on advisory committees and its support for recent financing events, Newmont had the ability to exercise significant influence over Continental and concluded that the investment qualified as an equity method investment. As a result, the Company reclassified its existing Continental marketable equity security to an equity method investment. The fair value of the marketable equity security was $73, which formed the new basis for the equity method investment. Additionally, in March 2019, the Company entered into a convertible debt agreement with Continental totaling $50. The debt is convertible into common shares of Continental at a price of C$3.00 per share. The debt is an unrestricted marketable debt security and is classified as available-for-sale. The fair value of the marketable debt security was $39 as of December 31, 2019 and is included in the Continental equity method investment balance. The conversion feature has been identified as an embedded derivative, which has been bifurcated from the host instrument and included in the Continental equity method investment balance. The fair value of the conversion option was $51 as of December 31, 2019. Changes in the conversion option fair value are included in Other Income, net During the fourth quarter of 2019, the Company entered into a contractual arrangement to sell its entire interest in Continental, including its convertible debt, for $260 million. Alumbrera The Alumbrera mine is located in Argentina. The mine commenced operations in 1998; however, the mine is currently not operating as a production mine as of December 31, 2019. Glencore and Yamana Gold hold the remaining 50% and 12.5% interest, respectively. At December 31, 2019 the carrying value of Newmont’s equity investment in Alumbrera was higher than the underlying net assets of its investment by $67. This basis difference will be amortized into Equity income (loss) of affiliates The Company, Glencore, and Yamana signed an Integration Agreement in March 2019 through which the parties seek to combine the Agua Rica project with Alumbrera. The Agua Rica project is wholly owned by Yamana. The terms of the Integration Agreement would result in Newmont holding an 18.75% interest in the combined assets. As of December 31, 2019, the Integration Agreement had not been implemented by the parties. Other In November 2017, Newmont acquired 2 million TMAC shares at a price of C$7.00 per share for $12. In September 2018, Newmont participated in the TMAC offering acquiring approximately 6 million shares at a price of C$4.25 per share for $19, maintaining its approximate 28.6% ownership interest, which was diluted from 2017 primarily due to the exercise of warrants held by other shareholders. Subsequent to participating in the 2018 TMAC offering, Newmont’s ownership interest has decreased to 28.0% as of December 31, 2019, primarily due to Newmont not exercising its participation rights on private placements that occurred in 2019. In June 2018, Newmont sold $11 of restricted marketable debt securities as a result of remediation work completed at the Midnite Mine. In June 2018, Newmont exchanged certain royalty interests for cash consideration of $17, received in July 2018, and non-cash consideration comprised of 60 million common shares in Maverix and 10 million common share warrants in Maverix, with fair values upon closing of $78 and $5, respectively. Following the transaction, Newmont held a 27.98% equity ownership in Maverix. The Company determined the Maverix investment qualified as an equity method investment. In August 2017, Newmont sold approximately two Other income, net In June 2017, Newmont exchanged its 31% interest in the Fort á la Corne joint venture in consideration for 54 million common shares and 1 million common share warrants in Star Diamond, formerly known as Shore Gold, valued at $15. Following the transaction, Newmont held a 19.9% equity ownership in Star Diamond. This investment has been classified as a marketable equity security. In April 2017, Newmont purchased 13 million units (one common share and one warrant per unit) of Goldstrike Resources Ltd. (“Goldstrike”) at a price of C$0.47 per share for $4. The investment secures rights to explore and develop the Plateau property located in a highly prospective mineralized trend in Canada’s Yukon Territory with Goldstrike, with the ability to earn additional ownership in the project through exploration investment. This investment has been classified as a marketable equity security. See Note 10 for discussion of investment impairments recognized during 2019 and 2018. In 2017, there were no |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventories | |
INVENTORIES | |
INVENTORIES | NOTE 21 INVENTORIES At December 31, 2019 2018 Materials and supplies $ 655 $ 439 In-process 189 104 Concentrate and copper cathode (1) 96 61 Precious metals (2) 74 26 $ 1,014 $ 630 (1) Concentrate includes gold, copper, silver, lead and zinc . (2) Precious metals includes gold and silver doré. In 2019, the Company recorded write-downs of $18 and $5, classified as components of Costs applicable to sales Depreciation and amortization, In 2018, the Company recorded write-downs of $14 and $2, classified as components of Costs applicable to sales Depreciation and amortization, In 2017, the Company recorded write-downs of $14 and $2, classified as components of Costs applicable to sales Depreciation and amortization |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 12 Months Ended |
Dec. 31, 2019 | |
Stockpiles and ore on leach pads | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | NOTE 22 STOCKPILES AND ORE ON LEACH PADS At December 31, 2019 2018 Current: Stockpiles $ 493 $ 395 Ore on leach pads 319 302 $ 812 $ 697 Non-current: Stockpiles $ 1,154 $ 1,429 Ore on leach pads 330 437 $ 1,484 $ 1,866 Total: Stockpiles $ 1,647 $ 1,824 Ore on leach pads 649 739 $ 2,296 $ 2,563 Stockpiles Leach pads At December 31, At December 31, 2019 2018 2019 2018 Stockpiles and ore on leach pads: CC&V $ 6 $ 23 $ 239 $ 278 Musselwhite 53 — — — Porcupine 2 — — — Éléonore 1 — — — Peñasquito 193 — — — Yanacocha 55 71 181 173 Merian 45 35 — — Boddington 458 458 — — Tanami 4 2 — — Kalgoorlie — 121 — — Ahafo 403 417 — — Akyem 126 82 — — Nevada Gold Mines 301 — 229 — Carlin — 263 — 186 Phoenix — 32 — 32 Twin Creeks — 320 — 25 Long Canyon — — — 45 $ 1,647 $ 1,824 $ 649 $ 739 In 2019, the Company recorded write-downs of $112 and $45, classified as components of Costs applicable to sales Depreciation and amortization, In 2018, the Company recorded write-downs of $257 and $97, classified as components of Costs applicable to sales Depreciation and amortization In 2017, the Company recorded write-downs of $198 and $77, classified as components of Costs applicable to sales Depreciation and amortization |
PROPERTY, PLANT AND MINE DEVELO
PROPERTY, PLANT AND MINE DEVELOPMENT | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
PROPERTY, PLANT AND MINE DEVELOPMENT | NOTE 23 PROPERTY, PLANT AND MINE DEVELOPMENT Depreciable At December 31, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land $ 193 $ — $ 193 $ 222 $ — $ 222 Facilities and equipment (1) 1 - 27 17,676 (8,385) 9,291 16,661 (10,683) 5,978 Mine development 1 - 18 3,427 (2,037) 1,390 5,598 (3,314) 2,284 Mineral interests 1 - 18 13,581 (1,268) 12,313 2,658 (1,114) 1,544 Construction-in-progress 2,089 — 2,089 2,230 — 2,230 $ 36,966 $ (11,690) $ 25,276 $ 27,369 $ (15,111) $ 12,258 (1) At December 31, 2019 and 2018, Facilities and equipment include finance lease right of use assets of $740 and $-, respectively. Depreciable At December 31, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage 1 - 18 $ 8,990 $ (1,268) $ 7,722 $ 1,654 $ (1,114) $ 540 Development stage (1) 1,106 — 1,106 59 — 59 Exploration stage (1) 3,485 — 3,485 945 — 945 $ 13,581 $ (1,268) $ 12,313 $ 2,658 $ (1,114) $ 1,544 (1) These amounts are currently non-depreciable as these mineral interests have not reached production stage. Construction-in-progress at December 31, 2019 of $2,089 included $199 at North America primarily related to construction at Peñasquito and CC&V, $1,389 at South America primarily related to engineering and construction at Conga and infrastructure at Yanacocha, Argentina and Suriname, $141 at Australia primarily related to infrastructure at Tanami and Boddington, $249 at Africa primarily related to the Ahafo North project and other infrastructure at Akyem and $95 at Nevada primarily related to infrastructure at NGM. There have been no Construction-in-progress at December 31, 2018 of $2,230 included $4 at North America primarily related to construction at CC&V, $1,373 at South America primarily related to engineering and construction at Conga and Suriname and infrastructure at Yanacocha, $324 at Australia primarily related to infrastructure at Tanami, Boddington, and Kalgoorlie and the Tanami Power project, $426 at Africa primarily related to the Subika underground project and Ahafo Mill expansion and other infrastructure at Akyem and $96 at Nevada primarily related to infrastructure at Carlin and Twin Creeks. The Carlin and Twin Creeks mine sites were contributed to NGM effective July 1, 2019. There have been no |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 24 GOODWILL Changes in the carrying amount of goodwill by reportable segment were as follows: North America South America Australia Nevada Total Balance at December 31, 2018 $ — $ — $ 58 $ — $ 58 Additions due to Newmont Goldcorp transaction (1) 2,095 442 — — 2,537 Additions due to formation of NGM (2) — — — 268 268 Reclassifications to assets held for sale (3) (131) — (58) — (189) Balance at December 31, 2019 $ 1,964 $ 442 $ — $ 268 $ 2,674 (1) For further information regarding the Newmont Goldcorp transaction, refer to Note 3. (2) For further information regarding the formation of NGM, refer to Note 4. (3) For further information on the agreements to sell Red Lake and Kalgoorlie, refer to N ote 5. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
DEBT | |
DEBT | NOTE 25 DEBT At December 31, 2019 At December 31, 2018 Current Non-Current Fair Value (1) Current Non-Current Fair Value (1) 2019 Senior Notes, net $ — $ — $ — $ 626 $ — $ 641 2021 Senior Notes, net — 553 562 — — — 2022 Senior Notes, net — 988 1,026 — 987 992 2023 Senior Notes, net — 1,012 1,050 — — — 2029 Senior Notes, net — 688 700 — — — 2035 Senior Notes, net — 575 794 — 594 655 2039 Senior Notes, net — 859 1,180 — 859 972 2042 Senior Notes, net — 985 1,188 — 984 969 2044 Senior Notes, net — 483 568 — — — Debt issuance costs on Corporate Revolving Credit Facilities — (5) — — (6) — $ — $ 6,138 $ 7,068 $ 626 $ 3,418 $ 4,229 (1) The estimated fair value of these Senior Notes was determined by an independent third party pricing source and may or may not reflect the actual trading value of this debt. All outstanding Senior Notes are unsecured and rank equally with one another. Scheduled minimum debt repayments are as follows for the year ending December 31: 2020 $ — 2021 550 2022 992 2023 1,000 2024 — Thereafter 3,624 $ 6,166 Corporate Revolving Credit Facilities and Letters of Credit Facilities On April 4, 2019, the Company entered into a $3,000 revolving credit facility (“New Credit Agreement”) with a syndicate of financial institutions that expires in April 2024. The New Credit Agreement 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, non-current debt. Borrowings under the facility bear interest at a market based rate plus a margin determined by our credit rating. The New Credit Agreement replaces the Company’s existing credit agreement dated as of May 20, 2011, as amended and restated as of May 25, 2017 (“Existing Credit Agreement”). At December 31, 2019, the Company had no 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. In 2017, the agreement was extended to September 30, 2020. The LC Agreement had a balance of $170 and $172 at December 31, 2019 and 2018, respectively. Prior to the closing of the Newmont Goldcorp transaction, Goldcorp held a series of letters of credit, several of which represented guarantees for reclamation obligations. Newmont continues to hold these letters of credit. At December 31, 2019, the Company had letters of credit outstanding in the amount of $424 of which $353 represented guarantees for reclamation obligations. None of these letters of credit have been drawn on for reclamation obligations, as of December 31, 2019. 2017 Convertible Senior Notes In July 2017, the Company repaid the $575 outstanding aggregate principal amount of the 2017 Convertible Senior Notes at maturity. For the year ended December 31, 2017, the Company recorded $5 of interest expense for the contractual interest coupon and $14 of amortization of the debt discount related to the Convertible Senior Notes. 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 Senior Notes were $895 and $1,080, respectively. The 2019 Senior Notes paid interest semi-annually at a rate of 5.125% per annum and the 2039 Senior Notes pay semi-annual interest of 6.25% per annum. In March 2016, the Company purchased approximately $274 of its 2019 Senior Notes and $226 of its 2039 Senior Notes through a debt tender offer. The remaining $626 of the 2019 Senior Note was paid off at maturity on October 1, 2019, primarily with the proceeds from the issuance of the 2029 Senior Note. 2021, 2023 and 2044 Senior Notes Subsequent to closing of the Newmont Goldcorp transaction, the Company completed a like-for-like exchange for the majority of the outstanding notes issued by Goldcorp (“Existing Goldcorp notes”), with an aggregate principal amount of $2,000, for new notes issued by Newmont (the “New Newmont notes”) and nominal cash consideration. The New Newmont notes, issued April 22, 2019, and the Existing Goldcorp notes that were not tendered for exchange, consist of $472 and $78 of 3.625% notes due June 9, 2021, $810 and $190 of 3.70% notes due March 15, 2023 and $444 and $6 of 5.45% notes due June 9, 2044, respectively. Pursuant to registration rights issued with the New Newmont notes, the Company filed Form S-4 on June 28, 2019, which was declared effective on July 9, 2019. The exchange for the registered notes was completed on August 9, 2019. 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. In November 2016, the Company purchased approximately $508 of its 2022 Senior Notes through a debt tender offer. 2029 Senior Notes In September 2019, the Company completed a public offering of $700 unsecured Senior Notes due October 2029 (“2029 Senior Notes”). Net proceeds from the 2029 Senior Notes were $690. The 2029 Senior Notes will pay interest semi-annually at a rate of 2.80% per annum. The proceeds from this issuance were primarily used to repay the outstanding balance on the 2019 Senior Notes of $626 on October 1, 2019. 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%. As discussed in Note 4, the Company executed the First Supplemental Indenture whereby NGM, upon its formation, agreed to provide a full and unconditional guarantee of the 2035 Notes. After completion of a successful consent solicitation on August 23, 2019, the Company executed the Second Supplemental Indenture that released NGM from its guarantee of the 2035 Notes. The Second Supplemental Indenture also amended certain provisions of the 2035 Indenture to conform with the Company’s other outstanding indentures. Other debt related activity Subsequent to closing of the Newmont Goldcorp transaction, the Company paid the outstanding principal balances of Goldcorp’s term loan of $400 and Goldcorp’s revolving credit facility of $850. Debt Covenants The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, the Company’s senior notes and corporate revolving credit facility contain covenants that include, 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 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. At December 31, 2019 and 2018, the Company and its related entities were in compliance with all debt covenants and provisions related to potential defaults. |
LEASE AND OTHER FINANCING OBLIG
LEASE AND OTHER FINANCING OBLIGATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASE AND OTHER FINANCING OBLIGATIONS | NOTE 26 LEASE AND OTHER FINANCING OBLIGATIONS The Company primarily has operating and finance leases for corporate and regional offices, processing facilities and mining equipment. These leases have a remaining lease term extend terminate Total lease cost includes the following components: Year Ended December 31, 2019 Operating lease cost $ 22 Finance lease cost Amortization of ROU assets 78 Interest on lease liabilities 34 112 Variable lease cost 350 Short-term lease cost 46 $ 530 Rent expense for 2018 and 2017 was $51 and $43 , respectively Supplemental cash flow information related to leases includes the following: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ 27 Operating cash flows relating to finance leases $ 32 Financing cash flows relating to finance leases $ 55 Non-cash lease obligations arising from obtaining ROU assets: (1) Operating leases $ 116 Finance leases $ 731 (1) Operating and finance lease obligations assumed in relation to the Newmont Goldcorp transaction were $49 and $423 , respectively. Operating and finance lease obligations assumed in relation to the formation of NGM were $11 and $1 , respectively. Information related to lease terms and discount rates is as follows: Operating Finance Leases Leases Weighted average remaining lease term (years) 7 12 Weighted average discount rate 5.31 % 5.60 % Future minimum lease payments under non-cancellable leases as of December 31, 2019, were as follows: Operating Finance Leases Leases 2020 $ 28 $ 101 2021 18 99 2022 11 88 2023 7 81 2024 5 72 Thereafter 18 536 Total future minimum lease payments 87 977 Less: Imputed interest (12) (281) Total $ 75 $ 696 In December 2017, the Company began the Tanami Power project which included the construction of a gas pipeline to the Tanami site, and construction and operation of two on-site power stations under agreements that qualified for build-to-suit lease accounting. During 2018 and 2017, the Company recorded a non-cash increase to construction-in-progress included as part of Property, plant and mine development, net Lease and other financing obligations As of December 31, 2019, we have an additional operating lease for corporate office space that has not yet commenced. At commencement, the Company anticipates that this lease will result in an additional lease liability of $65. The operating lease is anticipated to commence in 2020 and has a lease term of 13 years. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | NOTE 27 OTHER LIABILITIES At December 31, At December 31, 2019 2018 Other current liabilities: Accrued operating costs $ 210 $ 129 Reclamation and remediation liabilities 169 114 Payables to joint venture partners 75 — Silver streaming agreement 69 — Royalties 60 63 Accrued interest 60 52 Accrued capital expenditures 58 61 Taxes other than income and mining 47 8 Operating leases 28 — Holt royalty obligation 14 12 Other 90 16 $ 880 $ 455 Other non-current liabilities: Income and mining taxes (1) $ 445 $ 17 Holt royalty obligation 243 149 Norte Abierto deferred payments 154 — Galore Creek deferred payments 92 89 Operating leases 47 — Social development obligations 18 18 Power supply agreements — 28 Other 62 13 $ 1,061 $ 314 (1) Income and mining taxes at December 31, 2019 includes a balance of $445 related to unrecognized tax benefits, interest and penalties. The acquisition of Goldcorp increased the Company’s unrecognized tax benefits by $396 . See Note 11 for additional information. . |
RECLASSIFICATIONS OUT OF AOCI
RECLASSIFICATIONS OUT OF AOCI | 12 Months Ended |
Dec. 31, 2019 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 28 RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Unrealized Gain Unrealized Gain Foreign Other (Loss) on (Loss) on Currency Post-retirement Cash flow Investment Translation Benefit Hedge Securities, net Adjustments Adjustments Instruments Total Balance at December 31, 2017 $ (116) $ 130 $ (208) $ (98) $ (292) Cumulative effect adjustment of adopting ASU No. 2016-01 115 — — — 115 Cumulative effect adjustment of adopting ASU No. 2018-02 — — (45) (51) (96) Net current-period other comprehensive income (loss): Change in other comprehensive income (loss) before reclassifications 1 (12) (29) (3) (43) Reclassifications from accumulated other comprehensive income (loss) — — 20 12 32 Other comprehensive income (loss) 1 (12) (9) 9 (11) Balance at December 31, 2018 $ — $ 118 $ (262) $ (140) $ (284) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications 5 1 (10) 20 16 (Gain) loss reclassified from accumulated other comprehensive income (loss) — — (9) 12 3 Other comprehensive income (loss) 5 1 (19) 32 19 Balance at December 31, 2019 $ 5 $ 119 $ (281) $ (108) $ (265) Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations Years Ended December 31, 2019 2018 2017 Marketable securities adjustments: Sale of marketable securities $ — $ — $ (5) Other income, net Total before tax — — (5) Tax — — — Net of tax $ — $ — $ (5) Pension and other post-retirement benefit adjustments: Amortization $ 14 $ 25 $ 23 Other income, net (1) Curtailment (23) — — Other income, net (2) Settlements — — 5 Other income, net (2) Total before tax (9) 25 28 Tax — (5) (10) Net of tax $ (9) $ 20 $ 18 Hedge instruments adjustments: Operating cash flow hedges $ 3 $ 6 $ 27 Costs applicable to sales Interest rate contracts 11 10 10 Interest expense, net Total before tax 14 16 37 Tax (2) (4) (12) Net of tax $ 12 $ 12 $ 25 Total reclassifications for the period, net of tax $ 3 $ 32 $ 38 (1) In 2019 and 2018, this accumulated other comprehensive income (loss) component was included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, this accumulated other comprehensive income (loss) component was included in Costs applicable to sales or General and administrative . Refer to Note 2 for information on costs that benefit the inventory/production process. (2) In 2019 and 2018, this accumulated other comprehensive income (loss) component was included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, this accumulated other comprehensive income (loss) component was included in Other expense, net . Placeholder |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | NOTE 29 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities of continuing operations Years Ended December 31, 2019 2018 2017 Decrease (increase) in operating assets: Trade and other receivables $ (193) $ (109) $ 35 Inventories, stockpiles and ore on leach pads (132) (250) (204) Other assets 29 (49) (52) Increase (decrease) in operating liabilities: Accounts payable 144 (73) 49 Reclamation and remediation liabilities (102) (72) (78) Payment of accreted interest from debt discount (1) — — (196) Other accrued liabilities (55) (190) 54 $ (309) $ (743) $ (392) (1) In July 2017, the Company repaid the $575 outstanding aggregate principal amount of the 2017 Convertible Senior Notes at maturity. This debt repayment included accreted interest of $196 from the debt discount at origination that is classified as a cash outflow from operating activities. P laceholder |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 30 SUPPLEMENTAL CASH FLOW INFORMATION Years Ended December 31, 2019 2018 2017 Income and mining taxes paid, net of refunds $ 437 $ 429 $ 214 Interest paid, net of amounts capitalized $ 273 $ 188 $ 435 Non-cash Investing Activities Refer to Note 3 for non-cash information related to the Newmont Goldcorp transaction, Note 4 for non-cash information related to the formation of NGM and Note 26 for non-cash information related to leases. Non-cash Financing Activities Dividends declared for the years ended December 31, 2019, 2018 and 2017 were $895, $301 and $134, respectively, of which $889, $301 and $134 had been paid as of December 31, 2019, 2018 and 2017, respectively. Differences are due to timing of payments. Cash calls requested from noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 were $95, $99 and $97, respectively, of which $93, $100 and $94 had been received as of December 31, 2019, 2018 and 2017, respectively. Differences are due to timing of receipts. Distributions declared to noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 were $187, $160 and $170, respectively, of which $186, $160 and $178 had been paid as of December 31, 2019, 2018 and 2017, respectively. Differences are due to timing of payments. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | NOTE 31 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, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 895 $ 8,851 $ (6) $ 9,740 Costs and expenses: Costs applicable to sales (1) — 583 4,618 (6) 5,195 Depreciation and amortization 4 189 1,767 — 1,960 Reclamation and remediation — 17 263 — 280 Exploration — 20 245 — 265 Advanced projects, research and development — 19 131 — 150 General and administrative — 76 237 — 313 Impairment of long-lived assets — 1 4 — 5 Other expense, net 4 168 123 — 295 8 1,073 7,388 (6) 8,463 Other income (expense): Gain on formation of Nevada Gold Mines — 2,390 — — 2,390 Other income, net 47 76 204 — 327 Interest income - intercompany 121 54 89 (264) — Interest expense - intercompany (6) 1 (259) 264 — Interest expense, net (252) (2) (47) — (301) (90) 2,519 (13) — 2,416 Income (loss) before income and mining tax and other items (98) 2,341 1,450 — 3,693 Income and mining tax benefit (expense) 20 (473) (379) — (832) Equity income (loss) of affiliates 2,883 104 95 (2,987) 95 Net income (loss) from continuing operations 2,805 1,972 1,166 (2,987) 2,956 Net income (loss) from discontinued operations — — (72) — (72) Net income (loss) 2,805 1,972 1,094 (2,987) 2,884 Net loss (income) attributable to noncontrolling interests — — (79) — (79) Net income (loss) attributable to Newmont stockholders $ 2,805 $ 1,972 $ 1,015 $ (2,987) $ 2,805 Comprehensive income (loss) $ 2,824 $ 1,961 $ 1,105 $ (2,987) $ 2,903 Comprehensive loss (income) attributable to noncontrolling interests — — (79) — (79) Comprehensive income (loss) attributable to Newmont stockholders $ 2,824 $ 1,961 $ 1,026 $ (2,987) $ 2,824 (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,896 $ 5,357 $ — $ 7,253 Costs and expenses: Costs applicable to sales (1) — 1,206 2,887 — 4,093 Depreciation and amortization 4 349 862 — 1,215 Reclamation and remediation — 32 131 — 163 Exploration — 55 142 — 197 Advanced projects, research and development — 34 119 — 153 General and administrative — 82 162 — 244 Impairment of long-lived assets — 336 33 — 369 Other expense, net — 4 25 — 29 4 2,098 4,361 — 6,463 Other income (expense): Gain on formation of Nevada Gold Mines — — — — — Other income, net (56) 40 171 — 155 Interest income - intercompany 83 51 43 (177) — Interest expense - intercompany (6) — (171) 177 — Interest expense, net (190) (7) (10) — (207) (169) 84 33 — (52) Income (loss) before income and mining tax and other items (173) (118) 1,029 — 738 Income and mining tax benefit (expense) 14 (15) (385) — (386) Equity income (loss) of affiliates 500 (228) (33) (272) (33) Net income (loss) from continuing operations 341 (361) 611 (272) 319 Net income (loss) from discontinued operations — — 61 — 61 Net income (loss) 341 (361) 672 (272) 380 Net loss (income) attributable to noncontrolling interests — — (39) — (39) Net income (loss) attributable to Newmont stockholders $ 341 $ (361) $ 633 $ (272) $ 341 Comprehensive income (loss) $ 330 $ (440) $ 779 $ (300) $ 369 Comprehensive loss (income) attributable to noncontrolling interests — — (39) — (39) Comprehensive income (loss) attributable to Newmont stockholders $ 330 $ (440) $ 740 $ (300) $ 330 (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2017 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,955 $ 5,424 $ — $ 7,379 Costs and expenses: Costs applicable to sales (1) — 1,209 2,853 — 4,062 Depreciation and amortization 4 355 902 — 1,261 Reclamation and remediation — 63 129 — 192 Exploration — 43 136 — 179 Advanced projects, research and development — 21 122 — 143 General and administrative — 80 157 — 237 Impairment of long-lived assets — — 14 — 14 Other expense, net — 12 20 — 32 4 1,783 4,333 — 6,120 Other income (expense): Gain on formation of Nevada Gold Mines — — — — — Other income, net 41 6 7 — 54 Interest income - intercompany 149 43 41 (233) — Interest expense - intercompany (39) (4) (190) 233 — Interest expense, net (222) (7) (12) — (241) (71) 38 (154) — (187) Income (loss) before income and mining tax and other items (75) 210 937 — 1,072 Income and mining tax benefit (expense) (34) (23) (1,070) — (1,127) Equity income (loss) of affiliates (5) (108) (16) 113 (16) Net income (loss) from continuing operations (114) 79 (149) 113 (71) Net income (loss) from discontinued operations — — (38) — (38) Net income (loss) (114) 79 (187) 113 (109) Net loss (income) attributable to noncontrolling interests — — (5) — (5) Net income (loss) attributable to Newmont stockholders $ (114) $ 79 $ (192) $ 113 $ (114) Comprehensive income (loss) $ (72) $ 90 $ (198) $ 113 $ (67) Comprehensive loss (income) attributable to noncontrolling interests — — (5) — (5) Comprehensive income (loss) attributable to Newmont stockholders $ (72) $ 90 $ (203) $ 113 $ (72) (1) Excludes Depreciation and amortization and Reclamation and remediation. Year Ended December 31, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ 328 $ 95 $ 2,933 $ (480) $ 2,876 Net cash provided by (used in) operating activities of discontinued operations — — (10) — (10) Net cash provided by (used in) operating activities 328 95 2,923 (480) 2,866 Investing activities: Additions to property, plant and mine development — (110) (1,353) — (1,463) Return of investment from equity method investees — — 132 — 132 Acquisitions, net (17) — 144 — 127 Purchases of investments (78) (14) (20) — (112) Proceeds from sales of investments — 15 52 — 67 Proceeds from sales of other assets — 20 10 — 30 Other — — (7) — (7) Net cash provided by (used in) investing activities (95) (89) (1,042) — (1,226) Financing activities: Repayment of debt (626) — (1,250) — (1,876) Dividends paid to common stockholders (889) — (480) 480 (889) Proceeds from issuance of debt, net 690 — — — 690 Repurchases of common stock (479) — — — (479) Distributions to noncontrolling interests — — (186) — (186) Funding from noncontrolling interests — — 93 — 93 Payments on lease and other financing obligations — — (55) — (55) Payments for withholding of employee taxes related to stock-based compensation — (50) — — (50) Proceeds from sale of noncontrolling interests — — — — — Acquisition of noncontrolling interests — — — — — Net intercompany borrowings (repayments) 1,096 45 (1,141) — — Other (25) — — — (25) Net cash provided by (used in) financing activities (233) (5) (3,019) 480 (2,777) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (3) — (3) Net change in cash, cash equivalents and restricted cash — 1 (1,141) — (1,140) Cash, cash equivalents and restricted cash at beginning of period — — 3,489 — 3,489 Cash, cash equivalents and restricted cash at end of period $ — $ 1 $ 2,348 $ — $ 2,349 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 2,243 $ — $ 2,243 Restricted cash included in Other current assets — — 2 — 2 Restricted cash included in Other non-current assets — 1 103 — 104 Total cash, cash equivalents and restricted cash $ — $ 1 $ 2,348 $ — $ 2,349 Year Ended December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (147) $ 578 $ 1,406 $ — $ 1,837 Net cash provided by (used in) operating activities of discontinued operations — — (10) — (10) Net cash provided by (used in) operating activities (147) 578 1,396 — 1,827 Investing activities: Additions to property, plant and mine development — (274) (758) — (1,032) Return of investment from equity method investees — — — — — Acquisitions, net — — (140) — (140) Purchases of investments (6) — (33) — (39) Proceeds from sales of investments — 13 5 — 18 Proceeds from sales of other assets — — 24 — 24 Other — (1) (7) — (8) Net cash provided by (used in) investing activities (6) (262) (909) — (1,177) Financing activities: Repayment of debt — — — — — Dividends paid to common stockholders (301) — — — (301) Proceeds from issuance of debt, net — — — — — Repurchases of common stock (98) — — — (98) Distributions to noncontrolling interests — — (160) — (160) Funding from noncontrolling interests — — 100 — 100 Payments on lease and other financing obligations — (1) (3) (4) Payments for withholding of employee taxes related to stock-based compensation — (40) — — (40) Proceeds from sale of noncontrolling interests — — 48 — 48 Acquisition of noncontrolling interests — — — — — Net intercompany borrowings (repayments) 552 (275) (277) — — Other — — — — — Net cash provided by (used in) financing activities 153 (316) (292) — (455) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — — 191 — 191 Cash, cash equivalents and restricted cash at beginning of period — — 3,298 — 3,298 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,489 $ — $ 3,489 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other non-current assets — — 91 — 91 Total cash, cash equivalents and restricted cash $ — $ — $ 3,489 $ — $ 3,489 Year Ended December 31, 2017 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (325) $ (207) $ 2,671 $ — $ 2,139 Net cash provided by (used in) operating activities of discontinued operations — — (15) — (15) Net cash provided by (used in) operating activities (325) (207) 2,656 — 2,124 Investing activities: Additions to property, plant and mine development — (253) (613) — (866) Return of investment from equity method investees — — — — — Acquisitions, net — — — — — Purchases of investments (114) — (16) — (130) Proceeds from sales of other assets — — 5 — 5 Proceeds from sales of investments — — 35 — 35 Other — 2 8 — 10 Net cash provided by (used in) investing activities (114) (251) (581) — (946) Financing activities: Repayment of debt (379) — — — (379) Dividends paid to common stockholders (134) — — — (134) Proceeds from issuance of debt, net — — — — — Repurchases of common stock — — — — — Distributions of noncontrolling interests — — (178) — (178) Funding from noncontrolling interests — — 94 — 94 Payments on lease and other financing obligations — (3) (2) — (5) Payments for withholding of employee taxes related to stock-based compensation — (14) — — (14) Proceeds from sale of noncontrolling interests — — — — — Acquisition of noncontrolling interests — — (48) — (48) Net intercompany borrowings (repayments) 955 473 (1,428) — — Other (3) 1 (2) — (4) Net cash provided by (used in) financing activities 439 457 (1,564) — (668) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 6 — 6 Net change in cash, cash equivalents and restricted cash — (1) 517 — 516 Cash, cash equivalents and restricted cash at beginning of period — 1 2,781 — 2,782 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,298 $ — $ 3,298 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,259 $ — $ 3,259 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other non-current assets — — 38 — 38 Total cash, cash equivalents and restricted cash $ — $ — $ 3,298 $ — $ 3,298 At December 31, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 2,243 $ — $ 2,243 Trade receivables — 4 369 — 373 Intercompany receivable 7,738 3,669 7,350 (18,757) — Investments — — 237 — 237 Inventories — — 1,014 — 1,014 Stockpiles and ore on leach pads — — 812 — 812 Other current assets 1 40 529 — 570 Current assets held for sale — — 1,023 — 1,023 Current assets 7,739 3,713 13,577 (18,757) 6,272 Property, plant and mine development, net 10 49 25,242 (25) 25,276 Investments 190 5 3,004 — 3,199 Investments in subsidiaries 24,800 6,546 — (31,346) — Stockpiles and ore on leach pads — — 1,484 — 1,484 Deferred income tax assets 101 — 448 — 549 Goodwill — — 2,674 — 2,674 Non-current intercompany receivable 1,814 472 — (2,286) — Other non-current assets — 59 461 — 520 Total assets $ 34,654 $ 10,844 $ 46,890 $ (52,414) $ 39,974 Liabilities: Accounts payable $ — $ 40 $ 499 $ — $ 539 Intercompany payable 7,353 1,814 9,590 (18,757) — Employee-related benefits 3 81 277 — 361 Income and mining taxes — — 162 — 162 Lease and other financing obligations — — 100 — 100 Debt — — — — — Other current liabilities 60 116 704 — 880 Current liabilities held for sale — — 343 — 343 Current liabilities 7,416 2,051 11,675 (18,757) 2,385 Debt 5,815 — 323 — 6,138 Lease and other financing obligations — — 596 — 596 Reclamation and remediation liabilities — 21 3,443 — 3,464 Deferred income tax liabilities — 539 1,868 — 2,407 Employee-related benefits 3 193 252 — 448 Non-current intercompany payable — — 2,311 (2,311) — Silver streaming agreement — — 1,058 — 1,058 Other non-current liabilities — 42 1,019 — 1,061 Total liabilities 13,234 2,846 22,545 (21,068) 17,557 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 21,420 7,998 23,348 (31,346) 21,420 Noncontrolling interests — — 950 — 950 Total equity 21,420 7,998 24,298 (31,346) 22,370 Total liabilities and equity $ 34,654 $ 10,844 $ 46,890 $ (52,414) $ 39,974 At December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Trade receivables — 63 191 — 254 Intercompany receivable 6,351 5,027 8,296 (19,674) — Investments — — 48 — 48 Inventories — 180 450 — 630 Stockpiles and ore on leach pads — 195 502 — 697 Other current assets — 30 221 — 251 Current assets held for sale — — — — — Current assets 6,351 5,495 13,105 (19,674) 5,277 Property, plant and mine development, net 14 2,680 9,593 (29) 12,258 Investments 62 4 205 — 271 Investments in subsidiaries 13,083 — 3 (13,086) — Stockpiles and ore on leach pads — 658 1,208 — 1,866 Deferred income tax assets — — 401 — 401 Goodwill — — 58 — 58 Non-current intercompany receivable 653 704 6 (1,363) — Other non-current assets — 271 313 — 584 Total assets $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 Liabilities: Accounts payable $ — $ 83 $ 220 $ — $ 303 Intercompany payable 5,554 2,741 11,379 (19,674) — Employee-related benefits — 138 167 — 305 Income and mining taxes — 19 52 — 71 Lease and other financing obligations — 1 26 — 27 Debt 626 — — — 626 Other current liabilities 52 135 268 — 455 Current liabilities held for sale — — — — — Current liabilities 6,232 3,117 12,112 (19,674) 1,787 Debt 3,418 — — — 3,418 Lease and other financing obligations — 3 187 — 190 Reclamation and remediation liabilities — 325 2,156 — 2,481 Deferred income tax liabilities — 90 522 — 612 Employee-related benefits 3 236 162 — 401 Non-current intercompany payable 7 — 1,385 (1,392) — Silver streaming agreement — — — — — Other non-current liabilities 1 637 298 (622) 314 Total liabilities 9,661 4,408 16,822 (21,688) 9,203 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 10,502 5,404 7,060 (12,464) 10,502 Noncontrolling interests — — 963 — 963 Total equity 10,502 5,404 8,023 (12,464) 11,465 Total liabilities and equity $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 32 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 and reportable segments are identified in Note 5. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the South America reportable segment. The Fronteer matters relate to the Nevada reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The Mexico tax matter relates to the North America reportable segment. Environmental Matters Refer to Note 7 and Note 25 for further information regarding reclamation and remediation. Details about certain of the more significant matters are discussed below. Newmont USA Limited - 100% Newmont Owned Ross-Adams mine site. Dawn Mining Company LLC (“Dawn”) - 51% Newmont Owned Midnite mine site and Dawn mill site 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: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its costs associated with overseeing the work; (iii) 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; (iv) Newmont and Dawn would be responsible for all other EPA oversight costs and Midnite mine site cleanup costs; and (v) 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 assets with interest on the Consolidated Balance Sheets for all periods presented. In 2016, Newmont completed the remedial design process (with the exception of the new water treatment plant (“WTP”) design which was awaiting the approval of the new National Pollutant Discharge Elimination System (“NPDES”) permit). Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. Newmont is managing the remediation project to complete Phase 1 remedial actions during the 2020 construction season with a focus on completing the Pit 4 backfill and preparations for Phase 2 remediation activities. Phase 2 remediation activities will be initiated in 2020. The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activity will consist primarily of addressing groundwater issues. The remediation liability for the Midnite mine site and Dawn mill site is approximately $167 at December 31, 2019. Other Legal Matters Minera Yanacocha S.R.L. – 51.35% Newmont Owned Administrative Actions Conga Project Constitutional Claim Yanacocha Tax Dispute. 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 appealed the Superior Court ruling to the Peru Supreme Court. On January 18, 2019, the Peru Supreme Court issued notice that three judges support the position of the tax authority and two judges support the position of Yanacocha. Because four votes are required for a final decision, an additional judge has been selected to issue a decision and the parties conducted oral arguments in April 2019. In early February 2020, the additional judge ruled in favor of the tax authority, finalizing a decision of the Peru Supreme Court against Yanacocha. Yanacocha will file an action objecting to the fines and interest associated with the underlying decision of the Peru Supreme Court. The potential liability in this matter is in the form of taxes of approximately $8, and fines and interest in an amount up to $82, for a total amount of up to $90. It is not possible to fully predict the outcome of this litigation. 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 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 C$1,200. 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. Newmont Ghana Gold Limited and Newmont Golden Ridge Limited On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”) filed, a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana that the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament: NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease, ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliament ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliament ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent, and; (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. On December 18, 2019, an individual plaintiff filed a writ against NGGL and other named defendants, including the Attorney General of Ghana, the Minerals Commission of Ghana, and other mining companies with interests in Ghana, seeking the same relief sought in the above-referenced case, plus perpetual and interlocutory injunctive relief to cease operations against NGGL and the other mining companies. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Goldcorp, Inc. 100% Newmont Owned Shareholder Action. Mexico Tax Matters Tax Reassessment from Mexican Tax Authority . During 2016, the Mexican Tax Authority issued reassessment notices for State of Zacatecas’ Ecological Tax . In December 2016, the State of Zacatecas in Mexico approved new environmental taxes that became effective January 1, 2017. Certain operations at the Company’s Peñasquito mine may be subject to these taxes. Payments are due monthly in arrears with the first payment due on February 17, 2017. The legislation provides little direction for how the taxes are to be calculated. The Company is not able to calculate the taxes with sufficient reliability given that (a) the legislation at issue is broadly worded and the State of Zacatecas has not issued any guidance on how the taxes are to be levied; and (b) claims filed by other similarly situated companies are yet to be resolved by the Supreme Court, the results of which may impact how to calculate the taxes payable by the Company. Further, the Company believes that there is no legal basis for the taxes and filed legal claims challenging their constitutionality and legality on March 9, 2017. Other companies similarly situated also filed legal claims against the taxes. The Mexican federal government also filed a claim before the National Supreme Court against the State of Zacatecas challenging whether the State of Zacatecas had the constitutional authority to implement the taxes. On February 11, 2019, the National Supreme Court of Mexico ruled that the State of Zacatecas has the constitutional authority to implement environmental taxes, and that ruling was not subject to appeal. The Company’s case continued, and although there was an initial ruling in favor of the Company, this ruling was appealed by the local tax authorities. On October 15, 2019, the First Collegiate Circuit Court of the Auxiliary Center of the Eleventh Region reversed the favorable ruling (except with respect to one issue, which was affirmed in the Company’s favor). While the First Collegiate Circuit Court’s ruling is not subject to appeal, the Company is considering other potential defense mechanisms to challenge the taxes and recorded immaterial amounts as potential estimates for the amount of the taxes. Other Commitments and Contingencies 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 remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At December 31, 2019 and 2018, there were $1,924 and $2,514, respectively, of outstanding letters of credit, surety bonds and bank guarantees. 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. In connection with our investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued. As part of the Newmont Goldcorp transaction, Newmont assumed deferred payments to Barrick of $154 as of December 31, 2019 to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. These deferred payments to Barrick are included in Other non-current liabilities |
UNAUDITED SUPPLEMENTARY DATA
UNAUDITED SUPPLEMENTARY DATA | 12 Months Ended |
Dec. 31, 2019 | |
UNAUDITED SUPPLEMENTARY DATA | |
UNAUDITED SUPPLEMENTARY DATA | NOTE 33 UNAUDITED SUPPLEMENTARY DATA Quarterly Data The following is a summary of selected quarterly financial information (unaudited): 2019 Three Months Ended March 31 June 30 September 30 December 31 Sales $ 1,803 $ 2,257 $ 2,713 $ 2,967 Gross profit (1) $ 483 $ 331 $ 711 $ 780 Income (loss) from continuing operations (2) $ 113 $ 1 $ 2,226 $ 537 Income (loss) from discontinued operations (2) (26) (26) (48) 28 Net income (loss) attributable to Newmont stockholders $ 87 $ (25) $ 2,178 $ 565 Income (loss) per common share Basic: Continuing operations $ 0.21 $ — $ 2.72 $ 0.66 Discontinued operations (0.05) (0.03) (0.06) 0.03 $ 0.16 $ (0.03) $ 2.66 $ 0.69 Diluted: Continuing operations $ 0.21 $ — $ 2.71 $ 0.66 Discontinued operations (0.05) (0.03) (0.06) 0.03 $ 0.16 $ (0.03) $ 2.65 $ 0.69 Weighted average common shares (millions) Basic 534 766 820 818 Diluted 534 768 822 820 Cash dividends declared per common share (3) $ 0.14 $ 1.02 $ 0.14 $ 0.14 Closing price of common stock $ 35.77 $ 38.47 $ 37.92 $ 43.45 2018 Three Months Ended March 31 June 30 September 30 December 31 Sales $ 1,817 $ 1,662 $ 1,726 $ 2,048 Gross profit (1) $ 459 $ 381 $ 401 $ 541 Income (loss) from continuing operations (2) $ 170 $ 274 $ (161) $ (3) Income (loss) from discontinued operations (2) 22 18 16 5 Net income (loss) attributable to Newmont stockholders $ 192 $ 292 $ (145) $ 2 Income (loss) per common share Basic: Continuing operations $ 0.32 $ 0.52 $ (0.31) $ — Discontinued operations 0.04 0.03 0.04 — $ 0.36 $ 0.55 $ (0.27) $ — Diluted: Continuing operations $ 0.32 $ 0.51 $ (0.31) $ — Discontinued operations 0.04 0.03 0.04 — $ 0.36 $ 0.54 $ (0.27) $ — Weighted average common shares (millions) Basic 534 533 533 533 Diluted 535 535 535 535 Cash dividends declared per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 Closing price of common stock $ 39.07 $ 37.71 $ 30.20 $ 34.65 (1) Sales less Costs applicable to sales , Depreciation and amortization and Reclamation and remediation . (2) Attributable to Newmont stockholders. (3) Special dividends declared per common share was $0.88 for the three months ended June 30, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 34 SUBSEQUENT EVENTS See Note 5 for information regarding assets held for sale. See Note 20 for information regarding the sale of the Company’s entire interest in Continental. Repurchases of Common Stock In December 2019, the Board of Directors authorized a stock repurchase program, under which the Company is authorized to repurchase shares of outstanding common stock through the end of 2020, provided that the aggregate value of shares of common stock repurchased does not exceed $1 billion. Through December 31, 2019, the Company executed $506 of common stock repurchases, of which $479 were settled as of December 31, 2019 and the remaining $27 were settled on January 2, 2020. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2019 2018 2017 (in millions) Deferred Income Tax Valuation Allowance Balance at beginning of year $ 2,994 $ 2,815 $ 3,873 Additions due to acquisition of Goldcorp 521 — — Additions to deferred income tax expense 97 200 579 Reduction of deferred income tax expense (392) (54) (443) Re-classification to Assets Held for Sale (371) — — Additions reflected in other components of the financial statements 263 — — Additions due to Tax Cuts and Jobs Act — 79 — Reduction due to Tax Cuts and Jobs Act — (46) (1,194) Balance at end of year $ 3,112 $ 2,994 $ 2,815 Refer to Note 11 of the Consolidated Financial Statements for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Risks and Uncertainties | Risks and Uncertainties As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, but also for silver, lead, zinc and copper. 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 the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net Inventories Stockpiles and ore on leach pads Investments; Deferred income tax assets Goodwill In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, political, environmental or regulatory requirements and management’s decision to reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in future impairment charges. Minera Yanacocha S.R.L. (“Yanacocha”) includes the mining operations at Yanacocha and the Conga project in Peru. Under the current social and political environment, the Company does not anticipate being able to develop Conga for five |
Use of Estimates | Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with U.S. 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 remediation, 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 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; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; 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 Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The Company also includes its pro rata share of assets, liabilities and operations for unincorporated joint ventures or for entities in which it has an undivided interest. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance . The Company follows the 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”). |
Business Combinations | Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserve quantities and exploration potential, costs to produce and develop reserves, revenues, and operating expenses; (ii) long-term growth rates; (iii) appropriate discount rates; and (iv) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash 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 non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations. |
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 Depreciation and amortization Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. 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 added 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. Stockpiles are recorded at the lower of average cost or net realizable value, and carrying values are evaluated at least quarterly. Net realizable value represents the estimated future sales price based on short-term and long-term metals price assumptions, less estimated costs to complete production and bring the product to sale. Ore on Leach Pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. 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 ounce of gold or silver or pound of copper on the leach pad. 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 metal 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 material that is 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-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of 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 or net realizable value. 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 lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value. Concentrate Inventory Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at 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. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized 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 Advanced projects, research and development 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 the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. 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 Mine development costs are amortized using the units-of-production 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. Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense 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. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves. 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 and are amortized using the units-of-production method based on the estimated ounces or pounds in 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) greenfield 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. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The fair value of a reporting unit is determined using both the income and market valuation methods. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of Goodwill and any subsequent goodwill impairment losses recorded by unincorporated joint ventures in which it has an undivided interest. |
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 loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. The Company believes its estimates and models used to determine fair value are similar to what a market participant would use. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable estimates; estimated future closure costs; and the use of appropriate discount rates. In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties. |
Investments | Investments Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. In addition, the Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Equity method investments are included in Investments Additionally, the Company has certain marketable equity and debt securities. Marketable equity securities are measured at fair value with any changes in fair value recorded in Other income, net Accumulated other comprehensive income (loss) Total equity Other income, net |
Debt | Debt The Company carries its Senior Notes at amortized cost. Debt issuance costs and debt premiums and discounts, which are included in Debt Accumulated other comprehensive income (loss) Interest expense, net When repurchasing its debt, the Company records the resulting gain or loss as well as the accelerated portion of related debt issuance costs, premiums and discounts, and any unrealized gains or losses from the associated treasury rate lock contracts and/or associated forward starting swap contracts, included in Accumulated other comprehensive income (loss) Other Income, net |
Leases | Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets Other current non-current liabilities Property, plant and mine development, net Lease and other financing obligations Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities. |
Contingently Redeemable Noncontrolling Interest | Contingently Redeemable Noncontrolling Interest Certain noncontrolling interests in consolidated entities meet the definition of redeemable financial instruments if the ability to redeem the interest is outside of the control of the consolidating entity. In such cases, these financial instruments are classified outside of permanent equity (referred to as temporary equity). |
Treasury Stock | Treasury Stock The Company records repurchases of common shares as Treasury stock Retained earnings Additional paid-in capital Additional paid-in capital |
Revenue Recognition | Revenue Recognition Newmont generates revenue by selling gold, silver, lead, zinc and copper produced from its mining operations. Refer to Note 5 for further information regarding the Company’s operating segments. The majority of the Company’s Sales A portion of gold sold from certain sites is sold in the form of concentrate which includes copper, silver, lead and zinc. The Company’s Sales Generally, if a metal expected to be mined represents more than 10 to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10 to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Pe asquito. Copper is produced as a co-product at Boddington and was produced as a co-product at Phoenix until the formation of Nevada Gold Mines LLC (“NGM”) on July 1, 2019. Silver, lead, zinc and/or copper are produced as a by-product at all other Newmont sites. Gold Sales from Doré Production The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset. The Company generally recognizes the sale of gold bullion credits at the prevailing market price when gold bullion credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Sales from Concentrate Production The Company recognizes revenue for gold, silver, lead, zinc and copper from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations. The Company generally sells metal concentrate based on the future monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. 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 price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through Sales A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity 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 provisional payment received on the sale. |
Income and Mining Taxes and Valuation of Deferred Tax Assets | 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. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. 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 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). 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 ● 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 tax 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. Changes in reclamation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. 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 asset retirement obligations. Remediation costs 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 may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates 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 is the U.S. dollar. Transaction gains and losses related to monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income, net Accumulated other comprehensive income (loss) Effect of exchange rate changes on cash, cash equivalents and restricted cash |
Cash Flow Hedges | Cash Flow Hedges The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) 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) earnings, when the originally designated hedged transaction impacts earnings, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) Newmont assesses the effectiveness of the derivative contracts using a regression analysis, 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) |
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 Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of restricted stock units (“RSUs”) are 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 all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, 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 |
Discontinued Operations | Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations net of tax |
Comprehensive Income (Loss) | Comprehensive Income (Loss) In addition to Net income (loss), Comprehensive income (loss) |
Reclassifications | Reclassifications Certain amounts in prior years have been reclassified to conform to the 2019 presentation. |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, Accounting Standards Update (“ASU”) No. 2016-02 was issued which, together with subsequent amendments, is included in ASC 842, Leases. The standard was issued to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet for all leases with an initial term greater than one year. Certain qualitative and quantitative disclosures are also required. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach. Upon adoption, the Company recognized a cumulative-effect adjustment of $9 to the opening balance of retained earnings. The comparative information has not been adjusted and continues to be reported under the accounting standard in effect for those periods. The new standard offers a number of optional practical expedients of which the Company elected the following: Transition elections: land easements practical expedient Ongoing accounting policy elections short-term lease recognition exemption lease components Based on contracts outstanding at January 1, 2019, the adoption of the new standard resulted in the recognition of additional operating lease ROU assets and lease liabilities of $46 and $47, respectively, and finance lease ROU assets and lease liabilities of $85 and $93, respectively. Additionally, the Company reclassified $19 from Other non-current assets Other current liabilities Other non-current liabilities Property, plant and mine development , net; Lease and other financing obligations Lease and other financing obligations Fair Value Disclosure Requirements In August 2018, ASU No. 2018-13 was issued to modify and enhance the disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company early adopted this guidance as of December 31, 2019. There were no material disclosure impacts as a result of the adoption. Defined Benefit Plan Disclosure Requirements In August 2018, ASU No. 2018-14 was issued to modify and enhance the required disclosures for defined benefit plans. This update is effective in fiscal years, including interim periods, ending after December 15, 2020, and early adoption is permitted. The Company early adopted the new guidance as of December 31, 2019, and has enhanced and modified certain required disclosures, which are not significant. Recently Issued Accounting Pronouncements Current Expected Credit Loss In June 2016, ASU No. 2016-13 was issued which, together with subsequent amendments, changes how entities will record credit losses from an “incurred loss” approach to an “expected loss” approach. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company anticipates adopting the new guidance as of January 1, 2020, using a modified retrospective approach. Historical financial statements will not be updated, however the new standard will be applied to all outstanding transactions. The total impact of adoption is anticipated to be immaterial, and is primarily related to new reserves being recognized on a loan to an equity method investee, which will be recorded to retained earnings. A discounted cash flow model was utilized to estimate the reserve amount. Inputs included published credit default spreads for the parent and other entities similar in nature to the equity investment. Capitalization of Certain Cloud Computing Implementation Costs In August 2018, ASU No. 2018-15 was issued which allows for the capitalization for certain implementation costs incurred in a cloud computing arrangement that is considered a service contract. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company anticipates adopting the new guidance as of January 1, 2020, and does not expect the adoption to have a material impact on the Consolidated Financial Statements or disclosures. Accounting for Income Taxes In December 2019, ASU No. 2019-12 was issued to simplify and enhance accounting for income taxes. This update is effective in fiscal years, including interim periods, beginning after December 15, 2020, and early adoption is permitted. The Company is still completing its assessment of the impact and anticipated adoption date of this guidance. |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of pro-forma financial information | Years Ended December 31, 2019 2018 Sales $ 10,468 $ 10,314 Net income (loss) attributable to Newmont stockholders (1) 2,666 (2,898) (1) Included in Net income (loss) attributable to Newmont stockholders is $260 of Goldcorp transaction and integration costs for the year ended December 31, 2019. |
Goldcorp [Member] | |
Business Acquisition [Line Items] | |
Schedule of acquisition date transaction components | Newmont stock issued (285 million shares at $33.04 per share) $ 9,423 Cash paid to Goldcorp shareholders 17 Other non-cash consideration 16 Total consideration $ 9,456 |
Summary of purchase price allocation | Assets: Cash and cash equivalents $ 117 Trade receivables 95 Investments 169 Equity method investments (1) 2,796 Inventories 534 Stockpiles and ore on leach pads 57 Property, plant and mine development (2) 11,054 Goodwill (3) 2,537 Deferred income tax assets (4) 205 Other assets 510 Total assets 18,074 Liabilities: Debt (5) 3,304 Accounts payable 240 Employee-related benefits 182 Income and mining taxes payable 22 Lease and other financing obligations 423 Reclamation and remediation liabilities (6) 882 Deferred income tax liabilities (4) 1,466 Silver streaming agreement (7) 1,165 Other liabilities (8) 934 Total liabilities 8,618 Net assets acquired $ 9,456 (1) The preliminary fair value of the equity method investments was determined by applying the income valuation method. The income valuation method relies on a discounted cash flow model and projected financial results. Discount rates for the discounted cash flow models are based on capital structures for similar market participants and included various risk premiums that account for risks associated with the specific investments. (2) The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Preliminary goodwill attributable to the North America and South America reportable segments is $2,095 and $442 , respectively. (4) Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. (5) The preliminary fair value of the Goldcorp senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,250 of borrowings under the term loan and revolving credit agreements approximate fair value. (6) The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (7) The preliminary fair value of the acquired silver streaming intangible liability is valued by using the income valuation method. Key assumptions in the income valuation method include long-term silver prices, level of silver production over the life of mine and discount rates. (8) Other liabilities includes the preliminary balance of $458 related to unrecognized tax benefits, interest and penalties. Based on this preliminary amount, the acquisition of Goldcorp increased Newmont’s unrecognized tax benefits, interest and penalties, which were $17 at December 31, 2018. |
NEVADA GOLD MINES JOINT VENTU_2
NEVADA GOLD MINES JOINT VENTURE (Tables) - Nevada Gold Mines LLC NGM [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of acquisition date transaction components | Fair value of 38.5% interest received in NGM $ 7,313 Less: carrying value of Nevada mining operations contributed (4,923) Gain on formation of Nevada Gold Mines $ 2,390 |
Summary of purchase price allocation | Assets: Inventories $ 134 Stockpiles and ore on leach pads (1) 500 Property, plant and mine development (2) 7,050 Goodwill (3) 268 Other assets 82 Total assets 8,034 Liabilities: Accounts payable 97 Income and mining taxes payable 16 Reclamation and remediation liabilities (4) 308 Deferred income tax liabilities (5) 278 Other liabilities 22 Total liabilities 721 Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,313 (1) The fair value of the stockpiles and ore on leach pads was determined by applying the income valuation approach adjusted for estimated future costs to complete and normal profit margin. (2) The fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Goodwill represents the Company’s proportionate share of goodwill recognized by NGM at formation and primarily represents: 1) the combination of high-quality reserves in one of the world’s most prolific gold districts, positioning NGM for sustainable growth; 2) the ability to optimize ore sources and production schedules across the joint venture; and 3) the value assigned to the assembled workforce acquired. The Company’s proportionate share of goodwill recognized by NGM is included in the Nevada reportable segment. (4) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (5) Deferred income tax liabilities represent the future tax expense relating to the Nevada net proceeds tax associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEGMENT INFORMATION | |
Financial Information of Company's Segments | Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Years Ended December 31, 2019 CC&V $ 445 $ 290 $ 95 $ 13 $ 39 $ 770 $ 35 Red Lake (2) 159 136 50 7 (47) 589 29 Musselwhite (3) 7 13 28 7 (6) 1,301 60 Porcupine 338 185 66 14 58 1,859 61 Éléonore 378 214 80 8 65 1,323 55 Peñasquito: Gold 209 116 43 Silver 253 181 66 Lead 85 77 29 Zinc 143 129 55 Total Peñasquito 690 503 193 6 (58) 7,038 128 Other North America — — 22 5 (161) 4 8 North America 2,017 1,341 534 60 (110) 12,884 376 Yanacocha 735 400 113 24 83 1,803 185 Merian 734 297 93 11 331 990 56 Cerro Negro 502 210 111 22 132 2,213 55 Other South America — — 12 40 (67) 2,809 1 South America 1,971 907 329 97 479 7,815 297 Boddington: Gold 999 575 106 Copper 166 117 22 Total Boddington 1,165 692 128 3 330 2,148 78 Tanami 697 266 96 12 314 966 124 Kalgoorlie (2) 319 216 27 6 67 434 34 Other Australia — — 7 24 (32) 62 10 Australia 2,181 1,174 258 45 679 3,610 246 Ahafo 880 393 160 33 295 2,057 213 Akyem 585 235 150 14 176 993 33 Other Africa — — — 6 (16) 3 — Africa 1,465 628 310 53 455 3,053 246 Nevada Gold Mines 1,022 494 298 22 203 8,096 138 Carlin (4) 533 358 107 15 46 — 64 Phoenix: (4) Gold 151 116 33 Copper 44 28 9 Total Phoenix 195 144 42 1 29 — 13 Twin Creeks (4) 230 113 31 5 89 — 30 Long Canyon (4) 126 36 36 12 40 — 7 Other Nevada — — 2 8 (9) — 5 Nevada 2,106 1,145 516 63 398 8,096 257 Corporate and Other — — 13 97 1,792 4,516 32 Consolidated $ 9,740 $ 5,195 $ 1,960 $ 415 $ 3,693 $ 39,974 $ 1,454 (1) Includes a decrease in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $1,463 . (2) The Company reached definitive agreements to sell these sites, resulting in their assets and liabilities being classified as held for sale on the Consolidated Balance Sheet. Refer below for additional information. (3) Costs applicable to sales are partially offset by insurance recoveries received during 2019. Refer to Note 10 for additional information. (4) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Years Ended December 31, 2018 CC&V $ 450 $ 260 $ 83 $ 10 $ 89 $ 853 $ 29 Other North America — — — — — — — North America 450 260 83 10 89 853 29 Yanacocha 659 425 108 54 (6) 1,518 119 Merian 677 275 90 13 300 1,036 78 Other South America — — 14 34 (61) 1,640 1 South America 1,336 700 212 101 233 4,194 198 Boddington: Gold 900 571 102 Copper 218 132 24 Total Boddington 1,118 703 126 — 293 2,113 57 Tanami 638 297 75 17 251 902 97 Kalgoorlie 410 232 24 10 170 402 22 Other Australia — — 6 12 (8) 72 6 Australia 2,166 1,232 231 39 706 3,489 182 Ahafo 553 323 105 17 99 1,869 264 Akyem 527 227 151 13 125 966 40 Other Africa — — — 5 (13) 2 — Africa 1,080 550 256 35 211 2,837 304 Carlin 1,173 782 220 34 79 2,242 153 Phoenix Gold 291 202 47 Copper 85 55 15 Total Phoenix 376 257 62 5 32 899 32 Twin Creeks 457 240 61 12 (146) 877 82 Long Canyon 215 72 76 23 44 1,008 11 Other Nevada — — 2 23 (54) 857 15 Nevada 2,221 1,351 421 97 (45) 5,883 293 Corporate and Other — — 12 68 (456) 3,459 13 Consolidated $ 7,253 $ 4,093 $ 1,215 $ 350 $ 738 $ 20,715 $ 1,019 (1) Includes a decrease in accrued capital expenditures of $13; consolidated capital expenditures on a cash basis were $1,032 . Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Total Capital Sales to Sales Amortization and Exploration and Other Items Assets Expenditures (1) Year Ended December 31, 2017 CC&V $ 585 $ 290 $ 127 $ 10 $ 156 $ 901 $ 33 Other North America — — — — — — — North America 585 290 127 10 156 901 33 Yanacocha 671 504 134 41 (77) 1,420 51 Merian 643 238 91 14 297 967 105 Other South America — — 14 43 (72) 1,661 — South America 1,314 742 239 98 148 4,048 156 Boddington: Gold 981 562 116 Copper 227 108 22 Total Boddington 1,208 670 138 2 369 2,110 80 Tanami 514 251 67 21 181 690 108 Kalgoorlie 458 234 20 9 190 407 21 Other Australia — — 6 8 (37) 54 5 Australia 2,180 1,155 231 40 703 3,261 214 Ahafo 439 268 72 24 70 1,690 181 Akyem 594 272 155 10 152 1,057 26 Other Africa — — 1 6 (13) 1 — Africa 1,033 540 228 40 209 2,748 207 Carlin 1,228 810 224 18 131 2,299 174 Phoenix: Gold 259 182 47 Copper 88 55 15 Total Phoenix 347 237 62 5 30 889 25 Twin Creeks 473 229 64 9 168 1,144 52 Long Canyon 219 59 74 23 63 1,083 10 Other Nevada — — 1 26 (29) 676 9 Nevada 2,267 1,335 425 81 363 6,091 270 Corporate and Other — — 11 53 (507) 3,597 10 Consolidated $ 7,379 $ 4,062 $ 1,261 $ 322 $ 1,072 $ 20,646 $ 890 (1) Includes an increase in accrued capital expenditures of $24; consolidated capital expenditures on a cash basis were $866 . |
Long-Lived Assets, Excluding Deferred Tax Assets, Investments and Restricted Cash, by Country | At December 31, 2019 2018 United States $ 8,357 $ 5,968 Mexico 6,482 — Canada 4,599 206 Australia 2,727 2,987 Ghana 2,523 2,515 Argentina 2,066 — Peru 2,227 2,117 Suriname 812 825 Other 2 — $ 29,795 $ 14,618 |
SALES (Tables)
SALES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SALES | |
Schedule of sales by mining operation, product and by inventory type | Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Years Ended December 31, 2019 CC&V $ 445 $ — $ — $ 445 Red Lake 159 — — 159 Musselwhite 7 — — 7 Porcupine 338 — — 338 Éléonore 378 — — 378 Peñasquito Gold 17 177 15 209 Silver (1) — 245 8 253 Lead — 85 — 85 Zinc — 143 — 143 Total Peñasquito 17 650 23 690 North America 1,344 650 23 2,017 Yanacocha 735 — — 735 Merian 734 — — 734 Cerro Negro 502 — — 502 South America 1,971 — — 1,971 Boddington Gold 238 761 — 999 Copper — 166 — 166 Total Boddington 238 927 — 1,165 Tanami 697 — — 697 Kalgoorlie 319 — — 319 Australia 1,254 927 — 2,181 Ahafo 880 — — 880 Akyem 585 — — 585 Africa 1,465 — — 1,465 Nevada Gold Mines 1,000 22 — 1,022 Carlin (2) 533 — — 533 Phoenix: (2) Gold 52 99 — 151 Copper — 16 28 44 Total Phoenix 52 115 28 195 Twin Creeks (2) 230 — — 230 Long Canyon (2) 126 — — 126 Nevada 1,941 137 28 2,106 Consolidated $ 7,975 $ 1,714 $ 51 $ 9,740 (1) Silver sales from concentrate includes $37 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Years Ended December 31, 2018 CC&V $ 450 $ — $ — $ 450 North America 450 — — 450 Yanacocha 659 — — 659 Merian 677 — — 677 South America 1,336 — — 1,336 Boddington Gold 243 657 — 900 Copper — 218 — 218 Total Boddington 243 875 — 1,118 Tanami 638 — — 638 Kalgoorlie 410 — — 410 Australia 1,291 875 — 2,166 Ahafo 553 — — 553 Akyem 527 — — 527 Africa 1,080 — — 1,080 Carlin 1,173 — — 1,173 Phoenix: Gold 127 164 — 291 Copper — 33 52 85 Total Phoenix 127 197 52 376 Twin Creeks 457 — — 457 Long Canyon 215 — — 215 Nevada 1,972 197 52 2,221 Consolidated $ 6,129 $ 1,072 $ 52 $ 7,253 Sales Gold Sales from Sales from Doré Concentrate from Other Production Production Production Total Sales Year Ended December 31, 2017 CC&V $ 576 $ 9 $ — $ 585 North America 576 9 — 585 Yanacocha 671 — — 671 Merian 643 — — 643 South America 1,314 — — 1,314 Boddington Gold 237 744 — 981 Copper — 227 — 227 Total Boddington 237 971 — 1,208 Tanami 514 — — 514 Kalgoorlie 449 9 — 458 Australia 1,200 980 — 2,180 Ahafo 439 — — 439 Akyem 594 — — 594 Africa 1,033 — — 1,033 Carlin 1,228 — — 1,228 Phoenix Gold 131 128 — 259 Copper — 41 47 88 Total Phoenix 131 169 47 347 Twin Creeks 473 — — 473 Long Canyon 219 — — 219 Nevada 2,051 169 47 2,267 Consolidated $ 6,174 $ 1,158 $ 47 $ 7,379 |
Schedule of receivables included within Trade Receivables | At December 31, At December 31, 2019 2018 Receivables from Sales: Gold sales from doré $ 27 $ 40 Sales from concentrate production 331 211 Sales from other production 15 3 Total receivables from Sales $ 373 $ 254 |
Revenues from Sales Based on the Customer's Location | Years Ended December 31, 2019 2018 2017 United Kingdom $ 7,980 $ 5,448 $ 5,521 Korea 538 237 384 Philippines 293 254 310 Germany 203 237 168 Mexico 190 — — Japan 172 105 87 Switzerland 120 677 657 United States 78 52 91 Other (1) 166 243 161 $ 9,740 $ 7,253 $ 7,379 (1) Other includes $37 related to non-cash amortization of the Silver streaming agreement liability. |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RECLAMATION AND REMEDIATION ABSTRACT | |
Reclamation and Remediation Expense | Years Ended December 31, 2019 2018 2017 Reclamation adjustments $ 77 $ 33 $ 51 Reclamation accretion 133 99 93 Total reclamation expense 210 132 144 Remediation adjustments 65 26 44 Remediation accretion 5 5 4 Total remediation expense 70 31 48 $ 280 $ 163 $ 192 |
Reconciliation of Reclamation Liabilities | Reclamation Remediation Total Balance at January 1, 2018 $ 2,144 $ 304 $ 2,448 Additions, changes in estimates and other 106 9 115 Payments and other (33) (39) (72) Accretion expense 99 5 104 Balance December 31, 2018 2,316 279 2,595 Additions, changes in estimates and other 287 46 333 Additions from the Newmont Goldcorp transaction 882 — 882 Net change from the formation of NGM (49) — (49) Obligations included within liabilities held for sale (1) (153) — (153) Other acquisitions and divestitures (11) — (11) Payments and other (71) (31) (102) Accretion expense 133 5 138 Balance December 31, 2019 $ 3,334 $ 299 $ 3,633 (1) This represents the reclamation obligations at the Red Lake and Kalgoorlie mines which were classified as held for sale as of December 31, 2019. Refer to Note 5 for further information on the assets held for sale. |
Reconciliation of Remediation Liabilities | Reclamation Remediation Total Balance at January 1, 2018 $ 2,144 $ 304 $ 2,448 Additions, changes in estimates and other 106 9 115 Payments and other (33) (39) (72) Accretion expense 99 5 104 Balance December 31, 2018 2,316 279 2,595 Additions, changes in estimates and other 287 46 333 Additions from the Newmont Goldcorp transaction 882 — 882 Net change from the formation of NGM (49) — (49) Obligations included within liabilities held for sale (1) (153) — (153) Other acquisitions and divestitures (11) — (11) Payments and other (71) (31) (102) Accretion expense 133 5 138 Balance December 31, 2019 $ 3,334 $ 299 $ 3,633 (1) This represents the reclamation obligations at the Red Lake and Kalgoorlie mines which were classified as held for sale as of December 31, 2019. Refer to Note 5 for further information on the assets held for sale. |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Schedule of impairment of long-lived assets | Years Ended December 31, 2019 2018 2017 South America $ 3 $ — $ 4 Australia — — 6 Africa 1 2 — Nevada — 366 — Corporate and Other 1 1 4 $ 5 $ 369 $ 14 |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSE, NET | |
Other Expense, Net | Years Ended December 31, 2019 2018 2017 Goldcorp transaction and integration costs $ 217 $ — $ — Nevada JV transaction and implementation costs 30 — — Restructuring and other 12 20 14 Other 36 9 18 $ 295 $ 29 $ 32 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME, NET. | |
Other Income, Net | Years Ended December 31, 2019 2018 2017 Change in fair value of investments $ 166 $ (50) $ — Interest 57 56 28 Insurance proceeds 38 25 13 Gain (loss) on asset and investment sales, net 30 100 23 Restructuring and other 20 — — Foreign currency exchange, net (7) 42 (28) Impairment of investments (2) (42) — Other 25 24 18 $ 327 $ 155 $ 54 |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME AND MINING TAXES | |
Income and Mining Tax (Expense) Benefit - Current vs Deferred | Years Ended December 31, 2019 2018 2017 Current: United States $ 2 $ (18) $ (40) Foreign (500) (218) (290) (498) (236) (330) Deferred: United States (340) (63) (775) Foreign 6 (87) (22) (334) (150) (797) $ (832) $ (386) $ (1,127) |
Income and Mining Tax (Expense) Benefit - Domestic Vs Foreign | Years Ended December 31, 2019 2018 2017 United States $ 2,396 $ (247) $ 243 Foreign 1,297 985 829 $ 3,693 $ 738 $ 1,072 |
Income and Mining Tax Expense Reconciliation | Years Ended December 31, 2019 2018 2017 Income (loss) before income and mining tax and other items $ 3,693 $ 738 $ 1,072 U.S. Federal statutory tax rate 21 % $ (776) 21 % $ (155) 35 % $ (375) Reconciling items: Re-measurement due to the Tax Cuts and Jobs Act — — (2) 14 29 (312) Tax restructuring related to the Tax Cuts and Jobs Act — — (4) 34 38 (394) Percentage depletion (1) 55 (7) 49 (8) 81 Change in valuation allowance on deferred tax assets (8) 296 24 (175) 7 (80) Rate differential for foreign earnings indefinitely reinvested 4 (140) 15 (111) — — Mining and other taxes 3 (90) 9 (63) 4 (41) Uncertain tax position reserve adjustment 2 (70) (5) 34 — (4) U.S. tax effect of noncontrolling interest attributable to non-U.S. investees (1) 28 (4) 26 — (1) Effect of foreign earnings, net of credits 2 (73) 2 (18) — (4) Tax impact of foreign exchange (3) 96 — — — — Other 4 (158) 3 (21) — 3 Income and mining tax expense 23 % $ (832) 52 % $ (386) 105 % $ (1,127) |
Components of Deferred Tax Assets (Liabilities) | At December 31, 2019 2018 Deferred income tax assets: Property, plant and mine development $ 1,001 $ 1,400 Inventory 71 74 Reclamation and remediation 771 543 Net operating losses, capital losses and tax credits 1,683 1,078 Investment in partnerships and subsidiaries 31 121 Employee-related benefits 123 142 Derivative instruments and unrealized loss on investments 85 84 Foreign Exchange and Financing Obligations 159 87 Silver Streaming Agreement 396 — Other 224 164 4,544 3,693 Valuation allowances (3,112) (2,994) $ 1,432 $ 699 Deferred income tax liabilities: Property, plant and mine development $ (2,629) $ (741) Inventory (100) (135) Derivative instruments and unrealized gain on investments (508) (5) Other (53) (29) (3,290) (910) Net deferred income tax assets (liabilities) $ (1,858) $ (211) |
Reconciliation of Gross Unrecognized Tax Benefits | 2019 2018 2017 Total amount of gross unrecognized tax benefits at beginning of year $ 43 $ 68 $ 68 Additions due to acquisition of Goldcorp 350 — — Additions for tax positions of prior years 1 1 (27) Additions for tax positions of current year 34 2 30 Reductions due to settlements with taxing authorities (102) (28) — Reductions due to lapse of statute of limitations — — (3) Total amount of gross unrecognized tax benefits at end of year $ 326 $ 43 $ 68 |
EQUITY INCOME (LOSS) OF AFFIL_2
EQUITY INCOME (LOSS) OF AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
Equity Income (Loss) of Affiliates | Years Ended December 31, 2019 2018 2017 Pueblo Viejo Mine $ 124 $ — $ — Alumbrera Mine (15) — — Continental Gold, Inc. (6) — — Minera La Zanja S.R.L. (6) (10) (5) Norte Abierto Project (2) — — TMAC Resources Inc. (1) (16) (6) Euronimba Ltd. (1) (7) (5) NuevaUnión Project 1 — — Maverix Metals Inc. 1 — — $ 95 $ (33) $ (16) |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued operations disposed of by sale | |
DISPOSITIONS | |
Schedule of Net income (loss) from discontinued operations | Years Ended December 31, 2019 2018 2017 Holt royalty obligation $ (84) $ 57 $ (44) Batu Hijau contingent consideration and other (1) 12 4 6 Net income (loss) from discontinued operations $ (72) $ 61 $ (38) (1) See Note 19 for details on the Batu Hijau contingent consideration. |
NET INCOME (LOSS) ATTRIBUTABL_2
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests | Years Ended December 31, 2019 2018 2017 Merian $ 78 $ 71 $ 69 Yanacocha (1) 1 (32) (63) Other — — (1) $ 79 $ 39 $ 5 (1) Included in Yanacocha is $-, $(1) , and $- gain (loss) attributable to the Contingently redeemable noncontrolling interest for the years ended December 31, 2019, 2018, and 2017, respectively. |
NEWMONT EQUITY AND NET INCOME_2
NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME (LOSS) PER COMMON SHARE | |
Summary of Income (Loss) per Common Share, Basic and Diluted | Years Ended December 31, 2019 2018 2017 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 2,877 $ 280 $ (76) Discontinued operations (72) 61 (38) $ 2,805 $ 341 $ (114) Weighted average common shares (millions): Basic 735 533 533 Effect of employee stock-based awards 2 2 2 Diluted 737 535 535 Net income (loss) per common share attributable to Newmont stockholders: (1) Basic: Continuing operations $ 3.92 $ 0.53 $ (0.14) Discontinued operations (0.10) 0.11 (0.07) $ 3.82 $ 0.64 $ (0.21) Diluted: Continuing operations $ 3.91 $ 0.53 $ (0.14) Discontinued operations (0.10) 0.11 (0.07) $ 3.81 $ 0.64 $ (0.21) |
EMPLOYEE-RELATED BENEFITS (Tabl
EMPLOYEE-RELATED BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | |
Schedule of current and long-term employee-related benefits | At December 31, 2019 2018 Current: Accrued payroll and withholding taxes $ 320 $ 263 Peruvian workers’ participation and other bonuses 17 19 Employee pension benefits 7 5 Other post-retirement benefit plans 6 6 Accrued severance 1 2 Other employee-related payables 10 10 $ 361 $ 305 Non-current: Employee pension benefits $ 115 $ 149 Accrued severance 228 163 Other post-retirement benefit plans 80 76 Other employee-related payables 25 13 $ 448 $ 401 |
Schedule of reconciliation of changes in the obligations and fair value of pension and other benefits | Pension Benefits Other Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 1,063 $ 1,121 $ 82 $ 86 Plans acquired due to Goldcorp acquisition 49 — 4 — Service cost 31 31 1 1 Interest cost 47 41 4 3 Actuarial loss (gain) 141 (87) 6 (5) Foreign currency exchange (gain) loss 1 — — — Restructuring benefits 8 — — — Curtailment loss (gain) (11) — (7) — Amendments (11) — — — Benefits paid (51) (43) (4) (3) Projected benefit obligation at end of year $ 1,267 $ 1,063 $ 7 $ — Accumulated benefit obligation $ 1,256 $ 1,038 $ 86 $ 82 Change in fair value of assets: Fair value of assets at beginning of year $ 909 $ 985 $ — $ — Plans acquired due to Goldcorp acquisition 41 — — — Actual return on plan assets 180 (62) — — Employer contributions 65 29 4 3 Foreign currency exchange (gain) loss 1 — — — Benefits paid (51) (43) (4) (3) Fair value of assets at end of year $ 1,145 $ 909 $ — $ — Unfunded status, net $ 122 $ 154 $ 86 $ 82 |
Schedule of net pension and other employee benefit amounts recognized in the consolidated balance sheets | Pension Benefits Other Benefits 2019 2018 2019 2018 Accrued employee benefit liability $ 122 $ 154 $ 86 $ 82 Accumulated other comprehensive income (loss): Net actuarial gain (loss) (396) (412) 10 19 Prior service credit 31 39 5 23 (365) (373) 15 42 Less: Income taxes 73 78 (4) (9) $ (292) $ (295) $ 11 $ 33 |
Schedule of components of the net periodic pension and other benefits costs | Pension Benefit Costs (Credits) Other Benefit Costs (Credits) 2019 2018 2017 2019 2018 2017 Pension benefit costs (credits), net (1) Service cost $ 31 $ 31 $ 29 $ 1 $ 1 $ 1 Interest cost 47 41 44 4 3 4 Expected return on plan assets (66) (68) (63) — — — Amortization, net 22 32 30 (8) (7) (7) Net periodic benefit cost (credit) $ 34 $ 36 $ 40 $ (3) $ (3) $ (2) Settlements (2) — — 5 — — — (Gain) loss on curtailment (10) — — (18) — — Restructuring (benefit) loss 8 — — — — — Total benefit cost (credit) $ 32 $ 36 $ 45 $ (21) $ (3) $ (2) (1) Service costs are included in Costs applicable to sales or General and administrative. The other components of the total benefit costs are included in Other income, net. (2) In 2019 and 2018, settlements were included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, settlements were included in Other expense, net . |
Schedule of components recognized in Other comprehensive income (loss) | Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Net loss (gain) (1) $ 2 $ 42 $ 5 $ 8 $ (6) $ — Amortization, net (22) (32) (30) 8 7 7 Accelerated prior service credit (cost) due to curtailment 12 — — 11 — — Settlements — — (5) — — — Total recognized in other comprehensive income (loss) $ (8) $ 10 $ (30) $ 27 $ 1 $ 7 Total benefit cost (credit) and other comprehensive income (loss) $ 24 $ 46 $ 15 $ 6 $ (2) $ 5 |
Schedule of significant assumptions used in measuring the benefit obligation and net periodic pension benefit cost | Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Weighted average assumptions used in measuring the net periodic benefit cost: Discount rate 4.40 % 3.77 % 4.36 % 4.40 % 3.77 % 4.36 % Expected return on plan assets 6.75 % 7.25 % 7.25 % N/A N/A N/A |
Schedule of target and actual asset allocations | Actual at December 31, Asset Allocation Target 2019 U.S. equity investments 11 % 11 % International equity investments 12 % 12 % World equity fund (U.S. and International equity investments) 20 % 21 % High yield fixed income investments 4 % 4 % Fixed income investments 45 % 44 % Other 8 % 8 % |
Schedule of plan assets at fair value | Fair Value at December 31, 2019 2018 Plan Assets: Cash and cash equivalents $ 4 $ 3 Commingled funds 1,141 906 $ 1,145 $ 909 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
STOCK-BASED COMPENSATION | |
Schedule of status and activity of non-vested RSUs, PSUs, and SSUs | RSU PSU Weighted Weighted Average Average Number of Grant-Date Number of Grant-Date Units Fair Value Units Fair Value Non-vested at beginning of year 2,166,698 $ 34.75 2,244,031 $ 42.73 Granted 2,949,003 $ 34.95 1,773,870 $ 39.31 Vested (1,695,287) $ 33.37 (1,936,556) $ 37.85 Forfeited (352,246) $ 36.43 (127,548) $ 42.66 Non-vested at end of year 3,068,168 $ 35.51 1,953,797 $ 44.46 |
Schedule of stock based compensation by award | Years Ended December 31, 2019 2018 2017 Stock-based compensation: Restricted stock units $ 68 $ 45 $ 34 Performance leveraged stock units 29 31 35 Goldcorp performance share units 17 — — Goldcorp phantom restricted share units 7 — — Strategic stock units — — 1 $ 121 $ 76 $ 70 |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE ACCOUNTING | |
Fair Value Measurement of Assets and Liabilities | Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 2,243 $ 2,243 $ — $ — Restricted cash 106 106 — — Trade receivable from provisional concentrate sales, net 331 — 331 — Marketable equity securities (Note 20) (1) 376 357 19 — Marketable debt securities (Note 20) 39 — — 39 Continental conversion option (Note 20) 51 — 51 — Restricted marketable debt securities (Note 20) 54 23 31 — Restricted other assets (Note 20) 1 1 — — Batu Hijau contingent consideration 38 — — 38 $ 3,239 $ 2,730 $ 432 $ 77 Liabilities: Debt (2) $ 7,068 $ — $ 7,068 $ — Diesel derivative contracts 1 — 1 — Holt royalty obligation (Note 27) 257 — — 257 Cash-settled Goldcorp share awards 12 — 12 — $ 7,338 $ — $ 7,081 $ 257 Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,397 $ 3,397 $ — $ — Restricted cash 92 92 — — Trade receivable from provisional concentrate sales, net 209 — 209 — Marketable equity securities (Note 20) (1) 127 114 13 — Restricted marketable debt securities (Note 20) 51 21 30 — Restricted other assets (Note 20) 6 6 — — Batu Hijau contingent consideration 26 — — 26 $ 3,908 $ 3,630 $ 252 $ 26 Liabilities: Debt (2) $ 4,229 $ — $ 4,229 $ — Diesel derivative contracts 5 — 5 — Holt royalty obligation (Note 27) 161 — — 161 $ 4,395 $ — $ 4,234 $ 161 (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $13 and $9 at December 31, 2019 and 2018, respectively. (2) Debt is carried at amortized cost. The outstanding carrying value was $6,138 and $4,044 at December 31, 2019 and 2018, respectively. The fair value measurement of debt was based on an independent third party pricing source. |
Fair Value Inputs Assets Liabilities Quantitative Information | At December 31, Range, point estimate Description 2019 Valuation technique Significant input or average Continental Convertible Debt $ 39 Discounted cash flow Discount rate 11.06 % Batu Hijau contingent consideration $ 38 Monte Carlo Discount rate 14.90 % Short-term copper price $ 2.67 Long-term copper price $ 3.00 Holt royalty obligation $ 257 Monte Carlo Discount rate (1) 2.53 % Short-term gold price $ 1,481 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 298 - 1,613 (1) The Holt royalty obligation discount rate is calculated as a weighted-average Newmont-specific unsecured borrowing rate, which is weighted by relative fair value of various production scenarios. At December 31, Range, point estimate Description 2018 Valuation technique Significant input or average Batu Hijau contingent consideration $ 26 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.80 Long-term copper price $ 3.00 Holt royalty obligation $ 161 Monte Carlo Discount rate 4.11 % Short-term gold price $ 1,228 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 302 - 1,544 |
Changes in the Fair Value of the Company's Level 3 Financial Assets | The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities: Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2017 $ — $ 23 $ 23 $ 243 $ 243 Settlements — — — (10) (10) Revaluation — 3 3 (72) (72) Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (10) (10) Revaluation 6 12 18 106 106 Fair value at December 31, 2019 $ 39 $ 38 $ 77 $ 257 $ 257 (1) The unrealized gain (loss) of $4 related to changes in the fair value of the host debt is included in Other comprehensive income. The gain (loss) of $2 related to the debt discount amortization recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations . |
Changes in the Fair Value of the Company's Level 3 Financial Liabilities | The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities: Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2017 $ — $ 23 $ 23 $ 243 $ 243 Settlements — — — (10) (10) Revaluation — 3 3 (72) (72) Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (10) (10) Revaluation 6 12 18 106 106 Fair value at December 31, 2019 $ 39 $ 38 $ 77 $ 257 $ 257 (1) The unrealized gain (loss) of $4 related to changes in the fair value of the host debt is included in Other comprehensive income. The gain (loss) of $2 related to the debt discount amortization recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations . |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Hedges | Diesel derivative contracts | |
DERIVATIVE INSTRUMENTS | |
Schedule of Outstanding Derivative Contracts | Expected Maturity Date 2020 2021 2022 Total/ Diesel Fixed Forward Contracts: South America (1) Diesel gallons (millions) 3 1 — 4 Average rate ($/gallon) 1.86 1.86 1.82 1.86 Australia Diesel barrels (thousands) 129 102 7 238 Average rate ($/barrel) 78.91 81.15 75.93 79.78 (1) In January 2020, the Company settled all diesel fixed forward contracts in South America, which resulted in an immaterial net gain . |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
Schedule of investments | At December 31, 2019 At December 31, 2018 Current: Marketable equity securities $ 237 $ 48 Non-current: Marketable equity securities $ 126 $ 70 Equity method investments: Pueblo Viejo Mine (40.0%) 1,230 — NuevaUnión Project (50.0%) 940 — Norte Abierto Project (50.0%) 478 — Continental Gold, Inc. (18.9%) 164 — TMAC Resources Inc. (28.0%) 114 109 Maverix Metals Inc. (25.1%) 93 85 Alumbrera Mine (37.5%) 54 — Minera La Zanja S.R.L. (46.9%) — 7 3,073 201 $ 3,199 $ 271 Non-current restricted investments: (1) Marketable debt securities $ 54 $ 51 Other assets 1 6 $ 55 $ 57 (1) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . For further information regarding these amounts, see Note 7 . |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories | |
Summary of Inventories | At December 31, 2019 2018 Materials and supplies $ 655 $ 439 In-process 189 104 Concentrate and copper cathode (1) 96 61 Precious metals (2) 74 26 $ 1,014 $ 630 (1) Concentrate includes gold, copper, silver, lead and zinc . (2) Precious metals includes gold and silver doré. |
STOCKPILES AND ORE ON LEACH P_2
STOCKPILES AND ORE ON LEACH PADS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At December 31, 2019 2018 Current: Stockpiles $ 493 $ 395 Ore on leach pads 319 302 $ 812 $ 697 Non-current: Stockpiles $ 1,154 $ 1,429 Ore on leach pads 330 437 $ 1,484 $ 1,866 Total: Stockpiles $ 1,647 $ 1,824 Ore on leach pads 649 739 $ 2,296 $ 2,563 |
Stockpiles and Ore on Leach Pads, by Segment | Stockpiles Leach pads At December 31, At December 31, 2019 2018 2019 2018 Stockpiles and ore on leach pads: CC&V $ 6 $ 23 $ 239 $ 278 Musselwhite 53 — — — Porcupine 2 — — — Éléonore 1 — — — Peñasquito 193 — — — Yanacocha 55 71 181 173 Merian 45 35 — — Boddington 458 458 — — Tanami 4 2 — — Kalgoorlie — 121 — — Ahafo 403 417 — — Akyem 126 82 — — Nevada Gold Mines 301 — 229 — Carlin — 263 — 186 Phoenix — 32 — 32 Twin Creeks — 320 — 25 Long Canyon — — — 45 $ 1,647 $ 1,824 $ 649 $ 739 |
PROPERTY, PLANT AND MINE DEVE_2
PROPERTY, PLANT AND MINE DEVELOPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
Property, Plant and Mine Development | Depreciable At December 31, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land $ 193 $ — $ 193 $ 222 $ — $ 222 Facilities and equipment (1) 1 - 27 17,676 (8,385) 9,291 16,661 (10,683) 5,978 Mine development 1 - 18 3,427 (2,037) 1,390 5,598 (3,314) 2,284 Mineral interests 1 - 18 13,581 (1,268) 12,313 2,658 (1,114) 1,544 Construction-in-progress 2,089 — 2,089 2,230 — 2,230 $ 36,966 $ (11,690) $ 25,276 $ 27,369 $ (15,111) $ 12,258 (1) At December 31, 2019 and 2018, Facilities and equipment include finance lease right of use assets of $740 and $-, respectively. Depreciable At December 31, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage 1 - 18 $ 8,990 $ (1,268) $ 7,722 $ 1,654 $ (1,114) $ 540 Development stage (1) 1,106 — 1,106 59 — 59 Exploration stage (1) 3,485 — 3,485 945 — 945 $ 13,581 $ (1,268) $ 12,313 $ 2,658 $ (1,114) $ 1,544 (1) These amounts are currently non-depreciable as these mineral interests have not reached production stage. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by segment | North America South America Australia Nevada Total Balance at December 31, 2018 $ — $ — $ 58 $ — $ 58 Additions due to Newmont Goldcorp transaction (1) 2,095 442 — — 2,537 Additions due to formation of NGM (2) — — — 268 268 Reclassifications to assets held for sale (3) (131) — (58) — (189) Balance at December 31, 2019 $ 1,964 $ 442 $ — $ 268 $ 2,674 (1) For further information regarding the Newmont Goldcorp transaction, refer to Note 3. (2) For further information regarding the formation of NGM, refer to Note 4. (3) For further information on the agreements to sell Red Lake and Kalgoorlie, refer to N ote 5. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DEBT | |
Schedule of debt components, current and non-current | At December 31, 2019 At December 31, 2018 Current Non-Current Fair Value (1) Current Non-Current Fair Value (1) 2019 Senior Notes, net $ — $ — $ — $ 626 $ — $ 641 2021 Senior Notes, net — 553 562 — — — 2022 Senior Notes, net — 988 1,026 — 987 992 2023 Senior Notes, net — 1,012 1,050 — — — 2029 Senior Notes, net — 688 700 — — — 2035 Senior Notes, net — 575 794 — 594 655 2039 Senior Notes, net — 859 1,180 — 859 972 2042 Senior Notes, net — 985 1,188 — 984 969 2044 Senior Notes, net — 483 568 — — — Debt issuance costs on Corporate Revolving Credit Facilities — (5) — — (6) — $ — $ 6,138 $ 7,068 $ 626 $ 3,418 $ 4,229 (1) The estimated fair value of these Senior Notes was determined by an independent third party pricing source and may or may not reflect the actual trading value of this debt. |
Schedule of minimum debt repayments | 2020 $ — 2021 550 2022 992 2023 1,000 2024 — Thereafter 3,624 $ 6,166 |
LEASE AND OTHER FINANCING OBL_2
LEASE AND OTHER FINANCING OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | Year Ended December 31, 2019 Operating lease cost $ 22 Finance lease cost Amortization of ROU assets 78 Interest on lease liabilities 34 112 Variable lease cost 350 Short-term lease cost 46 $ 530 |
Schedule of supplemental cash flow information related to leases | Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ 27 Operating cash flows relating to finance leases $ 32 Financing cash flows relating to finance leases $ 55 Non-cash lease obligations arising from obtaining ROU assets: (1) Operating leases $ 116 Finance leases $ 731 (1) Operating and finance lease obligations assumed in relation to the Newmont Goldcorp transaction were $49 and $423 , respectively. Operating and finance lease obligations assumed in relation to the formation of NGM were $11 and $1 , respectively. |
Schedule of lease terms and discount rates | Operating Finance Leases Leases Weighted average remaining lease term (years) 7 12 Weighted average discount rate 5.31 % 5.60 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2020 $ 28 $ 101 2021 18 99 2022 11 88 2023 7 81 2024 5 72 Thereafter 18 536 Total future minimum lease payments 87 977 Less: Imputed interest (12) (281) Total $ 75 $ 696 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2020 $ 28 $ 101 2021 18 99 2022 11 88 2023 7 81 2024 5 72 Thereafter 18 536 Total future minimum lease payments 87 977 Less: Imputed interest (12) (281) Total $ 75 $ 696 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER LIABILITIES | |
Other Liabilities | At December 31, At December 31, 2019 2018 Other current liabilities: Accrued operating costs $ 210 $ 129 Reclamation and remediation liabilities 169 114 Payables to joint venture partners 75 — Silver streaming agreement 69 — Royalties 60 63 Accrued interest 60 52 Accrued capital expenditures 58 61 Taxes other than income and mining 47 8 Operating leases 28 — Holt royalty obligation 14 12 Other 90 16 $ 880 $ 455 Other non-current liabilities: Income and mining taxes (1) $ 445 $ 17 Holt royalty obligation 243 149 Norte Abierto deferred payments 154 — Galore Creek deferred payments 92 89 Operating leases 47 — Social development obligations 18 18 Power supply agreements — 28 Other 62 13 $ 1,061 $ 314 (1) Income and mining taxes at December 31, 2019 includes a balance of $445 related to unrecognized tax benefits, interest and penalties. The acquisition of Goldcorp increased the Company’s unrecognized tax benefits by $396 . See Note 11 for additional information. |
RECLASSIFICATIONS OUT OF AOCI (
RECLASSIFICATIONS OUT OF AOCI (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Change in Accumulated Other Comprehensive Income (Loss) | Pension and Unrealized Gain Unrealized Gain Foreign Other (Loss) on (Loss) on Currency Post-retirement Cash flow Investment Translation Benefit Hedge Securities, net Adjustments Adjustments Instruments Total Balance at December 31, 2017 $ (116) $ 130 $ (208) $ (98) $ (292) Cumulative effect adjustment of adopting ASU No. 2016-01 115 — — — 115 Cumulative effect adjustment of adopting ASU No. 2018-02 — — (45) (51) (96) Net current-period other comprehensive income (loss): Change in other comprehensive income (loss) before reclassifications 1 (12) (29) (3) (43) Reclassifications from accumulated other comprehensive income (loss) — — 20 12 32 Other comprehensive income (loss) 1 (12) (9) 9 (11) Balance at December 31, 2018 $ — $ 118 $ (262) $ (140) $ (284) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications 5 1 (10) 20 16 (Gain) loss reclassified from accumulated other comprehensive income (loss) — — (9) 12 3 Other comprehensive income (loss) 5 1 (19) 32 19 Balance at December 31, 2019 $ 5 $ 119 $ (281) $ (108) $ (265) |
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 Consolidated Statements of Operations Years Ended December 31, 2019 2018 2017 Marketable securities adjustments: Sale of marketable securities $ — $ — $ (5) Other income, net Total before tax — — (5) Tax — — — Net of tax $ — $ — $ (5) Pension and other post-retirement benefit adjustments: Amortization $ 14 $ 25 $ 23 Other income, net (1) Curtailment (23) — — Other income, net (2) Settlements — — 5 Other income, net (2) Total before tax (9) 25 28 Tax — (5) (10) Net of tax $ (9) $ 20 $ 18 Hedge instruments adjustments: Operating cash flow hedges $ 3 $ 6 $ 27 Costs applicable to sales Interest rate contracts 11 10 10 Interest expense, net Total before tax 14 16 37 Tax (2) (4) (12) Net of tax $ 12 $ 12 $ 25 Total reclassifications for the period, net of tax $ 3 $ 32 $ 38 (1) In 2019 and 2018, this accumulated other comprehensive income (loss) component was included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, this accumulated other comprehensive income (loss) component was included in Costs applicable to sales or General and administrative . Refer to Note 2 for information on costs that benefit the inventory/production process. (2) In 2019 and 2018, this accumulated other comprehensive income (loss) component was included in Other income, net as a result of adopting ASU No. 2017-07. In 2017, this accumulated other comprehensive income (loss) component was included in Other expense, net . |
NET CHANGE IN OPERATING ASSET_2
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | |
Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities | Years Ended December 31, 2019 2018 2017 Decrease (increase) in operating assets: Trade and other receivables $ (193) $ (109) $ 35 Inventories, stockpiles and ore on leach pads (132) (250) (204) Other assets 29 (49) (52) Increase (decrease) in operating liabilities: Accounts payable 144 (73) 49 Reclamation and remediation liabilities (102) (72) (78) Payment of accreted interest from debt discount (1) — — (196) Other accrued liabilities (55) (190) 54 $ (309) $ (743) $ (392) (1) In July 2017, the Company repaid the $575 outstanding aggregate principal amount of the 2017 Convertible Senior Notes at maturity. This debt repayment included accreted interest of $196 from the debt discount at origination that is classified as a cash outflow from operating activities. P laceholder |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Supplemental Cash Flow Information | Years Ended December 31, 2019 2018 2017 Income and mining taxes paid, net of refunds $ 437 $ 429 $ 214 Interest paid, net of amounts capitalized $ 273 $ 188 $ 435 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
Condensed Consolidating Statement of Operation | Year Ended December 31, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 895 $ 8,851 $ (6) $ 9,740 Costs and expenses: Costs applicable to sales (1) — 583 4,618 (6) 5,195 Depreciation and amortization 4 189 1,767 — 1,960 Reclamation and remediation — 17 263 — 280 Exploration — 20 245 — 265 Advanced projects, research and development — 19 131 — 150 General and administrative — 76 237 — 313 Impairment of long-lived assets — 1 4 — 5 Other expense, net 4 168 123 — 295 8 1,073 7,388 (6) 8,463 Other income (expense): Gain on formation of Nevada Gold Mines — 2,390 — — 2,390 Other income, net 47 76 204 — 327 Interest income - intercompany 121 54 89 (264) — Interest expense - intercompany (6) 1 (259) 264 — Interest expense, net (252) (2) (47) — (301) (90) 2,519 (13) — 2,416 Income (loss) before income and mining tax and other items (98) 2,341 1,450 — 3,693 Income and mining tax benefit (expense) 20 (473) (379) — (832) Equity income (loss) of affiliates 2,883 104 95 (2,987) 95 Net income (loss) from continuing operations 2,805 1,972 1,166 (2,987) 2,956 Net income (loss) from discontinued operations — — (72) — (72) Net income (loss) 2,805 1,972 1,094 (2,987) 2,884 Net loss (income) attributable to noncontrolling interests — — (79) — (79) Net income (loss) attributable to Newmont stockholders $ 2,805 $ 1,972 $ 1,015 $ (2,987) $ 2,805 Comprehensive income (loss) $ 2,824 $ 1,961 $ 1,105 $ (2,987) $ 2,903 Comprehensive loss (income) attributable to noncontrolling interests — — (79) — (79) Comprehensive income (loss) attributable to Newmont stockholders $ 2,824 $ 1,961 $ 1,026 $ (2,987) $ 2,824 (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,896 $ 5,357 $ — $ 7,253 Costs and expenses: Costs applicable to sales (1) — 1,206 2,887 — 4,093 Depreciation and amortization 4 349 862 — 1,215 Reclamation and remediation — 32 131 — 163 Exploration — 55 142 — 197 Advanced projects, research and development — 34 119 — 153 General and administrative — 82 162 — 244 Impairment of long-lived assets — 336 33 — 369 Other expense, net — 4 25 — 29 4 2,098 4,361 — 6,463 Other income (expense): Gain on formation of Nevada Gold Mines — — — — — Other income, net (56) 40 171 — 155 Interest income - intercompany 83 51 43 (177) — Interest expense - intercompany (6) — (171) 177 — Interest expense, net (190) (7) (10) — (207) (169) 84 33 — (52) Income (loss) before income and mining tax and other items (173) (118) 1,029 — 738 Income and mining tax benefit (expense) 14 (15) (385) — (386) Equity income (loss) of affiliates 500 (228) (33) (272) (33) Net income (loss) from continuing operations 341 (361) 611 (272) 319 Net income (loss) from discontinued operations — — 61 — 61 Net income (loss) 341 (361) 672 (272) 380 Net loss (income) attributable to noncontrolling interests — — (39) — (39) Net income (loss) attributable to Newmont stockholders $ 341 $ (361) $ 633 $ (272) $ 341 Comprehensive income (loss) $ 330 $ (440) $ 779 $ (300) $ 369 Comprehensive loss (income) attributable to noncontrolling interests — — (39) — (39) Comprehensive income (loss) attributable to Newmont stockholders $ 330 $ (440) $ 740 $ (300) $ 330 (1) Excludes Depreciation and amortization and Reclamation and remediation . Year Ended December 31, 2017 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,955 $ 5,424 $ — $ 7,379 Costs and expenses: Costs applicable to sales (1) — 1,209 2,853 — 4,062 Depreciation and amortization 4 355 902 — 1,261 Reclamation and remediation — 63 129 — 192 Exploration — 43 136 — 179 Advanced projects, research and development — 21 122 — 143 General and administrative — 80 157 — 237 Impairment of long-lived assets — — 14 — 14 Other expense, net — 12 20 — 32 4 1,783 4,333 — 6,120 Other income (expense): Gain on formation of Nevada Gold Mines — — — — — Other income, net 41 6 7 — 54 Interest income - intercompany 149 43 41 (233) — Interest expense - intercompany (39) (4) (190) 233 — Interest expense, net (222) (7) (12) — (241) (71) 38 (154) — (187) Income (loss) before income and mining tax and other items (75) 210 937 — 1,072 Income and mining tax benefit (expense) (34) (23) (1,070) — (1,127) Equity income (loss) of affiliates (5) (108) (16) 113 (16) Net income (loss) from continuing operations (114) 79 (149) 113 (71) Net income (loss) from discontinued operations — — (38) — (38) Net income (loss) (114) 79 (187) 113 (109) Net loss (income) attributable to noncontrolling interests — — (5) — (5) Net income (loss) attributable to Newmont stockholders $ (114) $ 79 $ (192) $ 113 $ (114) Comprehensive income (loss) $ (72) $ 90 $ (198) $ 113 $ (67) Comprehensive loss (income) attributable to noncontrolling interests — — (5) — (5) Comprehensive income (loss) attributable to Newmont stockholders $ (72) $ 90 $ (203) $ 113 $ (72) (1) Excludes Depreciation and amortization and Reclamation and remediation. |
Condensed Consolidating Statement of Cash Flows | Year Ended December 31, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ 328 $ 95 $ 2,933 $ (480) $ 2,876 Net cash provided by (used in) operating activities of discontinued operations — — (10) — (10) Net cash provided by (used in) operating activities 328 95 2,923 (480) 2,866 Investing activities: Additions to property, plant and mine development — (110) (1,353) — (1,463) Return of investment from equity method investees — — 132 — 132 Acquisitions, net (17) — 144 — 127 Purchases of investments (78) (14) (20) — (112) Proceeds from sales of investments — 15 52 — 67 Proceeds from sales of other assets — 20 10 — 30 Other — — (7) — (7) Net cash provided by (used in) investing activities (95) (89) (1,042) — (1,226) Financing activities: Repayment of debt (626) — (1,250) — (1,876) Dividends paid to common stockholders (889) — (480) 480 (889) Proceeds from issuance of debt, net 690 — — — 690 Repurchases of common stock (479) — — — (479) Distributions to noncontrolling interests — — (186) — (186) Funding from noncontrolling interests — — 93 — 93 Payments on lease and other financing obligations — — (55) — (55) Payments for withholding of employee taxes related to stock-based compensation — (50) — — (50) Proceeds from sale of noncontrolling interests — — — — — Acquisition of noncontrolling interests — — — — — Net intercompany borrowings (repayments) 1,096 45 (1,141) — — Other (25) — — — (25) Net cash provided by (used in) financing activities (233) (5) (3,019) 480 (2,777) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (3) — (3) Net change in cash, cash equivalents and restricted cash — 1 (1,141) — (1,140) Cash, cash equivalents and restricted cash at beginning of period — — 3,489 — 3,489 Cash, cash equivalents and restricted cash at end of period $ — $ 1 $ 2,348 $ — $ 2,349 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 2,243 $ — $ 2,243 Restricted cash included in Other current assets — — 2 — 2 Restricted cash included in Other non-current assets — 1 103 — 104 Total cash, cash equivalents and restricted cash $ — $ 1 $ 2,348 $ — $ 2,349 Year Ended December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (147) $ 578 $ 1,406 $ — $ 1,837 Net cash provided by (used in) operating activities of discontinued operations — — (10) — (10) Net cash provided by (used in) operating activities (147) 578 1,396 — 1,827 Investing activities: Additions to property, plant and mine development — (274) (758) — (1,032) Return of investment from equity method investees — — — — — Acquisitions, net — — (140) — (140) Purchases of investments (6) — (33) — (39) Proceeds from sales of investments — 13 5 — 18 Proceeds from sales of other assets — — 24 — 24 Other — (1) (7) — (8) Net cash provided by (used in) investing activities (6) (262) (909) — (1,177) Financing activities: Repayment of debt — — — — — Dividends paid to common stockholders (301) — — — (301) Proceeds from issuance of debt, net — — — — — Repurchases of common stock (98) — — — (98) Distributions to noncontrolling interests — — (160) — (160) Funding from noncontrolling interests — — 100 — 100 Payments on lease and other financing obligations — (1) (3) (4) Payments for withholding of employee taxes related to stock-based compensation — (40) — — (40) Proceeds from sale of noncontrolling interests — — 48 — 48 Acquisition of noncontrolling interests — — — — — Net intercompany borrowings (repayments) 552 (275) (277) — — Other — — — — — Net cash provided by (used in) financing activities 153 (316) (292) — (455) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — — 191 — 191 Cash, cash equivalents and restricted cash at beginning of period — — 3,298 — 3,298 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,489 $ — $ 3,489 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other non-current assets — — 91 — 91 Total cash, cash equivalents and restricted cash $ — $ — $ 3,489 $ — $ 3,489 Year Ended December 31, 2017 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (325) $ (207) $ 2,671 $ — $ 2,139 Net cash provided by (used in) operating activities of discontinued operations — — (15) — (15) Net cash provided by (used in) operating activities (325) (207) 2,656 — 2,124 Investing activities: Additions to property, plant and mine development — (253) (613) — (866) Return of investment from equity method investees — — — — — Acquisitions, net — — — — — Purchases of investments (114) — (16) — (130) Proceeds from sales of other assets — — 5 — 5 Proceeds from sales of investments — — 35 — 35 Other — 2 8 — 10 Net cash provided by (used in) investing activities (114) (251) (581) — (946) Financing activities: Repayment of debt (379) — — — (379) Dividends paid to common stockholders (134) — — — (134) Proceeds from issuance of debt, net — — — — — Repurchases of common stock — — — — — Distributions of noncontrolling interests — — (178) — (178) Funding from noncontrolling interests — — 94 — 94 Payments on lease and other financing obligations — (3) (2) — (5) Payments for withholding of employee taxes related to stock-based compensation — (14) — — (14) Proceeds from sale of noncontrolling interests — — — — — Acquisition of noncontrolling interests — — (48) — (48) Net intercompany borrowings (repayments) 955 473 (1,428) — — Other (3) 1 (2) — (4) Net cash provided by (used in) financing activities 439 457 (1,564) — (668) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 6 — 6 Net change in cash, cash equivalents and restricted cash — (1) 517 — 516 Cash, cash equivalents and restricted cash at beginning of period — 1 2,781 — 2,782 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,298 $ — $ 3,298 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,259 $ — $ 3,259 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other non-current assets — — 38 — 38 Total cash, cash equivalents and restricted cash $ — $ — $ 3,298 $ — $ 3,298 |
Condensed Consolidating Balance Sheet | At December 31, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 2,243 $ — $ 2,243 Trade receivables — 4 369 — 373 Intercompany receivable 7,738 3,669 7,350 (18,757) — Investments — — 237 — 237 Inventories — — 1,014 — 1,014 Stockpiles and ore on leach pads — — 812 — 812 Other current assets 1 40 529 — 570 Current assets held for sale — — 1,023 — 1,023 Current assets 7,739 3,713 13,577 (18,757) 6,272 Property, plant and mine development, net 10 49 25,242 (25) 25,276 Investments 190 5 3,004 — 3,199 Investments in subsidiaries 24,800 6,546 — (31,346) — Stockpiles and ore on leach pads — — 1,484 — 1,484 Deferred income tax assets 101 — 448 — 549 Goodwill — — 2,674 — 2,674 Non-current intercompany receivable 1,814 472 — (2,286) — Other non-current assets — 59 461 — 520 Total assets $ 34,654 $ 10,844 $ 46,890 $ (52,414) $ 39,974 Liabilities: Accounts payable $ — $ 40 $ 499 $ — $ 539 Intercompany payable 7,353 1,814 9,590 (18,757) — Employee-related benefits 3 81 277 — 361 Income and mining taxes — — 162 — 162 Lease and other financing obligations — — 100 — 100 Debt — — — — — Other current liabilities 60 116 704 — 880 Current liabilities held for sale — — 343 — 343 Current liabilities 7,416 2,051 11,675 (18,757) 2,385 Debt 5,815 — 323 — 6,138 Lease and other financing obligations — — 596 — 596 Reclamation and remediation liabilities — 21 3,443 — 3,464 Deferred income tax liabilities — 539 1,868 — 2,407 Employee-related benefits 3 193 252 — 448 Non-current intercompany payable — — 2,311 (2,311) — Silver streaming agreement — — 1,058 — 1,058 Other non-current liabilities — 42 1,019 — 1,061 Total liabilities 13,234 2,846 22,545 (21,068) 17,557 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 21,420 7,998 23,348 (31,346) 21,420 Noncontrolling interests — — 950 — 950 Total equity 21,420 7,998 24,298 (31,346) 22,370 Total liabilities and equity $ 34,654 $ 10,844 $ 46,890 $ (52,414) $ 39,974 At December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Trade receivables — 63 191 — 254 Intercompany receivable 6,351 5,027 8,296 (19,674) — Investments — — 48 — 48 Inventories — 180 450 — 630 Stockpiles and ore on leach pads — 195 502 — 697 Other current assets — 30 221 — 251 Current assets held for sale — — — — — Current assets 6,351 5,495 13,105 (19,674) 5,277 Property, plant and mine development, net 14 2,680 9,593 (29) 12,258 Investments 62 4 205 — 271 Investments in subsidiaries 13,083 — 3 (13,086) — Stockpiles and ore on leach pads — 658 1,208 — 1,866 Deferred income tax assets — — 401 — 401 Goodwill — — 58 — 58 Non-current intercompany receivable 653 704 6 (1,363) — Other non-current assets — 271 313 — 584 Total assets $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 Liabilities: Accounts payable $ — $ 83 $ 220 $ — $ 303 Intercompany payable 5,554 2,741 11,379 (19,674) — Employee-related benefits — 138 167 — 305 Income and mining taxes — 19 52 — 71 Lease and other financing obligations — 1 26 — 27 Debt 626 — — — 626 Other current liabilities 52 135 268 — 455 Current liabilities held for sale — — — — — Current liabilities 6,232 3,117 12,112 (19,674) 1,787 Debt 3,418 — — — 3,418 Lease and other financing obligations — 3 187 — 190 Reclamation and remediation liabilities — 325 2,156 — 2,481 Deferred income tax liabilities — 90 522 — 612 Employee-related benefits 3 236 162 — 401 Non-current intercompany payable 7 — 1,385 (1,392) — Silver streaming agreement — — — — — Other non-current liabilities 1 637 298 (622) 314 Total liabilities 9,661 4,408 16,822 (21,688) 9,203 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 10,502 5,404 7,060 (12,464) 10,502 Noncontrolling interests — — 963 — 963 Total equity 10,502 5,404 8,023 (12,464) 11,465 Total liabilities and equity $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 |
UNAUDITED SUPPLEMENTARY DATA (T
UNAUDITED SUPPLEMENTARY DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
UNAUDITED SUPPLEMENTARY DATA | |
Quarterly Financial Information Tables | 2019 Three Months Ended March 31 June 30 September 30 December 31 Sales $ 1,803 $ 2,257 $ 2,713 $ 2,967 Gross profit (1) $ 483 $ 331 $ 711 $ 780 Income (loss) from continuing operations (2) $ 113 $ 1 $ 2,226 $ 537 Income (loss) from discontinued operations (2) (26) (26) (48) 28 Net income (loss) attributable to Newmont stockholders $ 87 $ (25) $ 2,178 $ 565 Income (loss) per common share Basic: Continuing operations $ 0.21 $ — $ 2.72 $ 0.66 Discontinued operations (0.05) (0.03) (0.06) 0.03 $ 0.16 $ (0.03) $ 2.66 $ 0.69 Diluted: Continuing operations $ 0.21 $ — $ 2.71 $ 0.66 Discontinued operations (0.05) (0.03) (0.06) 0.03 $ 0.16 $ (0.03) $ 2.65 $ 0.69 Weighted average common shares (millions) Basic 534 766 820 818 Diluted 534 768 822 820 Cash dividends declared per common share (3) $ 0.14 $ 1.02 $ 0.14 $ 0.14 Closing price of common stock $ 35.77 $ 38.47 $ 37.92 $ 43.45 2018 Three Months Ended March 31 June 30 September 30 December 31 Sales $ 1,817 $ 1,662 $ 1,726 $ 2,048 Gross profit (1) $ 459 $ 381 $ 401 $ 541 Income (loss) from continuing operations (2) $ 170 $ 274 $ (161) $ (3) Income (loss) from discontinued operations (2) 22 18 16 5 Net income (loss) attributable to Newmont stockholders $ 192 $ 292 $ (145) $ 2 Income (loss) per common share Basic: Continuing operations $ 0.32 $ 0.52 $ (0.31) $ — Discontinued operations 0.04 0.03 0.04 — $ 0.36 $ 0.55 $ (0.27) $ — Diluted: Continuing operations $ 0.32 $ 0.51 $ (0.31) $ — Discontinued operations 0.04 0.03 0.04 — $ 0.36 $ 0.54 $ (0.27) $ — Weighted average common shares (millions) Basic 534 533 533 533 Diluted 535 535 535 535 Cash dividends declared per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 Closing price of common stock $ 39.07 $ 37.71 $ 30.20 $ 34.65 (1) Sales less Costs applicable to sales , Depreciation and amortization and Reclamation and remediation . (2) Attributable to Newmont stockholders. (3) Special dividends declared per common share was $0.88 for the three months ended June 30, 2019. |
SUMMARY OF POLICIES - Risks and
SUMMARY OF POLICIES - Risks and Uncertainties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risks and Uncertainties | |||
Assets | $ 39,974 | $ 20,715 | $ 20,646 |
Conga | Minimum | |||
Risks and Uncertainties | |||
Pre-development period | 5 years | ||
Conga | Political and financial results contingencies | |||
Risks and Uncertainties | |||
Assets | $ 1,558 | $ 1,621 |
SUMMARY OF POLICIES - Stockpile
SUMMARY OF POLICIES - Stockpiles and Ore on Leach Pads (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 POLICIES - Revenue R
SUMMARY OF POLICIES - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue recognition | |
Dore' market standard for percentage of gold | 99.95% |
Minimum | |
Revenue recognition | |
Co-product accounting, percent of metal mined as a percent of the life of mine sales value | 10.00% |
Product accounting, percent of metal mined as a percent of the life of mine sales value | 10.00% |
Maximum | |
Revenue recognition | |
Co-product accounting, percent of metal mined as a percent of the life of mine sales value | 20.00% |
Product accounting, percent of metal mined as a percent of the life of mine sales value | 20.00% |
SUMMARY OF POLICIES - Income an
SUMMARY OF POLICIES - Income and Mining Taxes (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income and Mining Taxes | |
Deferred tax on unremitted earnings | $ 0 |
Look-back period | 3 years |
SUMMARY OF POLICIES - Recently
SUMMARY OF POLICIES - Recently Adopted - Leases (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Cumulative effect adjustment | $ 9 | ||
Lease, Practical Expedient, Land Easement [true false] | true | ||
Lease, Practical Expedients, Package [true false] | true | ||
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true | ||
Operating Lease, Liability | $ 75 | ||
Finance Lease, Liability | 696 | ||
Other non-current assets | 520 | 584 | |
Other current liabilities | 880 | 455 | |
Other non-current liabilities | 1,061 | 314 | |
Property, plant and mine development, net | 25,276 | 12,258 | |
Lease and other financing obligations, current | 100 | ||
Lease and other financing obligations, noncurrent | $ 596 | ||
Retained Earnings (Accumulated Deficit) | |||
Leases [Abstract] | |||
Cumulative effect adjustment | $ 9 | ||
Accounting Standards Update 2016-02 [Member] | Adjustments | |||
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 46 | ||
Operating Lease, Liability | 47 | ||
Finance Lease, Right-of-Use Asset | 85 | ||
Finance Lease, Liability | 93 | ||
Other non-current assets | (19) | ||
Other current liabilities | (3) | ||
Other non-current liabilities | (28) | ||
Property, plant and mine development, net | 19 | ||
Lease and other financing obligations, current | 3 | ||
Lease and other financing obligations, noncurrent | $ 28 |
BUSINESS ACQUISITION (Details)
BUSINESS ACQUISITION (Details) $ / shares in Units, shares in Millions, $ in Millions | Apr. 18, 2019USD ($)$ / sharesshares |
Business Combination, Consideration Transferred [Abstract] | |
Newmont stock issued | $ 9,423 |
Cash paid to shareholders | 17 |
Other non-cash consideration | 16 |
Total consideration | $ 9,456 |
Stock issued in acquisition, shares | shares | 285 |
Stock issued in acquisition, price per share | $ / shares | $ 33.04 |
BUSINESS ACQUISITION - Purchase
BUSINESS ACQUISITION - Purchase price allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 18, 2019 | Dec. 31, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Investments | $ 237 | $ 48 | |
Goodwill | 2,674 | 58 | |
Silver streaming agreement | 1,058 | ||
Goldcorp debt, fair value | 7,068 | 4,229 | |
Net uncertain taxes payable | $ 17 | ||
North America | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | 1,964 | ||
South America | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | 442 | ||
Goldcorp [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Cash and cash equivalents | 117 | ||
Trade receivables | 95 | ||
Investments | 169 | ||
Equity method investments | 2,796 | ||
Inventories | 534 | ||
Stockpiles and ore on leach pads | 57 | ||
Property, plant and mine development | 11,054 | ||
Goodwill | 2,537 | ||
Deferred income tax assets | 205 | ||
Other assets | 510 | ||
Total assets | 18,074 | ||
Debt | 3,304 | ||
Accounts payable | 240 | ||
Employee-related benefits | 182 | ||
Income and mining taxes payable | 22 | ||
Lease and other financing obligations | 423 | ||
Reclamation and remediation liabilities | 882 | ||
Deferred income tax liabilities | 1,466 | ||
Silver streaming agreement | 1,165 | ||
Other liabilities | 934 | ||
Total liabilities | 8,618 | ||
Net assets acquired | 9,456 | ||
Goldcorp debt, fair value | $ 1,250 | ||
Uncertain income tax liabilities and interest | 458 | ||
Sales since acquisition | 2,074 | ||
Earnings since acquisition | $ 128 | ||
Goldcorp [Member] | North America | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | 2,095 | ||
Goldcorp [Member] | South America | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 442 |
BUSINESS ACQUISITION - Pro-form
BUSINESS ACQUISITION - Pro-forma information (Details) - Goldcorp [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Sales | $ 10,468 | $ 10,314 |
Net income (loss) | 2,666 | $ (2,898) |
Transaction costs | 217 | |
Pro Forma [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Transaction costs | $ 260 |
NEVADA GOLD MINES JOINT VENTU_3
NEVADA GOLD MINES JOINT VENTURE (Details) $ in Millions | Jul. 01, 2019USD ($)item | Apr. 18, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||
Gain on formation of Nevada Gold Mines | $ 2,390 | ||
Business Combination, Consideration Transferred [Abstract] | |||
Value of assets contributed | $ (9,456) | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest (as a percent) | 38.50% | 38.50% | |
Barrick Gold Corporation [Member] | Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Minority Interest Ownership Percentage By Parent | 61.50% | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Number of managers to appoint | item | 2 | ||
Gain on formation of Nevada Gold Mines | $ 2,390 | $ 2,390 | |
Business Combination, Consideration Transferred [Abstract] | |||
Fair value of interest received | 7,313 | ||
Value of assets contributed | $ (4,923) | ||
Nevada Gold Mines LLC NGM [Member] | Barrick Gold Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Number of managers to appoint | item | 3 |
NEVADA GOLD MINES JOINT VENTU_4
NEVADA GOLD MINES JOINT VENTURE - Net assets/liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jul. 01, 2019 | Dec. 31, 2018 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 2,674 | $ 58 | |
Nevada Gold Mines LLC NGM [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Inventories | $ 134 | ||
Stockpiles and ore on leach pads | 500 | ||
Property, plant and mine development | 7,050 | ||
Goodwill | 268 | ||
Other assets | 82 | ||
Total assets | 8,034 | ||
Accounts payable | 97 | ||
Income and mining taxes payable | 16 | ||
Reclamation and remediation liabilities | 308 | ||
Deferred income tax liabilities | 278 | ||
Other liabilities | 22 | ||
Total liabilities | 721 | ||
Net assets acquired | $ 7,313 |
NEVADA GOLD MINES JOINT VENTU_5
NEVADA GOLD MINES JOINT VENTURE - Other information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)T$ / T | Jul. 01, 2019USD ($) | Mar. 31, 2005USD ($) | |
Business Acquisition [Line Items] | |||
Transportation costs share (as a percent) | 50.00% | ||
Milling cost per ton | $ / T | 20 | ||
Corporate Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Amounts billed for transition services | $ 10 | ||
Employee lease charges | 213 | ||
Services provided under agreement | 1,002 | ||
Due to (from) related party | $ 120 | ||
Agreement term | 2 years | ||
Minimum | |||
Business Acquisition [Line Items] | |||
Toll mining agreement, monthly delivery (in tons) | T | 4,000 | ||
Maximum | |||
Business Acquisition [Line Items] | |||
Toll mining agreement, monthly delivery (in tons) | T | 8,333 | ||
2035 Senior Notes, net | |||
Business Acquisition [Line Items] | |||
Principal amount | $ 600 | ||
Debt instrument, interest rate, stated percentage | 5.88% | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Sales since acquisition | $ 1,022 | ||
Earnings since acquisition | $ 184 | ||
Nevada Gold Mines LLC NGM [Member] | 2035 Senior Notes, net | |||
Business Acquisition [Line Items] | |||
Principal amount | $ 600 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information Table (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 01, 2019 | |
Segment Information | |||||||||||||
Number of operating segments | segment | 5 | ||||||||||||
Number of reportable segments | segment | 5 | ||||||||||||
Sales (Note 6) | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 | ||
Depreciation and amortization | 1,960 | 1,215 | 1,261 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 415 | 350 | 322 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 3,693 | 738 | 1,072 | ||||||||||
Total Assets | 39,974 | 20,715 | $ 39,974 | 39,974 | 20,715 | 20,646 | |||||||
Capital Expenditures | 1,454 | 1,019 | 890 | ||||||||||
Additional disclosures | |||||||||||||
Increase (decrease) in accrued capital expenditures | (9) | (13) | 24 | ||||||||||
Consolidated capital expenditures on a cash basis | 1,463 | 1,032 | 866 | ||||||||||
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 5,195 | 4,093 | 4,062 | ||||||||||
Corporate and other | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 13 | 12 | 11 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 97 | 68 | 53 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 1,792 | (456) | (507) | ||||||||||
Total Assets | 4,516 | 3,459 | 4,516 | 4,516 | 3,459 | 3,597 | |||||||
Capital Expenditures | 32 | 13 | 10 | ||||||||||
Nevada | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,106 | 2,221 | 2,267 | ||||||||||
Nevada | Nevada Gold Mines [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,022 | ||||||||||||
Nevada | Carlin | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 533 | 1,173 | 1,228 | ||||||||||
Nevada | Phoenix | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 195 | 376 | 347 | ||||||||||
Nevada | Phoenix Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 151 | 291 | 259 | ||||||||||
Nevada | Phoenix Copper Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 44 | 85 | 88 | ||||||||||
Nevada | Twin Creeks | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 230 | 457 | 473 | ||||||||||
Nevada | Long Canyon | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 126 | 215 | 219 | ||||||||||
Nevada | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,106 | 2,221 | 2,267 | ||||||||||
Depreciation and amortization | 516 | 421 | 425 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 63 | 97 | 81 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 398 | (45) | 363 | ||||||||||
Total Assets | 8,096 | 5,883 | 8,096 | 8,096 | 5,883 | 6,091 | |||||||
Capital Expenditures | 257 | 293 | 270 | ||||||||||
Nevada | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 1,145 | 1,351 | 1,335 | ||||||||||
Nevada | Operating Segments | Nevada Gold Mines [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,022 | ||||||||||||
Depreciation and amortization | 298 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 22 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 203 | ||||||||||||
Total Assets | 8,096 | 8,096 | 8,096 | ||||||||||
Capital Expenditures | 138 | ||||||||||||
Nevada | Operating Segments | Nevada Gold Mines [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 494 | ||||||||||||
Nevada | Operating Segments | Carlin | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 533 | 1,173 | 1,228 | ||||||||||
Depreciation and amortization | 107 | 220 | 224 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 15 | 34 | 18 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 46 | 79 | 131 | ||||||||||
Total Assets | 2,242 | 2,242 | 2,299 | ||||||||||
Capital Expenditures | 64 | 153 | 174 | ||||||||||
Nevada | Operating Segments | Carlin | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 358 | 782 | 810 | ||||||||||
Nevada | Operating Segments | Phoenix | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 195 | 376 | 347 | ||||||||||
Depreciation and amortization | 42 | 62 | 62 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 1 | 5 | 5 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 29 | 32 | 30 | ||||||||||
Total Assets | 899 | 899 | 889 | ||||||||||
Capital Expenditures | 13 | 32 | 25 | ||||||||||
Nevada | Operating Segments | Phoenix | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 144 | 257 | 237 | ||||||||||
Nevada | Operating Segments | Phoenix Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 151 | 291 | 259 | ||||||||||
Depreciation and amortization | 33 | 47 | 47 | ||||||||||
Nevada | Operating Segments | Phoenix Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 116 | 202 | 182 | ||||||||||
Nevada | Operating Segments | Phoenix Copper Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 44 | 85 | 88 | ||||||||||
Depreciation and amortization | 9 | 15 | 15 | ||||||||||
Nevada | Operating Segments | Phoenix Copper Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 28 | 55 | 55 | ||||||||||
Nevada | Operating Segments | Twin Creeks | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 230 | 457 | 473 | ||||||||||
Depreciation and amortization | 31 | 61 | 64 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 5 | 12 | 9 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 89 | (146) | 168 | ||||||||||
Total Assets | 877 | 877 | 1,144 | ||||||||||
Capital Expenditures | 30 | 82 | 52 | ||||||||||
Nevada | Operating Segments | Twin Creeks | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 113 | 240 | 229 | ||||||||||
Nevada | Operating Segments | Long Canyon | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 126 | 215 | 219 | ||||||||||
Depreciation and amortization | 36 | 76 | 74 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 12 | 23 | 23 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 40 | 44 | 63 | ||||||||||
Total Assets | 1,008 | 1,008 | 1,083 | ||||||||||
Capital Expenditures | 7 | 11 | 10 | ||||||||||
Nevada | Operating Segments | Long Canyon | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 36 | 72 | 59 | ||||||||||
Nevada | Operating Segments | Other Nevada | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 2 | 2 | 1 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 8 | 23 | 26 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (9) | (54) | (29) | ||||||||||
Total Assets | 857 | 857 | 676 | ||||||||||
Capital Expenditures | 5 | 15 | 9 | ||||||||||
North America | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,017 | 450 | 585 | ||||||||||
North America | Cripple Creek and Victor mine | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 445 | 450 | 585 | ||||||||||
North America | Red Lake | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 159 | ||||||||||||
North America | Musselwhite | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 7 | ||||||||||||
North America | Porcupine | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 338 | ||||||||||||
North America | Eleonore | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 378 | ||||||||||||
North America | Penasquito | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 690 | ||||||||||||
North America | Penasquito Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 209 | ||||||||||||
North America | Penasquito Silver Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 253 | ||||||||||||
North America | Penasquito Lead Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 85 | ||||||||||||
North America | Penasquito Zinc Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 143 | ||||||||||||
North America | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,017 | 450 | 585 | ||||||||||
Depreciation and amortization | 534 | 83 | 127 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 60 | 10 | 10 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (110) | 89 | 156 | ||||||||||
Total Assets | 12,884 | 853 | 12,884 | 12,884 | 853 | 901 | |||||||
Capital Expenditures | 376 | 29 | 33 | ||||||||||
North America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 1,341 | 260 | 290 | ||||||||||
North America | Operating Segments | Cripple Creek and Victor mine | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 445 | 450 | 585 | ||||||||||
Depreciation and amortization | 95 | 83 | 127 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 13 | 10 | 10 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 39 | 89 | 156 | ||||||||||
Total Assets | 770 | 853 | 770 | 770 | 853 | 901 | |||||||
Capital Expenditures | 35 | 29 | 33 | ||||||||||
North America | Operating Segments | Cripple Creek and Victor mine | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 290 | 260 | 290 | ||||||||||
North America | Operating Segments | Red Lake | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 159 | ||||||||||||
Depreciation and amortization | 50 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 7 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (47) | ||||||||||||
Total Assets | 589 | 589 | 589 | ||||||||||
Capital Expenditures | 29 | ||||||||||||
North America | Operating Segments | Red Lake | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 136 | ||||||||||||
North America | Operating Segments | Musselwhite | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 7 | ||||||||||||
Depreciation and amortization | 28 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 7 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (6) | ||||||||||||
Total Assets | 1,301 | 1,301 | 1,301 | ||||||||||
Capital Expenditures | 60 | ||||||||||||
North America | Operating Segments | Musselwhite | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 13 | ||||||||||||
North America | Operating Segments | Porcupine | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 338 | ||||||||||||
Depreciation and amortization | 66 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 14 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 58 | ||||||||||||
Total Assets | 1,859 | 1,859 | 1,859 | ||||||||||
Capital Expenditures | 61 | ||||||||||||
North America | Operating Segments | Porcupine | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 185 | ||||||||||||
North America | Operating Segments | Eleonore | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 378 | ||||||||||||
Depreciation and amortization | 80 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 8 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 65 | ||||||||||||
Total Assets | 1,323 | 1,323 | 1,323 | ||||||||||
Capital Expenditures | 55 | ||||||||||||
North America | Operating Segments | Eleonore | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 214 | ||||||||||||
North America | Operating Segments | Penasquito | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 690 | ||||||||||||
Depreciation and amortization | 193 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 6 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (58) | ||||||||||||
Total Assets | 7,038 | 7,038 | 7,038 | ||||||||||
Capital Expenditures | 128 | ||||||||||||
North America | Operating Segments | Penasquito | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 503 | ||||||||||||
North America | Operating Segments | Penasquito Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 209 | ||||||||||||
Depreciation and amortization | 43 | ||||||||||||
North America | Operating Segments | Penasquito Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 116 | ||||||||||||
North America | Operating Segments | Penasquito Silver Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 253 | ||||||||||||
Depreciation and amortization | 66 | ||||||||||||
North America | Operating Segments | Penasquito Silver Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 181 | ||||||||||||
North America | Operating Segments | Penasquito Lead Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 85 | ||||||||||||
Depreciation and amortization | 29 | ||||||||||||
North America | Operating Segments | Penasquito Lead Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 77 | ||||||||||||
North America | Operating Segments | Penasquito Zinc Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 143 | ||||||||||||
Depreciation and amortization | 55 | ||||||||||||
North America | Operating Segments | Penasquito Zinc Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 129 | ||||||||||||
North America | Operating Segments | Other North America | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 22 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 5 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (161) | ||||||||||||
Total Assets | 4 | 4 | 4 | ||||||||||
Capital Expenditures | 8 | ||||||||||||
South America | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,971 | 1,336 | 1,314 | ||||||||||
South America | Yanacocha | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 735 | 659 | 671 | ||||||||||
South America | Merian | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 734 | 677 | 643 | ||||||||||
South America | Cerro Negro | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 502 | ||||||||||||
South America | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,971 | 1,336 | 1,314 | ||||||||||
Depreciation and amortization | 329 | 212 | 239 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 97 | 101 | 98 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 479 | 233 | 148 | ||||||||||
Total Assets | 7,815 | 4,194 | 7,815 | 7,815 | 4,194 | 4,048 | |||||||
Capital Expenditures | 297 | 198 | 156 | ||||||||||
South America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 907 | 700 | 742 | ||||||||||
South America | Operating Segments | Yanacocha | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 735 | 659 | 671 | ||||||||||
Depreciation and amortization | 113 | 108 | 134 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 24 | 54 | 41 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 83 | (6) | (77) | ||||||||||
Total Assets | 1,803 | 1,518 | 1,803 | 1,803 | 1,518 | 1,420 | |||||||
Capital Expenditures | 185 | 119 | 51 | ||||||||||
South America | Operating Segments | Yanacocha | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 400 | 425 | 504 | ||||||||||
South America | Operating Segments | Merian | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 734 | 677 | 643 | ||||||||||
Depreciation and amortization | 93 | 90 | 91 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 11 | 13 | 14 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 331 | 300 | 297 | ||||||||||
Total Assets | 990 | 1,036 | 990 | 990 | 1,036 | 967 | |||||||
Capital Expenditures | 56 | 78 | 105 | ||||||||||
South America | Operating Segments | Merian | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 297 | 275 | 238 | ||||||||||
South America | Operating Segments | Cerro Negro | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 502 | ||||||||||||
Depreciation and amortization | 111 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 22 | ||||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 132 | ||||||||||||
Total Assets | 2,213 | 2,213 | 2,213 | ||||||||||
Capital Expenditures | 55 | ||||||||||||
South America | Operating Segments | Cerro Negro | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 210 | ||||||||||||
South America | Operating Segments | Other South America | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 12 | 14 | 14 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 40 | 34 | 43 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (67) | (61) | (72) | ||||||||||
Total Assets | 2,809 | 1,640 | 2,809 | 2,809 | 1,640 | 1,661 | |||||||
Capital Expenditures | 1 | 1 | |||||||||||
Australia | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,166 | 2,180 | |||||||||||
Australia | Boddington | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,165 | 1,118 | 1,208 | ||||||||||
Australia | Boddington Copper Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 166 | 218 | 227 | ||||||||||
Australia | Boddington Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 999 | 900 | 981 | ||||||||||
Australia | Tanami | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 697 | 638 | 514 | ||||||||||
Australia | Kalgoorlie | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 319 | 410 | 458 | ||||||||||
Australia | Akyem | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,181 | ||||||||||||
Australia | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 2,181 | 2,166 | 2,180 | ||||||||||
Depreciation and amortization | 258 | 231 | 231 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 45 | 39 | 40 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 679 | 706 | 703 | ||||||||||
Total Assets | 3,610 | 3,489 | 3,610 | 3,610 | 3,489 | 3,261 | |||||||
Capital Expenditures | 246 | 182 | 214 | ||||||||||
Australia | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 1,174 | 1,232 | 1,155 | ||||||||||
Australia | Operating Segments | Boddington | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,165 | 1,118 | 1,208 | ||||||||||
Depreciation and amortization | 128 | 126 | 138 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 3 | 2 | |||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 330 | 293 | 369 | ||||||||||
Total Assets | 2,148 | 2,113 | 2,148 | 2,148 | 2,113 | 2,110 | |||||||
Capital Expenditures | 78 | 57 | 80 | ||||||||||
Australia | Operating Segments | Boddington | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 692 | 703 | 670 | ||||||||||
Australia | Operating Segments | Boddington Copper Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 166 | 218 | 227 | ||||||||||
Depreciation and amortization | 22 | 24 | 22 | ||||||||||
Australia | Operating Segments | Boddington Copper Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 117 | 132 | 108 | ||||||||||
Australia | Operating Segments | Boddington Gold Subsegment [Member] | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 999 | 900 | 981 | ||||||||||
Depreciation and amortization | 106 | 102 | 116 | ||||||||||
Australia | Operating Segments | Boddington Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 575 | 571 | 562 | ||||||||||
Australia | Operating Segments | Tanami | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 697 | 638 | 514 | ||||||||||
Depreciation and amortization | 96 | 75 | 67 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 12 | 17 | 21 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 314 | 251 | 181 | ||||||||||
Total Assets | 966 | 902 | 966 | 966 | 902 | 690 | |||||||
Capital Expenditures | 124 | 97 | 108 | ||||||||||
Australia | Operating Segments | Tanami | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 266 | 297 | 251 | ||||||||||
Australia | Operating Segments | Kalgoorlie | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 319 | 410 | 458 | ||||||||||
Depreciation and amortization | 27 | 24 | 20 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 6 | 10 | 9 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 67 | 170 | 190 | ||||||||||
Total Assets | 434 | 402 | 434 | 434 | 402 | 407 | |||||||
Capital Expenditures | 34 | 22 | 21 | ||||||||||
Australia | Operating Segments | Kalgoorlie | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 216 | 232 | 234 | ||||||||||
Australia | Operating Segments | Other Australia | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 7 | 6 | 6 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 24 | 12 | 8 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (32) | (8) | (37) | ||||||||||
Total Assets | 62 | 72 | 62 | 62 | 72 | 54 | |||||||
Capital Expenditures | 10 | 6 | 5 | ||||||||||
Africa | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,465 | 1,080 | 1,033 | ||||||||||
Africa | Ahafo | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 880 | 553 | 439 | ||||||||||
Africa | Akyem | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 585 | 527 | 594 | ||||||||||
Africa | Operating Segments | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 1,465 | 1,080 | 1,033 | ||||||||||
Depreciation and amortization | 310 | 256 | 228 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 53 | 35 | 40 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 455 | 211 | 209 | ||||||||||
Total Assets | 3,053 | 2,837 | 3,053 | 3,053 | 2,837 | 2,748 | |||||||
Capital Expenditures | 246 | 304 | 207 | ||||||||||
Africa | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 628 | 550 | 540 | ||||||||||
Africa | Operating Segments | Ahafo | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 880 | 553 | 439 | ||||||||||
Depreciation and amortization | 160 | 105 | 72 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 33 | 17 | 24 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 295 | 99 | 70 | ||||||||||
Total Assets | 2,057 | 1,869 | 2,057 | 2,057 | 1,869 | 1,690 | |||||||
Capital Expenditures | 213 | 264 | 181 | ||||||||||
Africa | Operating Segments | Ahafo | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 393 | 323 | 268 | ||||||||||
Africa | Operating Segments | Akyem | |||||||||||||
Segment Information | |||||||||||||
Sales (Note 6) | 585 | 527 | 594 | ||||||||||
Depreciation and amortization | 150 | 151 | 155 | ||||||||||
Advanced Projects, Research and Development, and Exploration | 14 | 13 | 10 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | 176 | 125 | 152 | ||||||||||
Total Assets | 993 | 966 | 993 | 993 | 966 | 1,057 | |||||||
Capital Expenditures | 33 | 40 | 26 | ||||||||||
Africa | Operating Segments | Akyem | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||||
Segment Information | |||||||||||||
Costs applicable to sales | 235 | 227 | 272 | ||||||||||
Africa | Operating Segments | Other Africa | |||||||||||||
Segment Information | |||||||||||||
Depreciation and amortization | 1 | ||||||||||||
Advanced Projects, Research and Development, and Exploration | 6 | 5 | 6 | ||||||||||
Income (Loss) before Income and Mining Tax and Other Items | (16) | (13) | (13) | ||||||||||
Total Assets | $ 3 | $ 2 | $ 3 | $ 3 | $ 2 | $ 1 | |||||||
Nevada Gold Mines LLC NGM [Member] | |||||||||||||
Segment Information | |||||||||||||
Ownership interest (as a percent) | 38.50% | 38.50% | 38.50% | 38.50% |
SEGMENT INFORMATION - Long-live
SEGMENT INFORMATION - Long-lived Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Information | ||
Long-Lived Assets | $ 29,795 | $ 14,618 |
U.S. | ||
Segment Information | ||
Long-Lived Assets | 8,357 | 5,968 |
Mexico | ||
Segment Information | ||
Long-Lived Assets | 6,482 | |
Canada | ||
Segment Information | ||
Long-Lived Assets | 4,599 | 206 |
Australia | ||
Segment Information | ||
Long-Lived Assets | 2,727 | 2,987 |
Ghana | ||
Segment Information | ||
Long-Lived Assets | 2,523 | 2,515 |
ARGENTINA | ||
Segment Information | ||
Long-Lived Assets | 2,066 | |
Peru | ||
Segment Information | ||
Long-Lived Assets | 2,227 | 2,117 |
Suriname | ||
Segment Information | ||
Long-Lived Assets | 812 | $ 825 |
Other Countries | ||
Segment Information | ||
Long-Lived Assets | $ 2 |
SEGMENT INFORMATION - Assets he
SEGMENT INFORMATION - Assets held for sale (Details) - USD ($) $ in Millions | Jan. 02, 2020 | Nov. 25, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Current assets held for sale | $ 1,023 | |||
Current liabilities held for sale | 343 | |||
Red Lake Complex [Member] | Disposal by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Current assets held for sale | 589 | |||
Current liabilities held for sale | 191 | |||
Red Lake Complex [Member] | Disposal by sale | Plan | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total cash proceeds | $ 375 | |||
Contingent consideration receivable | $ 100 | |||
Contingent consideration period | 15 years | |||
Kalgoorlie | Disposal by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Current assets held for sale | 434 | |||
Current liabilities held for sale | $ 152 | |||
Kalgoorlie | Disposal by sale | Subsequent Event [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total cash proceeds | $ 800 | |||
Ownership interest sold (as a percent) | 50.00% | |||
Proceeds allocated to purchaser rights | $ 25 | |||
Option period | 120 days | |||
Kalgoorlie | Disposal by sale | Forecast | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposal | $ 493 |
SALES - Disaggregation of reven
SALES - Disaggregation of revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SALES | |||||||||||
Total sales | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Sales related to streaming agreement | 37 | ||||||||||
Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 7,975 | 6,129 | 6,174 | ||||||||
Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 1,714 | 1,072 | 1,158 | ||||||||
Sales related to streaming agreement | 37 | ||||||||||
Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 51 | 52 | 47 | ||||||||
Nevada | |||||||||||
SALES | |||||||||||
Total sales | 2,106 | 2,221 | 2,267 | ||||||||
Nevada | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,941 | 1,972 | 2,051 | ||||||||
Nevada | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 137 | 197 | 169 | ||||||||
Nevada | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 28 | 52 | 47 | ||||||||
Nevada | Nevada Gold Mines [Member] | |||||||||||
SALES | |||||||||||
Total sales | 1,022 | ||||||||||
Nevada | Nevada Gold Mines [Member] | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,000 | ||||||||||
Nevada | Nevada Gold Mines [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 22 | ||||||||||
Nevada | Carlin | |||||||||||
SALES | |||||||||||
Total sales | 533 | 1,173 | 1,228 | ||||||||
Nevada | Carlin | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 533 | 1,173 | 1,228 | ||||||||
Nevada | Phoenix | |||||||||||
SALES | |||||||||||
Total sales | 195 | 376 | 347 | ||||||||
Nevada | Phoenix | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 52 | 127 | 131 | ||||||||
Nevada | Phoenix | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 115 | 197 | 169 | ||||||||
Nevada | Phoenix | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 28 | 52 | 47 | ||||||||
Nevada | Phoenix Copper Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 44 | 85 | 88 | ||||||||
Nevada | Phoenix Copper Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 16 | 33 | 41 | ||||||||
Nevada | Phoenix Copper Subsegment [Member] | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 28 | 52 | 47 | ||||||||
Nevada | Phoenix Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 151 | 291 | 259 | ||||||||
Nevada | Phoenix Gold Subsegment [Member] | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 52 | 127 | 131 | ||||||||
Nevada | Phoenix Gold Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 99 | 164 | 128 | ||||||||
Nevada | Twin Creeks | |||||||||||
SALES | |||||||||||
Total sales | 230 | 457 | 473 | ||||||||
Nevada | Twin Creeks | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 230 | 457 | 473 | ||||||||
Nevada | Long Canyon | |||||||||||
SALES | |||||||||||
Total sales | 126 | 215 | 219 | ||||||||
Nevada | Long Canyon | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 126 | 215 | 219 | ||||||||
North America | |||||||||||
SALES | |||||||||||
Total sales | 2,017 | 450 | 585 | ||||||||
North America | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,344 | 450 | 576 | ||||||||
North America | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 650 | 9 | |||||||||
North America | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 23 | ||||||||||
North America | Cripple Creek and Victor mine | |||||||||||
SALES | |||||||||||
Total sales | 445 | 450 | 585 | ||||||||
North America | Cripple Creek and Victor mine | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 445 | 450 | 576 | ||||||||
North America | Cripple Creek and Victor mine | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 9 | ||||||||||
North America | Red Lake | |||||||||||
SALES | |||||||||||
Total sales | 159 | ||||||||||
North America | Red Lake | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 159 | ||||||||||
North America | Musselwhite | |||||||||||
SALES | |||||||||||
Total sales | 7 | ||||||||||
North America | Musselwhite | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 7 | ||||||||||
North America | Porcupine | |||||||||||
SALES | |||||||||||
Total sales | 338 | ||||||||||
North America | Porcupine | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 338 | ||||||||||
North America | Eleonore | |||||||||||
SALES | |||||||||||
Total sales | 378 | ||||||||||
North America | Eleonore | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 378 | ||||||||||
North America | Penasquito | |||||||||||
SALES | |||||||||||
Total sales | 690 | ||||||||||
North America | Penasquito | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 17 | ||||||||||
North America | Penasquito | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 650 | ||||||||||
North America | Penasquito | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 23 | ||||||||||
North America | Penasquito Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 209 | ||||||||||
North America | Penasquito Gold Subsegment [Member] | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 17 | ||||||||||
North America | Penasquito Gold Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 177 | ||||||||||
North America | Penasquito Gold Subsegment [Member] | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 15 | ||||||||||
North America | Penasquito Lead Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 85 | ||||||||||
North America | Penasquito Lead Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 85 | ||||||||||
North America | Penasquito Silver Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 253 | ||||||||||
North America | Penasquito Silver Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 245 | ||||||||||
North America | Penasquito Silver Subsegment [Member] | Sales From Other Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 8 | ||||||||||
North America | Penasquito Zinc Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 143 | ||||||||||
North America | Penasquito Zinc Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 143 | ||||||||||
South America | |||||||||||
SALES | |||||||||||
Total sales | 1,971 | 1,336 | 1,314 | ||||||||
South America | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,971 | 1,336 | 1,314 | ||||||||
South America | Yanacocha | |||||||||||
SALES | |||||||||||
Total sales | 735 | 659 | 671 | ||||||||
South America | Yanacocha | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 735 | 659 | 671 | ||||||||
South America | Merian | |||||||||||
SALES | |||||||||||
Total sales | 734 | 677 | 643 | ||||||||
South America | Merian | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 734 | 677 | 643 | ||||||||
South America | Cerro Negro | |||||||||||
SALES | |||||||||||
Total sales | 502 | ||||||||||
South America | Cerro Negro | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 502 | ||||||||||
Australia | |||||||||||
SALES | |||||||||||
Total sales | 2,166 | 2,180 | |||||||||
Australia | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,291 | 1,200 | |||||||||
Australia | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 875 | 980 | |||||||||
Australia | Boddington | |||||||||||
SALES | |||||||||||
Total sales | 1,165 | 1,118 | 1,208 | ||||||||
Australia | Boddington | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 238 | 243 | 237 | ||||||||
Australia | Boddington | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 927 | 875 | 971 | ||||||||
Australia | Boddington Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 999 | 900 | 981 | ||||||||
Australia | Boddington Gold Subsegment [Member] | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 238 | 243 | 237 | ||||||||
Australia | Boddington Gold Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 761 | 657 | 744 | ||||||||
Australia | Boddington Copper Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 166 | 218 | 227 | ||||||||
Australia | Boddington Copper Subsegment [Member] | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 166 | 218 | 227 | ||||||||
Australia | Tanami | |||||||||||
SALES | |||||||||||
Total sales | 697 | 638 | 514 | ||||||||
Australia | Tanami | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 697 | 638 | 514 | ||||||||
Australia | Kalgoorlie | |||||||||||
SALES | |||||||||||
Total sales | 319 | 410 | 458 | ||||||||
Australia | Kalgoorlie | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 319 | 410 | 449 | ||||||||
Australia | Kalgoorlie | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 9 | ||||||||||
Australia | Akyem | |||||||||||
SALES | |||||||||||
Total sales | 2,181 | ||||||||||
Australia | Akyem | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,254 | ||||||||||
Australia | Akyem | Sales From Concentrate Production [Member] | |||||||||||
SALES | |||||||||||
Total sales | 927 | ||||||||||
Africa | |||||||||||
SALES | |||||||||||
Total sales | 1,465 | 1,080 | 1,033 | ||||||||
Africa | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 1,465 | 1,080 | 1,033 | ||||||||
Africa | Ahafo | |||||||||||
SALES | |||||||||||
Total sales | 880 | 553 | 439 | ||||||||
Africa | Ahafo | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 880 | 553 | 439 | ||||||||
Africa | Akyem | |||||||||||
SALES | |||||||||||
Total sales | 585 | 527 | 594 | ||||||||
Africa | Akyem | Gold Sales from Dore' Production | |||||||||||
SALES | |||||||||||
Total sales | 585 | 527 | 594 | ||||||||
Operating Segments | Nevada | |||||||||||
SALES | |||||||||||
Total sales | 2,106 | 2,221 | 2,267 | ||||||||
Operating Segments | Nevada | Nevada Gold Mines [Member] | |||||||||||
SALES | |||||||||||
Total sales | 1,022 | ||||||||||
Operating Segments | Nevada | Carlin | |||||||||||
SALES | |||||||||||
Total sales | 533 | 1,173 | 1,228 | ||||||||
Operating Segments | Nevada | Phoenix | |||||||||||
SALES | |||||||||||
Total sales | 195 | 376 | 347 | ||||||||
Operating Segments | Nevada | Phoenix Copper Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 44 | 85 | 88 | ||||||||
Operating Segments | Nevada | Phoenix Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 151 | 291 | 259 | ||||||||
Operating Segments | Nevada | Twin Creeks | |||||||||||
SALES | |||||||||||
Total sales | 230 | 457 | 473 | ||||||||
Operating Segments | Nevada | Long Canyon | |||||||||||
SALES | |||||||||||
Total sales | 126 | 215 | 219 | ||||||||
Operating Segments | North America | |||||||||||
SALES | |||||||||||
Total sales | 2,017 | 450 | 585 | ||||||||
Operating Segments | North America | Cripple Creek and Victor mine | |||||||||||
SALES | |||||||||||
Total sales | 445 | 450 | 585 | ||||||||
Operating Segments | North America | Red Lake | |||||||||||
SALES | |||||||||||
Total sales | 159 | ||||||||||
Operating Segments | North America | Musselwhite | |||||||||||
SALES | |||||||||||
Total sales | 7 | ||||||||||
Operating Segments | North America | Porcupine | |||||||||||
SALES | |||||||||||
Total sales | 338 | ||||||||||
Operating Segments | North America | Eleonore | |||||||||||
SALES | |||||||||||
Total sales | 378 | ||||||||||
Operating Segments | North America | Penasquito | |||||||||||
SALES | |||||||||||
Total sales | 690 | ||||||||||
Operating Segments | North America | Penasquito Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 209 | ||||||||||
Operating Segments | North America | Penasquito Lead Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 85 | ||||||||||
Operating Segments | North America | Penasquito Silver Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 253 | ||||||||||
Operating Segments | North America | Penasquito Zinc Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 143 | ||||||||||
Operating Segments | South America | |||||||||||
SALES | |||||||||||
Total sales | 1,971 | 1,336 | 1,314 | ||||||||
Operating Segments | South America | Yanacocha | |||||||||||
SALES | |||||||||||
Total sales | 735 | 659 | 671 | ||||||||
Operating Segments | South America | Merian | |||||||||||
SALES | |||||||||||
Total sales | 734 | 677 | 643 | ||||||||
Operating Segments | South America | Cerro Negro | |||||||||||
SALES | |||||||||||
Total sales | 502 | ||||||||||
Operating Segments | Australia | |||||||||||
SALES | |||||||||||
Total sales | 2,181 | 2,166 | 2,180 | ||||||||
Operating Segments | Australia | Boddington | |||||||||||
SALES | |||||||||||
Total sales | 1,165 | 1,118 | 1,208 | ||||||||
Operating Segments | Australia | Boddington Gold Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 999 | 900 | 981 | ||||||||
Operating Segments | Australia | Boddington Copper Subsegment [Member] | |||||||||||
SALES | |||||||||||
Total sales | 166 | 218 | 227 | ||||||||
Operating Segments | Australia | Tanami | |||||||||||
SALES | |||||||||||
Total sales | 697 | 638 | 514 | ||||||||
Operating Segments | Australia | Kalgoorlie | |||||||||||
SALES | |||||||||||
Total sales | 319 | 410 | 458 | ||||||||
Operating Segments | Africa | |||||||||||
SALES | |||||||||||
Total sales | 1,465 | 1,080 | 1,033 | ||||||||
Operating Segments | Africa | Ahafo | |||||||||||
SALES | |||||||||||
Total sales | 880 | 553 | 439 | ||||||||
Operating Segments | Africa | Akyem | |||||||||||
SALES | |||||||||||
Total sales | $ 585 | $ 527 | $ 594 |
SALES - Trade Receivables (Deta
SALES - Trade Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables from Sales: | |||
Total receivables from Sales | $ 373 | $ 254 | |
Increase (decrease) in Sales due to changes in final pricing | 2 | $ 23 | |
Impact to Sales due to changes in quantities resulting from assays | (5) | 1 | |
Gold Sales from Dore' Production | |||
Receivables from Sales: | |||
Total receivables from Sales | 27 | 40 | |
Sales From Other Production [Member] | |||
Receivables from Sales: | |||
Total receivables from Sales | 15 | 3 | |
Sales From Concentrate Production [Member] | |||
Receivables from Sales: | |||
Total receivables from Sales | $ 331 | $ 211 |
SALES - Silver Streaming Agreem
SALES - Silver Streaming Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
SALES | |
Streaming agreement, percentage of sales | 25.00% |
Inflation adjustment, as a percent | 1.65% |
Sales related to streaming agreement | $ 37 |
Liability related to streaming agreement | $ 1,127 |
SALES - Revenues by Location (D
SALES - Revenues by Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Sales related to streaming agreement | 37 | ||||||||||
United Kingdom | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 7,980 | 5,448 | 5,521 | ||||||||
Korea | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 538 | 237 | 384 | ||||||||
Philippines | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 293 | 254 | 310 | ||||||||
Germany | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 203 | 237 | 168 | ||||||||
Mexico | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 190 | ||||||||||
Japan | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 172 | 105 | 87 | ||||||||
Switzerland | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 120 | 677 | 657 | ||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 78 | 52 | 91 | ||||||||
Other Countries | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ 166 | $ 243 | $ 161 |
SALES - Concentration Risk (Det
SALES - Concentration Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Sales | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Sales Revenue, Product Line | JPMorgan Chase | Customers | Gold | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales | $ 1,780 | $ 2,295 | $ 1,400 | ||||||||
Percentage of sales by customer | 18.00% | 32.00% | 19.00% | ||||||||
Sales Revenue, Product Line | Toronto Dominion Bank | Customers | Gold | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales | $ 1,204 | $ 1,324 | $ 2,738 | ||||||||
Percentage of sales by customer | 12.00% | 18.00% | 37.00% | ||||||||
Sales Revenue, Product Line | Standard Chartered [Member] | Customers | Gold | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales | $ 2,907 | $ 1,164 | |||||||||
Percentage of sales by customer | 30.00% | 16.00% |
RECLAMATION AND REMEDIATION - E
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclamation and remediation expense | |||
Reclamation adjustment | $ 77 | $ 33 | $ 51 |
Reclamation accretion | 133 | 99 | 93 |
Total reclamation expense | 210 | 132 | 144 |
Remediation adjustment | 65 | 26 | 44 |
Remediation accretion | 5 | 5 | 4 |
Total remediation expense | 70 | 31 | 48 |
Reclamation and remediation | |||
Reclamation and remediation expense | |||
Cost of goods sold, Reclamation and remediation | $ 280 | $ 163 | $ 192 |
RECLAMATION AND REMEDIATION -_2
RECLAMATION AND REMEDIATION - Expense detail (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | $ 77 | $ 33 | $ 51 |
Remediation adjustment | 65 | 26 | 44 |
Yanacocha | |||
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | 62 | 14 | |
Con Mine | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | 9 | ||
Idarado Site [Member] | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | 8 | ||
Mule Canyon Mine [Member] | |||
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | 9 | ||
Northumberland Mine [Member] | |||
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | 4 | ||
Lone Tree [Member] | |||
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | 7 | ||
Carlin Remediation Site [Member] | |||
Environmental Exit Cost [Line Items] | |||
Reclamation adjustment | 9 | 35 | |
Woodcutters Remediation Site [Member] | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | 2 | ||
Resurrection Remediation Site [Member] | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | $ 2 | 9 | |
San Luis Remediation Site [Member] | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | 4 | ||
Midnite Mine And Dawn Mill Sites [Member] | |||
Environmental Exit Cost [Line Items] | |||
Remediation adjustment | $ 36 | $ 10 |
RECLAMATION AND REMEDIATION - R
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in reclamation liability | |||
Balance at beginning of period | $ 2,316 | $ 2,144 | |
Additions, changes in estimates and other | 287 | 106 | |
Acquisitions and divestitures | (11) | ||
Obligations included within liabilities held for sale | (153) | ||
Payments, net | (71) | (33) | |
Accretion expense | 133 | 99 | $ 93 |
Balance at end of period | 3,334 | 2,316 | 2,144 |
Change in remediation liability | |||
Balance at beginning of period | 279 | 304 | |
Additions, changes in estimates and other | 46 | 9 | |
Payments, net | (31) | (39) | |
Accretion expense | 5 | 5 | 4 |
Balance at end of period | 299 | 279 | 304 |
Accrual For Environmental Loss Contingencies And Asset Retirement Obligations [RollForward] | |||
Balance at beginning of period | 2,595 | 2,448 | |
Additions, changes in estimates and other | 333 | 115 | |
Acquisitions and divestitures | (11) | ||
Obligations included within liabilities held for sale | (153) | ||
Payments and other | (102) | (72) | |
Accretion expense | 138 | 104 | |
Balance at end of period | 3,633 | $ 2,595 | $ 2,448 |
Goldcorp [Member] | |||
Change in reclamation liability | |||
Acquisitions and divestitures | 882 | ||
Accrual For Environmental Loss Contingencies And Asset Retirement Obligations [RollForward] | |||
Acquisitions and divestitures | 882 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Change in reclamation liability | |||
Acquisitions and divestitures | (49) | ||
Accrual For Environmental Loss Contingencies And Asset Retirement Obligations [RollForward] | |||
Acquisitions and divestitures | $ (49) |
RECLAMATION AND REMEDIATION - A
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reclamation and remediation | |||
Asset retirement obligation | $ 3,334 | $ 2,316 | $ 2,144 |
Environmental remediation obligations | $ 299 | 279 | $ 304 |
Minimum | |||
Reclamation and remediation | |||
Loss accrual possible shortfall, as a percent | 0.00% | ||
Maximum | |||
Reclamation and remediation | |||
Loss accrual possible shortfall, as a percent | 37.00% | ||
Other current liabilities | |||
Reclamation and remediation | |||
Reclamation obligation, current | $ 125 | 65 | |
Remediation obligation, current | 44 | 49 | |
Other noncurrent assets | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 53 | 42 | |
Environmental remediation obligation restricted assets | 55 | 57 | |
Other noncurrent assets | Ahafo and Akyem Mines | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 47 | 32 | |
Other noncurrent assets | Nevada Locations [Member] | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 5 | ||
Environmental remediation obligation restricted assets | 5 | ||
Other noncurrent assets | Midnite Mine And Dawn Mill Sites [Member] | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 1 | ||
Environmental remediation obligation restricted assets | 31 | ||
Other noncurrent assets | Midnite Mine | |||
Reclamation and remediation | |||
Environmental remediation obligation restricted assets | 31 | ||
Other noncurrent assets | Con Mine | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 8 | ||
Other noncurrent assets | San Jose Reservoir | |||
Reclamation and remediation | |||
Asset retirement obligation restricted assets | 2 | ||
Environmental remediation obligation restricted assets | $ 24 | $ 21 |
IMPAIRMENT OF LONG-LIVED ASSE_3
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | $ 5 | $ 369 | $ 14 |
Inventory write-downs | 130 | 271 | 212 |
Depreciation and amortization | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Inventory write-downs | 5 | 2 | 2 |
Emigrant | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 35 | ||
Emigrant | Costs applicable to sales | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Inventory write-downs | 22 | ||
Emigrant | Depreciation and amortization | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Inventory write-downs | 7 | ||
Exploration Property | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 331 | ||
Yanacocha | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Inventory write-downs | 2 | 4 | |
South America | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 3 | 4 | |
Australia | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 6 | ||
Africa | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 1 | 2 | |
Nevada | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | 366 | ||
Corporate and other | |||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
Impairment of long-lived assets | $ 1 | $ 1 | $ 4 |
OTHER EXPENSE, NET (Details)
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and other | $ 12 | $ 20 | $ 14 |
Other | 36 | 9 | 18 |
Other expense, net | 295 | $ 29 | $ 32 |
Goldcorp [Member] | |||
Transaction, integration and implementation costs | 217 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Transaction, integration and implementation costs | $ 30 |
OTHER INCOME, NET - Components
OTHER INCOME, NET - Components (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER INCOME, NET | |||||
Change in fair value of investments | $ 166 | $ (50) | |||
Interest | 57 | 56 | $ 28 | ||
Insurance proceeds | 38 | 25 | 13 | ||
Gain (loss) on asset and investment sales, net | $ 26 | 30 | 100 | 23 | |
Restructuring and other | 20 | ||||
Foreign currency exchange, net | (7) | 42 | (28) | ||
Impairment of investments | $ (9) | (2) | (42) | 0 | |
Other | 25 | 24 | 18 | ||
Other Income, net | $ 327 | $ 155 | $ 54 |
OTHER INCOME, NET - Additional
OTHER INCOME, NET - Additional information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other information | ||||||
Insurance proceeds, gross | $ 125 | |||||
Insurance proceeds | 38 | $ 25 | $ 13 | |||
Business interruption loss | 38 | |||||
Offset to abnormal costs applicable to sales | 41 | |||||
Offset to accounts receivable | 46 | |||||
Gain (loss) on asset and investment sales, net | $ 26 | 30 | 100 | 23 | ||
Curtailment gain | 20 | |||||
Impairment, equity method investments | $ 33 | |||||
Impairment of investments (Note 10) | $ 9 | $ 2 | $ 42 | $ 0 | ||
Fort a' la Corne | ||||||
Other information | ||||||
Gain (loss) on asset and investment sales, net | $ 15 |
INCOME AND MINING TAXES - Tax b
INCOME AND MINING TAXES - Tax benefit (expense) - Current vs Deferred (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Current: United States | $ 2 | $ (18) | $ (40) |
Current: Foreign | (500) | (218) | (290) |
Current income taxes | (498) | (236) | (330) |
Deferred: | |||
Deferred: United States | (340) | (63) | (775) |
Deferred: Foreign | 6 | (87) | (22) |
Deferred income taxes | (334) | (150) | (797) |
Income and mining tax expense | $ (832) | $ (386) | $ (1,127) |
INCOME AND MINING TAXES - Domes
INCOME AND MINING TAXES - Domestic Vs Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before income and mining tax and other items | |||
United States | $ 2,396 | $ (247) | $ 243 |
Foreign | 1,297 | 985 | 829 |
Income (loss) before income and mining tax and other items | $ 3,693 | $ 738 | $ 1,072 |
INCOME AND MINING TAXES - Tax R
INCOME AND MINING TAXES - Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciling item, percentage | |||
U.S. Federal statutory tax rate (as a percent) | 21.00% | 21.00% | 35.00% |
Re-measurement due to the Tax Cuts and Jobs Act (as a percent) | (2.00%) | 29.00% | |
Tax Restructuring related to the Tax Cuts and Jobs Act (as a percent) | (4.00%) | 38.00% | |
Percentage depletion (as a percent) | (1.00%) | (7.00%) | (8.00%) |
Change in valuation allowance on deferred tax assets (as a percent) | (8.00%) | 24.00% | 7.00% |
Rate differential for foreign earnings indefinitely reinvested (as a percent) | 4.00% | 15.00% | |
Mining and other taxes (as a percent) | 3.00% | 9.00% | 4.00% |
Uncertain tax position reserve adjustment (as a percent) | 2.00% | (5.00%) | |
U.S. tax effect of noncontrolling interest attributable to non-U.S. investees | (1.00%) | (4.00%) | |
Effect of foreign earnings, net of credits (as a percent) | (2.00%) | (2.00%) | |
Tax impact of foreign exchange (as a percent) | (3.00%) | ||
Other (as a percent) | 4.00% | 3.00% | |
Income and mining tax expense (as a percent) | 23.00% | 52.00% | 105.00% |
Reconciling item, amount | |||
Income (loss) before income and mining tax and other items | $ 3,693 | $ 738 | $ 1,072 |
Tax at statutory rate | (776) | (155) | (375) |
Re-measurement due to the Tax Cuts and Jobs Act | 14 | (312) | |
Tax restructuring related to the Tax Cuts and Jobs Act | 34 | (394) | |
Percentage depletion | 55 | 49 | 81 |
Change in valuation allowance on deferred tax assets | 296 | (175) | (80) |
Rate differential for foreign earnings indefinitely reinvested | (140) | (111) | |
Mining and other taxes | (90) | (63) | (41) |
Uncertain tax position reserve adjustment | (70) | 34 | (4) |
U.S. tax effect of noncontrolling interest attributable to non-U.S. investees | 28 | 26 | (1) |
Effect of foreign earnings, net of credits | (73) | (18) | (4) |
Tax impact of foreign exchange | 96 | ||
Other | (158) | (21) | 3 |
Income and mining tax benefit (expense) | $ (832) | $ (386) | $ (1,127) |
INCOME AND MINING TAXES - Facto
INCOME AND MINING TAXES - Factors that impact tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | $ (296) | |
Tax expense associated with amendment of 2014 tax return | 150 | |
Tax expense due to expiration of capital loss carryovers | 34 | |
Tax benefit on formation of NGM | 58 | |
Tax expense for transaction costs on acquisition | 16 | |
Tax expense related to suspension of foreign tax rate reduction | $ 7 | |
Suspension period | 1 year | |
Current tax rate in Argentina | 30.00% | |
Tax rate in Argentina after approved reduction expected 2021 | 25.00% | |
Tax expense related to other permanent items | $ 9 | |
Foreign rate differential | $ 140 | $ 111 |
Consolidation of subsidiaries for tax purposes, ownership percentage considered | 100.00% | |
Other Countries | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | $ 22 | |
Valuation Allowance Of Deferred Tax Assets, Operating [Member] | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | (126) | |
Valuation Allowance Of Deferred Tax Assets, Foreign Tax Credit Carryovers [Member] | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | (162) | |
Valuation Allowance Of Deferred Tax Assets, Investments [Member] | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | (91) | |
Valuation Allowance Of Deferred Tax Assets, Capital Loss Carryovers [Member] | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | 45 | |
Valuation Allowance Of Deferred Tax Assets, Net Operating Losses [Member] | ||
Income Tax Disclosures [Line Items] | ||
Increase (decrease) in valuation allowance | $ 16 |
INCOME AND MINING TAXES - Compo
INCOME AND MINING TAXES - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Property, plant and mine development | $ 1,001 | $ 1,400 |
Inventory | 71 | 74 |
Reclamation and remediation | 771 | 543 |
Net operating losses, capital losses and tax credits | 1,683 | 1,078 |
Investment in partnerships and subsidiaries | 31 | 121 |
Employee-related benefits | 123 | 142 |
Derivative instruments and unrealized loss on investments | 85 | 84 |
Foreign Exchange and Financing Obligations | 159 | 87 |
Silver streaming agreement | 396 | |
Other | 224 | 164 |
Deferred tax assets gross | 4,544 | 3,693 |
Valuation allowances | (3,112) | (2,994) |
Deferred tax assets net | 1,432 | 699 |
Deferred income tax liabilities: | ||
Property, plant and mine development | (2,629) | (741) |
Inventory | 100 | 135 |
Derivative instruments and unrealized gain on investments | (508) | (5) |
Other | (53) | (29) |
Deferred tax liabilities | 3,290 | 910 |
Net deferred income tax assets (liabilities) | (1,858) | (211) |
Net deferred income tax assets and liabilities consist of: | ||
Non-current deferred income tax assets | 549 | 401 |
Non-current deferred income tax liabilities | (2,407) | (612) |
Net deferred income tax assets (liabilities) | $ (1,858) | $ (211) |
INCOME AND MINING TAXES - Valua
INCOME AND MINING TAXES - Valuation of Deferred Tax Assets (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Valuation of Deferred Tax Assets | |
Change in valuation allowance | $ (296) |
Reclassification to Assets Held For Sale | (371) |
Additions reflected in other components of the financial statements | 263 |
Goldcorp [Member] | |
Valuation of Deferred Tax Assets | |
Change in valuation allowance | 521 |
Other Countries | |
Valuation of Deferred Tax Assets | |
Change in valuation allowance | $ 22 |
INCOME AND MINING TAXES - Tax L
INCOME AND MINING TAXES - Tax Loss Carryforwards, Foreign Tax Credits, and AMT Credits (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Carryforwards | ||
Operating loss carryforwards | $ 1,754 | $ 659 |
Tax credit carryforwards | 658 | 703 |
Operating loss carryforwards not subject to expiration | 504 | 516 |
U.S. | Foreign Tax Credits | ||
Carryforwards | ||
Tax credit carryforward, not subject to expiration | 489 | 651 |
U.S. | AMT | ||
Carryforwards | ||
Tax credit carryforward, not subject to expiration | 35 | 26 |
Canada | ||
Carryforwards | ||
Operating loss carryforwards subject to expiration | 731 | |
Canada | Investment Tax Credit Carryforward [Member] | ||
Carryforwards | ||
Tax credit carryforwards | 134 | $ 26 |
Tax credit carryforward, subject to expiration | 84 | |
Tax credit carryforward, not subject to expiration | 50 | |
ARGENTINA | ||
Carryforwards | ||
Operating loss carryforwards subject to expiration | 103 | |
Mexico | ||
Carryforwards | ||
Operating loss carryforwards subject to expiration | $ 416 |
INCOME AND MINING TAXES - Unrec
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Unrecognized Tax Benefits | |||
Total amount of gross unrecognized tax benefits at beginning of year | $ 43 | $ 68 | $ 68 |
Additions due to acquisition | 350 | ||
Decreases for tax positions of prior years | (27) | ||
Additions for tax positions of prior years | 1 | 1 | |
Additions for tax positions of current year | 34 | 2 | 30 |
Reductions due to settlements with taxing authorities | (102) | (28) | |
Reductions due to lapse of statute of limitations | (3) | ||
Total amount of gross unrecognized tax benefits at end of year | $ 326 | $ 43 | $ 68 |
INCOME AND MINING TAXES - Unr_2
INCOME AND MINING TAXES - Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits, other information | ||||||
Unrecognized tax benefits affecting effective tax rate | $ 72 | $ 459 | $ 11 | $ 72 | ||
Increase (decrease) in income tax expense for adjustments, settlements, etc. | 150 | |||||
Interest and penalties for unrecognized tax benefits | 166 | 2 | ||||
Interest and penalties for unrecognized tax benefits recognized during the period, net | 29 | $ (17) | $ 2 | |||
Australian Taxation Office ("ATO") | ||||||
Unrecognized Tax Benefits, other information | ||||||
Amount of tax, interest and penalties asserted as disputed amount | 83 | |||||
Amount paid to preserve right to contest conclusions of ATO | $ 25 | |||||
Guatemalan Tax Authority [Member] | ||||||
Unrecognized Tax Benefits, other information | ||||||
Amount of tax, interest and penalties asserted as disputed amount | $ 6 | $ 17 | ||||
Minimum | ||||||
Unrecognized Tax Benefits, other information | ||||||
Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change | 95 | |||||
Maximum | ||||||
Unrecognized Tax Benefits, other information | ||||||
Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change | 150 | |||||
Goldcorp [Member] | ||||||
Unrecognized Tax Benefits, other information | ||||||
Additions due to acquisition, inclusive of interest and penalties | $ 417 |
EQUITY INCOME (LOSS) OF AFFIL_3
EQUITY INCOME (LOSS) OF AFFILIATES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity method investments | |||
Equity income (loss) of affiliates | $ 95 | $ (33) | $ (16) |
Pueblo Viejo Mine [Member] | |||
Equity method investments | |||
Equity income (loss) of affiliates | 124 | ||
Alumbrera Mine [Member] | |||
Equity method investments | |||
Equity income (loss) of affiliates | (15) | ||
Continental | |||
Equity method investments | |||
Equity income (loss) of affiliates | (6) | ||
Minera La Zanja S.R.L. | |||
Equity method investments | |||
Equity income (loss) of affiliates | (6) | (10) | (5) |
Norte Abierto Project [Member] | |||
Equity method investments | |||
Equity income (loss) of affiliates | (2) | ||
TMAC | |||
Equity method investments | |||
Equity income (loss) of affiliates | (1) | (16) | (6) |
Euronimba Ltd | |||
Equity method investments | |||
Equity income (loss) of affiliates | (1) | $ (7) | $ (5) |
Nueva Union Project [Member] | |||
Equity method investments | |||
Equity income (loss) of affiliates | 1 | ||
Maverix [Member] | |||
Equity method investments | |||
Equity income (loss) of affiliates | $ 1 |
DISCONTINUED OPERATIONS - Summa
DISCONTINUED OPERATIONS - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) from discontinued operations, net of tax | |||
Net income (loss) from discontinued operations (Note 13) | $ (72) | $ 61 | $ (38) |
Discontinued operations disposed of by sale | |||
Net income (loss) from discontinued operations, net of tax | |||
Net income (loss) from discontinued operations (Note 13) | (72) | 61 | (38) |
Holt Royalty obligation | Holloway Mining Company | Discontinued operations disposed of by sale | |||
Net income (loss) from discontinued operations, net of tax | |||
Net income (loss) from discontinued operations (Note 13) | (84) | 57 | (44) |
Batu Hijau contingent consideration | PTNNT | Discontinued operations disposed of by sale | |||
Net income (loss) from discontinued operations, net of tax | |||
Net income (loss) from discontinued operations (Note 13) | $ 12 | $ 4 | $ 6 |
DISCONTINUED OPERATIONS - Holt
DISCONTINUED OPERATIONS - Holt Royalty Obligation (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2011 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disposal group | ||||
Net income (loss) from discontinued operations (Note 13) | $ (72) | $ 61 | $ (38) | |
Holt Royalty obligation | ||||
Disposal group | ||||
Sliding scale royalty, percentage of net smelter returns | 0.013% | |||
Discontinued operations disposed of by sale | ||||
Disposal group | ||||
Net income (loss) from discontinued operations (Note 13) | (72) | 61 | (38) | |
Closing costs | 3 | |||
Holloway Mining Company | Discontinued operations disposed of by sale | Holt Royalty obligation | ||||
Disposal group | ||||
Fair value of royalty obligation | 257 | 161 | ||
Net income (loss) from discontinued operations (Note 13) | (84) | 57 | (44) | |
Income and mining tax benefit (expense) | 22 | (15) | 24 | |
Royalty paid | $ 10 | $ 10 | $ 12 |
NET INCOME (LOSS) ATTRIBUTABL_3
NET INCOME (LOSS) ATTRIBUTABLE TO NCI - Net Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | $ 79 | $ 39 | $ 5 |
Merian | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | 78 | 71 | 69 |
Yanacocha | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | $ 1 | (32) | (63) |
Net income (loss) attributable to redeemable noncontrolling interest | $ (1) | ||
Other | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Net income (loss) attributable to noncontrolling interests | $ (1) |
NET INCOME (LOSS) ATTRIBUTABL_4
NET INCOME (LOSS) ATTRIBUTABLE TO NCI - Ownership (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jul. 01, 2019 | Dec. 31, 2018 | Nov. 30, 2017 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Contingently redeemable noncontrolling interest (Note 14) | $ 47 | $ 47 | ||||
Yanacocha | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Percentage of total shares repurchased | 5.00% | |||||
Yanacocha | Summit Global Management II V B [Member] | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Proceeds from sale of stock | $ 48 | |||||
Percentage of total shares reissued | 5.00% | |||||
Amount required for repurchase of interest under terms of the transaction | $ 48 | |||||
Yanacocha | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Ownership/Economic interest in subsidiaries | 51.35% | 54.05% | 51.35% | 51.35% | ||
Yanacocha | Buenaventura | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Ownership/Economic interest in subsidiaries | 43.65% | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 45.95% | 43.65% | ||||
Nevada Gold Mines LLC NGM [Member] | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 38.50% | 38.50% | ||||
Primary Beneficiary | Merian | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||||
Ownership interest held (as a percent) | 75.00% |
NEWMONT EQUITY AND NET INCOME_3
NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 11, 2019 |
NET INCOME (LOSS) PER COMMON SHARE | ||||||||||||||
Common Stock Shares Authorized | 1,280,000,000 | 1,280,000,000 | 750,000,000 | 1,280,000,000 | 750,000,000 | 1,280,000,000 | ||||||||
Net income (loss) attributable to Newmont stockholders: | ||||||||||||||
Continuing operations | $ 537 | $ 2,226 | $ 1 | $ 113 | $ (3) | $ (161) | $ 274 | $ 170 | $ 2,877 | $ 280 | $ (76) | |||
Discontinued operations | $ 28 | $ (48) | $ (26) | $ (26) | $ 5 | $ 16 | $ 18 | $ 22 | (72) | 61 | (38) | |||
Net income (loss) attributable to Newmont stockholders | $ 2,805 | $ 341 | $ (114) | |||||||||||
Weighted average common shares (millions): | ||||||||||||||
Basic | 818,000,000 | 820,000,000 | 766,000,000 | 534,000,000 | 533,000,000 | 533,000,000 | 533,000,000 | 534,000,000 | 735,000,000 | 533,000,000 | 533,000,000 | |||
Effect of employee stock-based awards | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Diluted | 820,000,000 | 822,000,000 | 768,000,000 | 534,000,000 | 535,000,000 | 535,000,000 | 535,000,000 | 535,000,000 | 737,000,000 | 535,000,000 | 535,000,000 | |||
Net income (loss) per common share - Basic: | ||||||||||||||
Continuing operations (in dollars per share) | $ 0.66 | $ 2.72 | $ 0.21 | $ (0.31) | $ 0.52 | $ 0.32 | $ 3.92 | $ 0.53 | $ (0.14) | |||||
Discontinued operations (in dollars per share) | 0.03 | (0.06) | $ (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | ||||
Net income (loss) per common share, basic | 0.69 | 2.66 | (0.03) | 0.16 | (0.27) | 0.55 | 0.36 | 3.82 | 0.64 | (0.21) | ||||
Net income (loss) per common share - Diluted: | ||||||||||||||
Continuing operations (in dollars per share) | 0.66 | 2.71 | 0.21 | (0.31) | 0.51 | 0.32 | 3.91 | 0.53 | (0.14) | |||||
Discontinued operations (in dollars per share) | 0.03 | (0.06) | (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | ||||
Net income (loss) per common share, diluted | $ 0.69 | $ 2.65 | $ (0.03) | $ 0.16 | $ (0.27) | $ 0.54 | $ 0.36 | $ 3.81 | $ 0.64 | $ (0.21) | ||||
Stock issued in acquisition, shares | 285,000,000 | |||||||||||||
Repurchase and retirement of common stock (in shares) | 12,000,000 | 2,700,000 | ||||||||||||
Shares repurchased from Savings Plan participants | 700,000 | |||||||||||||
Repurchase and retirement of common stock | $ 506 | $ 479 | $ 98 | |||||||||||
Withholding of employee taxes related to stock-based compensation (in shares) | 1,400,000 | 1,000,000 | 400,000 |
EMPLOYEE-RELATED BENEFITS - Cur
EMPLOYEE-RELATED BENEFITS - Current and Long-Term Employee-Related Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current: | ||
Accrued payroll and withholding taxes | $ 320 | $ 263 |
Peruvian workers' participation | 17 | 19 |
Employee pension benefits | 7 | 5 |
Other post-retirement benefit plans | 6 | 6 |
Accrued severance | 1 | 2 |
Other employee-related payables | 10 | 10 |
Employee-related benefits, Current | 361 | 305 |
Non-current: | ||
Employee pension benefits | 115 | 149 |
Accrued severance | 228 | 163 |
Other post-retirement benefit plans | 80 | 76 |
Other employee-related payables | 25 | 13 |
Employee-related benefits, Non-current | $ 448 | $ 401 |
EMPLOYEE RELATED BENEFITS - Ben
EMPLOYEE RELATED BENEFITS - Benefit Obligations and Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Benefit Obligation: | |||
Actuarial loss (gain) | $ 147 | $ (92) | |
Pension Benefits | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 1,063 | 1,121 | |
Service cost | 31 | 31 | $ 29 |
Interest cost | 47 | 41 | 44 |
Actuarial loss (gain) | 141 | (87) | |
Foreign currency exchange (gain) loss | 1 | ||
Restructuring benefits | 8 | ||
Curtailments loss (gain) | (11) | ||
Amendments | (11) | ||
Benefits paid | (51) | (43) | |
Projected benefit obligation at end of year | 1,267 | 1,063 | 1,121 |
Accumulated benefit obligation | 1,256 | 1,038 | |
Change in Fair Value of Assets: | |||
Fair value of assets at beginning of year | 909 | 985 | |
Plans acquired | 41 | ||
Actual return on plan assets | 180 | (62) | |
Employer contributions | 65 | 29 | |
Foreign currency exchange (gain) loss | 1 | ||
Benefits paid | (51) | (43) | |
Fair value of assets at end of year | 1,145 | 909 | 985 |
Unfunded status, net | 122 | 154 | |
Pension Benefits | Goldcorp [Member] | |||
Change in Benefit Obligation: | |||
Plans acquired | 49 | ||
Other Benefits | |||
Change in Benefit Obligation: | |||
Service cost | 1 | 1 | 1 |
Interest cost | 4 | 3 | 4 |
Actuarial loss (gain) | 6 | (5) | |
Curtailments loss (gain) | (7) | ||
Benefits paid | (4) | (3) | |
Change in benefit obligation | 7 | ||
Accumulated benefit obligation | 86 | 82 | 86 |
Change in Fair Value of Assets: | |||
Fair value of assets at beginning of year | 0 | 0 | |
Employer contributions | 4 | 3 | |
Benefits paid | (4) | (3) | |
Fair value of assets at end of year | 0 | $ 0 | |
Unfunded status, net | 86 | $ 82 | |
Other Benefits | Goldcorp [Member] | |||
Change in Benefit Obligation: | |||
Plans acquired | $ 4 |
EMPLOYEE-RELATED BENEFITS - Net
EMPLOYEE-RELATED BENEFITS - Net Pension Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated other comprehensive income (loss): | ||||
Total equity | $ 22,370 | $ 11,465 | $ 11,519 | $ 11,785 |
Pension Benefits | ||||
Pension and other post-retirement costs, net | ||||
Accrued employee benefit liability | 122 | 154 | ||
Pension Benefits | Net pension and other benefits included in AOCI | ||||
Accumulated other comprehensive income (loss): | ||||
Net actuarial gain (loss) | (396) | (412) | ||
Prior service credit | 31 | 39 | ||
Accumulated other comprehensive income (loss) before tax | (365) | (373) | ||
Less: Income taxes | 73 | 78 | ||
Total equity | (292) | (295) | ||
Other Benefits | ||||
Pension and other post-retirement costs, net | ||||
Accrued employee benefit liability | 86 | 82 | ||
Other Benefits | Net pension and other benefits included in AOCI | ||||
Accumulated other comprehensive income (loss): | ||||
Net actuarial gain (loss) | 10 | 19 | ||
Prior service credit | 5 | 23 | ||
Accumulated other comprehensive income (loss) before tax | 15 | 42 | ||
Less: Income taxes | (4) | (9) | ||
Total equity | $ 11 | $ 33 |
EMPLOYEE-RELATED BENEFITS - N_2
EMPLOYEE-RELATED BENEFITS - Net Periodic Pension Costs and Components Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net periodic pension and other benefits costs | |||
(Gain) loss on curtailment | $ (20) | ||
Pension Benefits | |||
Net periodic pension and other benefits costs | |||
Service cost | 31 | $ 31 | $ 29 |
Interest cost | 47 | 41 | 44 |
Expected return on plan assets | (66) | (68) | (63) |
Amortization, net | 22 | 32 | 30 |
Net periodic benefit cost (credit) | 34 | 36 | 40 |
Settlements | 5 | ||
(Gain) loss on curtailment | (10) | ||
Restructuring (benefit) loss | 8 | ||
Total benefit cost (credit) | 32 | 36 | 45 |
Components recognized in Other comprehensive income (loss) | |||
Net loss (gain) | 2 | 42 | 5 |
Amortization, net | (22) | (32) | (30) |
Curtailments | 12 | ||
Settlements | (5) | ||
Total recognized in Other comprehensive income (loss) | (8) | 10 | (30) |
Total benefit cost (credit) and other comprehensive income (loss) | 24 | 46 | 15 |
Other Benefits | |||
Net periodic pension and other benefits costs | |||
Service cost | 1 | 1 | 1 |
Interest cost | 4 | 3 | 4 |
Amortization, net | (8) | (7) | (7) |
Net periodic benefit cost (credit) | (3) | (3) | (2) |
(Gain) loss on curtailment | (18) | ||
Total benefit cost (credit) | (21) | (3) | (2) |
Components recognized in Other comprehensive income (loss) | |||
Net loss (gain) | 8 | (6) | |
Amortization, net | 8 | 7 | 7 |
Curtailments | 11 | ||
Total recognized in Other comprehensive income (loss) | 27 | 1 | 7 |
Total benefit cost (credit) and other comprehensive income (loss) | $ 6 | $ (2) | $ 5 |
EMPLOYEE-RELATED BENEFITS - Sig
EMPLOYEE-RELATED BENEFITS - Significant Assumptions (Details) - item | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other information | |||
Expected long term return on plan assets for calculating benefit obligation | 6.75% | ||
Look-back period used for comparing actual returns to expected returns | 5 years | ||
Period for look-back of average actual return on plan assets | 31 years | ||
Actual return on plan assets | 8.36% | ||
Final Average Pay, number of years included in calculation | 5 years | ||
Pension Benefits | |||
Weighted-average assumptions used in measuring the Company?s benefit obligation: | |||
Discount rate (as a percent) | 3.49% | 4.40% | |
Weighted-average assumptions used in measuring the net periodic pension benefit cost: | |||
Discount long-term rate | 4.40% | 3.77% | 4.36% |
Expected return on plan assets | 6.75% | 7.25% | 7.25% |
Other information | |||
Number of calculation methods for salaried U.S. employees | 2 | ||
Other Benefits | |||
Weighted-average assumptions used in measuring the net periodic pension benefit cost: | |||
Discount long-term rate | 4.40% | 3.77% | 4.36% |
EMPLOYEE-RELATED BENEFITS - Ass
EMPLOYEE-RELATED BENEFITS - Asset Allocation (Details) - Pension Benefits | Dec. 31, 2019 |
U.S. equity investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 11.00% |
Actual asset allocation (as a percent) | 11.00% |
International equity investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 12.00% |
Actual asset allocation (as a percent) | 12.00% |
World Equity Fund [Member] | |
Pension and other post-retirement costs, net | |
Target asset allocation | 20.00% |
Actual asset allocation (as a percent) | 21.00% |
High Yield Fixed Income Investments [Member] | |
Pension and other post-retirement costs, net | |
Target asset allocation | 4.00% |
Actual asset allocation (as a percent) | 4.00% |
Fixed income investments | |
Pension and other post-retirement costs, net | |
Target asset allocation | 45.00% |
Actual asset allocation (as a percent) | 44.00% |
Other assets (combined) | |
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 (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Plan Assets: | |||
Fair value of assets | $ 1,145 | $ 909 | $ 985 |
Cash and Cash Equivalents | |||
Plan Assets: | |||
Fair value of assets | 4 | 3 | |
Commingled Funds | |||
Plan Assets: | |||
Fair value of assets | $ 1,141 | $ 906 |
EMPLOYEE-RELATED BENEFITS - Cha
EMPLOYEE-RELATED BENEFITS - Change in Assumed Health Care Cost Trend Rates (Details) - Other Benefits | Dec. 31, 2019 |
Assumed health care trend rates | |
Assumed health care cost trend rate for next fiscal year | 6.25% |
Assumed ultimate health care cost trend rate | 5.00% |
EMPLOYEE-RELATED BENEFITS - Cas
EMPLOYEE-RELATED BENEFITS - Cash Flows (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits | |
Cash Flows | |
2020 | $ 371 |
2021 | 62 |
2022 | 63 |
2023 | 64 |
2024 | 64 |
2025 - 2029 | 307 |
Other Benefits | |
Cash Flows | |
2020 | 6 |
2021 | 6 |
2022 | 6 |
2023 | 6 |
2024 | 6 |
2025 - 2029 | $ 27 |
EMPLOYEE-RELATED BENEFITS - Sav
EMPLOYEE-RELATED BENEFITS - Savings Plans (Details) - U.S. | 12 Months Ended |
Dec. 31, 2019plan | |
Qualified Plans | |
Savings Plans | |
Number of plans | 2 |
Percentage of employee contributions matched | 100.00% |
Qualified Plans | Maximum | |
Savings Plans | |
Maximum employer match, as a percentage of eligible earnings | 6.00% |
Qualified Defined Contribution Plan - Salaried and other non-union employees | |
Savings Plans | |
Number of plans | 1 |
Qualified Defined Contribution Plan - Hourly union employees | |
Savings Plans | |
Number of plans | 1 |
Non-qualified plan | |
Savings Plans | |
Number of plans | 1 |
Percentage of employee contributions matched | 100.00% |
Non-qualified plan | Maximum | |
Savings Plans | |
Maximum employer match, as a percentage of eligible earnings | 6.00% |
STOCK-BASED COMPENSATION - Gene
STOCK-BASED COMPENSATION - General Information (Details) $ / shares in Units, $ in Millions | Apr. 18, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | Dec. 31, 2017shares |
Stock-based compensation | ||||
Shares authorized for future stock incentive plan awards | 5,056,988 | |||
Purchase consideration from instruments exchanged or assumed | $ | $ 6 | |||
Employee Stock Options | ||||
Options granted (in shares) | 0 | 0 | 0 | |
Restricted Stock Units (RSUs) | ||||
Stock-based compensation | ||||
Stock award vesting period | 1 year | |||
Common shares received per each unit vested under award | 1 | |||
Goldcorp Restricted Stock Units RSU [Member] | ||||
Stock-based compensation | ||||
Number of instruments exchanged | 4,100,000 | |||
Acquisition date fair value | $ | $ 45 | |||
Newmont Restricted Stock Units [Member] | ||||
Stock-based compensation | ||||
Number of instruments exchanged | 1,400,000 | |||
Purchase consideration from instruments exchanged or assumed | $ | $ 4 | |||
Unrecognized fair value of instruments exchanged or assumed | $ | $ 41 | |||
Goldcorp Phantom Restricted Stock Units | ||||
Stock-based compensation | ||||
Number of instruments exchanged | 1,300,000 | |||
Number of instruments exchanged, after adjustment for relative share price | 400,000 | |||
Acquisition date fair value | $ | $ 14 | |||
Purchase consideration from instruments exchanged or assumed | $ | $ 1 | |||
Unrecognized fair value of instruments exchanged or assumed | $ | $ 10 | |||
Fair value per unit | $ / shares | $ 43.45 | |||
Expected life, other than options | 1 year | |||
Performance Stock Units (PSUs) | ||||
Stock-based compensation | ||||
Stock award vesting period | 3 years | |||
Goldcorp Performance Share Units [Member] | ||||
Stock-based compensation | ||||
Number of instruments exchanged | 2,400,000 | |||
Number of instruments exchanged, after adjustment for relative share price | 800,000 | |||
Acquisition date fair value | $ | $ 28 | |||
Purchase consideration from instruments exchanged or assumed | $ | $ 9 | |||
Unrecognized fair value of instruments exchanged or assumed | $ | $ 3 | |||
Fair value per unit | $ / shares | $ 43.45 | |||
Expected life, other than options | 1 year 3 months 18 days | |||
Historical price period | 30 days | |||
Performance multiplier (as a percent) | 100.00% | |||
Employee Stock Options | ||||
Employee Stock Options | ||||
Options outstanding (in shares) | 572,499 | |||
Options exercisable (in shares) | 572,499 | |||
Options outstanding - weighted-average exercise price (in dollars per share) | $ / shares | $ 57.64 | |||
Options exercisable - weighted-average exercise price | $ / shares | $ 57.64 | |||
Options outstanding - weighted average remaining contractual life | 1 year | |||
Options exercisable - weighted average remaining contractual life | 1 year | |||
Goldcorp Employee Stock Options [Member] | ||||
Stock-based compensation | ||||
Number of instruments exchanged | 3,600,000 | |||
Acquisition date fair value | $ | $ 2 | |||
Purchase consideration from instruments exchanged or assumed | $ | $ 2 | |||
Newmont Employee Stock Options [Member] | ||||
Stock-based compensation | ||||
Common shares received per each unit vested under award | 1 | |||
Number of instruments exchanged | 1,200,000 | |||
Employee Stock Options | ||||
Options outstanding (in shares) | 1,100,000 | |||
Options exercisable (in shares) | 1,100,000 | |||
Options outstanding - weighted-average exercise price (in dollars per share) | $ / shares | $ 54.70 | |||
Options exercisable - weighted-average exercise price | $ / shares | $ 54.70 | |||
Options outstanding - weighted average remaining contractual life | 2 years 8 months 12 days | |||
Options exercisable - weighted average remaining contractual life | 2 years 8 months 12 days | |||
Minimum | Restricted Stock Units (RSUs) | ||||
Stock-based compensation | ||||
Stock award vesting period | 3 years | |||
Minimum | Employee Stock Options | ||||
Stock-based compensation | ||||
Stock award vesting period | 3 years | |||
Maximum | Employee Stock Options | ||||
Employee Stock Options | ||||
Stock award expiration period | 10 years |
STOCK-BASED COMPENSATION - Acti
STOCK-BASED COMPENSATION - Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other information | |||
Liability for cash-based payment awards, current | $ 12 | ||
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Non-vested at beginning of year (in shares) | 2,166,698 | ||
Granted (in shares) | 2,949,003 | ||
Vested (in shares) | (1,695,287) | ||
Forfeited (in shares) | (352,246) | ||
Non-vested at end of year (in shares) | 3,068,168 | 2,166,698 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (in dollars per share) | $ 34.75 | ||
Granted (in dollars per share) | 34.95 | ||
Vested (in dollars per share) | 33.37 | ||
Forfeited (in dollars per share) | 36.43 | ||
Nonvested at end of year (in dollars per share) | $ 35.51 | $ 34.75 | |
Other information | |||
Total intrinsic value, vested shares (in dollars) | $ 60 | $ 46 | $ 43 |
Total fair value, vested shares (in dollars) | $ 56 | $ 46 | 43 |
Performance Stock Units (PSUs) | |||
Number of Shares | |||
Non-vested at beginning of year (in shares) | 2,244,031 | ||
Granted (in shares) | 1,773,870 | ||
Vested (in shares) | (1,936,556) | ||
Forfeited (in shares) | (127,548) | ||
Non-vested at end of year (in shares) | 1,953,797 | 2,244,031 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (in dollars per share) | $ 42.73 | ||
Granted (in dollars per share) | 39.31 | ||
Vested (in dollars per share) | 37.85 | ||
Forfeited (in dollars per share) | 42.66 | ||
Nonvested at end of year (in dollars per share) | $ 44.46 | $ 42.73 | |
Other information | |||
Total intrinsic value, vested shares (in dollars) | $ 71 | $ 68 | 56 |
Total fair value, vested shares (in dollars) | $ 39 | $ 68 | 56 |
Strategic stock units | |||
Other information | |||
Total intrinsic value, vested shares (in dollars) | 6 | ||
Total fair value, vested shares (in dollars) | $ 6 |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation | |||
Excess tax benefit recognized | $ 3 | $ 3 | $ 5 |
Unrecognized compensation | |||
Unrecognized compensation cost expected to be recognized on a weighted-average basis, period | 2 years | ||
Stock-based compensation: | |||
Stock-based compensation | $ 121 | 76 | 70 |
Restricted Stock Units (RSUs) | |||
Unrecognized compensation | |||
Unrecognized compensation cost related to unvested stock | 37 | ||
Stock-based compensation: | |||
Stock-based compensation | 68 | 45 | 34 |
Performance leveraged stock units | |||
Stock-based compensation: | |||
Stock-based compensation | 29 | $ 31 | 35 |
Goldcorp Performance Share Units [Member] | |||
Stock-based compensation: | |||
Stock-based compensation | 17 | ||
Goldcorp Phantom Restricted Stock Units | |||
Stock-based compensation: | |||
Stock-based compensation | 7 | ||
Strategic stock units | |||
Stock-based compensation: | |||
Stock-based compensation | $ 1 | ||
Performance Stock Units (PSUs) | |||
Unrecognized compensation | |||
Unrecognized compensation cost related to unvested stock | $ 33 |
FAIR VALUE ACCOUNTING - Recurri
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Restricted marketable debt securities (Note 20) | $ 54 | $ 51 |
Restricted other assets (Note 20) | 1 | 6 |
Maverix [Member] | ||
Assets: | ||
Marketable securities | 13 | 9 |
Fair Value | Recurring | ||
Assets: | ||
Cash and cash equivalents | 2,243 | 3,397 |
Restricted cash | 106 | 92 |
Continental conversion option (Note 20) | 51 | |
Restricted marketable debt securities (Note 20) | 54 | 51 |
Restricted other assets (Note 20) | 1 | 6 |
Batu Hijau contingent consideration | 38 | 26 |
Total assets | 3,239 | 3,908 |
Liabilities: | ||
Debt (2) | 7,068 | 4,229 |
Cash-settled Goldcorp share awards | 12 | |
Total liabilities | 7,338 | 4,395 |
Fair Value | Recurring | Holt Royalty obligation | ||
Liabilities: | ||
Holt royalty obligation (Note 27) | 257 | 161 |
Fair Value | Recurring | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable from provisional concentrate sales, net | 331 | 209 |
Fair Value | Recurring | Diesel derivative contracts | ||
Assets: | ||
Continental conversion option (Note 20) | 5 | |
Liabilities: | ||
Derivative instruments, net | 1 | |
Fair Value | Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 2,243 | 3,397 |
Restricted cash | 106 | 92 |
Restricted marketable debt securities (Note 20) | 23 | 21 |
Restricted other assets (Note 20) | 1 | 6 |
Total assets | 2,730 | 3,630 |
Fair Value | Recurring | Level 2 | ||
Assets: | ||
Continental conversion option (Note 20) | 51 | |
Restricted marketable debt securities (Note 20) | 31 | 30 |
Total assets | 432 | 252 |
Liabilities: | ||
Debt (2) | 7,068 | 4,229 |
Cash-settled Goldcorp share awards | 12 | |
Total liabilities | 7,081 | 4,234 |
Fair Value | Recurring | Level 2 | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable from provisional concentrate sales, net | 331 | 209 |
Fair Value | Recurring | Level 2 | Diesel derivative contracts | ||
Assets: | ||
Continental conversion option (Note 20) | 5 | |
Liabilities: | ||
Derivative instruments, net | 1 | |
Fair Value | Recurring | Level 3 | ||
Assets: | ||
Batu Hijau contingent consideration | 38 | 26 |
Total assets | 77 | 26 |
Liabilities: | ||
Total liabilities | 257 | 161 |
Fair Value | Recurring | Level 3 | Holt Royalty obligation | ||
Liabilities: | ||
Holt royalty obligation (Note 27) | 257 | 161 |
Fair Value | Recurring | Marketable equity securities | ||
Assets: | ||
Marketable securities | 376 | 127 |
Fair Value | Recurring | Marketable equity securities | Level 1 | ||
Assets: | ||
Marketable securities | 357 | 114 |
Fair Value | Recurring | Marketable equity securities | Level 2 | ||
Assets: | ||
Marketable securities | 19 | 13 |
Fair Value | Recurring | Marketable debt securities | ||
Assets: | ||
Marketable securities | 39 | |
Fair Value | Recurring | Marketable debt securities | Level 3 | ||
Assets: | ||
Marketable securities | 39 | |
Carrying value | ||
Liabilities: | ||
Debt (2) | $ 6,138 | $ 4,044 |
FAIR VALUE ACCOUNTING - Quantit
FAIR VALUE ACCOUNTING - Quantitative Information (Details) $ in Millions | Dec. 31, 2019USD ($)itemoz | Dec. 31, 2018USD ($)itemoz | Dec. 31, 2017USD ($) |
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 77 | $ 26 | $ 23 |
Financial liabilities, fair value | $ 257 | 161 | 243 |
Derivative Liability, Valuation Technique [Extensible List] | nem:MonteCarloMember | ||
Holt Royalty obligation | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | $ 257 | 161 | 243 |
Level 3 | Holt Royalty obligation | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial liabilities, fair value | $ 257 | $ 161 | |
Level 3 | Holt Royalty obligation | Discount Rate (as a percent) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Holt royalty obligation liability, measurement input | item | 0.0253 | 0.0411 | |
Level 3 | Holt Royalty obligation | Short-term price (in dollars per ounce or pound) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Holt royalty obligation liability, measurement input | item | 1,481 | 1,228 | |
Level 3 | Holt Royalty obligation | Long-term price (in dollars per ounce or pound) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Holt royalty obligation liability, measurement input | item | 1,300 | 1,300 | |
Level 3 | Holt Royalty obligation | Minimum | Production scenario | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Holt royalty obligation liability, measurement input | oz | 298 | 302 | |
Level 3 | Holt Royalty obligation | Maximum | Production scenario | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Holt royalty obligation liability, measurement input | oz | 1,613 | 1,544 | |
Continental debt/embedded derivative | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Derivative Asset, Valuation Technique [Extensible List] | nem:DiscountedCashFlowMember | ||
Continental debt/embedded derivative | Derivative assets | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 39 | $ 0 | |
Continental debt/embedded derivative | Level 3 | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 39 | ||
Continental debt/embedded derivative | Level 3 | Discount Rate (as a percent) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Derivative asset measurement input | 0.1106 | ||
Batu Hijau contingent consideration | Derivative assets | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 38 | 26 | $ 23 |
Derivative Asset, Valuation Technique [Extensible List] | nem:MonteCarloMember | ||
Batu Hijau contingent consideration | Level 3 | Derivative assets | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Financial assets, fair value | $ 38 | $ 26 | |
Batu Hijau contingent consideration | Level 3 | Derivative assets | Discount Rate (as a percent) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Derivative asset measurement input | item | 0.1490 | 0.1660 | |
Batu Hijau contingent consideration | Level 3 | Derivative assets | Short-term price (in dollars per ounce or pound) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Derivative asset measurement input | item | 2.67 | 2.80 | |
Batu Hijau contingent consideration | Level 3 | Derivative assets | Long-term price (in dollars per ounce or pound) | |||
Quantitative and Qualitative Information - Unobservable Inputs | |||
Derivative asset measurement input | item | 3 | 3 |
FAIR VALUE ACCOUNTING - Changes
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | $ 26 | $ 23 |
Additions and settlements | 33 | |
Revaluation | 18 | 3 |
Balance at end of period, assets | 77 | 26 |
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | 161 | 243 |
Settlements | (10) | (10) |
Revaluation | (106) | 72 |
Balance at end of period, liabilities | 257 | 161 |
Continental debt/embedded derivative | Other comprehensive income (loss) | ||
Summary of changes in Level 3 financial assets | ||
Revaluation | 4 | |
Continental debt/embedded derivative | Other income, net | ||
Summary of changes in Level 3 financial assets | ||
Revaluation | 2 | |
Holt Royalty obligation | ||
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | 161 | 243 |
Settlements | (10) | (10) |
Revaluation | (106) | 72 |
Balance at end of period, liabilities | 257 | 161 |
Derivative assets | Continental debt/embedded derivative | ||
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | 0 | |
Additions and settlements | 33 | |
Revaluation | 6 | |
Balance at end of period, assets | 39 | 0 |
Derivative assets | Batu Hijau contingent consideration | ||
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | 26 | 23 |
Revaluation | 12 | 3 |
Balance at end of period, assets | $ 38 | $ 26 |
FAIR VALUE ACCOUNTING - Nonrecu
FAIR VALUE ACCOUNTING - Nonrecurring measurement (Details) - Emigrant - Nonrecurring | Dec. 31, 2018 |
Discount Rate (as a percent) | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |
Derivative Asset, Measurement Input | 0.052 |
Short-term price (in dollars per ounce or pound) | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |
Derivative Asset, Measurement Input | 1,213 |
Long-term price (in dollars per ounce or pound) | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |
Derivative Asset, Measurement Input | 1,300 |
DERIVATIVE INSTRUMENTS - Diesel
DERIVATIVE INSTRUMENTS - Diesel Derivative Contracts Outstanding (Details) - Cash Flow Hedges bbl in Thousands, gal in Millions | 12 Months Ended |
Dec. 31, 2019$ / gal$ / bblgalbbl | |
Diesel derivative contracts | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 4 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.86 |
Diesel derivative contracts | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 238 |
Average rate ($/gallon or $/barrel) | $ / bbl | 79.78 |
Diesel forward contracts maturing in 2020 | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 3 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.86 |
Diesel forward contracts maturing in 2020 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 129 |
Average rate ($/gallon or $/barrel) | $ / bbl | 78.91 |
Diesel forward contracts maturing in 2021 | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 1 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.86 |
Diesel forward contracts maturing in 2021 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 102 |
Average rate ($/gallon or $/barrel) | $ / bbl | 81.15 |
Diesel forward contracts maturing in 2022 | South America | |
Derivative contracts | |
Average rate ($/gallon or $/barrel) | $ / gal | 1.82 |
Diesel forward contracts maturing in 2022 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 7 |
Average rate ($/gallon or $/barrel) | $ / bbl | 75.93 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value, Batu Hijau, Continental (Details) $ in Millions | Dec. 31, 2019USD ($) | Mar. 31, 2019$ / shares | Dec. 31, 2018USD ($) |
Batu Hijau contingent consideration | |||
Derivative contracts | |||
Fair Value of Derivative Instruments, Assets | $ 38 | $ 26 | |
Continental debt/embedded derivative | |||
Derivative contracts | |||
Fair Value of Derivative Instruments, Assets | 51 | ||
Convertible debt security | 50 | ||
Conversion price (in dollars per share) | $ / shares | $ 3 | ||
Cash Flow Hedges | Other current liabilities | |||
Derivative contracts | |||
Fair Value of Derivative Instruments, Liabilities | 2 | ||
Cash Flow Hedges | Other non-current liabilities | |||
Derivative contracts | |||
Fair Value of Derivative Instruments, Liabilities | $ 1 | $ 3 |
DERIVATIVE INSTRUMENTS - Provis
DERIVATIVE INSTRUMENTS - Provisional Sales (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)lboz$ / oz$ / lb | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Provisional Gold and Copper Sales - Embedded derivatives | |||
Increase (decrease) to Sales from provisional pricing mark-to-market | $ | $ 22 | $ (9) | $ 24 |
Gold Contracts - Embedded Derivative | |||
Provisional Gold and Copper Sales - Embedded derivatives | |||
Provisional pricing quantity sales (in ounces or pounds) | oz | 136,000 | ||
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz | 1,518 | ||
Embedded Derivative Silver Contract [Member] | |||
Provisional Gold and Copper Sales - Embedded derivatives | |||
Provisional pricing quantity sales (in ounces or pounds) | oz | 5,000,000 | ||
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz | 17.91 | ||
Embedded Derivative Lead Contract [Member] | |||
Provisional Gold and Copper Sales - Embedded derivatives | |||
Provisional pricing quantity sales (in ounces or pounds) | lb | 40,000,000 | ||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 0.88 | ||
Embedded Derivative Zinc Contract [Member] | |||
Provisional Gold and Copper Sales - Embedded derivatives | |||
Provisional pricing quantity sales (in ounces or pounds) | lb | 51,000,000 | ||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 1.05 | ||
Copper Contracts - Embedded Derivative | |||
Provisional Gold and Copper Sales - Embedded derivatives | |||
Provisional pricing quantity sales (in ounces or pounds) | lb | 15,000,000 | ||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 2.80 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | May 31, 2017 |
Fair/Equity Basis (1) | ||||
Total unrestricted investments | $ 3,199 | $ 271 | ||
Non-current restricted investments: (2) | ||||
Marketable debt securities | 54 | 51 | ||
Other assets | 1 | 6 | ||
Non-current restricted investments | $ 55 | 57 | ||
Pueblo Viejo Mine [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 40.00% | |||
Nueva Union Project [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 50.00% | |||
Norte Abierto Project [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 50.00% | |||
Continental | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 18.90% | 19.90% | ||
TMAC | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 28.00% | 28.60% | ||
Maverix [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 25.10% | |||
Alumbrera Mine [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 37.50% | |||
Minera La Zanja S.R.L. | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 46.90% | |||
Investments - current | Marketable equity securities | ||||
Fair/Equity Basis (1) | ||||
Marketable securities | $ 237 | 48 | ||
Investments - noncurrent | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 3,073 | 201 | ||
Total unrestricted investments | 3,199 | 271 | ||
Investments - noncurrent | Pueblo Viejo Mine [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 1,230 | |||
Investments - noncurrent | Nueva Union Project [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 940 | |||
Investments - noncurrent | Norte Abierto Project [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 478 | |||
Investments - noncurrent | Continental | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 164 | |||
Investments - noncurrent | TMAC | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 114 | 109 | ||
Investments - noncurrent | Maverix [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 93 | 85 | ||
Investments - noncurrent | Alumbrera Mine [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 54 | |||
Investments - noncurrent | Minera La Zanja S.R.L. | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 7 | |||
Investments - noncurrent | Marketable equity securities | ||||
Fair/Equity Basis (1) | ||||
Marketable securities | $ 126 | $ 70 |
INVESTMENTS - Purchases, Sales,
INVESTMENTS - Purchases, Sales, and Exchanges (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)shares | Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($)shares | Nov. 30, 2017USD ($)shares | Aug. 31, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | May 31, 2017USD ($)shares | Apr. 30, 2017USD ($)shares | Apr. 30, 2012USD ($) | Jun. 30, 2009USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019$ / shares | Sep. 30, 2018$ / shares | Nov. 30, 2017$ / shares | May 31, 2017$ / shares | Apr. 30, 2017$ / shares | |
Investments acquired | ||||||||||||||||||||||
Impairment of investments | $ (9) | $ (2) | $ (42) | $ 0 | ||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Total consideration paid | 112 | $ 39 | $ 130 | |||||||||||||||||||
Cash consideration | $ 17 | |||||||||||||||||||||
Pueblo Viejo Mine [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Due to (from) related party | $ 0 | 0 | ||||||||||||||||||||
Purchases | $ 445 | |||||||||||||||||||||
Pueblo Viejo Revolving Facility [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Margin added to base rate, as a percent | 2.09% | 2.09% | ||||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 70 | |||||||||||||||||||||
Credit facility, amount outstanding | $ 0 | $ 0 | ||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 40.00% | 40.00% | ||||||||||||||||||||
Continental debt/embedded derivative | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 3 | |||||||||||||||||||||
Convertible debt security | $ 50 | $ 50 | ||||||||||||||||||||
Pueblo Viejo Mine [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Impairment of investments | $ (326) | |||||||||||||||||||||
Funds advanced to equity method investee | $ 300 | $ 400 | ||||||||||||||||||||
Loan term | 12 years | 15 years | ||||||||||||||||||||
Base rate, as percentage of LIBOR | 95.00% | |||||||||||||||||||||
Margin added to base rate, as a percent | 2.95% | 2.95% | ||||||||||||||||||||
Share of loans included in investment | $ 425 | $ 425 | ||||||||||||||||||||
Interest receivable | $ 7 | $ 7 | ||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 40.00% | 40.00% | ||||||||||||||||||||
Nueva Union Project [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Impairment of investments | $ (67) | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | ||||||||||||||||||||
Norte Abierto Project [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Impairment of investments | $ (209) | |||||||||||||||||||||
Funds advanced to equity method investee | $ 154 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | ||||||||||||||||||||
Alumbrera Mine [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Impairment of investments | $ (67) | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 37.50% | 37.50% | ||||||||||||||||||||
Alumbrera Mine [Member] | Glencore [Member] | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | ||||||||||||||||||||
Alumbrera Mine [Member] | Yamana [Member] | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 12.50% | 12.50% | ||||||||||||||||||||
Alumbrera Mine [Member] | Plan | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 18.75% | |||||||||||||||||||||
Continental | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Derivative Asset | $ 39 | $ 39 | $ 73 | |||||||||||||||||||
Shares acquired | shares | 37,000,000 | |||||||||||||||||||||
Convertible debt security | $ 50 | |||||||||||||||||||||
Price paid per share | $ / shares | $ 3 | $ 4 | ||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Total consideration paid | $ 109 | |||||||||||||||||||||
Ownership interest (as a percent) | 18.90% | 18.90% | 19.90% | |||||||||||||||||||
Continental | Continental debt/embedded derivative | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Derivative Asset | $ 51 | $ 51 | ||||||||||||||||||||
Continental | Plan | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Proceeds from sale of equity investment | $ 260 | |||||||||||||||||||||
Midnite Mine | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Proceeds from sale of equity investment | $ 11 | |||||||||||||||||||||
Maverix [Member] | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 25.10% | 25.10% | ||||||||||||||||||||
Ownership interest held after transaction (as a percent) | 27.98% | |||||||||||||||||||||
TMAC | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Shares acquired | shares | 6,000,000 | 2,000,000 | ||||||||||||||||||||
Price paid per share | $ / shares | $ 4.25 | $ 7 | ||||||||||||||||||||
Equity method investment acquired | $ 19 | $ 12 | ||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 28.00% | 28.00% | 28.60% | |||||||||||||||||||
Minera La Zanja S.R.L. | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest (as a percent) | 46.90% | 46.90% | ||||||||||||||||||||
Fort a' la Corne | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Shares received from sale of investment | shares | 54,000,000 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest held before transaction (as a percent) | 31.00% | |||||||||||||||||||||
Shore Gold | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Fair value | $ 15 | |||||||||||||||||||||
Warrants received from sale of investment | shares | 1,000,000 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Ownership interest held after transaction (as a percent) | 19.90% | |||||||||||||||||||||
Goldstrike Resources | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Price paid per share | $ / shares | $ 0.47 | |||||||||||||||||||||
Number of units acquired | shares | 13,000,000 | |||||||||||||||||||||
Number of common shares included in each unit acquired | shares | 1 | |||||||||||||||||||||
Number of warrants included in each unit acquired | shares | 1 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Total consideration paid | $ 4 | |||||||||||||||||||||
Novo Resources Corp [Member] | ||||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Percentage of interest sold | 66.70% | |||||||||||||||||||||
Proceeds from sale of equity investment | $ 15 | |||||||||||||||||||||
Gain on sale of equity, before tax | $ 5 | |||||||||||||||||||||
Shares held after transaction | shares | 6,000,000 | |||||||||||||||||||||
Common Stock | Maverix [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Fair value | $ 78 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Shares received for royalty interests | shares | 60,000,000 | |||||||||||||||||||||
Warrant [Member] | Maverix [Member] | ||||||||||||||||||||||
Investments acquired | ||||||||||||||||||||||
Fair value | $ 5 | |||||||||||||||||||||
Investments sold or matured or called at par | ||||||||||||||||||||||
Shares received for royalty interests | shares | 10,000,000 |
INVENTORIES - Summary of Invent
INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, net | ||
Materials and supplies | $ 655 | $ 439 |
In-process | 189 | 104 |
Concentrate and copper cathode | 96 | 61 |
Precious metals | 74 | 26 |
Total inventories | $ 1,014 | $ 630 |
INVENTORIES - Additional Inform
INVENTORIES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVENTORIES | |||
Inventory write-downs | $ 130 | $ 271 | $ 212 |
Cripple Creek and Victor mine | |||
INVENTORIES | |||
Inventory write-downs | 10 | 5 | 4 |
Nevada Gold Mines [Member] | |||
INVENTORIES | |||
Inventory write-downs | 5 | ||
Carlin | |||
INVENTORIES | |||
Inventory write-downs | 2 | 4 | |
Phoenix | |||
INVENTORIES | |||
Inventory write-downs | 8 | 5 | 4 |
Twin Creeks | |||
INVENTORIES | |||
Inventory write-downs | 2 | ||
Yanacocha | |||
INVENTORIES | |||
Inventory write-downs | 2 | 4 | |
Costs applicable to sales | |||
INVENTORIES | |||
Inventory write-downs | 18 | 14 | 14 |
Depreciation and amortization | |||
INVENTORIES | |||
Inventory write-downs | $ 5 | $ 2 | $ 2 |
STOCKPILES AND ORE ON LEACH P_3
STOCKPILES AND ORE ON LEACH PADS - By location (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 812 | $ 697 |
Long-term stockpiles and ore on leach pads | 1,484 | 1,866 |
Stockpiles and ore on leach pads | 2,296 | 2,563 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 493 | 395 |
Long-term stockpiles and ore on leach pads | 1,154 | 1,429 |
Stockpiles and ore on leach pads | 1,647 | 1,824 |
Stockpiles | Cripple Creek and Victor mine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 6 | 23 |
Stockpiles | Musselwhite | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 53 | |
Stockpiles | Porcupine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 2 | |
Stockpiles | Eleonore | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1 | |
Stockpiles | Penasquito | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 193 | |
Stockpiles | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 55 | 71 |
Stockpiles | Merian | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 45 | 35 |
Stockpiles | Boddington | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 458 | 458 |
Stockpiles | Tanami | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 4 | 2 |
Stockpiles | Kalgoorlie | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 121 | |
Stockpiles | Ahafo | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 403 | 417 |
Stockpiles | Akyem | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 126 | 82 |
Stockpiles | Nevada Gold Mines [Member] | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 301 | |
Stockpiles | Carlin | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 263 | |
Stockpiles | Phoenix | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 32 | |
Stockpiles | Twin Creeks | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 320 | |
Ore on Leach Pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 319 | 302 |
Long-term stockpiles and ore on leach pads | 330 | 437 |
Stockpiles and ore on leach pads | 649 | 739 |
Ore on Leach Pads | Cripple Creek and Victor mine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 239 | 278 |
Ore on Leach Pads | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 181 | 173 |
Ore on Leach Pads | Nevada Gold Mines [Member] | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | $ 229 | |
Ore on Leach Pads | Carlin | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 186 | |
Ore on Leach Pads | Phoenix | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 32 | |
Ore on Leach Pads | Twin Creeks | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 25 | |
Ore on Leach Pads | Long Canyon | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | $ 45 |
STOCKPILES AND ORE ON LEACH P_4
STOCKPILES AND ORE ON LEACH PADS - Write-downs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Write-downs | |||
Inventory write-downs | $ 130 | $ 271 | $ 212 |
Cripple Creek and Victor mine | |||
Write-downs | |||
Inventory write-downs | 10 | 5 | 4 |
Yanacocha | |||
Write-downs | |||
Inventory write-downs | 2 | 4 | |
Nevada Gold Mines [Member] | |||
Write-downs | |||
Inventory write-downs | 5 | ||
Carlin | |||
Write-downs | |||
Inventory write-downs | 2 | 4 | |
Twin Creeks | |||
Write-downs | |||
Inventory write-downs | 2 | ||
Phoenix | |||
Write-downs | |||
Inventory write-downs | 8 | 5 | 4 |
Costs applicable to sales | Emigrant | |||
Write-downs | |||
Inventory write-downs | 22 | ||
Depreciation and amortization | |||
Write-downs | |||
Inventory write-downs | 5 | 2 | 2 |
Depreciation and amortization | Emigrant | |||
Write-downs | |||
Inventory write-downs | 7 | ||
Stockpiles and ore on leach pads | Cripple Creek and Victor mine | |||
Write-downs | |||
Inventory write-downs | 15 | 7 | |
Stockpiles and ore on leach pads | Yanacocha | |||
Write-downs | |||
Inventory write-downs | 21 | 51 | 70 |
Stockpiles and ore on leach pads | Boddington | |||
Write-downs | |||
Inventory write-downs | 22 | ||
Stockpiles and ore on leach pads | Akyem | |||
Write-downs | |||
Inventory write-downs | 34 | 56 | 45 |
Stockpiles and ore on leach pads | Nevada Gold Mines [Member] | |||
Write-downs | |||
Inventory write-downs | 18 | ||
Stockpiles and ore on leach pads | Carlin | |||
Write-downs | |||
Inventory write-downs | 44 | 152 | 83 |
Stockpiles and ore on leach pads | Twin Creeks | |||
Write-downs | |||
Inventory write-downs | 3 | 42 | 46 |
Stockpiles and ore on leach pads | Ahafo | |||
Write-downs | |||
Inventory write-downs | 46 | 31 | |
Stockpiles and ore on leach pads | Costs applicable to sales | |||
Write-downs | |||
Inventory write-downs | 112 | 257 | 198 |
Stockpiles and ore on leach pads | Depreciation and amortization | |||
Write-downs | |||
Inventory write-downs | $ 45 | $ 97 | $ 77 |
PROPERTY, PLANT AND MINE DEVE_3
PROPERTY, PLANT AND MINE DEVELOPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||
Cost | $ 36,966 | $ 27,369 |
Accumulated Depreciation | (11,690) | (15,111) |
Property, Plant and Equipment, Net, Total | $ 25,276 | 12,258 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net, Total | |
Land | ||
Property, Plant and Equipment | ||
Cost | $ 193 | 222 |
Property, Plant and Equipment, Net, Total | 193 | 222 |
Facilities and equipment | ||
Property, Plant and Equipment | ||
Cost | 17,676 | 16,661 |
Accumulated Depreciation | (8,385) | (10,683) |
Property, Plant and Equipment, Net, Total | 9,291 | 5,978 |
Finance Lease, Right-of-Use Asset | $ 740 | |
Facilities and equipment | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Facilities and equipment | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 27 years | |
Mine development | ||
Property, Plant and Equipment | ||
Cost | $ 3,427 | 5,598 |
Accumulated Depreciation | (2,037) | (3,314) |
Property, Plant and Equipment, Net, Total | $ 1,390 | 2,284 |
Mine development | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Mine development | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 18 years | |
Mineral interests | ||
Property, Plant and Equipment | ||
Cost | $ 13,581 | 2,658 |
Accumulated Depreciation | (1,268) | (1,114) |
Property, Plant and Equipment, Net, Total | 12,313 | 1,544 |
Mineral Interests, Cost | 13,581 | 2,658 |
Mineral Interests Accumulated Depreciation | (1,268) | (1,114) |
Mineral Interests Net Book Value | $ 12,313 | 1,544 |
Mineral interests | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Mineral interests | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 18 years | |
Production stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | $ 8,990 | 1,654 |
Mineral Interests Accumulated Depreciation | (1,268) | (1,114) |
Mineral Interests Net Book Value | $ 7,722 | 540 |
Production stage | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Production stage | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 18 years | |
Development stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | $ 1,106 | 59 |
Mineral Interests Net Book Value | 1,106 | 59 |
Exploration stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | 3,485 | 945 |
Mineral Interests Net Book Value | 3,485 | 945 |
Construction-in-progress | ||
Property, Plant and Equipment | ||
Cost | 2,089 | 2,230 |
Property, Plant and Equipment, Net, Total | $ 2,089 | $ 2,230 |
PROPERTY, PLANT AND MINE DEVE_4
PROPERTY, PLANT AND MINE DEVELOPMENT - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant And Mine Development | |||
Construction-in-progress | $ 2,089 | $ 2,230 | |
Costs capitalized during period | 1,454 | 1,019 | $ 890 |
North America | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 199 | 4 | |
South America | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 1,389 | 1,373 | |
Australia | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 141 | 324 | |
Africa | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 249 | 426 | |
Nevada | |||
Property, Plant And Mine Development | |||
Construction-in-progress | 95 | 96 | |
Conga | |||
Property, Plant And Mine Development | |||
Costs capitalized during period | $ 0 | $ 0 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 58 |
Reclassification to held for sale | (189) |
Goodwill, Ending Balance | 2,674 |
Goldcorp [Member] | |
Goodwill [Roll Forward] | |
Additions | 2,537 |
Goodwill, Ending Balance | 2,537 |
Nevada Gold Mines LLC NGM [Member] | |
Goodwill [Roll Forward] | |
Additions | 268 |
North America | |
Goodwill [Roll Forward] | |
Reclassification to held for sale | (131) |
Goodwill, Ending Balance | 1,964 |
North America | Goldcorp [Member] | |
Goodwill [Roll Forward] | |
Additions | 2,095 |
South America | |
Goodwill [Roll Forward] | |
Goodwill, Ending Balance | 442 |
South America | Goldcorp [Member] | |
Goodwill [Roll Forward] | |
Additions | 442 |
Australia | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 58 |
Reclassification to held for sale | (58) |
Nevada | |
Goodwill [Roll Forward] | |
Goodwill, Ending Balance | 268 |
Nevada | Nevada Gold Mines LLC NGM [Member] | |
Goodwill [Roll Forward] | |
Additions | $ 268 |
DEBT - Long-term Debt (Details)
DEBT - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||
Financing obligation, current | $ 626 | |
Total Debt Non-Current | $ 6,138 | 3,418 |
Long-term Debt, Fair Value | 7,068 | 4,229 |
2019 Senior Notes, net | ||
Debt | ||
Financing obligation, current | 626 | |
Long-term Debt, Fair Value | 641 | |
2021 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 553 | |
Long-term Debt, Fair Value | 562 | |
2022 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 988 | 987 |
Long-term Debt, Fair Value | 1,026 | 992 |
2023 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 1,012 | |
Long-term Debt, Fair Value | 1,050 | |
2029 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 688 | |
Long-term Debt, Fair Value | 700 | |
2035 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 575 | 594 |
Long-term Debt, Fair Value | 794 | 655 |
2039 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 859 | 859 |
Long-term Debt, Fair Value | 1,180 | 972 |
2042 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 985 | 984 |
Long-term Debt, Fair Value | 1,188 | 969 |
2044 Senior Notes, net | ||
Debt | ||
Total Debt Non-Current | 483 | |
Long-term Debt, Fair Value | 568 | |
Corporate Revolving Credit Facility | ||
Debt | ||
Debt issuance costs | $ (5) | $ (6) |
DEBT - Maturities of long term
DEBT - Maturities of long term debt (Details) $ in Millions | Dec. 31, 2019USD ($) |
Scheduled minimum debt repayments | |
2021 | $ 550 |
2022 | 992 |
2023 | 1,000 |
Debt repayments, thereafter | 3,624 |
Net carrying amount | $ 6,166 |
DEBT - Corporate Revolving Cred
DEBT - Corporate Revolving Credit Facilities (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2019 | Apr. 04, 2019 | Dec. 31, 2018 | |
Debt | ||||
Letters of credit, guarantees for reclamation obligations | $ 1,924 | $ 2,514 | ||
Goldcorp [Member] | ||||
Debt | ||||
Letters of credit outstanding | 424 | |||
Letters of credit, guarantees for reclamation obligations | 353 | |||
BNP Paribas | ||||
Debt | ||||
Line of credit facility maximum borrowing capacity | $ 175 | |||
Credit facility, amount outstanding | 170 | 172 | ||
Corporate Revolving Credit Facility | ||||
Debt | ||||
Line of credit facility maximum borrowing capacity | $ 3,000 | |||
Credit facility, amount outstanding | 0 | |||
Letter of Credit [Member] | ||||
Debt | ||||
Letters of credit outstanding | $ 60 | $ 86 | ||
Debt term | 3 years |
DEBT - 2017 Convertible Senior
DEBT - 2017 Convertible Senior Notes (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | |
Debt | |||
Debt payments | $ 575 | $ 1,876 | $ 379 |
2017 Convertible Senior Notes, net | |||
Debt | |||
Debt payments | $ 575 | ||
Interest expense, net | 5 | ||
Amortization of debt discount | $ 14 |
DEBT - 2019 and 2039 Senior Not
DEBT - 2019 and 2039 Senior Notes (Details) | Oct. 01, 2019USD ($) | Jul. 31, 2017USD ($) | Sep. 30, 2009USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Debt | ||||||
Debt payments | $ 575,000,000 | $ 1,876,000,000 | $ 379,000,000 | |||
2019 and 2039 Notes | ||||||
Debt | ||||||
Number of public offerings | item | 2 | |||||
2019 Senior Notes, net | ||||||
Debt | ||||||
Principal amount | $ 900,000,000 | |||||
Net proceeds | 895,000,000 | |||||
Debt instrument, interest rate, stated percentage | 5.125% | |||||
Amount of debt repurchased | $ 274,000,000 | |||||
Debt payments | $ 626,000,000 | |||||
2039 Senior Notes, net | ||||||
Debt | ||||||
Principal amount | 1,100,000,000 | |||||
Net proceeds | $ 1,080,000,000 | |||||
Debt instrument, interest rate, stated percentage | 6.25% | |||||
Amount of debt repurchased | $ 226,000,000 |
DEBT - 2021, 2023, 2024 Senior
DEBT - 2021, 2023, 2024 Senior Notes (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Apr. 18, 2019 |
Existing Goldcorp Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | $ 2,000 | |
Goldcorp Note 3.625 Percent Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | $ 472 | |
Goldcorp Note 3.70 Percent Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | 810 | |
Goldcorp Note 5.45 Percent Due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | 444 | |
New Newmont Note 3.625 Percent Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | $ 78 | |
Debt instrument, interest rate, stated percentage | 3.625% | |
New Newmont Note 3.70 Percent Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | $ 190 | |
Debt instrument, interest rate, stated percentage | 3.70% | |
New Newmont Note 5.45 Percent Due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument principal amount | $ 6 | |
Debt instrument, interest rate, stated percentage | 5.45% |
DEBT - 2022 and 2042 Senior Not
DEBT - 2022 and 2042 Senior Notes, 2029 Senior Notes (Details) | Oct. 01, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2012USD ($)item | Sep. 30, 2009USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2016USD ($) | Mar. 31, 2016USD ($) |
Debt | |||||||
Proceeds from issuance of debt, net | $ 690,000,000 | ||||||
2022 and 2042 Senior Notes | |||||||
Debt | |||||||
Number of public offerings | item | 2 | ||||||
2022 Senior Notes, net | |||||||
Debt | |||||||
Debt instrument principal amount | $ 1,500,000,000 | ||||||
Net proceeds | 1,479,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.50% | ||||||
Amount of debt repurchased | $ 508,000,000 | ||||||
2042 Senior Notes, net | |||||||
Debt | |||||||
Debt instrument principal amount | 1,000,000,000 | ||||||
Net proceeds | $ 983,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 4.88% | ||||||
2029 Senior Notes, net | |||||||
Debt | |||||||
Debt instrument principal amount | $ 700,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.80% | ||||||
Proceeds from issuance of debt, net | $ 690,000,000 | ||||||
2019 Senior Notes, net | |||||||
Debt | |||||||
Debt instrument principal amount | $ 900,000,000 | ||||||
Net proceeds | $ 895,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 5.125% | ||||||
Repayment of debt | $ 626,000,000 | ||||||
Amount of debt repurchased | $ 274,000,000 |
DEBT - 2035 Senior Notes and Ot
DEBT - 2035 Senior Notes and Other Activity (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Mar. 31, 2005 |
2035 Senior Notes, net | ||
Debt | ||
Debt instrument principal amount | $ 600 | |
Debt instrument, interest rate, stated percentage | 5.88% | |
Goldcorp Term Loan [Member] | ||
Debt | ||
Repayment of debt | $ 400 | |
Goldcorp Revolving Credit Facility [Member] | ||
Debt | ||
Repayment of debt | $ 850 |
DEBT - Debt Covenants (Details)
DEBT - Debt Covenants (Details) | Dec. 31, 2019 |
Corporate Revolving Credit Facility | Maximum | |
Information pertaining to debt | |
Debt to capitalization ratio, maximum allowed under covenant | 0.6250 |
LEASE AND OTHER FINANCING OBL_3
LEASE AND OTHER FINANCING OBLIGATIONS - Parameters and lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 22 | ||
Amortization of ROU assets | 78 | ||
Interest on lease liabilities | 34 | ||
Finance lease cost, total | 112 | ||
Variable lease cost | 350 | ||
Short-term lease cost | 46 | ||
Lease cost, Total | 530 | ||
Rent expense, pre-adoption | $ 51 | $ 43 | |
Operating cash flows relating to operating leases | 27 | ||
Operating cash flows relating to finance leases | 32 | ||
Financing cash flows relating to finance leases | 55 | ||
Operating lease obligations arising from obtaining ROU assets | 116 | ||
Finance lease obligations arising from obtaining ROU assets | $ 731 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | ||
Finance Lease, Weighted Average Remaining Lease Term | 12 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.31% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.60% | ||
Goldcorp [Member] | |||
Lease, Cost [Abstract] | |||
Operating lease obligations arising from obtaining ROU assets | $ 49 | ||
Finance lease obligations arising from obtaining ROU assets | 423 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Lease, Cost [Abstract] | |||
Operating lease obligations arising from obtaining ROU assets | 11 | ||
Finance lease obligations arising from obtaining ROU assets | $ 1 | ||
Minimum | |||
Lessee, Finance Lease, Description [Abstract] | |||
Finance lease, remaining term | 1 year | ||
Lessee, Operating Lease, Description [Abstract] | |||
Operating lease, remaining term | 1 year | ||
Maximum | |||
Lessee, Finance Lease, Description [Abstract] | |||
Finance lease, remaining term | 38 years | ||
Lessee, Finance Lease, Renewal Term | 15 years | ||
Finance lease termination period | 2 years | ||
Lessee, Operating Lease, Description [Abstract] | |||
Operating lease, remaining term | 38 years | ||
Lessee, Operating Lease, Renewal Term | 15 years | ||
Operating lease termination period | 2 years |
LEASE AND OTHER FINANCING OBL_4
LEASE AND OTHER FINANCING OBLIGATIONS - Maturities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 28 |
2021 | 18 |
2022 | 11 |
2023 | 7 |
2024 | 5 |
Thereafter | 18 |
Total future minimum lease payments | 87 |
Less: Imputed interest | (12) |
Operating lease liability | $ 75 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities Noncurrent |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 101 |
2021 | 99 |
2022 | 88 |
2023 | 81 |
2024 | 72 |
Thereafter | 536 |
Total future minimum lease payments | 977 |
Less: Imputed interest | (281) |
Finance Lease, Liability | $ 696 |
LEASE AND OTHER FINANCING OBL_5
LEASE AND OTHER FINANCING OBLIGATIONS - Additional information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Finance Lease, Description [Abstract] | ||||
Number of on-site power stations | item | 2 | |||
Financing obligation, current, ASC840 | $ 27 | |||
Finance lease obligation, ASC842 | $ 696 | |||
Future operating lease, liability | $ 65 | |||
Future operating lease, term | 13 years | |||
Tanami Power project | ||||
Lessee, Finance Lease, Description [Abstract] | ||||
Financing obligation, ASC840 | 210 | |||
Financing obligation, current, ASC840 | 24 | |||
Finance lease obligation, ASC842 | $ 189 | |||
Finance lease obligation, current portion, ASC842 | $ 26 | |||
Obligation from build-to-suit arrangements | $ 196 | $ 14 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other current liabilities: | ||
Accrued operating costs | $ 210 | $ 129 |
Reclamation and remediation liabilities | 169 | 114 |
Payables to joint venture partners | 75 | |
Silver streaming agreement | 69 | |
Royalties | 60 | 63 |
Accrued interest | 60 | 52 |
Accrued capital expenditures | 58 | 61 |
Taxes other than income and mining | 47 | 8 |
Operating leases, current | 28 | |
Holt royalty obligation | 14 | 12 |
Other | 90 | 16 |
Other current liabilities, total | 880 | 455 |
Other non-current liabilities: | ||
Income and mining taxes | 445 | 17 |
Holt property royalty | 243 | 149 |
Operating leases, non-current | 47 | |
Social development obligations | 18 | 18 |
Power supply agreements | 28 | |
Other | 62 | 13 |
Other long-term liabilities, total | $ 1,061 | 314 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities, total | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities, total | |
Unrecognized tax benefits, interest and penalties included in Income and mining taxes | $ 445 | |
Additions due to acquisition | 350 | |
Norte Abierto Project [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 154 | |
Galore Creek [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 92 | $ 89 |
Goldcorp [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 154 | |
Additions due to acquisition | $ 396 |
RECLASSIFICATIONS OUT OF AOCI -
RECLASSIFICATIONS OUT OF AOCI - Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | $ 11,465 | $ 11,519 | $ 11,785 |
Cumulative effect adjustment | (9) | ||
Other comprehensive income (loss) | 19 | (11) | 42 |
Balance at end of period | 22,370 | 11,465 | 11,519 |
Unrealized gain (loss) on marketable securities, net | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | (116) | ||
Gain (loss) in other comprehensive income (loss) before reclassifications | 5 | 1 | |
Other comprehensive income (loss) | 5 | 1 | |
Balance at end of period | 5 | (116) | |
Foreign Currency Translation Adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | 118 | 130 | |
Gain (loss) in other comprehensive income (loss) before reclassifications | 1 | (12) | |
Other comprehensive income (loss) | 1 | (12) | |
Balance at end of period | 119 | 118 | 130 |
Pension and other post-retirement benefit adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | (262) | (208) | |
Gain (loss) in other comprehensive income (loss) before reclassifications | (10) | (29) | |
(Gain) loss reclassified from accumulated other comprehensive income (loss) | (9) | 20 | |
Other comprehensive income (loss) | (19) | (9) | |
Balance at end of period | (281) | (262) | (208) |
Unrealized Gain (Loss) on Cash flow Hedge Instruments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Gain (loss) in other comprehensive income (loss) before reclassifications | 20 | ||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 12 | ||
Other comprehensive income (loss) | 32 | ||
Balance at end of period | (108) | ||
Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | (140) | (98) | |
Gain (loss) in other comprehensive income (loss) before reclassifications | (3) | ||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 12 | ||
Other comprehensive income (loss) | 9 | ||
Balance at end of period | (140) | (98) | |
Accumulated Other Comprehensive Income (Loss) | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Balance at beginning of period | (284) | (292) | (334) |
Gain (loss) in other comprehensive income (loss) before reclassifications | 16 | (43) | |
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 3 | 32 | |
Other comprehensive income (loss) | 19 | (11) | 42 |
Balance at end of period | $ (265) | $ (284) | (292) |
Accounting Standards Update 2016-01 | Unrealized gain (loss) on marketable securities, net | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Cumulative effect adjustment | 115 | ||
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income (Loss) | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Cumulative effect adjustment | 115 | ||
Accounting Standards Update 2018-02 | Pension and other post-retirement benefit adjustments | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Cumulative effect adjustment | (45) | ||
Accounting Standards Update 2018-02 | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Cumulative effect adjustment | (51) | ||
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive Income (Loss) | |||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||
Cumulative effect adjustment | $ (96) |
RECLASSIFICATIONS OUT OF AOCI_2
RECLASSIFICATIONS OUT OF AOCI - Reclassifications (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Other income, net | $ (327) | $ (155) | $ (54) |
Depreciation and amortization | 1,960 | 1,215 | 1,261 |
Interest expense, net | 301 | 207 | 241 |
Total before tax | (3,693) | (738) | (1,072) |
Tax | 832 | 386 | 1,127 |
Net of tax | (2,884) | (380) | 109 |
Pension and other post-retirement benefit adjustments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | (9) | 20 | |
Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 12 | ||
Unrealized Gain (Loss) on Cash flow Hedge Instruments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 12 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 3 | 32 | 38 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Unrealized gain (loss) on marketable securities, net | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Other income, net | (5) | ||
Total before tax | (5) | ||
Net of tax | (5) | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Pension and other post-retirement benefit adjustments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Total before tax | (9) | 25 | 28 |
Tax | (5) | (10) | |
Net of tax | (9) | 20 | 18 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Accumulated defined benefit pension plans adjustment, amortization | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Other income, net | 14 | 25 | 23 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Accumulated defined benefit pension plans adjustment, curtailment | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Other income, net | (23) | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Accumulated defined benefit pension plans adjustment, settlements | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Other income, net | 5 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Total before tax | 37 | ||
Tax | (12) | ||
Net of tax | 25 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Unrealized Gain (Loss) on Cash flow Hedge Instruments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Total before tax | 14 | 16 | |
Tax | (2) | (4) | |
Net of tax | 12 | 12 | |
Reclassification Out of Accumulated Other Comprehensive Income Member | Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Costs applicable to sales | 27 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Costs applicable to sales | 3 | 6 | |
Reclassification Out of Accumulated Other Comprehensive Income Member | Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Interest expense, net | $ 10 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments | |||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Interest expense, net | $ 11 | $ 10 |
NET CHANGE IN OPERATING ASSET_3
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Decrease (increase) in operating assets: | ||||
Trade and other receivables | $ (193) | $ (109) | $ 35 | |
Inventories, stockpiles and ore on leach pads | (132) | (250) | (204) | |
Other assets | 29 | (49) | (52) | |
Increase (decrease) in operating liabilities: | ||||
Accounts payable | 144 | (73) | 49 | |
Reclamation and remediation liabilities | (102) | (72) | (78) | |
Payment of accreted interest from debt discount | $ (196) | (196) | ||
Other accrued liabilities | (55) | (190) | 54 | |
Net change in operating assets and liabilities | (309) | $ (743) | (392) | |
Term loan repaid | $ 575 | $ 1,876 | $ 379 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income and mining taxes, net of refunds | $ 437 | $ 429 | $ 214 |
Interest, net of amounts capitalized | $ 273 | $ 188 | $ 435 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-cash Financing Activities | |||
Dividends declared | $ 895 | $ 301 | $ 134 |
Dividends paid | 889 | 301 | 134 |
Cash calls requested from noncontrolling interest | 95 | 99 | 97 |
Funding from noncontrolling interests | 93 | 100 | 94 |
Distributions declared to noncontrolling interests | 187 | 160 | 170 |
Payments of distributions to noncontrolling interests | 186 | 160 | 178 |
Noncontrolling Interests | |||
Non-cash Financing Activities | |||
Distributions declared to noncontrolling interests | $ 187 | $ 160 | $ 170 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Additional Information (Details) | Dec. 31, 2019 |
Newmont USA | |
Condensed Financial Statements | |
Percent ownership held by Newmont | 100.00% |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidating Statement of Operations | |||||||||||
Sales | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Costs and expenses | |||||||||||
Depreciation and amortization | 1,960 | 1,215 | 1,261 | ||||||||
Advanced projects, research and development | 150 | 153 | 143 | ||||||||
General and administrative | 313 | 244 | 237 | ||||||||
Impairment of long-lived assets | 5 | 369 | 14 | ||||||||
Other expense, net | 295 | 29 | 32 | ||||||||
Total costs and expenses | 8,463 | 6,463 | 6,120 | ||||||||
Other income (expense): | |||||||||||
Gain on formation of Nevada Gold Mines | 2,390 | ||||||||||
Other income, net | 327 | 155 | 54 | ||||||||
Interest expense, net of capitalized interest | (301) | (207) | (241) | ||||||||
Total other income (expense) | 2,416 | (52) | (187) | ||||||||
Income (loss) before income and mining tax and other items | 3,693 | 738 | 1,072 | ||||||||
Income and mining tax benefit (expense) | (832) | (386) | (1,127) | ||||||||
Equity income (loss) of affiliates | 95 | (33) | (16) | ||||||||
Net income (loss) from continuing operations | 2,956 | 319 | (71) | ||||||||
Net income (loss) from discontinued operations (Note 13) | (72) | 61 | (38) | ||||||||
Net income (loss) | 2,884 | 380 | (109) | ||||||||
Continuing operations | (79) | (39) | (5) | ||||||||
Net income (loss) attributable to noncontrolling interests | (79) | (39) | (5) | ||||||||
Net income (loss) attributable to Newmont stockholders | $ 565 | $ 2,178 | $ (25) | $ 87 | $ 2 | $ (145) | $ 292 | $ 192 | 2,805 | 341 | (114) |
Comprehensive income (loss) | 2,903 | 369 | (67) | ||||||||
Comprehensive loss (income) attributable to noncontrolling interests | (79) | (39) | (5) | ||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 2,824 | 330 | (72) | ||||||||
Eliminations | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Sales | (6) | ||||||||||
Costs and expenses | |||||||||||
Total costs and expenses | (6) | ||||||||||
Other income (expense): | |||||||||||
Interest income - intercompany | (264) | (177) | (233) | ||||||||
Interest expense - intercompany | 264 | 177 | 233 | ||||||||
Equity income (loss) of affiliates | (2,987) | (272) | 113 | ||||||||
Net income (loss) from continuing operations | (2,987) | (272) | 113 | ||||||||
Net income (loss) | (2,987) | (272) | 113 | ||||||||
Net income (loss) attributable to Newmont stockholders | (2,987) | (272) | 113 | ||||||||
Comprehensive income (loss) | (2,987) | (300) | 113 | ||||||||
Comprehensive income (loss) attributable to Newmont stockholders | (2,987) | (300) | 113 | ||||||||
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 5,195 | 4,093 | 4,062 | ||||||||
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | Eliminations | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | (6) | ||||||||||
Exploration | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 265 | 197 | 179 | ||||||||
Reclamation and remediation | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 280 | 163 | 192 | ||||||||
Newmont Corporation | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Depreciation and amortization | 4 | 4 | 4 | ||||||||
Other expense, net | 4 | ||||||||||
Total costs and expenses | 8 | 4 | 4 | ||||||||
Other income (expense): | |||||||||||
Other income, net | 47 | (56) | 41 | ||||||||
Interest income - intercompany | 121 | 83 | 149 | ||||||||
Interest expense - intercompany | (6) | (6) | (39) | ||||||||
Interest expense, net of capitalized interest | (252) | (190) | (222) | ||||||||
Total other income (expense) | (90) | (169) | (71) | ||||||||
Income (loss) before income and mining tax and other items | (98) | (173) | (75) | ||||||||
Income and mining tax benefit (expense) | 20 | 14 | (34) | ||||||||
Equity income (loss) of affiliates | 2,883 | 500 | (5) | ||||||||
Net income (loss) from continuing operations | 2,805 | 341 | (114) | ||||||||
Net income (loss) | 2,805 | 341 | (114) | ||||||||
Net income (loss) attributable to Newmont stockholders | 2,805 | 341 | (114) | ||||||||
Comprehensive income (loss) | 2,824 | 330 | (72) | ||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 2,824 | 330 | (72) | ||||||||
Newmont USA | Reportable Legal Entities | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Sales | 895 | 1,896 | 1,955 | ||||||||
Costs and expenses | |||||||||||
Depreciation and amortization | 189 | 349 | 355 | ||||||||
Advanced projects, research and development | 19 | 34 | 21 | ||||||||
General and administrative | 76 | 82 | 80 | ||||||||
Impairment of long-lived assets | 1 | 336 | |||||||||
Other expense, net | 168 | 4 | 12 | ||||||||
Total costs and expenses | 1,073 | 2,098 | 1,783 | ||||||||
Other income (expense): | |||||||||||
Gain on formation of Nevada Gold Mines | 2,390 | ||||||||||
Other income, net | 76 | 40 | 6 | ||||||||
Interest income - intercompany | 54 | 51 | 43 | ||||||||
Interest expense - intercompany | 1 | (4) | |||||||||
Interest expense, net of capitalized interest | (2) | (7) | (7) | ||||||||
Total other income (expense) | 2,519 | 84 | 38 | ||||||||
Income (loss) before income and mining tax and other items | 2,341 | (118) | 210 | ||||||||
Income and mining tax benefit (expense) | (473) | (15) | (23) | ||||||||
Equity income (loss) of affiliates | 104 | (228) | (108) | ||||||||
Net income (loss) from continuing operations | 1,972 | (361) | 79 | ||||||||
Net income (loss) | 1,972 | (361) | 79 | ||||||||
Net income (loss) attributable to Newmont stockholders | 1,972 | (361) | 79 | ||||||||
Comprehensive income (loss) | 1,961 | (440) | 90 | ||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 1,961 | (440) | 90 | ||||||||
Newmont USA | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 583 | 1,206 | 1,209 | ||||||||
Newmont USA | Exploration | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 20 | 55 | 43 | ||||||||
Newmont USA | Reclamation and remediation | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 17 | 32 | 63 | ||||||||
Other Subsidiaries | Reportable Legal Entities | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Sales | 8,851 | 5,357 | 5,424 | ||||||||
Costs and expenses | |||||||||||
Depreciation and amortization | 1,767 | 862 | 902 | ||||||||
Advanced projects, research and development | 131 | 119 | 122 | ||||||||
General and administrative | 237 | 162 | 157 | ||||||||
Impairment of long-lived assets | 4 | 33 | 14 | ||||||||
Other expense, net | 123 | 25 | 20 | ||||||||
Total costs and expenses | 7,388 | 4,361 | 4,333 | ||||||||
Other income (expense): | |||||||||||
Other income, net | 204 | 171 | 7 | ||||||||
Interest income - intercompany | 89 | 43 | 41 | ||||||||
Interest expense - intercompany | (259) | (171) | (190) | ||||||||
Interest expense, net of capitalized interest | (47) | (10) | (12) | ||||||||
Total other income (expense) | (13) | 33 | (154) | ||||||||
Income (loss) before income and mining tax and other items | 1,450 | 1,029 | 937 | ||||||||
Income and mining tax benefit (expense) | (379) | (385) | (1,070) | ||||||||
Equity income (loss) of affiliates | 95 | (33) | (16) | ||||||||
Net income (loss) from continuing operations | 1,166 | 611 | (149) | ||||||||
Net income (loss) from discontinued operations (Note 13) | (72) | 61 | (38) | ||||||||
Net income (loss) | 1,094 | 672 | (187) | ||||||||
Net income (loss) attributable to noncontrolling interests | (79) | (39) | (5) | ||||||||
Net income (loss) attributable to Newmont stockholders | 1,015 | 633 | (192) | ||||||||
Comprehensive income (loss) | 1,105 | 779 | (198) | ||||||||
Comprehensive loss (income) attributable to noncontrolling interests | (79) | (39) | (5) | ||||||||
Comprehensive income (loss) attributable to Newmont stockholders | 1,026 | 740 | (203) | ||||||||
Other Subsidiaries | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 4,618 | 2,887 | 2,853 | ||||||||
Other Subsidiaries | Exploration | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | 245 | 142 | 136 | ||||||||
Other Subsidiaries | Reclamation and remediation | Reportable Legal Entities | |||||||||||
Costs and expenses | |||||||||||
Costs applicable to sales (1) | $ 263 | $ 131 | $ 129 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | $ 2,876 | $ 1,837 | $ 2,139 | ||||
Net cash provided by (used in) operating activities of discontinued operations | (10) | (10) | (15) | ||||
Net cash provided by (used in) operating activities | 2,866 | 1,827 | 2,124 | ||||
Investing activities: | |||||||
Additions to property, plant and mine development | (1,463) | (1,032) | (866) | ||||
Acquisitions, net (Note 4) | 127 | (140) | |||||
Purchases of investments | (112) | (39) | (130) | ||||
Return of investment from an equity method investee | 132 | ||||||
Proceeds from sales of other assets | 30 | 24 | 5 | ||||
Proceeds from sales of investments | 67 | 18 | 35 | ||||
Other | (7) | (8) | 10 | ||||
Net cash provided by (used in) investing activities | (1,226) | (1,177) | (946) | ||||
Financing activities: | |||||||
Repayment of debt | $ (575) | (1,876) | (379) | ||||
Dividends paid to common stockholders | (889) | (301) | (134) | ||||
Proceeds from issuance of debt, net | 690 | ||||||
Distributions to noncontrolling interests | (186) | (160) | (178) | ||||
Payments for withholding of employee taxes related to stock-based compensation | (50) | (40) | (14) | ||||
Funding from noncontrolling interests | 93 | 100 | 94 | ||||
Payments on lease and other financing obligations, post-adoption | (55) | ||||||
Payments on lease and other financing obligations, pre-adoption | (4) | (5) | |||||
Payments on lease and other financing obligations, post-adoption | (55) | ||||||
Repurchases of common stock | (479) | (98) | |||||
Proceeds from sale of noncontrolling interests | 48 | ||||||
Acquisition of noncontrolling interests | (48) | ||||||
Other | (25) | (4) | |||||
Net cash provided by (used in) financing activities | (2,777) | (455) | (668) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3) | (4) | 6 | ||||
Net change in cash, cash equivalents and restricted cash | (1,140) | 191 | 516 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 | 2,782 | ||||
Cash, cash equivalents and restricted cash at end of period | 2,349 | 3,489 | 3,298 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Cash and cash equivalents | $ 2,243 | $ 3,397 | $ 3,259 | ||||
Restricted cash included in Other current assets | $ 2 | $ 1 | $ 1 | ||||
Location of current restricted cash | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent | ||||
Restricted cash included in Other non-current assets | $ 104 | $ 91 | $ 38 | ||||
Location of noncurrent restricted cash | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | ||||
Total cash, cash equivalents and restricted cash | 3,489 | 3,298 | 3,298 | $ 2,349 | $ 3,489 | $ 3,298 | |
Eliminations | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | (480) | ||||||
Net cash provided by (used in) operating activities | (480) | ||||||
Financing activities: | |||||||
Dividends paid to common stockholders | 480 | ||||||
Net cash provided by (used in) financing activities | 480 | ||||||
Newmont Corporation | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 328 | (147) | (325) | ||||
Net cash provided by (used in) operating activities | 328 | (147) | (325) | ||||
Investing activities: | |||||||
Acquisitions, net (Note 4) | (17) | ||||||
Purchases of investments | (78) | (6) | (114) | ||||
Net cash provided by (used in) investing activities | (95) | (6) | (114) | ||||
Financing activities: | |||||||
Repayment of debt | (626) | (379) | |||||
Dividends paid to common stockholders | (889) | (301) | (134) | ||||
Proceeds from issuance of debt, net | 690 | ||||||
Repurchases of common stock | (479) | (98) | |||||
Net intercompany borrowings (repayments) | 1,096 | 552 | 955 | ||||
Other | (25) | (3) | |||||
Proceeds From Repayments Of Related Party Debt | 1,096 | 552 | 955 | ||||
Net cash provided by (used in) financing activities | (233) | 153 | 439 | ||||
Newmont USA | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 95 | 578 | (207) | ||||
Net cash provided by (used in) operating activities | 95 | 578 | (207) | ||||
Investing activities: | |||||||
Additions to property, plant and mine development | (110) | (274) | (253) | ||||
Purchases of investments | (14) | ||||||
Proceeds from sales of other assets | 20 | ||||||
Proceeds from sales of investments | 15 | 13 | |||||
Other | (1) | 2 | |||||
Net cash provided by (used in) investing activities | (89) | (262) | (251) | ||||
Financing activities: | |||||||
Payments for withholding of employee taxes related to stock-based compensation | (50) | (40) | (14) | ||||
Payments on lease and other financing obligations, pre-adoption | (1) | (3) | |||||
Net intercompany borrowings (repayments) | 45 | (275) | 473 | ||||
Other | 1 | ||||||
Proceeds From Repayments Of Related Party Debt | 45 | (275) | 473 | ||||
Net cash provided by (used in) financing activities | (5) | (316) | 457 | ||||
Net change in cash, cash equivalents and restricted cash | 1 | (1) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1 | ||||||
Cash, cash equivalents and restricted cash at end of period | 1 | ||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Restricted cash included in Other non-current assets | 1 | ||||||
Total cash, cash equivalents and restricted cash | 1 | 1 | 1 | ||||
Other Subsidiaries | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 2,933 | 1,406 | 2,671 | ||||
Net cash provided by (used in) operating activities of discontinued operations | (10) | (10) | (15) | ||||
Net cash provided by (used in) operating activities | 2,923 | 1,396 | 2,656 | ||||
Investing activities: | |||||||
Additions to property, plant and mine development | (1,353) | (758) | (613) | ||||
Acquisitions, net (Note 4) | 144 | (140) | |||||
Purchases of investments | (20) | (33) | (16) | ||||
Return of investment from an equity method investee | 132 | ||||||
Proceeds from sales of other assets | 10 | 24 | 5 | ||||
Proceeds from sales of investments | 52 | 5 | 35 | ||||
Other | (7) | (7) | 8 | ||||
Net cash provided by (used in) investing activities | (1,042) | (909) | (581) | ||||
Financing activities: | |||||||
Repayment of debt | (1,250) | ||||||
Dividends paid to common stockholders | (480) | ||||||
Distributions to noncontrolling interests | (186) | (160) | (178) | ||||
Funding from noncontrolling interests | 93 | 100 | 94 | ||||
Payments on lease and other financing obligations, post-adoption | (55) | ||||||
Payments on lease and other financing obligations, pre-adoption | (3) | (2) | |||||
Proceeds from sale of noncontrolling interests | 48 | ||||||
Acquisition of noncontrolling interests | (48) | ||||||
Net intercompany borrowings (repayments) | (1,141) | (277) | (1,428) | ||||
Other | (2) | ||||||
Proceeds From Repayments Of Related Party Debt | (1,141) | (277) | (1,428) | ||||
Net cash provided by (used in) financing activities | (3,019) | (292) | (1,564) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3) | (4) | 6 | ||||
Net change in cash, cash equivalents and restricted cash | (1,141) | 191 | 517 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 | 2,781 | ||||
Cash, cash equivalents and restricted cash at end of period | 2,348 | 3,489 | 3,298 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Cash and cash equivalents | 2,243 | 3,397 | 3,259 | ||||
Restricted cash included in Other current assets | 2 | 1 | 1 | ||||
Restricted cash included in Other non-current assets | 103 | 91 | 38 | ||||
Total cash, cash equivalents and restricted cash | $ 2,348 | $ 3,298 | $ 2,781 | $ 2,348 | $ 3,489 | $ 3,298 |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 2,243 | $ 3,397 | $ 3,259 | |
Trade receivables | 373 | 254 | ||
Investments | 237 | 48 | ||
Inventories | 1,014 | 630 | ||
Stockpiles and ore on leach pads | 812 | 697 | ||
Other current assets | 570 | 251 | ||
Current assets held for sale (Note 5) | 1,023 | |||
Current assets | 6,272 | 5,277 | ||
Property, plant and mine development, net | 25,276 | 12,258 | ||
Investments | 3,199 | 271 | ||
Stockpiles and ore on leach pads | 1,484 | 1,866 | ||
Deferred income tax assets | 549 | 401 | ||
Goodwill | 2,674 | 58 | ||
Other non-current assets | 520 | 584 | ||
Total assets | 39,974 | 20,715 | 20,646 | |
Liabilities | ||||
Accounts payable | 539 | 303 | ||
Employee-related benefits | 361 | 305 | ||
Income and mining taxes | 162 | 71 | ||
Lease and other financing obligations, current (Note 26) | 100 | |||
Lease and other financing obligations, current (Note 26), ASC840 | 27 | |||
Debt | 626 | |||
Other current liabilities | 880 | 455 | ||
Current liabilities held for sale (Note 5) | 343 | |||
Current liabilities | 2,385 | 1,787 | ||
Debt | 6,138 | 3,418 | ||
Lease and other financing obligations, noncurrent (Note 26) | 596 | |||
Lease and other financing obligations, noncurrent (Note 26), ASC840 | 190 | |||
Reclamation and remediation liabilities | 3,464 | 2,481 | ||
Deferred income tax liabilities | 2,407 | 612 | ||
Employee-related benefits | 448 | 401 | ||
Silver streaming agreement (Note 6) | 1,058 | |||
Other non-current liabilities | 1,061 | 314 | ||
Total liabilities | 17,557 | 9,203 | ||
Contingently redeemable noncontrolling interest | 47 | 47 | ||
Equity | ||||
Newmont stockholders' equity | 21,420 | 10,502 | ||
Noncontrolling interests | 950 | 963 | ||
Total equity | 22,370 | 11,465 | 11,519 | $ 11,785 |
Total liabilities and equity | 39,974 | 20,715 | ||
Eliminations | ||||
Assets | ||||
Intercompany receivable | (18,757) | (19,674) | ||
Current assets | (18,757) | (19,674) | ||
Property, plant and mine development, net | (25) | (29) | ||
Investments in subsidiaries | (31,346) | (13,086) | ||
Non-current intercompany receivable | (2,286) | (1,363) | ||
Total assets | (52,414) | (34,152) | ||
Liabilities | ||||
Intercompany payable | (18,757) | (19,674) | ||
Current liabilities | (18,757) | (19,674) | ||
Non-current intercompany payable | (2,311) | (1,392) | ||
Other non-current liabilities | (622) | |||
Total liabilities | (21,068) | (21,688) | ||
Equity | ||||
Newmont stockholders' equity | (31,346) | (12,464) | ||
Total equity | (31,346) | (12,464) | ||
Total liabilities and equity | (52,414) | (34,152) | ||
Newmont Corporation | Reportable Legal Entities | ||||
Assets | ||||
Intercompany receivable | 7,738 | 6,351 | ||
Other current assets | 1 | |||
Current assets | 7,739 | 6,351 | ||
Property, plant and mine development, net | 10 | 14 | ||
Investments | 190 | 62 | ||
Investments in subsidiaries | 24,800 | 13,083 | ||
Deferred income tax assets | 101 | |||
Non-current intercompany receivable | 1,814 | 653 | ||
Total assets | 34,654 | 20,163 | ||
Liabilities | ||||
Intercompany payable | 7,353 | 5,554 | ||
Employee-related benefits | 3 | |||
Debt | 626 | |||
Other current liabilities | 60 | 52 | ||
Current liabilities | 7,416 | 6,232 | ||
Debt | 5,815 | 3,418 | ||
Employee-related benefits | 3 | 3 | ||
Non-current intercompany payable | 7 | |||
Other non-current liabilities | 1 | |||
Total liabilities | 13,234 | 9,661 | ||
Equity | ||||
Newmont stockholders' equity | 21,420 | 10,502 | ||
Total equity | 21,420 | 10,502 | ||
Total liabilities and equity | 34,654 | 20,163 | ||
Newmont USA | Reportable Legal Entities | ||||
Assets | ||||
Trade receivables | 4 | 63 | ||
Intercompany receivable | 3,669 | 5,027 | ||
Inventories | 180 | |||
Stockpiles and ore on leach pads | 195 | |||
Other current assets | 40 | 30 | ||
Current assets | 3,713 | 5,495 | ||
Property, plant and mine development, net | 49 | 2,680 | ||
Investments | 5 | 4 | ||
Investments in subsidiaries | 6,546 | |||
Stockpiles and ore on leach pads | 658 | |||
Non-current intercompany receivable | 472 | 704 | ||
Other non-current assets | 59 | 271 | ||
Total assets | 10,844 | 9,812 | ||
Liabilities | ||||
Accounts payable | 40 | 83 | ||
Intercompany payable | 1,814 | 2,741 | ||
Employee-related benefits | 81 | 138 | ||
Income and mining taxes | 19 | |||
Lease and other financing obligations, current (Note 26), ASC840 | 1 | |||
Other current liabilities | 116 | 135 | ||
Current liabilities | 2,051 | 3,117 | ||
Lease and other financing obligations, noncurrent (Note 26), ASC840 | 3 | |||
Reclamation and remediation liabilities | 21 | 325 | ||
Deferred income tax liabilities | 539 | 90 | ||
Employee-related benefits | 193 | 236 | ||
Other non-current liabilities | 42 | 637 | ||
Total liabilities | 2,846 | 4,408 | ||
Equity | ||||
Newmont stockholders' equity | 7,998 | 5,404 | ||
Total equity | 7,998 | 5,404 | ||
Total liabilities and equity | 10,844 | 9,812 | ||
Other Subsidiaries | Reportable Legal Entities | ||||
Assets | ||||
Cash and cash equivalents | 2,243 | 3,397 | $ 3,259 | |
Trade receivables | 369 | 191 | ||
Intercompany receivable | 7,350 | 8,296 | ||
Investments | 237 | 48 | ||
Inventories | 1,014 | 450 | ||
Stockpiles and ore on leach pads | 812 | 502 | ||
Other current assets | 529 | 221 | ||
Current assets held for sale (Note 5) | 1,023 | |||
Current assets | 13,577 | 13,105 | ||
Property, plant and mine development, net | 25,242 | 9,593 | ||
Investments | 3,004 | 205 | ||
Investments in subsidiaries | 3 | |||
Stockpiles and ore on leach pads | 1,484 | 1,208 | ||
Deferred income tax assets | 448 | 401 | ||
Goodwill | 2,674 | 58 | ||
Non-current intercompany receivable | 6 | |||
Other non-current assets | 461 | 313 | ||
Total assets | 46,890 | 24,892 | ||
Liabilities | ||||
Accounts payable | 499 | 220 | ||
Intercompany payable | 9,590 | 11,379 | ||
Employee-related benefits | 277 | 167 | ||
Income and mining taxes | 162 | 52 | ||
Lease and other financing obligations, current (Note 26) | 100 | |||
Lease and other financing obligations, current (Note 26), ASC840 | 26 | |||
Other current liabilities | 704 | 268 | ||
Current liabilities held for sale (Note 5) | 343 | |||
Current liabilities | 11,675 | 12,112 | ||
Debt | 323 | |||
Lease and other financing obligations, noncurrent (Note 26) | 596 | |||
Lease and other financing obligations, noncurrent (Note 26), ASC840 | 187 | |||
Reclamation and remediation liabilities | 3,443 | 2,156 | ||
Deferred income tax liabilities | 1,868 | 522 | ||
Employee-related benefits | 252 | 162 | ||
Non-current intercompany payable | 2,311 | 1,385 | ||
Silver streaming agreement (Note 6) | 1,058 | |||
Other non-current liabilities | 1,019 | 298 | ||
Total liabilities | 22,545 | 16,822 | ||
Contingently redeemable noncontrolling interest | 47 | 47 | ||
Equity | ||||
Newmont stockholders' equity | 23,348 | 7,060 | ||
Noncontrolling interests | 950 | 963 | ||
Total equity | 24,298 | 8,023 | ||
Total liabilities and equity | $ 46,890 | $ 24,892 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters by Site (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2007 | Dec. 31, 2012 | |
Loss contingencies | |||||
Reclamation and remediation | $ 70 | $ 31 | $ 48 | ||
Environmental remediation obligations | 299 | $ 279 | $ 304 | ||
Ross-Adams Mine Site | |||||
Loss contingencies | |||||
Reclamation and remediation | $ 0.3 | ||||
Midnite Mine | |||||
Loss contingencies | |||||
Department of Interior contribution for past and future cleanup costs | $ 42 | ||||
Environmental remediation | Midnite Mine | |||||
Loss contingencies | |||||
Environmental remediation obligations | $ 167 | ||||
Newmont USA | |||||
Loss contingencies | |||||
Percent ownership held by Newmont | 100.00% | ||||
Dawn Mining Company | |||||
Loss contingencies | |||||
Percent ownership held by Newmont | 51.00% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Yanacocha (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015judgment | Dec. 31, 2019USD ($)item$ / item | Dec. 31, 2000USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | |
Yanacocha | ||||||
Loss contingencies | ||||||
Percent ownership held by Newmont | 51.35% | 51.35% | 54.05% | 51.35% | ||
Contractual right to conduct exploration | Maximum | ||||||
Loss contingencies | ||||||
Intangible asset, useful life | 10 years | |||||
Buenaventura and Minas Conga | Contractual right to conduct exploration | ||||||
Loss contingencies | ||||||
Intangible asset acquired | $ | $ 29 | |||||
Yanacocha Tax Dispute | ||||||
Loss contingencies | ||||||
Number of rulings overturned | judgment | 2 | |||||
Number of judges supporting tax authority | 3 | |||||
Number of judges supporting Yanacocha position | 2 | |||||
Number of votes required | 4 | |||||
Yanacocha Tax Dispute | Maximum | ||||||
Loss contingencies | ||||||
Potential liability, taxes | $ | $ 8 | |||||
Potential liability, fines and interest | $ | 82 | |||||
Potential liability, including fines and interest | $ | $ 90 | |||||
Yanacocha | ||||||
Loss contingencies | ||||||
Potential fine for each unit alleged violations (in dollars per unit) | $ / item | 0.001290 | |||||
Yanacocha | Minimum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | $ | $ 0 | |||||
Yanacocha | Maximum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | $ | $ 41.6 | |||||
Yanacocha | OEFA | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 0 | |||||
Yanacocha | OEFA | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 33,000 | |||||
Yanacocha | Water Authority | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 0 | |||||
Yanacocha | Water Authority | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 10 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details) $ in Millions, $ in Millions | Oct. 15, 2019item | Feb. 26, 2014CAD ($) | Sep. 24, 2012USD ($) | Apr. 08, 2008 | Jun. 30, 2019USD ($) | Jan. 31, 2019item | Dec. 31, 2018item | Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2019 | Sep. 30, 2007 | Jun. 30, 2007 |
Mexican Tax Authority [Member] | |||||||||||
Loss contingencies | |||||||||||
Number of subsidiaries subject to examination | subsidiary | 2 | ||||||||||
Tax settlement paid | $ 74 | ||||||||||
Mexican Tax Authority [Member] | Tax Year 2008 [Member] | |||||||||||
Loss contingencies | |||||||||||
Amount of tax, interest and penalties asserted as disputed amount | $ 11 | ||||||||||
Mexican Tax Authority [Member] | Tax Year 2009 [Member] | |||||||||||
Loss contingencies | |||||||||||
Amount of tax, interest and penalties asserted as disputed amount | $ 102 | ||||||||||
Goldcorp [Member] | |||||||||||
Loss contingencies | |||||||||||
Ownership/Economic interest (as a percent) | 100.00% | ||||||||||
Ghana Parliament Cases [Member] | |||||||||||
Loss contingencies | |||||||||||
Number of codefendants | item | 33 | ||||||||||
Loss contingency number of plaintiffs | item | 2 | ||||||||||
State Of Zacatecas Ecological Tax [Member] | |||||||||||
Loss contingencies | |||||||||||
Number of issues affirmed | item | 1 | ||||||||||
North America | Pending Litigation | |||||||||||
Loss contingencies | |||||||||||
Uranium mining moratorium term | 3 years | ||||||||||
Jacob Safra | NWG Investments Inc | |||||||||||
Loss contingencies | |||||||||||
Ownership/Economic interest (as a percent) | 100.00% | ||||||||||
NWG Investments Inc | NewWest Gold | |||||||||||
Loss contingencies | |||||||||||
Ownership/Economic interest (as a percent) | 86.00% | ||||||||||
NWG Investments Inc | NWG New York Case | Pending Litigation | |||||||||||
Loss contingencies | |||||||||||
Damages sought | $ 750 | ||||||||||
NWG Investments Inc | NWG Ontario Complaint | |||||||||||
Loss contingencies | |||||||||||
Damages sought | $ 1,200 | ||||||||||
Fronteer | Aurora | |||||||||||
Loss contingencies | |||||||||||
Ownership/Economic interest (as a percent) | 47.00% |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2018 |
Other commitments | |||
Letters of credit surety bonds and bank guarantees, outstanding | $ 1,924 | $ 2,514 | |
Galore Creek [Member] | |||
Other commitments | |||
Contingent consideration liability | $ 75 | ||
Deferred payment | 92 | $ 89 | |
Goldcorp [Member] | |||
Other commitments | |||
Letters of credit surety bonds and bank guarantees, outstanding | 353 | ||
Deferred payment | $ 154 |
UNAUDITED SUPPLEMENTARY DATA (D
UNAUDITED SUPPLEMENTARY DATA (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
UNAUDITED SUPPLEMENTARY DATA | |||||||||||
Sales | $ 2,967 | $ 2,713 | $ 2,257 | $ 1,803 | $ 2,048 | $ 1,726 | $ 1,662 | $ 1,817 | $ 9,740 | $ 7,253 | $ 7,379 |
Gross profit | 780 | 711 | 331 | 483 | 541 | 401 | 381 | 459 | |||
Income (loss) from continuing operations | 537 | 2,226 | 1 | 113 | (3) | (161) | 274 | 170 | 2,877 | 280 | (76) |
Income (loss) from discontinued operations | 28 | (48) | (26) | (26) | 5 | 16 | 18 | 22 | (72) | 61 | (38) |
Net income (loss) attributable to Newmont stockholders | $ 565 | $ 2,178 | $ (25) | $ 87 | $ 2 | $ (145) | $ 292 | $ 192 | $ 2,805 | $ 341 | $ (114) |
Income (loss) from continuing operations, per common share, basic | $ 0.66 | $ 2.72 | $ 0.21 | $ (0.31) | $ 0.52 | $ 0.32 | $ 3.92 | $ 0.53 | $ (0.14) | ||
Income (loss) from discontinued operations, per common share, basic | 0.03 | (0.06) | $ (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | |
Net income (loss) per common share, basic | 0.69 | 2.66 | (0.03) | 0.16 | (0.27) | 0.55 | 0.36 | 3.82 | 0.64 | (0.21) | |
Income (loss) from continuing operations, per common share, diluted | 0.66 | 2.71 | 0.21 | (0.31) | 0.51 | 0.32 | 3.91 | 0.53 | (0.14) | ||
Income (loss) from discontinued operations, per common share, diluted | 0.03 | (0.06) | (0.03) | (0.05) | 0.04 | 0.03 | 0.04 | (0.10) | 0.11 | (0.07) | |
Net income (loss) per common share, diluted | $ 0.69 | $ 2.65 | $ (0.03) | $ 0.16 | $ (0.27) | $ 0.54 | $ 0.36 | $ 3.81 | $ 0.64 | $ (0.21) | |
Basic weighted-average shares outstanding | 818 | 820 | 766 | 534 | 533 | 533 | 533 | 534 | 735 | 533 | 533 |
Diluted weighted-average shares outstanding | 820 | 822 | 768 | 534 | 535 | 535 | 535 | 535 | 737 | 535 | 535 |
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 1.02 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||
Closing price of common stock | $ 43.45 | $ 37.92 | $ 38.47 | $ 35.77 | $ 34.65 | $ 30.20 | $ 37.71 | $ 39.07 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 02, 2019 |
Subsequent Event [Line Items] | |||||
Aggregate repurchase authorized | $ 1,000 | ||||
Repurchase and retirement of common stock | $ 506 | $ 479 | $ 98 | ||
Repurchases settled | $ 479 | $ 98 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Repurchases settled | $ 27 |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |||
Additions due to acquisition | $ 521 | ||
Reclassification to Assets Held For Sale | (371) | ||
Additions reflected in other components of the financial statements | 263 | ||
Valuation Allowance of Deferred Tax Assets | |||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at beginning of year | 2,994 | $ 2,815 | $ 3,873 |
Additions to deferred income tax expense | 97 | 200 | 579 |
Reduction of deferred income tax expense | (392) | (54) | (443) |
Additions due to Tax Cuts and Jobs Act | 79 | ||
Reduction due to Tax Cuts and Jobs Act | (46) | (1,194) | |
Balance at end of year | $ 3,112 | $ 2,994 | $ 2,815 |