NEWMONT MINING CORP /DE/, 10-Q filed on 7/26/2018
Quarterly Report
v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Jul. 19, 2018
Document And Entity Information    
Entity Registrant Name NEWMONT MINING CORP /DE/  
Entity Central Index Key 0001164727  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   533,398,733
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS        
Sales (Note 4) $ 1,662 $ 1,875 $ 3,479 $ 3,565
Costs and expenses        
Costs applicable to sales (1) [1] 965 999 1,994 1,956
Depreciation and amortization 279 310 580 610
Reclamation and remediation (Note 5) 37 43 65 72
Exploration 54 51 94 87
Advanced projects, research and development 36 32 70 58
General and administrative 63 58 122 113
Other expense, net (Note 6) 13 14 24 31
Total costs and expenses 1,447 1,507 2,949 2,927
Other income (expense):        
Other income, net (Note 7) 139 31 160 22
Interest expense, net of capitalized interest (49) (64) (102) (131)
Total other income (expense) 90 (33) 58 (109)
Income (loss) before income and mining tax and other items 305 335 588 529
Income and mining tax benefit (expense) (Note 8) (18) (166) (123) (277)
Equity income (loss) of affiliates (7) (3) (16) (5)
Net income (loss) from continuing operations 280 166 449 247
Net income (loss) from discontinued operations (Note 9) 18 (15) 40 (38)
Net income (loss) 298 151 489 209
Net loss (income) attributable to noncontrolling interests (Note 10) (6) 24 (5) 13
Net income (loss) attributable to Newmont stockholders 292 175 484 222
Net income (loss) attributable to Newmont stockholders:        
Continuing operations 274 190 444 260
Discontinued operations 18 (15) 40 (38)
Net income (loss) attributable to Newmont stockholders $ 292 $ 175 $ 484 $ 222
Net income (loss) per common share, Basic (Note 11):        
Continuing operations (in dollars per share) $ 0.52 $ 0.36 $ 0.84 $ 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, basic (in dollars per share) 0.55 0.33 0.91 0.42
Net income (loss) per common share, Diluted (Note 11)        
Continuing operations (in dollars per share) 0.51 0.36 0.83 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, diluted (in dollars per share) 0.54 0.33 0.90 0.42
Cash dividends declared per common share $ 0.14 $ 0.05 $ 0.28 $ 0.10
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
Net income (loss) $ 298 $ 151 $ 489 $ 209
Other comprehensive income (loss):        
Change in marketable securities, net of tax of $-, $-, $- and $-, respectively (1) (4) 1 (11)
Foreign currency translation adjustments (1)   (4) 4
Change in pension and other post-retirement benefits, net of tax of $(2), $(1), $(3) and $(5), respectively 4 3 9 9
Change in fair value of cash flow hedge instruments, net of tax of $(2), $(3), $(3) and $(7), respectively 5 5 9 14
Other comprehensive income (loss) 7 4 15 16
Comprehensive income (loss) 305 155 504 225
Comprehensive income (loss) attributable to:        
Comprehensive income (loss) attributable to Newmont stockholders 299 179 499 238
Noncontrolling interests 6 (24) 5 (13)
Comprehensive income (loss) $ 305 $ 155 $ 504 $ 225
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
Unrealized gain (loss) on marketable securities, tax
Change in pension and other post-retirement benefits, tax (2) (1) (3) (5)
Change in fair value of cash flow hedge instruments, tax $ (2) $ (3) $ (3) $ (7)
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income (loss) $ 489 $ 209
Adjustments:    
Depreciation and amortization 580 610
Stock-based compensation (Note 13) 38 35
Reclamation and remediation 61 68
Loss (income) from discontinued operations (Note 9) (40) 38
Deferred income taxes (19) 76
Gain on asset and investment sales, net (99) (16)
Write-downs of inventory and stockpiles and ore on leach pads 158 92
Other operating adjustments 9 58
Net change in operating assets and liabilities (Note 23) (510) (268)
Net cash provided by (used in) operating activities of continuing operations 667 902
Net cash provided by (used in) operating activities of discontinued operations (1) (5) (9)
Net cash provided by (used in) operating activities 662 893
Investing activities:    
Additions to property, plant and mine development (489) (363)
Acquisitions, net (39)  
Proceeds from sales of investments 15 19
Purchases of investments (6) (113)
Other 2 17
Net cash provided by (used in) investing activities (517) (440)
Financing activities:    
Dividends paid to common stockholders (150) (54)
Repurchase of common stock (70)  
Distributions to noncontrolling interests (69) (80)
Funding from noncontrolling interests 52 46
Proceeds from sale of noncontrolling interests 48  
Payments for withholding of employee taxes related to stock-based compensation (39) (13)
Other (3) (6)
Net cash provided by (used in) financing activities (231) (107)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2) 2
Net change in cash, cash equivalents and restricted cash (88) 348
Cash, cash equivalents and restricted cash at beginning of period 3,298 2,782
Cash, cash equivalents and restricted cash at end of period 3,210 3,130
Discontinued operations disposed of by sale    
Adjustments:    
Loss (income) from discontinued operations (Note 9) (40) 38
Holt Royalty obligation | Holloway Mining Company | Discontinued operations disposed of by sale    
Adjustments:    
Loss (income) from discontinued operations (Note 9) (36) 38
Net cash provided by (used in) operating activities of discontinued operations (1) $ (5) (6)
Batu Hijau share sale and purchase agreement | PTNNT | Discontinued operations disposed of by sale    
Adjustments:    
Net cash provided by (used in) operating activities of discontinued operations (1)   $ (3)
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 3,127 $ 3,259 $ 3,105  
Restricted cash included in Other current $ 1   $ 2  
Location of current restricted cash us-gaap:OtherAssetsCurrent   us-gaap:OtherAssetsCurrent  
Restricted cash included in Other noncurrent $ 82   $ 23  
Location of noncurrent restricted cash us-gaap:OtherAssetsNoncurrent   us-gaap:OtherAssetsNoncurrent  
Total cash, cash equivalents and restricted cash $ 3,210 $ 3,298 $ 3,130 $ 2,782
v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 3,127 $ 3,259
Trade receivables (Note 4) 133 124
Other accounts receivables 101 113
Investments (Note 16) 56 62
Inventories (Note 17) 697 679
Stockpiles and ore on leach pads (Note 18) 711 676
Other current assets 142 153
Current assets 4,967 5,066
Property, plant and mine development, net 12,351 12,338
Investments (Note 16) 353 280
Stockpiles and ore on leach pads (Note 18) 1,837 1,848
Deferred income tax assets 537 549
Other non-current assets 610 565
Total assets 20,655 20,646
LIABILITIES    
Lease and other financing obligations, current (Note 20) 13 4
Accounts payable 360 375
Employee-related benefits 240 309
Income and mining taxes payable 71 248
Other current liabilities (Note 21) 396 462
Current liabilities 1,080 1,398
Debt (Note 19) 4,042 4,040
Lease and other financing obligations, noncurrent (Note 20) 66 21
Reclamation and remediation liabilities (Note 5) 2,369 2,345
Deferred income tax liabilities 589 595
Employee-related benefits 392 386
Other non-current liabilities (Note 21) 284 342
Total liabilities 8,822 9,127
Contingently redeemable noncontrolling interest (Note 10) 48  
EQUITY    
Common stock 857 855
Treasury stock (69) (30)
Additional paid-in capital 9,595 9,592
Accumulated other comprehensive income (loss) (Note 22) (162) (292)
Retained earnings 592 410
Newmont stockholders' equity 10,813 10,535
Noncontrolling interests 972 984
Total equity 11,785 11,519
Total liabilities and equity $ 20,655 $ 20,646
v3.10.0.1
CONDENSED 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
Noncontrolling Interests
Total
Changes in Equity              
Cumulative-effect adjustment of adopting ASU No. 2016-01 | ASU No. 2016-01       $ 115 $ (115)    
Sale of noncontrolling interest             $ 48
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2018             48
Balance at beginning of period at Dec. 31, 2017 $ 855 $ (30) $ 9,592 (292) 410 $ 984 11,519
Balance at beginning of period, shares at Dec. 31, 2017 534.0 (1.0)          
Changes in Equity              
Net income (loss)         484 5 489
Other comprehensive income (loss)       15     15
Dividends declared         (150)   (150)
Distributions declared to noncontrolling interests           (69) (69)
Cash calls requested from noncontrolling interests           52 52
Repurchase and retirement of common stock $ (3)   (30)   (37)   $ (70)
Repurchase and retirement of common stock (in shares) (2.0)           (1.9)
Withholding of employee taxes related to stock-based compensation   $ (39)         $ (39)
Withholding of employee taxes related to stock-based compensation (in shares)   (1.0)         1.0
Stock-based awards and related share issuances $ 5   33       $ 38
Stock-based awards and related share issuances, shares 3.0            
Balance at end of period at Jun. 30, 2018 $ 857 $ (69) $ 9,595 $ (162) $ 592 $ 972 $ 11,785
Balance at end of period, shares at Jun. 30, 2018 535.0 (2.0)          
v3.10.0.1
BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2018
BASIS OF PRESENTATION  
BASIS OF PRESENTATION

NOTE 1     BASIS OF PRESENTATION

The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2017 filed on February 22, 2018 on Form 10-K and revisions filed April 26, 2018 on Form 8-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refers to Australian currency and “C$” refers to Canadian currency.

v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jun. 30, 2018
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 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 and Deferred income tax assets are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.

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 required to be classified outside of permanent equity (referred to as temporary equity).

Revenue Recognition

The Company adopted ASC 606, Revenue from contracts with customers, on January 1, 2018. Changes to the accounting policy as a result of adoption are discussed below. 

Newmont generates revenue by selling gold and copper produced from its mining operations. Refer to Note 3 for further information regarding the Company’s operating segments.

The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.

A portion of gold sold from Boddington and Kalgoorlie in Australia, Phoenix in Nevada and CC&V in Colorado is sold in the form of concentrate which includes copper and silver. The Company’s Sales also come from the sale of copper. Copper sales are generally in the form of concentrate, which is sold to smelters for further treatment and refining, and cathode. Copper sold from Boddington in Australia is sold in concentrate form and copper sold from Phoenix in Nevada is sold in either concentrate or cathode form.

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 should apply. 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 should apply. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Copper is produced as a co-product at Phoenix and Boddington. Copper and silver is produced as a by-product at certain of the Company’s other operations.

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 obtain 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.

Gold and Copper Sales from Concentrate Production

The Company recognizes revenue for gold 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 gold and copper 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 each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).

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.

Copper Sales from Cathode Production

The Company recognizes revenue for copper from cathode production when it transfers control of copper cathode to the customer, which occurs when the material is picked up by the carrier. The Company generally sells copper cathode based on the weekly average market price for the week following production. The transaction price is determined based on this agreed upon price and the number of pounds delivered. Payment is due upon final settlement of price and quantity with the customer. 

Recently Adopted Accounting Pronouncements

Revenue Recognition

 

In May 2014, ASU No. 2014-09 was issued related to revenue from contracts with customers. This ASU was further amended in August 2015, March 2016, April 2016, May 2016, December 2016 and September 2017 by ASU No. 2015-14, No. 2016-08, No. 2016-10, No. 2016-12, No. 2016-20 and No. 2017-13, respectively. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition.

The company retrospectively adopted this standard as of January 1, 2018. As there were no contracts outstanding as of December 31, 2017, there was no cumulative effect adjustment required to be recognized at January 1, 2018. The comparative information has not been adjusted and continues to be reported under the accounting standards in effect for those periods.

The adoption of this standard primarily impacts the timing of revenue recognition on certain concentrate contracts based on the Company’s determination of when control is transferred. Revenue related to concentrate shipments is now generally recognized upon completion of loading the material for shipment to the customer and satisfaction of the Company’s significant performance obligation. Prior to the adoption of this standard, revenue was recognized for these contracts when the price was determinable, the concentrate had been loaded on a vessel or received by the customer, risk and title had been transferred and collection of the sales price was reasonably assured.

Investments

In January 2016, ASU No. 2016-01 was issued related to financial instruments. This ASU was further amended in February 2018 by ASU No. 2018-03. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017, and upon adoption, an entity should apply the amendments with the cumulative effect of initially applying the guidance recognized at January 1, 2018. The Company adopted this standard as of January 1, 2018. Upon adoption, the Company reclassified $115 of unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities from Accumulated other comprehensive income (loss) to Retained earnings in the Consolidated Balance Sheets.

Statement of Cash Flows

In August 2016, ASU No. 2016-15 was issued related to the statement of cash flows. This new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017. The Company adopted the guidance as of January 1, 2018. Upon adoption, the Company reclassified $6 for the six months ended June 30, 2017 of Acquisitions, net previously reported as a cash outflow from investing activities, to operating activities on the Consolidated Statements of Cash Flows related to contingent consideration payments.

Intra-Entity Transfers

In October 2016, ASU No. 2016-16 was issued related to the intra-entity transfers of assets other than inventory. This new guidance requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017. The Company adopted this guidance as of January 1, 2018, and determined it had no impact on the Consolidated Financial Statements or disclosures.

Restricted Cash

In November 2016, ASU No. 2016-18 was issued related to the inclusion of restricted cash in the statement of cash flows. This new guidance requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017, and early adoption is permitted. The Company retrospectively adopted this guidance as of December 31, 2017. Upon adoption, the Company included a reconciliation of Cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total shown in the Consolidated Statements of Cash Flows. Adoption of this guidance had no other impact on the Consolidated Financial Statements or disclosures.

Employee Benefits

In March 2017, ASU No. 2017-07 was issued related to the presentation of net periodic pension and postretirement cost. The new guidance requires the service cost component of net benefit costs to be classified similar to other compensation costs arising from services rendered by employees. Other components of net benefit costs are required to be classified separately from the service cost and outside income from operations. The Company adopted this guidance as of January 1, 2018. The adoption of this guidance resulted in the recognition of other components of net benefit costs within Other income, net rather than Costs applicable to sales or General and administrative and is no longer included in costs that benefit the inventory or production process. Adoption of this guidance did not have a material impact on the Consolidated Financial Statements or disclosures.

Hedging

In August 2017, ASU No. 2017-12 was issued related to hedge accounting. The new guidance expands the ability to hedge nonfinancial risk components, eliminates the current requirement to separately measure and report hedge ineffectiveness, and requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item, when reclassified from Accumulated other comprehensive income (loss). The guidance also eases certain hedge effectiveness documentation and assessment requirements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. The Company adopted this guidance as of January 1, 2018, and there was no material impact on the Consolidated Financial Statements or disclosures as a result of adoption.

Recently Issued Accounting Pronouncements

Leases

In February 2016, ASU No. 2016-02 was issued related to leases, which was further amended in September 2017 by ASU No. 2017-13, in January 2018 by ASU No. 2018-01 and in July 2018 by ASU No. 2018-10. The new guidance modifies the classification criteria and requires lessees to recognize right-of-use assets and lease liabilities arising from most leases on the balance sheet with additional disclosures about leasing arrangements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. The Company anticipates adopting the new guidance as of January 1, 2019.

The Company has begun its assessment of the new guidance and the impact it will have on the Consolidated Financial Statements and disclosures, and expects to complete its analysis in 2018. To date, the Company has formed a cross-functional implementation team; commenced a completeness assessment over the lease population; begun the evaluation of the various practical expedients and policy elections that will be adopted; started to establish new policies, procedures and internal controls related to the new standard; and commenced the review of contracts that are expected to be outstanding as of the adoption date.

Management is still completing its assessment of the impacts; however, based on the procedures performed, management has identified certain service contracts that contain embedded leases under the revised guidance. The Company expects that the adoption of the new standard will gross up the Consolidated Balance Sheets with the recognition of right-of-use assets and lease liabilities related to operating leases. The Company does not expect there will be a material impact to the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. The Company is in the process of assessing the required disclosures of the new standard, and expects to provide additional qualitative and quantitative disclosures related to leasing arrangements upon adoption.

Other Comprehensive Income Reclassifications Related to Tax Reform

In February 2018, ASU 2018-02 was issued allowing companies the option to reclassify to retained earnings the tax effects related to items in Accumulated other comprehensive income (loss) as a result of the Tax Cuts and Jobs Act (the “Act”) that was enacted on December 22, 2017. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. This guidance should be applied either in the period of adoption or retrospectively to each period in which the effects of the change in the U.S. federal income tax rate in the Act is recognized. The Company is still completing its assessment of the impacts and anticipated adoption date of this guidance.

v3.10.0.1
SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2018
SEGMENT INFORMATION  
SEGMENT INFORMATION

NOTE 3     SEGMENT INFORMATION

The Company has organized its operations into four geographic regions. The geographic regions include North America, South America, Australia and Africa and represent the Company’s operating segments. The results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information on the following tables. Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Newmont’s business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes.

Unless otherwise noted, the Company presents only the reportable segments of its continuing operations in the tables below. The financial information relating to the Company’s segments is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

 

Income (Loss)

 

 

 

  

 

 

 

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

 

 

 

 

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

 

Sales

 

to Sales

 

Amortization

 

and Exploration

 

and Other Items

 

Expenditures(1)

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

244

   

$

178

   

$

43

   

$

 8

   

$

13

   

$

42

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

63

 

 

44

 

 

10

 

 

 

 

 

 

 

 

 

 

Copper

 

 

21

 

 

14

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

84

 

 

58

 

 

14

 

 

 1

 

 

10

 

 

11

 

Twin Creeks

 

 

114

 

 

66

 

 

16

 

 

 3

 

 

33

 

 

22

 

Long Canyon

 

 

56

 

 

18

 

 

19

 

 

 6

 

 

11

 

 

 2

 

CC&V

 

 

88

 

 

42

 

 

14

 

 

 1

 

 

25

 

 

 9

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 9

 

 

(9)

 

 

 2

 

North America

 

 

586

 

 

362

 

 

107

 

 

28

 

 

83

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

147

 

 

92

 

 

22

 

 

12

 

 

(3)

 

 

24

 

Merian

 

 

132

 

 

61

 

 

20

 

 

 6

 

 

46

 

 

27

 

Other South America

 

 

 —

 

 

 —

 

 

 4

 

 

 8

 

 

(13)

 

 

 1

 

South America

 

 

279

 

 

153

 

 

46

 

 

26

 

 

30

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

220

 

 

130

 

 

24

 

 

 

 

 

 

 

 

 

 

Copper

 

 

60

 

 

32

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

280

 

 

162

 

 

30

 

 

 —

 

 

92

 

 

10

 

Tanami

 

 

134

 

 

74

 

 

16

 

 

 4

 

 

43

 

 

26

 

Kalgoorlie

 

 

122

 

 

62

 

 

 6

 

 

 3

 

 

53

 

 

 5

 

Other Australia

 

 

 —

 

 

 —

 

 

 2

 

 

 2

 

 

(2)

 

 

 —

 

Australia

 

 

536

 

 

298

 

 

54

 

 

 9

 

 

186

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

132

 

 

90

 

 

29

 

 

 4

 

 

 6

 

 

64

 

Akyem

 

 

129

 

 

62

 

 

41

 

 

 4

 

 

21

 

 

11

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(3)

 

 

 —

 

Africa

 

 

261

 

 

152

 

 

70

 

 

 9

 

 

24

 

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 2

 

 

18

 

 

(18)

 

 

 2

 

Consolidated

 

$

1,662

 

$

965

 

$

279

 

$

90

 

$

305

 

$

258

 


(1)

Consolidated capital expenditures on a cash basis were $258.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

 

Income (Loss)

 

 

 

  

 

 

 

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

 

 

 

 

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

 

Sales

 

to Sales

 

Amortization

 

and Exploration

 

and Other Items

 

Expenditures(1)

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

279

   

$

170

   

$

46

   

$

 5

   

$

55

   

$

48

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

67

 

 

46

 

 

12

 

 

 

 

 

 

 

 

 

 

Copper

 

 

24

 

 

16

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

91

 

 

62

 

 

16

 

 

 3

 

 

 9

 

 

 4

 

Twin Creeks

 

 

156

 

 

61

 

 

17

 

 

 2

 

 

72

 

 

 9

 

Long Canyon

 

 

57

 

 

13

 

 

18

 

 

 5

 

 

21

 

 

 3

 

CC&V

 

 

166

 

 

74

 

 

33

 

 

 3

 

 

53

 

 

 4

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 4

 

 

(5)

 

 

 1

 

North America

 

 

749

 

 

380

 

 

131

 

 

22

 

 

205

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

149

 

 

134

 

 

34

 

 

 8

 

 

(59)

 

 

 9

 

Merian

 

 

150

 

 

64

 

 

26

 

 

 4

 

 

54

 

 

22

 

Other South America

 

 

 —

 

 

 —

 

 

 3

 

 

 9

 

 

(16)

 

 

 —

 

South America

 

 

299

 

 

198

 

 

63

 

 

21

 

 

(21)

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

262

 

 

147

 

 

31

 

 

 

 

 

 

 

 

 

 

Copper

 

 

52

 

 

28

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

314

 

 

175

 

 

37

 

 

 1

 

 

94

 

 

14

 

Tanami

 

 

123

 

 

58

 

 

15

 

 

 6

 

 

55

 

 

28

 

Kalgoorlie

 

 

113

 

 

55

 

 

 5

 

 

 1

 

 

52

 

 

 4

 

Other Australia

 

 

 —

 

 

 —

 

 

 1

 

 

 2

 

 

(5)

 

 

 2

 

Australia

 

 

550

 

 

288

 

 

58

 

 

10

 

 

196

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

112

 

 

60

 

 

15

 

 

10

 

 

25

 

 

36

 

Akyem

 

 

165

 

 

73

 

 

40

 

 

 5

 

 

45

 

 

 6

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(4)

 

 

 —

 

Africa

 

 

277

 

 

133

 

 

55

 

 

16

 

 

66

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 3

 

 

14

 

 

(111)

 

 

 2

 

Consolidated

 

$

1,875

 

$

999

 

$

310

 

$

83

 

$

335

 

$

192

 


(1)

Includes an increase in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $183.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Advanced

  

Income (Loss)

 

 

 

 

 

  

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

  

 

  

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

    

Sales

    

to Sales

    

Amortization

    

and Exploration

    

and Other Items

    

Expenditures(1)

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

548

 

$

377

 

$

95

 

$

15

 

$

55

 

$

72

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

163

 

 

106

 

 

25

 

 

 

 

 

 

 

 

 

 

Copper

 

 

47

 

 

30

 

 

 8

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

210

 

 

136

 

 

33

 

 

 2

 

 

36

 

 

18

 

Twin Creeks

 

 

224

 

 

130

 

 

31

 

 

 5

 

 

64

 

 

40

 

Long Canyon

 

 

115

 

 

34

 

 

38

 

 

12

 

 

30

 

 

 5

 

CC&V

 

 

171

 

 

81

 

 

29

 

 

 3

 

 

51

 

 

18

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

13

 

 

(15)

 

 

 4

 

North America

 

 

1,268

 

 

758

 

 

227

 

 

50

 

 

221

 

 

157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

290

 

 

206

 

 

52

 

 

22

 

 

(31)

 

 

40

 

Merian

 

 

298

 

 

128

 

 

42

 

 

 9

 

 

120

 

 

49

 

Other South America

 

 

 —

 

 

 —

 

 

 7

 

 

15

 

 

(29)

 

 

 1

 

South America

 

 

588

 

 

334

 

 

101

 

 

46

 

 

60

 

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

430

 

 

258

 

 

47

 

 

 

 

 

 

 

 

 

 

Copper

 

 

112

 

 

63

 

 

12

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

542

 

 

321

 

 

59

 

 

 —

 

 

166

 

 

26

 

Tanami

 

 

301

 

 

150

 

 

35

 

 

10

 

 

110

 

 

47

 

Kalgoorlie

 

 

239

 

 

122

 

 

12

 

 

 6

 

 

101

 

 

13

 

Other Australia

 

 

 —

 

 

 —

 

 

 3

 

 

 4

 

 

(4)

 

 

 1

 

Australia

 

 

1,082

 

 

593

 

 

109

 

 

20

 

 

373

 

 

87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

270

 

 

180

 

 

55

 

 

 8

 

 

22

 

 

126

 

Akyem

 

 

271

 

 

129

 

 

83

 

 

 7

 

 

45

 

 

21

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

(5)

 

 

 —

 

Africa

 

 

541

 

 

309

 

 

138

 

 

17

 

 

62

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 5

 

 

31

 

 

(128)

 

 

 6

 

Consolidated

 

$

3,479

 

$

1,994

 

$

580

 

$

164

 

$

588

 

$

487

 


(1)

Includes a decrease in accrued capital expenditures of $2; consolidated capital expenditures on a cash basis were $489.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Advanced

  

Income (Loss)

 

 

 

 

 

  

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

  

 

  

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

    

Sales

    

to Sales

    

Amortization

    

and Exploration

    

and Other Items

    

Expenditures(1)

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

543

 

$

378

 

$

99

 

$

 8

 

$

54

 

$

96

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

121

 

 

90

 

 

23

 

 

 

 

 

 

 

 

 

 

Copper

 

 

50

 

 

34

 

 

 9

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

171

 

 

124

 

 

32

 

 

 4

 

 

 7

 

 

10

 

Twin Creeks

 

 

258

 

 

111

 

 

31

 

 

 4

 

 

107

 

 

17

 

Long Canyon

 

 

96

 

 

25

 

 

31

 

 

10

 

 

30

 

 

 7

 

CC&V

 

 

322

 

 

149

 

 

65

 

 

 7

 

 

99

 

 

 8

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 7

 

 

(10)

 

 

 3

 

North America

 

 

1,390

 

 

787

 

 

259

 

 

40

 

 

287

 

 

141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

328

 

 

253

 

 

70

 

 

12

 

 

(50)

 

 

20

 

Merian

 

 

283

 

 

112

 

 

47

 

 

 8

 

 

114

 

 

38

 

Other South America

 

 

 —

 

 

 —

 

 

 7

 

 

19

 

 

(35)

 

 

 —

 

South America

 

 

611

 

 

365

 

 

124

 

 

39

 

 

29

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

490

 

 

269

 

 

57

 

 

 

 

 

 

 

 

 

 

Copper

 

 

97

 

 

49

 

 

10

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

587

 

 

318

 

 

67

 

 

 1

 

 

180

 

 

29

 

Tanami

 

 

215

 

 

108

 

 

31

 

 

 9

 

 

75

 

 

52

 

Kalgoorlie

 

 

217

 

 

107

 

 

 9

 

 

 3

 

 

95

 

 

 8

 

Other Australia

 

 

 —

 

 

 —

 

 

 3

 

 

 3

 

 

(20)

 

 

 3

 

Australia

 

 

1,019

 

 

533

 

 

110

 

 

16

 

 

330

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

226

 

 

136

 

 

38

 

 

16

 

 

34

 

 

53

 

Akyem

 

 

319

 

 

135

 

 

74

 

 

 6

 

 

100

 

 

12

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

(5)

 

 

 —

 

Africa

 

 

545

 

 

271

 

 

112

 

 

24

 

 

129

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 5

 

 

26

 

 

(246)

 

 

 4

 

Consolidated

 

$

3,565

 

$

1,956

 

$

610

 

$

145

 

$

529

 

$

360

 

 


(1)

Includes a decrease in accrued capital expenditures of $3; consolidated capital expenditures on a cash basis were $363.

v3.10.0.1
SALES
6 Months Ended
Jun. 30, 2018
SALES  
Sales

NOTE 4     SALES

The following table presents the Company’s Sales by mining operation, product and inventory type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

244

 

$

 —

 

$

 —

 

$

 —

 

$

244

 

Phoenix

 

 

30

 

 

33

 

 

 9

 

 

12

 

 

84

 

Twin Creeks

 

 

114

 

 

 —

 

 

 —

 

 

 —

 

 

114

 

Long Canyon

 

 

56

 

 

 —

 

 

 —

 

 

 —

 

 

56

 

CC&V

 

 

88

 

 

 —

 

 

 —

 

 

 —

 

 

88

 

North America

 

 

532

 

 

33

 

 

 9

 

 

12

 

 

586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

147

 

 

 —

 

 

 —

 

 

 —

 

 

147

 

Merian

 

 

132

 

 

 —

 

 

 —

 

 

 —

 

 

132

 

South America

 

 

279

 

 

 —

 

 

 —

 

 

 —

 

 

279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

64

 

 

156

 

 

60

 

 

 —

 

 

280

 

Tanami

 

 

134

 

 

 —

 

 

 —

 

 

 —

 

 

134

 

Kalgoorlie

 

 

122

 

 

 —

 

 

 —

 

 

 —

 

 

122

 

Australia

 

 

320

 

 

156

 

 

60

 

 

 —

 

 

536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

132

 

 

 —

 

 

 —

 

 

 —

 

 

132

 

Akyem

 

 

129

 

 

 —

 

 

 —

 

 

 —

 

 

129

 

Africa

 

 

261

 

 

 —

 

 

 —

 

 

 —

 

 

261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,392

 

$

189

 

$

69

 

$

12

 

$

1,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

279

 

$

 —

 

$

 —

 

$

 —

 

$

279

 

Phoenix

 

 

30

 

 

37

 

 

12

 

 

12

 

 

91

 

Twin Creeks

 

 

156

 

 

 —

 

 

 —

 

 

 —

 

 

156

 

Long Canyon

 

 

57

 

 

 —

 

 

 —

 

 

 —

 

 

57

 

CC&V

 

 

161

 

 

 5

 

 

 —

 

 

 —

 

 

166

 

North America

 

 

683

 

 

42

 

 

12

 

 

12

 

 

749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

149

 

 

 —

 

 

 —

 

 

 —

 

 

149

 

Merian

 

 

150

 

 

 —

 

 

 —

 

 

 —

 

 

150

 

South America

 

 

299

 

 

 —

 

 

 —

 

 

 —

 

 

299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

64

 

 

198

 

 

52

 

 

 —

 

 

314

 

Tanami

 

 

123

 

 

 —

 

 

 —

 

 

 —

 

 

123

 

Kalgoorlie

 

 

113

 

 

 —

 

 

 —

 

 

 —

 

 

113

 

Australia

 

 

300

 

 

198

 

 

52

 

 

 —

 

 

550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

112

 

 

 —

 

 

 —

 

 

 —

 

 

112

 

Akyem

 

 

165

 

 

 —

 

 

 —

 

 

 —

 

 

165

 

Africa

 

 

277

 

 

 —

 

 

 —

 

 

 —

 

 

277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,559

 

$

240

 

$

64

 

$

12

 

$

1,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

548

 

$

 —

 

$

 —

 

$

 —

 

$

548

 

Phoenix

 

 

71

 

 

92

 

 

21

 

 

26

 

 

210

 

Twin Creeks

 

 

224

 

 

 —

 

 

 —

 

 

 —

 

 

224

 

Long Canyon

 

 

115

 

 

 —

 

 

 —

 

 

 —

 

 

115

 

CC&V

 

 

171

 

 

 —

 

 

 —

 

 

 —

 

 

171

 

North America

 

 

1,129

 

 

92

 

 

21

 

 

26

 

 

1,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

290

 

 

 —

 

 

 —

 

 

 —

 

 

290

 

Merian

 

 

298

 

 

 —

 

 

 —

 

 

 —

 

 

298

 

South America

 

 

588

 

 

 —

 

 

 —

 

 

 —

 

 

588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

123

 

 

307

 

 

112

 

 

 —

 

 

542

 

Tanami

 

 

301

 

 

 —

 

 

 —

 

 

 —

 

 

301

 

Kalgoorlie

 

 

239

 

 

 —

 

 

 —

 

 

 —

 

 

239

 

Australia

 

 

663

 

 

307

 

 

112

 

 

 —

 

 

1,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

270

 

 

 —

 

 

 —

 

 

 —

 

 

270

 

Akyem

 

 

271

 

 

 —

 

 

 —

 

 

 —

 

 

271

 

Africa

 

 

541

 

 

 —

 

 

 —

 

 

 —

 

 

541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

2,921

 

$

399

 

$

133

 

$

26

 

$

3,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

543

 

$

 —

 

$

 —

 

$

 —

 

$

543

 

Phoenix

 

 

54

 

 

67

 

 

27

 

 

23

 

 

171

 

Twin Creeks

 

 

258

 

 

 —

 

 

 —

 

 

 —

 

 

258

 

Long Canyon

 

 

96

 

 

 —

 

 

 —

 

 

 —

 

 

96

 

CC&V

 

 

311

 

 

11

 

 

 —

 

 

 —

 

 

322

 

North America

 

 

1,262

 

 

78

 

 

27

 

 

23

 

 

1,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

328

 

 

 —

 

 

 —

 

 

 —

 

 

328

 

Merian

 

 

283

 

 

 —

 

 

 —

 

 

 —

 

 

283

 

South America

 

 

611

 

 

 —

 

 

 —

 

 

 —

 

 

611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

123

 

 

367

 

 

97

 

 

 —

 

 

587

 

Tanami

 

 

215

 

 

 —

 

 

 —

 

 

 —

 

 

215

 

Kalgoorlie

 

 

217

 

 

 —

 

 

 —

 

 

 —

 

 

217

 

Australia

 

 

555

 

 

367

 

 

97

 

 

 —

 

 

1,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

226

 

 

 —

 

 

 —

 

 

 —

 

 

226

 

Akyem

 

 

319

 

 

 —

 

 

 —

 

 

 —

 

 

319

 

Africa

 

 

545

 

 

 —

 

 

 —

 

 

 —

 

 

545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

2,973

 

$

445

 

$

124

 

$

23

 

$

3,565

 

 

The following table details the receivables included within Trade receivables:

 

 

 

 

 

 

 

 

 

 

   At June 30,    

 

At December 31, 

 

 

 

2018

 

2017

 

Receivables from Sales:

 

 

 

 

 

 

 

Gold sales from doré

 

$

36

 

$

 —

 

Gold and copper sales from concentrate production

 

 

96

 

 

117

 

Copper sales from cathode production

 

 

 1

 

 

7

 

Total receivables from Sales

 

$

133

 

$

124

 

 

The impact to Sales from revenue initially recognized in previous periods due to the changes in the final pricing and changes in quantities resulting from assays is an increase (decrease) of $(1) and $(1), respectively, for the three months ended June 30, 2018 and an increase (decrease) of $1 and $(6), respectively, for the three months ended June 30, 2017.  

 

The impact to Sales from revenue initially recognized in previous periods due to the changes in the final pricing and changes in quantities resulting from assays is an increase (decrease) of $(3) and $1, respectively, for the six months ended June 30, 2018 and an increase (decrease) of $11 and $2, respectively, for the six months ended June 30, 2017.  

 

The following tables summarize the impacts of adopting this standard on the Company’s Condensed Consolidated Financial Statements for the three and six months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

1,662

 

$

89

 

$

1,751

 

Costs applicable to sales

 

$

965

 

$

54

 

$

1,019

 

Depreciation and amortization

 

$

279

 

$

12

 

$

291

 

Income (loss) before income and mining tax and other items

 

$

305

 

$

23

 

$

328

 

Income and mining tax benefit (expense)

 

$

(18)

 

$

(6)

 

$

(24)

 

Net income (loss)

 

$

298

 

$

17

 

$

315

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

274

 

$

17

 

$

291

 

Discontinued operations 

 

 

18

 

 

 —

 

 

18

 

 

 

$

292

 

$

17

 

$

309

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.52

 

$

0.03

 

$

0.55

 

Discontinued operations 

 

 

0.03

 

 

 —

 

 

0.03

 

 

 

$

0.55

 

$

0.03

 

$

0.58

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.51

 

$

0.03

 

$

0.54

 

Discontinued operations 

 

 

0.03

 

 

 —

 

 

0.03

 

 

 

$

0.54

 

$

0.03

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

3,479

 

$

(16)

 

$

3,463

 

Costs applicable to sales

 

$

1,994

 

$

(8)

 

$

1,986

 

Depreciation and amortization

 

$

580

 

$

(2)

 

$

578

 

Income (loss) before income and mining tax and other items

 

$

588

 

$

(6)

 

$

582

 

Income and mining tax benefit (expense)

 

$

(123)

 

$

 2

 

$

(121)

 

Net income (loss)

 

$

489

 

$

(4)

 

$

485

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

444

 

$

(4)

 

$

440

 

Discontinued operations 

 

 

40

 

 

 —

 

 

40

 

 

 

$

484

 

$

(4)

 

$

480

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.84

 

$

(0.01)

 

$

0.83

 

Discontinued operations 

 

 

0.07

 

 

 —

 

 

0.07

 

 

 

$

0.91

 

$

(0.01)

 

$

0.90

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.83

 

$

(0.01)

 

$

0.82

 

Discontinued operations 

 

 

0.07

 

 

 —

 

 

0.07

 

 

 

$

0.90

 

$

(0.01)

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of  Cash Flows

 

As Reported

 

Change

 

of ASC 606

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

489

 

$

(4)

 

$

485

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

580

 

$

(2)

 

$

578

 

Net change in operating assets and liabilities

 

$

(510)

 

$

 6

 

$

(504)

 

Net cash provided by (used in) operating activities of continuing operations

 

$

667

 

$

 —

 

$

667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Balance Sheet

 

As Reported

 

Change

 

of ASC 606

 

Trade receivables

 

$

133

 

$

(16)

 

$

117

 

Inventories

 

$

697

 

$

10

 

$

707

 

Total assets

 

$

20,655

 

$

(6)

 

$

20,649

 

Income and mining taxes payable

 

$

71

 

$

(2)

 

$

69

 

Total liabilities

 

$

8,822

 

$

(2)

 

$

8,820

 

Retained earnings

 

$

592

 

$

(4)

 

$

588

 

Newmont stockholders' equity

 

$

10,813

 

$

(4)

 

$

10,809

 

Total equity

 

$

11,785

 

$

(4)

 

$

11,781

 

Total liabilities and equity

 

$

20,655

 

$

(6)

 

$

20,649

 

 

v3.10.0.1
RECLAMATION AND REMEDIATION
6 Months Ended
Jun. 30, 2018
RECLAMATION AND REMEDIATION  
RECLAMATION AND REMEDIATION

NOTE 5     RECLAMATION AND REMEDIATION

The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.

The Company’s Reclamation and remediation expense consisted of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Reclamation adjustments

 

$

 —

 

$

15

 

$

 —

 

$

15

 

Reclamation accretion

 

 

25

 

 

25

 

 

49

 

 

48

 

Total reclamation expense

 

 

25

 

 

40

 

 

49

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remediation adjustments

 

 

11

 

 

 2

 

$

14

 

$

 7

 

Remediation accretion

 

 

 1

 

 

 1

 

 

 2

 

 

 2

 

Total remediation expense

 

 

12

 

 

 3

 

$

16

 

$

 9

 

 

 

$

37

 

$

43

 

$

65

 

$

72

 

 

Reclamation and remediation adjustments. In June 2018, the Company updated assumptions at a historic mine site for future water management costs of $8. In June 2017,  the Company updated reclamation liability assumptions at Yanacocha regarding water treatment costs on non-operating leach pads of $15. 

The following are reconciliations of Reclamation and remediation liabilities

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Reclamation balance at January 1,

 

$

2,144

 

$

1,913

 

Additions, changes in estimates and other 

 

 

 —

 

 

15

 

Payments, net

 

 

(13)

 

 

(11)

 

Accretion expense 

 

 

49

 

 

48

 

Reclamation balance at June 30, 

 

$

2,180

 

$

1,965

 

 

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Remediation balance at January 1,

 

$

304

 

$

312

 

Additions, changes in estimates and other 

 

 

 8

 

 

 2

 

Payments, net

 

 

(20)

 

 

(21)

 

Accretion expense 

 

 

 2

 

 

 2

 

Remediation balance at June 30, 

 

$

294

 

$

295

 

 

The current portion of reclamation liabilities was $60 at June 30, 2018 and December 31, 2017, and was included in Other current liabilities. The current portion of remediation liabilities was $45 and $43 at June 30, 2018 and December 31, 2017, respectively, and was included in Other current liabilities.  

At June 30, 2018 and December 31, 2017,  $2,180 and $2,144, respectively, were accrued for reclamation obligations relating to operating properties. In addition, the Company is involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved.

At June 30, 2018 and December 31, 2017,  $294 and $304, 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 43% greater or 0% lower than the amount accrued at June 30, 2018. These amounts are included in Other current liabilities and Reclamation and remediation liabilities. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised.

Non-current restricted cash held for purposes of settling reclamation and remediation obligations was $34 and $38 at June 30, 2018 and December 31, 2017, respectively. Of the amounts at June 30, 2018,  $25 was related to the Ahafo and Akyem mines in Ghana, Africa, $8 was related to the Con mine in Yellowknife, Northwest Territory, Canada, and $1 was related to the San Jose Reservoir in Yanacocha, Peru. Of the amount at December 31, 2017,  $25 was related to the Ahafo and Akyem mines, $6 was related to the Con mine, $6 was related to the San Jose Reservoir, and $1 was related to the Midnite mine in Washington state.

Included in Other non-current assets at June 30, 2018 and December 31, 2017, was $58 and $64, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations related to the San Jose Reservoir in Yanacocha, Midnight mine site and for various locations in North America.

Refer to Note 25 for further discussion of reclamation and remediation matters.

v3.10.0.1
OTHER EXPENSE, NET
6 Months Ended
Jun. 30, 2018
OTHER EXPENSE, NET  
OTHER EXPENSE, NET

NOTE 6     OTHER EXPENSE, NET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Restructuring and other

 

$

 9

 

$

 1

 

$

15

 

$

 8

 

Acquisition cost adjustments

 

 

 —

 

 

 3

 

 

 —

 

 

 5

 

Impairment of long-lived assets

 

 

 —

 

 

 —

 

 

 —

 

 

 3

 

Other

 

 

 4

 

 

10

 

 

 9

 

 

15

 

 

 

$

13

 

$

14

 

$

24

 

$

31

 

 

 

Restructuring and other. Restructuring and other represents certain costs associated with severance, legal and other settlements for all periods presented.

Acquisition cost adjustments. Acquisition cost adjustments represent net adjustments during 2017 to the contingent consideration and related liabilities associated with the acquisition of the final 33.33% interest in Boddington in June 2009.

Impairment of long-lived assets. Impairment of long-lived assets primarily relates to non-cash write-downs of obsolete assets at Yanacocha and Australia in 2017.

 

v3.10.0.1
OTHER INCOME, NET
6 Months Ended
Jun. 30, 2018
OTHER INCOME, NET.  
OTHER INCOME, NET

NOTE 7     OTHER INCOME, NET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

 

2018

    

2017

  

Gain (loss) on asset and investment sales, net

 

$

100

 

$

14

 

$

99

 

$

16

 

Interest

 

 

13

 

 

 6

 

 

24

 

 

10

 

Foreign currency exchange, net 

 

 

14

 

 

(4)

 

 

21

 

 

(21)

 

Change in fair value of marketable equity securities

 

 

 5

 

 

 —

 

 

 5

 

 

 —

 

Tanami insurance proceeds

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Other 

 

 

 7

 

 

 2

 

 

11

 

 

 4

 

 

 

$

139

 

$

31

 

$

160

 

$

22

 

 

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 16. 

In June 2017, the Company exchanged its interest in the Fort á la Corne joint venture for equity ownership in Shore Gold Inc., resulting in a pre-tax gain of $15.  

Foreign currency exchange, net. Although the majority of the Company’s balances are denominated in U.S. dollars, foreign currency exchange gains (losses) are recognized on balances to be satisfied in local currencies. These balances primarily relate to the timing of payments for employee-related benefits and other current liabilities in Australia, Peru and Suriname.

Tanami insurance proceeds. 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.

v3.10.0.1
INCOME AND MINING TAXES
6 Months Ended
Jun. 30, 2018
INCOME AND MINING TAXES  
INCOME AND MINING TAXES

NOTE 8     INCOME AND MINING TAXES

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

 

  

2018

      

2017

      

2018

      

2017

    

 

Income (loss) before income and mining tax and other items

 

 

 

$

305

 

 

 

$

335

 

 

 

$

588

 

 

 

$

529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal statutory tax rate

 

21

%  

$

64

 

35

%  

$

117

 

21

%  

$

123

 

35

%  

$

185

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(3)

 

 

(8)

 

(13)

 

 

(42)

 

(4)

 

 

(25)

 

(14)

 

 

(74)

 

 

Change in valuation allowance on deferred tax assets

 

(5)

 

 

(15)

 

21

 

 

72

 

 1

 

 

 3

 

26

 

 

139

 

 

Adjustment to provisional expense related to the Tax Cuts and Job Act

 

(15)

 

 

(45)

 

 —

 

 

 —

 

(8)

 

 

(45)

 

 —

 

 

 —

 

 

Mining and other taxes

 

 3

 

 

 9

 

 5

 

 

16

 

 5

 

 

30

 

 7

 

 

35

 

 

Foreign rate differential

 

 5

 

 

15

 

 —

 

 

 —

 

 8

 

 

46

 

 —

 

 

 —

 

 

Other

 

 —

 

 

(2)

 

 2

 

 

 3

 

(2)

 

 

(9)

 

(2)

 

 

(8)

 

 

Income and mining tax expense

 

 6

%

$

18

 

50

%

$

166

 

21

%

$

123

 

52

%

$

277

 

 

 

During the three months ended June 30, 2018, the Company released valuation allowance on capital losses of ($15) as a result of the exchange of certain royalty interests for cash consideration and shares and warrants in Maverix.

 

During the second quarter, the Company completed a fixed asset study regarding the deductibility of certain mineral interests related to Boddington. Based on the work performed to date, the Company determined it will be able to realize certain Australian deferred tax assets and recorded a tax benefit of $45 during the quarter. This adjustment was treated as a change to the provisional amount recorded in the fourth quarter of 2017 for the impacts of US tax reform as it relates to balances impacted by the tax restructuring completed at year-end. The Company expects to record additional updates to the provisional amounts for the impacts of US tax reform during the last half of 2018 following completion of the 2017 income tax returns and within the 12 month time frame provided under the SEC’s Staff Accounting Bulletin 118.  

v3.10.0.1
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS  
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS

 NOTE 9     NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS

The details of Net income (loss) from discontinued operations are set forth below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

    

Six Months Ended June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Holt royalty obligation

 

$

17

 

$

(15)

    

$

36

 

$

(38)

 

Batu Hijau contingent consideration (1)

 

 

 1

 

 

 —

 

 

 4

 

 

 —

 

Net income (loss) from discontinued operations

 

$

18

 

$

(15)

    

$

40

 

$

(38)

 


(1)

See Note 15 for details on the Batu Hijau contingent consideration.

 

The Holt Royalty Obligation

At June 30, 2018 and December 31, 2017, the estimated fair value of the Holt royalty obligation was $193 and $243, respectively. Changes to the estimated fair value resulting from periodic revaluations are recorded to Net income (loss) from discontinued operations, net of tax. During the three and six months ended June 30, 2018, the Company recorded a gain (loss) of $17 and $36, net of a tax benefit (expense) of $(5) and $(9), respectively, related to the Holt royalty obligation. During the three and six months ended June 30, 2017, the Company recorded a gain (loss) of $(15) and $(38), net of tax benefit (expense) of $8 and $21, respectively, related to the Holt royalty obligation.

During the six months ended June 30, 2018 and 2017, the Company paid $5 and $6, respectively, related to the Holt royalty obligation. Refer to Note 14 for additional information on the Holt royalty obligation.

 

v3.10.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

NOTE 10     NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

 

2017

 

2018

 

2017

 

Merian

 

$

11

 

$

13

 

$

28

 

$

26

 

Yanacocha

    

 

(5)

    

 

(37)

    

 

(23)

    

 

(38)

 

Other 

 

 

 —

 

 

 —

 

 

 —

 

 

(1)

 

 

 

$

 6

 

$

(24)

 

$

 5

 

$

(13)

 

 

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 Condensed Consolidated Financial Statements as the primary beneficiary in the variable interest entity.

In December 2017, Minera Yanacocha S.R.L. (“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 on the Condensed Consolidated Balance Sheets. Under the terms of the sales agreement, the cash paid by Sumitomo at closing has been placed in escrow for repayment in the event the option is exercised. As a result of this transaction, the Company concluded that Newmont will continue to consolidate Yanacocha in its Condensed Consolidated Financial Statements under the voting interest model.

The following summarizes the assets and liabilities of Merian, (including noncontrolling interests):

 

 

 

 

 

 

 

 

 

 

   At June 30,  2018

    

At December 31, 2017

 

Current assets:

    

 

 

 

 

 

 

Cash and cash equivalents

 

$

44

 

$

27

 

Trade receivables

 

 

23

 

 

 —

 

Inventories

 

 

81

 

 

79

 

Stockpiles and ore on leach pads

 

 

31

 

 

21

 

Other current assets (1)

 

 

 4

 

 

 6

 

 

 

 

183

 

 

133

 

Non-current assets:

 

 

 

 

 

 

 

Property, plant and mine development, net

 

 

777

 

 

769

 

Other non-current assets (2)

 

 

 3

 

 

 8

 

Total assets

 

$

963

 

$

910

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

27

 

$

22

 

Other current liabilities (3)

 

 

26

 

 

28

 

 

 

 

53

 

 

50

 

Non-current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

 

18

 

 

18

 

Other non-current liabilities (4)

 

 

 1

 

 

 1

 

Total liabilities

 

$

72

 

$

69

 


(1)

Other current assets include other accounts receivables, prepaid assets and other current assets.

(2)

Other non-current assets include intangibles, stockpiles and ore on leach pads.

(3)

Other current liabilities include employee-related benefits and other current liabilities.

(4)

Other non-current liabilities include employee-related benefits.

 

v3.10.0.1
NET INCOME (LOSS) PER COMMON SHARE
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) PER COMMON SHARE  
NET INCOME (LOSS) PER COMMON SHARE

NOTE 11    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 and convertible debt instruments. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in net income per share are included in the calculation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

    

Net income (loss) attributable to Newmont stockholders: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

274

 

$

190

 

$

444

 

$

260

 

Discontinued operations 

 

 

18

 

 

(15)

 

 

40

 

 

(38)

 

 

 

$

292

 

$

175

 

$

484

 

$

222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic 

 

 

533

 

 

533

 

 

534

 

 

533

 

Effect of employee stock-based awards 

 

 

 2

 

 

 2

 

 

 1

 

 

 1

 

Diluted 

 

 

535

 

 

535

 

 

535

 

 

534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.52

 

$

0.36

 

$

0.84

 

$

0.49

 

Discontinued operations 

 

 

0.03

 

 

(0.03)

 

 

0.07

 

 

(0.07)

 

 

 

$

0.55

 

$

0.33

 

$

0.91

 

$

0.42

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.51

 

$

0.36

 

$

0.83

 

$

0.49

 

Discontinued operations 

 

 

0.03

 

 

(0.03)

 

 

0.07

 

 

(0.07)

 

 

 

$

0.54

 

$

0.33

 

$

0.90

 

$

0.42

 

 

During the three and six months ended June 30, 2018, the Company repurchased and retired approximately 0.2 million and 1.9 million shares of its common stock for $6 and $70, respectively. Additionally, during the three and six months ended June 30, 2018, the Company withheld a nominal amount and 1.0 million shares for payments of employee withholding taxes related to the vesting of stock awards.

When treasury shares are retired, the Company's policy is to allocate the excess of the repurchase price over the par value of shares acquired to both Retained earnings and Additional paid-in capital. The portion allocated to Additional paid-in capital is calculated on a pro-rata basis of the shares to be retired and the total shares issued and outstanding as of the date of the retirement.

v3.10.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS
6 Months Ended
Jun. 30, 2018
EMPLOYEE PENSION AND OTHER BENEFIT PLANS  
EMPLOYEE PENSION AND OTHER BENEFIT PLANS

NOTE 12    EMPLOYEE PENSION AND OTHER BENEFIT PLANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Pension benefit costs, net (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 8

 

$

 8

 

$

16

 

$

15

 

Interest cost

 

 

11

 

 

11

 

 

21

 

 

22

 

Expected return on plan assets

 

 

(17)

 

 

(16)

 

 

(34)

 

 

(31)

 

Amortization, net

 

 

 8

 

 

 7

 

 

16

 

 

14

 

Settlements

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

 

$

10

 

$

10

 

$

19

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Other benefit costs (credits), net (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 1

 

$

 1

 

$

 1

 

$

 1

 

Interest cost

 

$

 1

 

$

 1

 

$

 2

 

$

 2

 

Amortization, net

 

 

(2)

 

 

(3)

 

 

(4)

 

 

(4)

 

 

 

$

 —

 

$

(1)

 

$

(1)

 

$

(1)

 

 

 


 

(1)

Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs and settlements are included in Other income, net.

v3.10.0.1
STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2018
STOCK-BASED COMPENSATION  
STOCK BASED COMPENSATION

NOTE 13    STOCK-BASED COMPENSATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance leveraged stock units

 

$

 7

 

$

 9

 

$

16

 

$

17

 

Restricted stock units

 

 

12

 

 

10

 

 

22

 

 

17

 

Strategic stock units

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

 

$

19

 

$

19

 

$

38

 

$

35

 

 

v3.10.0.1
FAIR VALUE ACCOUNTING
6 Months Ended
Jun. 30, 2018
FAIR VALUE ACCOUNTING  
FAIR VALUE ACCOUNTING

NOTE 14    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 1Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2Quoted 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 Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3Prices 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 June 30, 2018

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,127

 

$

3,127

 

$

 —

 

$

 —

 

Restricted cash

 

 

83

 

 

83

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

86

 

 

 —

 

 

86

 

 

 —

 

Diesel forward derivative contracts

 

 

 7

 

 

 —

 

 

 7

 

 

 —

 

Marketable equity securities

 

 

178

 

 

166

 

 

12

 

 

 —

 

Restricted marketable debt securities

 

 

51

 

 

22

 

 

29

 

 

 —

 

Restricted other assets

 

 

 7

 

 

 7

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

27

 

 

 —

 

 

 —

 

 

27

 

 

 

$

3,566

 

$

3,405

 

$

134

 

$

27

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,391

 

$

 —

 

$

4,391

 

$

 —

 

Holt royalty obligation

 

 

193

 

 

 —

 

 

 —

 

 

193

 

 

 

$

4,584

 

$

 —

 

$

4,391

 

$

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2017

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,259

 

$

3,259

 

$

 —

 

$

 —

 

Restricted cash

 

 

39

 

 

39

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

111

 

 

 —

 

 

111

 

 

 —

 

Diesel forward derivative contracts

 

 

 6

 

 

 —

 

 

 6

 

 

 —

 

Marketable equity securities

 

 

165

 

 

165

 

 

 —

 

 

 —

 

Restricted marketable debt securities

 

 

55

 

 

17

 

 

38

 

 

 —

 

Restricted other assets

 

 

 9

 

 

 9

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

23

 

 

 —

 

 

 —

 

 

23

 

 

 

$

3,667

 

$

3,489

 

$

155

 

$

23

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,671

 

$

 —

 

$

4,671

 

$

 —

 

Foreign exchange forward derivative contracts

 

 

 1

 

 

 —

 

 

 1

 

 

 —

 

Holt royalty obligation

 

 

243

 

 

 —

 

 

 —

 

 

243

 

 

 

$

4,915

 

$

 —

 

$

4,672

 

$

243

 


(1)

Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $4,042 and $4,040 at June 30, 2018 and December 31, 2017, 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 derivative instruments above are included in Note 15. 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 and restricted cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash and cash equivalent instruments and restricted cash are valued based on 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 gold and copper 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 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 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 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 bank issued certificate of deposits that have maturities over 90 days and marketable equity securities. Both are classified within Level 1 of the fair value hierarchy as their fair values are based on quoted 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.

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.

The following tables set forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at June 30, 2018 and December 31, 2017:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   At June 30,    

    

 

    

 

    

Range/Weighted

 

Description

 

2018

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

27

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.12

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

193

 

Monte Carlo

 

Discount rate

 

 

3.99

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,306

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

334 - 1,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 

    

 

 

 

    

Range/Weighted

 

Description

 

2017

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

23

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.09

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

243

 

Monte Carlo

 

Discount rate

 

 

3.32

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,275

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

402 - 1,779

 

 

The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

Consideration (1)

   

Assets

   

Obligation (1)

   

Liabilities

 

Fair value at December 31, 2017

 

 

 

 

 

$

23

 

$

23

 

$

243

 

$

243

 

Settlements

 

 

 

 

 

 

 —

 

 

 —

 

 

(5)

 

 

(5)

 

Revaluation

 

 

 

 

 

 

 4

 

 

 4

 

 

(45)

 

 

(45)

 

Fair value at June 30, 2018

 

 

 

 

 

$

27

 

$

27

 

$

193

 

$

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Backed

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

 

Commercial

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

   

Paper (2)

   

Consideration (1)

 

   Assets   

   

Obligation (1)

   

Liabilities

   

Fair value at December 31, 2016

 

 

$

18

 

$

13

 

$

31

 

$

187

 

$

187

 

Settlements

 

 

 

(18)

 

 

 —

 

 

(18)

 

 

(6)

 

 

(6)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

59

 

 

59

 

Fair value at June 30, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

240

 

$

240

 


(1)

The gain (loss) recognized is included in Net income (loss) from discontinued operations.

(2)

The gain (loss) recognized is included in Other income, net.

.

v3.10.0.1
DERIVATIVE INSTRUMENTS
6 Months Ended
Jun. 30, 2018
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

NOTE 15    DERIVATIVE INSTRUMENTS

The Company’s strategy is to provide shareholders with leverage to changes in gold and copper prices by selling its production at spot market prices. Consequently, the Company does not hedge its gold and copper sales. The Company has and will continue to manage certain risks associated with commodity input costs, interest rates and foreign currencies using the derivative market.

Cash Flow Hedges

The Company uses hedge programs to mitigate the variability of its operating costs primarily related to diesel price fluctuations. Prior to adoption of ASU No. 2017-12, Newmont’s hedge portfolio consisted of Nevada diesel swaps and Australian dollar foreign currency forwards. Subsequent to the adoption of this ASU, the Company initiated new diesel hedge programs for all of its Nevada sites in North America, Merian in South America and Boddington, Tanami and KCGM 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) and are reclassified to income during the period in which the hedged transaction affects earnings.

The Company had the following diesel derivative contracts outstanding at June 30, 2018:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Maturity Date

 

 

 

 

 

 

 

 

 

 

 

Total/

 

 

 

2018

    

2019

    

2020

    

2021

 

Average

 

Diesel Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 7

 

 3

 

 3

 

 1

 

14

 

Average rate ($/gallon)

 

1.68

 

1.78

 

1.97

 

2.04

 

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

South America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 —

 

 —

 

 2

 

 —

 

 2

 

Average rate ($/gallon)

 

 —

 

 —

 

1.88

 

1.99

 

1.89

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

 

 

 

Diesel barrels (thousands) 

 

 —

 

12

 

73

 

17

 

102

 

Average rate ($/barrel)

 

 —

 

85.93

 

77.06

 

79.69

 

78.54

 

 

The hedging instruments consist of a series of financially settled fixed forward contracts, which run through the second quarter of 2021 in North America, South America, and Australia.

Derivative Instrument Fair Values

The Company had the following derivative instruments designated as hedges at June 30, 2018 and December 31, 2017:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At June 30, 2018

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

Diesel fixed forwards

 

$

 5

 

$

 2

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At December 31, 2017

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

A$ operating fixed forwards 

 

$

 —

 

$

 —

 

$

 1

 

$

 —

 

Diesel fixed forwards

 

 

 6

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

 6

 

$

 —

 

$

 1

 

$

 —

 

 

As of June 30, 2018 and December 31, 2017, all hedging instruments held by the Company were subject to enforceable master netting arrangements held by various financial institutions. In general, the terms of the Company’s agreements provide for offsetting of amounts payable or receivable between it and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency. The Company’s agreements also provide that in the event of an early termination, the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company’s accounting policy is to not offset these positions in its accompanying balance sheets. As of June 30, 2018 and December 31, 2017, the potential effect of netting derivative assets against liabilities due to the master netting agreement was not significant.

The following table shows the effect of cash flow hedge accounting in the Company’s Condensed Consolidated Statements of Operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) Loss Recognized from Cash Flow Hedges

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Total Costs applicable to sales

 

$

965

 

$

999

 

$

1,994

 

$

1,956

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from diesel hedging instruments

 

$

(2)

 

$

 1

 

$

(4)

 

$

 3

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from foreign currency hedging instruments

 

$

 2

 

$

 7

 

$

 5

 

$

15

 

Total Interest expense, net

 

$

49

 

$

64

 

$

102

 

$

131

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from discontinued interest rate hedging instruments

 

$

 3

 

$

 3

 

$

 6

 

$

 5

 

 

The following table shows the location and amount of (gains) losses reported in the Company’s Condensed Consolidated Financial Statements related to the Company’s hedges.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency

 

Diesel Fixed

 

Interest

 

 

 

Exchange Contracts

 

Forward Contracts

 

Rate Contracts

 

 

    

2018

    

2017

    

2018

    

2017

    

2018

    

2017

 

For the three months ended June 30, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss recognized in Other comprehensive income (loss)

 

$

 —

 

$

 —

 

$

(4)

 

$

 3

 

$

 —

 

$

 —

 

(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss)

    

$

 2

 

$

 7

 

$

(2)

 

$

 1

 

$

 3

 

$

 3

    

For the six months ended June 30, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss recognized in Other comprehensive income (loss)

 

$

 —

 

$

(4)

 

$

(5)

 

$

 6

 

$

 —

 

$

 —

 

(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss)

 

$

 5

 

$

15

 

$

(4)

 

$

 3

 

$

 6

 

$

 5

 

 

Over the next 12 months, the Company expects to reclassify from Accumulated other comprehensive income (loss) to income a loss of approximately $5, net of tax, related to unrealized hedge losses.

Batu Hijau Contingent Consideration

Consideration received by the Company in conjunction with the sale of PT Newmont Nusa Tenggara included the Contingent Payment and the Elang Development deferred payment deeds, which were determined to be financial instruments that met the definition of a derivative, but do not qualify for hedge accounting, under ASC 815. See Note 14 for additional information. Contingent consideration of $27 and $23 was included in Other non-current assets in the Company's Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017, respectively.  

Provisional Gold and Copper Sales

The Company’s provisional gold and copper 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 gold and copper concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement.

The impact to Sales from revenue recognized due to the changes in the final pricing is an increase (decrease) of $(6) and $(2) for the three months ended June 30, 2018 and 2017, respectively, and an increase (decrease) of $(8) and $10 for the six months ended June 30, 2018 and 2017, respectively.

At June 30, 2018, Newmont had gold and copper sales of 78,000 ounces and 13 million pounds priced at an average of $1,251 per ounce and $3.01 per pound, respectively, subject to final pricing over the next several months.

v3.10.0.1
INVESTMENTS
6 Months Ended
Jun. 30, 2018
INVESTMENTS  
INVESTMENTS

NOTE 16    INVESTMENTS

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

Fair Value/

 

 

    

Equity Basis (1)

 

Current: 

 

 

 

 

Marketable equity securities

 

$

56

 

 

 

 

 

 

Non-current: 

 

 

 

 

Marketable equity securities:

 

 

 

 

Continental Gold Inc.

 

$

108

 

Warrants

 

 

12

 

Other marketable equity securities

 

 

 2

 

 

 

 

122

 

 

 

 

 

 

Other investments

 

 

 5

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

TMAC Resources Inc. (28.71%)

 

 

102

 

Maverix Metals Inc. (27.98%)

 

 

78

 

Minera La Zanja S.R.L. (46.94%)

 

 

46

 

 

 

 

226

 

 

 

$

353

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

Marketable debt securities (3)

 

$

51

 

Other assets

 

 

 7

 

 

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

 

Cost/Equity

 

Unrealized

 

Fair Value/

 

 

    

Basis

    

Gain

    

Loss

    

Equity Basis (1)

 

Current: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities

 

$

38

 

$

32

 

$

(8)

 

$

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continental Gold Inc.

 

$

109

 

$

 —

 

$

(8)

 

$

101

 

Warrants

 

 

 7

 

 

 —

 

 

 —

 

 

 7

 

Other marketable equity securities

 

 

 4

 

 

 —

 

 

(2)

 

 

 2

 

 

 

 

120

 

 

 —

 

 

(10)

 

 

110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

 5

 

 

 —

 

 

 —

 

 

 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

 

 

 

 

 

 

 

 

 

TMAC Resources Inc. (28.79%)

 

 

115

 

 

 —

 

 

 —

 

 

115

 

Minera La Zanja S.R.L. (46.94%)

 

 

50

 

 

 —

 

 

 —

 

 

50

 

 

 

 

165

 

 

 —

 

 

 —

 

 

165

 

 

 

$

290

 

$

 —

 

$

(10)

 

$

280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

$

58

 

$

 —

 

$

(3)

 

$

55

 

Other assets

 

 

 8

 

 

 1

 

 

 —

 

 

 9

 

 

 

$

66

 

$

 1

 

$

(3)

 

$

64

 


(1)

Subsequent to the adoption of ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to marketable equity securities are recorded in Other income, net. Previously, gains and losses related to unrealized marketable equity securities were recorded in Other comprehensive income (loss).

(2)

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 5.

(3)

There were nominal unrealized gains or losses recorded in Accumulated other comprehensive income (loss) as of June 30, 2018, related to marketable debt securities.

 

In June 2018, Newmont sold $11 of restricted marketable debt securities for cash in order to fund future remediation work at the Midnite Mine.  

 

In June 2018, Newmont exchanged certain royalty interests for cash consideration of $17, received in July, 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.

v3.10.0.1
INVENTORIES
6 Months Ended
Jun. 30, 2018
Inventories  
INVENTORIES  
INVENTORIES

NOTE 17    INVENTORIES

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Materials and supplies

 

$

436

 

$

416

 

In-process

 

 

135

 

 

131

 

Concentrate and copper cathode

 

 

91

 

 

83

 

Precious metals

 

 

35

 

 

49

 

 

 

$

697

 

$

679

 

 

v3.10.0.1
STOCKPILES AND ORE ON LEACH PADS
6 Months Ended
Jun. 30, 2018
Stockpiles and ore on leach pads  
STOCKPILES AND ORE ON LEACH PADS  
STOCKPILES AND ORE ON LEACH PADS

NOTE 18    STOCKPILES AND ORE ON LEACH PADS

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Current:

 

 

   

 

 

   

 

Stockpiles

 

$

351

 

$

330

 

Ore on leach pads

 

 

360

 

 

346

 

 

 

$

711

 

$

676

 

Non-current:

 

 

   

 

 

   

 

Stockpiles

 

$

1,454

 

$

1,502

 

Ore on leach pads

 

 

383

 

 

346

 

 

 

$

1,837

 

$

1,848

 

 

 

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

 

$

469

 

$

441

 

Phoenix

 

 

68

 

 

68

 

Twin Creeks

 

 

329

 

 

340

 

Long Canyon

 

 

45

 

 

34

 

CC&V

 

 

333

 

 

314

 

Yanacocha

 

 

263

 

 

270

 

Merian

 

 

31

 

 

25

 

Boddington

 

 

445

 

 

431

 

Tanami

 

 

 1

 

 

 4

 

Kalgoorlie

 

 

126

 

 

125

 

Ahafo

 

 

386

 

 

409

 

Akyem

 

 

52

 

 

63

 

 

 

$

2,548

 

$

2,524

 

 

During the three and six months ended June 30, 2018, the Company recorded write-downs of $73 and $152, respectively, classified as components of Costs applicable to sales, and write-downs of $28 and $57, respectively, classified as components of Depreciation and amortization to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended June 30, 2018,  $31 is related to Carlin, $17 to Twin Creeks, $2 to Yanacocha,  $26 to Ahafo and $25 to Akyem. Of the write-downs during the six months ended June 30, 2018,  $57 is related to Carlin, $33 to Twin Creeks,  $26 to Yanacocha, $46 to Ahafo and $47 to Akyem.

During the three and six months ended June 30, 2017, the Company recorded write-downs of $46 and $86, respectively, classified as components of Costs applicable to sales, and write-downs of $18 and $31, respectively, classified as components of Depreciation and amortization to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended June 30, 2017,  $11 was related to Carlin, $13 to Twin Creeks, $32 to Yanacocha and $8 to Akyem. Of the write-downs during the six months ended June 30, 2017,  $34 was related to Carlin, $16 to Twin Creeks, $41 to Yanacocha, $18 to Ahafo and $8 to Akyem.

v3.10.0.1
DEBT
6 Months Ended
Jun. 30, 2018
DEBT  
DEBT

NOTE 19    DEBT

Scheduled minimum debt repayments are $- for the remainder of 2018, $626 in 2019, $- in 2020,  $- in 2021,  $992 in 2022 and $2,474 thereafter.

v3.10.0.1
LEASE AND OTHER FINANCING OBLIGATIONS
6 Months Ended
Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES  
LEASE AND OTHER FINANCING OBLIGATIONS

NOTE 20     LEASE AND OTHER FINANCING OBLIGATIONS

Scheduled minimum capital lease repayments are $2 in 2018,  $3 in 2019,  $1 in 2020,  $1 in 2021,  $1 in 2022 and $1 thereafter.

 

In December 2017, the Company began the early phases of the Tanami Power project which includes the construction of a gas pipeline to the Tanami site, and construction and operation of two on-site power stations under agreements that qualify for build-to-suit lease accounting. As of June 30, 2018 and December 31, 2017, the financing obligations under the build-to-suit arrangements were $71 and $14, of which $10 was classified as current as of June 30, 2018.

 

 

v3.10.0.1
OTHER LIABILITIES
6 Months Ended
Jun. 30, 2018
OTHER LIABILITIES  
OTHER LIABILITIES

NOTE 21    OTHER LIABILITIES

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

    

Other current liabilities:

 

 

 

 

 

 

 

Accrued operating costs

 

$

109

 

$

124

 

Reclamation and remediation liabilities

 

 

105

 

 

103

 

Accrued capital expenditures

 

 

69

 

 

77

 

Accrued interest

 

 

52

 

 

52

 

Royalties

 

 

37

 

 

63

 

Holt royalty obligation

 

 

14

 

 

15

 

Taxes other than income and mining

 

 

 5

 

 

 7

 

Derivative instruments

 

 

 —

 

 

 1

 

Other

 

 

 5

 

 

20

 

 

 

$

396

 

$

462

 

 

 

 

 

 

 

 

 

Other non-current liabilities:

 

 

 

 

 

 

 

Holt royalty obligation

 

$

179

 

$

228

 

Income and mining taxes 

 

 

43

 

 

47

 

Power supply agreements

 

 

30

 

 

32

 

Social development obligations

 

 

21

 

 

22

 

Other 

 

 

11

 

 

13

 

 

 

$

284

 

$

342

 

 

v3.10.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
6 Months Ended
Jun. 30, 2018
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)  
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 22    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

 

 

 

 

 

Marketable

 

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

 

Net current-period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in other comprehensive income (loss) before reclassifications

 

 

 1

 

 

(4)

 

 

 —

 

 

 4

 

 

 1

 

Reclassifications from accumulated other comprehensive income (loss)

 

 

 —

 

 

 —

 

 

 9

 

 

 5

 

 

14

 

Other comprehensive income (loss)

 

$

 1

 

$

(4)

 

$

 9

 

$

 9

 

$

15

 

Balance at June 30, 2018

 

$

 —

 

$

126

 

$

(199)

 

$

(89)

 

$

(162)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Details about Accumulated Other Comprehensive Income (Loss) Components

 

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)

 

Affected Line Item in the Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

 

 

    

2018

    

2017

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 4

 

$

12

 

$

10

 

Other income, net

 

Settlements

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

 4

 

 

12

 

 

14

 

 

 

Tax

 

 

(2)

 

 

(1)

 

 

(3)

 

 

(5)

 

 

 

Net of tax

 

$

 4

 

$

 3

 

$

 9

 

$

 9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 —

 

$

 8

 

$

 1

 

$

18

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 3

 

 

 6

 

 

 5

 

Interest expense, net

 

Total before tax

 

 

 3

 

 

11

 

 

 7

 

 

23

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

(2)

 

 

(8)

 

 

 

Net of tax

 

$

 2

 

$

 7

 

$

 5

 

$

15

 

 

 

Total reclassifications for the period, net of tax

 

$

 6

 

$

10

 

$

14

 

$

24

 

 

 

 

v3.10.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES
6 Months Ended
Jun. 30, 2018
NET CHANGE IN OPERATING ASSETS AND LIABILITIES  
NET CHANGE IN OPERATING ASSETS AND LIABILITIES

NOTE 23    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 is composed of the following:

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 

 

 

 

2018

 

2017

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables 

    

$

37

    

$

(22)

 

Inventories, stockpiles and ore on leach pads 

 

 

(211)

 

 

(118)

 

Other assets 

 

 

(17)

 

 

 —

 

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

 

(123)

 

 

(128)

 

Reclamation and remediation liabilities 

 

 

(33)

 

 

(32)

 

Accrued tax liabilities

 

 

(163)

 

 

32

 

 

 

$

(510)

 

$

(268)

 

 

v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
6 Months Ended
Jun. 30, 2018
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

NOTE 24    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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

419

 

$

1,243

 

$

 —

 

$

1,662

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

281

 

 

684

 

 

 —

 

 

965

 

Depreciation and amortization 

 

 

 1

 

 

75

 

 

203

 

 

 —

 

 

279

 

Reclamation and remediation

 

 

 —

 

 

 4

 

 

33

 

 

 —

 

 

37

 

Exploration 

 

 

 —

 

 

15

 

 

39

 

 

 —

 

 

54

 

Advanced projects, research and development 

 

 

 —

 

 

 8

 

 

28

 

 

 —

 

 

36

 

General and administrative 

 

 

 —

 

 

22

 

 

41

 

 

 —

 

 

63

 

Other expense, net

 

 

 —

 

 

 1

 

 

12

 

 

 —

 

 

13

 

 

 

 

 1

 

 

406

 

 

1,040

 

 

 —

 

 

1,447

 

Other income (expense): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

(5)

 

 

20

 

 

124

 

 

 —

 

 

139

 

Interest income - intercompany 

 

 

17

 

 

11

 

 

12

 

 

(40)

 

 

 —

 

Interest expense - intercompany 

 

 

(11)

 

 

 —

 

 

(29)

 

 

40

 

 

 —

 

Interest expense, net 

 

 

(48)

 

 

 —

 

 

(1)

 

 

 —

 

 

(49)

 

 

 

 

(47)

 

 

31

 

 

106

 

 

 —

 

 

90

 

Income (loss) before income and mining tax and other items 

 

 

(48)

 

 

44

 

 

309

 

 

 —

 

 

305

 

Income and mining tax benefit (expense)

 

 

10

 

 

(7)

 

 

(21)

 

 

 —

 

 

(18)

 

Equity income (loss) of affiliates 

 

 

330

 

 

(20)

 

 

(7)

 

 

(310)

 

 

(7)

 

Net income (loss) from continuing operations 

 

 

292

 

 

17

 

 

281

 

 

(310)

 

 

280

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

Net income (loss)

 

 

292

 

 

17

 

 

299

 

 

(310)

 

 

298

 

Net loss (income) attributable to noncontrolling interests: 

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Net income (loss) attributable to Newmont stockholders

 

$

292

 

$

17

 

$

293

 

$

(310)

 

$

292

 

Comprehensive income (loss)

 

$

299

 

$

17

 

$

299

 

$

(310)

 

$

305

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

299

 

$

17

 

$

293

 

$

(310)

 

$

299

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

517

 

$

1,358

 

$

 —

 

$

1,875

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

280

 

 

719

 

 

 —

 

 

999

 

Depreciation and amortization 

 

 

 1

 

 

82

 

 

227

 

 

 —

 

 

310

 

Reclamation and remediation

 

 

 —

 

 

 4

 

 

39

 

 

 —

 

 

43

 

Exploration 

 

 

 —

 

 

13

 

 

38

 

 

 —

 

 

51

 

Advanced projects, research and development 

 

 

 —

 

 

 2

 

 

30

 

 

 —

 

 

32

 

General and administrative 

 

 

 —

 

 

18

 

 

40

 

 

 —

 

 

58

 

Other expense, net

 

 

 —

 

 

 2

 

 

12

 

 

 —

 

 

14

 

 

 

 

 1

 

 

401

 

 

1,105

 

 

 —

 

 

1,507

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

23

 

 

 3

 

 

 5

 

 

 —

 

 

31

 

Interest income - intercompany 

 

 

23

 

 

24

 

 

15

 

 

(62)

 

 

 —

 

Interest expense - intercompany 

 

 

(14)

 

 

(4)

 

 

(44)

 

 

62

 

 

 —

 

Interest expense, net 

 

 

(59)

 

 

(1)

 

 

(4)

 

 

 —

 

 

(64)

 

 

 

 

(27)

 

 

22

 

 

(28)

 

 

 —

 

 

(33)

 

Income (loss) before income and mining tax and other items 

 

 

(28)

 

 

138

 

 

225

 

 

 —

 

 

335

 

Income and mining tax benefit (expense)

 

 

 9

 

 

(22)

 

 

(153)

 

 

 —

 

 

(166)

 

Equity income (loss) of affiliates 

 

 

194

 

 

(150)

 

 

(11)

 

 

(36)

 

 

(3)

 

Net income (loss) from continuing operations 

 

 

175

 

 

(34)

 

 

61

 

 

(36)

 

 

166

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

(15)

 

 

 —

 

 

(15)

 

Net income (loss)

 

 

175

 

 

(34)

 

 

46

 

 

(36)

 

 

151

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Net income (loss) attributable to Newmont stockholders

 

 

175

 

 

(34)

 

 

70

 

 

(36)

 

 

175

 

Comprehensive income (loss)

 

 

179

 

 

(29)

 

 

41

 

 

(36)

 

 

155

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

179

 

$

(29)

 

$

65

 

$

(36)

 

$

179

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

931

 

$

2,548

 

$

 —

 

$

3,479

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

605

 

 

1,389

 

 

 —

 

 

1,994

 

Depreciation and amortization 

 

 

 2

 

 

162

 

 

416

 

 

 —

 

 

580

 

Reclamation and remediation

 

 

 —

 

 

 7

 

 

58

 

 

 —

 

 

65

 

Exploration 

 

 

 —

 

 

26

 

 

68

 

 

 —

 

 

94

 

Advanced projects, research and development 

 

 

 —

 

 

14

 

 

56

 

 

 —

 

 

70

 

General and administrative 

 

 

 —

 

 

41

 

 

81

 

 

 —

 

 

122

 

Other expense, net

 

 

 —

 

 

 2

 

 

22

 

 

 —

 

 

24

 

 

 

 

 2

 

 

857

 

 

2,090

 

 

 —

 

 

2,949

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 3

 

 

27

 

 

130

 

 

 —

 

 

160

 

Interest income - intercompany 

 

 

51

 

 

22

 

 

21

 

 

(94)

 

 

 —

 

Interest expense - intercompany 

 

 

(19)

 

 

 —

 

 

(75)

 

 

94

 

 

 —

 

Interest expense, net 

 

 

(97)

 

 

(2)

 

 

(3)

 

 

 —

 

 

(102)

 

 

 

 

(62)

 

 

47

 

 

73

 

 

 —

 

 

58

 

Income (loss) before income and mining tax and other items 

 

 

(64)

 

 

121

 

 

531

 

 

 —

 

 

588

 

Income and mining tax benefit (expense)

 

 

13

 

 

(21)

 

 

(115)

 

 

 —

 

 

(123)

 

Equity income (loss) of affiliates 

 

 

535

 

 

(77)

 

 

(16)

 

 

(458)

 

 

(16)

 

Net income (loss) from continuing operations 

 

 

484

 

 

23

 

 

400

 

 

(458)

 

 

449

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

40

 

 

 —

 

 

40

 

Net income (loss)

 

 

484

 

 

23

 

 

440

 

 

(458)

 

 

489

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Net income (loss) attributable to Newmont stockholders

 

$

484

 

$

23

 

$

435

 

$

(458)

 

$

484

 

Comprehensive income (loss)

 

$

499

 

$

23

 

$

440

 

$

(458)

 

$

504

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

499

 

$

23

 

$

435

 

$

(458)

 

$

499

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

941

 

$

2,624

 

$

 —

 

$

3,565

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

583

 

 

1,373

 

 

 —

 

 

1,956

 

Depreciation and amortization 

 

 

 2

 

 

165

 

 

443

 

 

 —

 

 

610

 

Reclamation and remediation

 

 

 —

 

 

 7

 

 

65

 

 

 —

 

 

72

 

Exploration 

 

 

 —

 

 

22

 

 

65

 

 

 —

 

 

87

 

Advanced projects, research and development 

 

 

 —

 

 

 3

 

 

55

 

 

 —

 

 

58

 

General and administrative 

 

 

 —

 

 

35

 

 

78

 

 

 —

 

 

113

 

Other expense, net

 

 

 —

 

 

 8

 

 

23

 

 

 —

 

 

31

 

 

 

 

 2

 

 

823

 

 

2,102

 

 

 —

 

 

2,927

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

26

 

 

 3

 

 

(7)

 

 

 —

 

 

22

 

Interest income - intercompany 

 

 

47

 

 

24

 

 

22

 

 

(93)

 

 

 —

 

Interest expense - intercompany 

 

 

(22)

 

 

(4)

 

 

(67)

 

 

93

 

 

 —

 

Interest expense, net 

 

 

(121)

 

 

(3)

 

 

(7)

 

 

 —

 

 

(131)

 

 

 

 

(70)

 

 

20

 

 

(59)

 

 

 —

 

 

(109)

 

Income (loss) before income and mining tax and other items 

 

 

(72)

 

 

138

 

 

463

 

 

 —

 

 

529

 

Income and mining tax benefit (expense)

 

 

25

 

 

(22)

 

 

(280)

 

 

 —

 

 

(277)

 

Equity income (loss) of affiliates 

 

 

269

 

 

(234)

 

 

(13)

 

 

(27)

 

 

(5)

 

Net income (loss) from continuing operations 

 

 

222

 

 

(118)

 

 

170

 

 

(27)

 

 

247

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

(38)

 

 

 —

 

 

(38)

 

Net income (loss)

 

 

222

 

 

(118)

 

 

132

 

 

(27)

 

 

209

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Net income (loss) attributable to Newmont stockholders

 

$

222

 

$

(118)

 

$

145

 

$

(27)

 

$

222

 

Comprehensive income (loss)

 

$

238

 

$

(109)

 

$

123

 

$

(27)

 

$

225

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

238

 

$

(109)

 

$

136

 

$

(27)

 

$

238

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities of continuing operations

 

$

(63)

 

$

251

 

$

479

 

$

 —

 

$

667

 

Net cash provided by (used in) operating activities of discontinued operations

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Net cash provided by (used in) operating activities

 

 

(63)

 

 

251

 

 

474

 

 

 —

 

 

662

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(125)

 

 

(364)

 

 

 —

 

 

(489)

 

Acquisitions, net  

 

 

 —

 

 

 —

 

 

(39)

 

 

 —

 

 

(39)

 

Proceeds from sales of investments

 

 

 —

 

 

11

 

 

 4

 

 

 —

 

 

15

 

Purchases of investments

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Other 

 

 

 —

 

 

 2

 

 

 —

 

 

 —

 

 

 2

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(112)

 

 

(405)

 

 

 —

 

 

(517)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(150)

 

 

 —

 

 

 —

 

 

 —

 

 

(150)

 

Repurchase of common stock

 

 

(70)

 

 

 —

 

 

 —

 

 

 —

 

 

(70)

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(69)

 

 

 —

 

 

(69)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

52

 

 

 —

 

 

52

 

Proceeds from sale of noncontrolling interests

 

 

 —

 

 

 —

 

 

48

 

 

 —

 

 

48

 

Payments for withholding of employee taxes related to stock-based compensation

 

 

 —

 

 

(39)

 

 

 —

 

 

 —

 

 

(39)

 

Net intercompany borrowings (repayments)

 

 

283

 

 

(99)

 

 

(184)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

(1)

 

 

(2)

 

 

 —

 

 

(3)

 

Net cash provided by (used in) financing activities

 

 

63

 

 

(139)

 

 

(155)

 

 

 —

 

 

(231)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(2)

 

 

 —

 

 

(2)

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(88)

 

 

 —

 

 

(88)

 

Cash, cash equivalents and restricted cash at beginning of period 

 

 

 —

 

 

 —

 

 

3,298

 

 

 —

 

 

3,298

 

Cash, cash equivalents and restricted cash at end of period 

 

$

 —

 

$

 —

 

$

3,210

 

$

 —

 

$

3,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,127

 

$

 —

 

$

3,127

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

82

 

 

 —

 

 

82

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,210

 

$

 —

 

$

3,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities of continuing operations

 

$

(116)

 

$

222

 

$

796

 

$

 —

 

$

902

 

Net cash provided by (used in) operating activities of discontinued operations

 

 

 —

 

 

 —

 

 

(9)

 

 

 —

 

 

(9)

 

Net cash provided by (used in) operating activities

 

 

(116)

 

 

222

 

 

787

 

 

 —

 

 

893

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(121)

 

 

(242)

 

 

 —

 

 

(363)

 

Acquisitions, net   

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

19

 

 

 —

 

 

19

 

Purchases of investments

 

 

(109)

 

 

 —

 

 

(4)

 

 

 —

 

 

(113)

 

Other 

 

 

 —

 

 

 2

 

 

15

 

 

 —

 

 

17

 

Net cash provided by (used in) investing activities

 

 

(109)

 

 

(119)

 

 

(212)

 

 

 —

 

 

(440)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(54)

 

 

 —

 

 

 —

 

 

 —

 

 

(54)

 

Repurchase of common stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(80)

 

 

 —

 

 

(80)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

46

 

 

 —

 

 

46

 

Proceeds from sale of noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Payments for withholding of employee taxes related to stock-based compensation

 

 

 —

 

 

(13)

 

 

 —

 

 

 —

 

 

(13)

 

Net intercompany borrowings (repayments)

 

 

282

 

 

(90)

 

 

(192)

 

 

 —

 

 

 —

 

Other 

 

 

(3)

 

 

(1)

 

 

(2)

 

 

 —

 

 

(6)

 

Net cash provided by (used in) financing activities

 

 

225

 

 

(104)

 

 

(228)

 

 

 —

 

 

(107)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

(1)

 

 

349

 

 

 —

 

 

348

 

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 

 

$

 —

 

$

 —

 

$

3,130

 

$

 —

 

$

3,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,105

 

$

 —

 

$

3,105

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

23

 

 

 —

 

 

23

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,130

 

$

 —

 

$

3,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

3,127

 

$

 —

 

$

3,127

 

Trade receivables 

 

 

 —

 

 

15

 

 

118

 

 

 —

 

 

133

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

101

 

 

 —

 

 

101

 

Intercompany receivable

 

 

2,075

 

 

4,882

 

 

3,692

 

 

(10,649)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

56

 

 

 —

 

 

56

 

Inventories 

 

 

 —

 

 

167

 

 

530

 

 

 —

 

 

697

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

215

 

 

496

 

 

 —

 

 

711

 

Other current assets

 

 

 —

 

 

40

 

 

102

 

 

 —

 

 

142

 

Current assets 

 

 

2,075

 

 

5,319

 

 

8,222

 

 

(10,649)

 

 

4,967

 

Property, plant and mine development, net 

 

 

16

 

 

3,059

 

 

9,303

 

 

(27)

 

 

12,351

 

Investments 

 

 

113

 

 

 5

 

 

235

 

 

 —

 

 

353

 

Investments in subsidiaries 

 

 

13,250

 

 

(463)

 

 

16

 

 

(12,803)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

643

 

 

1,194

 

 

 —

 

 

1,837

 

Deferred income tax assets 

 

 

87

 

 

 —

 

 

450

 

 

 —

 

 

537

 

Non-current intercompany receivable

 

 

738

 

 

527

 

 

 6

 

 

(1,271)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

244

 

 

366

 

 

 —

 

 

610

 

Total assets 

 

$

16,279

 

$

9,334

 

$

19,792

 

$

(24,750)

 

$

20,655

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease and other financing obligations

 

$

 —

 

$

 1

 

$

12

 

$

 —

 

$

13

 

Accounts payable 

 

 

 —

 

 

74

 

 

286

 

 

 —

 

 

360

 

Intercompany payable

 

 

1,364

 

 

2,529

 

 

6,756

 

 

(10,649)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

100

 

 

140

 

 

 —

 

 

240

 

Income and mining taxes 

 

 

 —

 

 

 8

 

 

63

 

 

 —

 

 

71

 

Other current liabilities 

 

 

52

 

 

115

 

 

229

 

 

 —

 

 

396

 

Current liabilities 

 

 

1,416

 

 

2,827

 

 

7,486

 

 

(10,649)

 

 

1,080

 

Debt 

 

 

4,042

 

 

 —

 

 

 —

 

 

 —

 

 

4,042

 

Lease and other financing obligations

 

 

 —

 

 

 3

 

 

63

 

 

 —

 

 

66

 

Reclamation and remediation liabilities 

 

 

 —

 

 

312

 

 

2,057

 

 

 —

 

 

2,369

 

Deferred income tax liabilities 

 

 

 —

 

 

125

 

 

464

 

 

 —

 

 

589

 

Employee-related benefits 

 

 

 1

 

 

223

 

 

168

 

 

 —

 

 

392

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

1,291

 

 

(1,298)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

13

 

 

271

 

 

 —

 

 

284

 

Total liabilities 

 

 

5,466

 

 

3,503

 

 

11,800

 

 

(11,947)

 

 

8,822

 

Contingently redeemable noncontrolling interest

 

 

 —

 

 

 —

 

 

48

 

 

 —

 

 

48

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,813

 

 

5,831

 

 

6,972

 

 

(12,803)

 

 

10,813

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

972

 

 

 —

 

 

972

 

Total equity

 

 

10,813

 

 

5,831

 

 

7,944

 

 

(12,803)

 

 

11,785

 

Total liabilities and equity

 

$

16,279

 

$

9,334

 

$

19,792

 

$

(24,750)

 

$

20,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

3,259

 

$

 —

 

$

3,259

 

Trade receivables 

 

 

 —

 

 

18

 

 

106

 

 

 —

 

 

124

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

113

 

 

 —

 

 

113

 

Intercompany receivable

 

 

2,053

 

 

4,601

 

 

3,484

 

 

(10,138)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

62

 

 

 —

 

 

62

 

Inventories 

 

 

 —

 

 

181

 

 

498

 

 

 —

 

 

679

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

196

 

 

480

 

 

 —

 

 

676

 

Other current assets

 

 

 —

 

 

38

 

 

115

 

 

 —

 

 

153

 

Current assets 

 

 

2,053

 

 

5,034

 

 

8,117

 

 

(10,138)

 

 

5,066

 

Property, plant and mine development, net 

 

 

17

 

 

3,082

 

 

9,266

 

 

(27)

 

 

12,338

 

Investments 

 

 

106

 

 

 4

 

 

170

 

 

 —

 

 

280

 

Investments in subsidiaries 

 

 

12,012

 

 

(311)

 

 

 —

 

 

(11,701)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

648

 

 

1,200

 

 

 —

 

 

1,848

 

Deferred income tax assets 

 

 

84

 

 

 5

 

 

460

 

 

 —

 

 

549

 

Non-current intercompany receivable

 

 

1,700

 

 

401

 

 

 7

 

 

(2,108)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

255

 

 

310

 

 

 —

 

 

565

 

Total assets 

 

$

15,972

 

$

9,118

 

$

19,530

 

$

(23,974)

 

$

20,646

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease and other financing obligations

 

$

 —

 

$

 1

 

$

 3

 

$

 —

 

$

 4

 

Accounts payable 

 

 

 —

 

 

83

 

 

292

 

 

 —

 

 

375

 

Intercompany payable

 

 

1,338

 

 

2,145

 

 

6,655

 

 

(10,138)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

143

 

 

166

 

 

 —

 

 

309

 

Income and mining taxes 

 

 

 —

 

 

18

 

 

230

 

 

 —

 

 

248

 

Other current liabilities 

 

 

52

 

 

163

 

 

247

 

 

 —

 

 

462

 

Current liabilities 

 

 

1,390

 

 

2,553

 

 

7,593

 

 

(10,138)

 

 

1,398

 

Debt 

 

 

4,040

 

 

 —

 

 

 —

 

 

 —

 

 

4,040

 

Lease and other financing obligations

 

 

 —

 

 

 4

 

 

17

 

 

 —

 

 

21

 

Reclamation and remediation liabilities 

 

 

 —

 

 

309

 

 

2,036

 

 

 —

 

 

2,345

 

Deferred income tax liabilities 

 

 

 —

 

 

121

 

 

474

 

 

 —

 

 

595

 

Employee-related benefits 

 

 

 —

 

 

222

 

 

164

 

 

 —

 

 

386

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

2,128

 

 

(2,135)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

18

 

 

324

 

 

 —

 

 

342

 

Total liabilities 

 

 

5,437

 

 

3,227

 

 

12,736

 

 

(12,273)

 

 

9,127

 

Contingently redeemable noncontrolling interest

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,535

 

 

5,891

 

 

5,810

 

 

(11,701)

 

 

10,535

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

984

 

 

 —

 

 

984

 

Total equity

 

 

10,535

 

 

5,891

 

 

6,794

 

 

(11,701)

 

 

11,519

 

Total liabilities and equity

 

$

15,972

 

$

9,118

 

$

19,530

 

$

(23,974)

 

$

20,646

 

 

v3.10.0.1
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES (Environmental)

NOTE 25    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 3. 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 North America reportable segment.

Environmental Matters

Refer to Note 5 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. By letter dated June 5, 2007, the U.S. Forest Service (“USFS”) notified Newmont that it had expended approximately $0.3 in response costs to address environmental conditions at the Ross-Adams mine in Prince of Wales, Alaska, and requested Newmont USA Limited pay those costs and perform an Engineering Evaluation/Cost Analysis (“EE/CA”) to assess what future response activities might need to be completed at the site. Newmont agreed to perform the EE/CA pursuant to the requirements of an Administrative Settlement Agreement and Order on Consent (“ASAOC”) between the USFS and Newmont. The EE/CA was provided to the USFS in April 2015. During the first quarter of 2016, the USFS confirmed approval of the EE/CA, and Newmont issued written notice to the USFS certifying that all requirements of the ASAOC had been completed. During the third quarter of 2016, Newmont received a notice of completion of work per the ASAOC from the USFS, which finalized the ASAOC. The USFS issued an Action Memorandum in April 2018 to select the preferred Removal Action alternative identified in the EE/CA. Newmont is continuing to negotiate the terms of a future agreement with the USFS for Newmont to implement the approved Removal Action. No assurances can be made at this time with respect to the outcome of such negotiations and Newmont cannot predict the likelihood of additional expenditures related to this matter.

Dawn Mining Company LLC (“Dawn”) - 51% Newmont Owned

Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the U.S. Environmental Protection Agency (“EPA”).

As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (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 Condensed 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 implement Phase 1 remedial actions during the 2018 construction season with a focus on preparations to backfill Pit 4. In June 2018, $11 was released from the trust account for remedial work completed. 

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 Q2 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 $171 at June 30, 2018.

Other Legal Matters

Minera Yanacocha S.R.L. – 51.35% Newmont Owned

Administrative Actions. The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluacion y Fiscalizacion Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. In 2011, 2012, 2013, 2015, 2016, 2017 and 2018, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. OEFA has resolved some alleged violations with minimal or no findings. In 2015 and 2016, the water authority of Cajamarca issued notices of alleged regulatory violations, and resolved some allegations in 2017 with no findings. The experience with OEFA and the water authority is that in the case of a finding of violation, remedial action is often the outcome rather than a significant fine. The alleged OEFA violations currently range from zero to 44,540 units and the water authority alleged violations range from zero to 59 units, with each unit having a potential fine equivalent to approximately $.001287 based on current exchange rates ($0 to $57). Yanacocha and Conga are responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations.

Conga Project Constitutional Claim. On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of the Conga project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga project Environmental Impact Assessment (“EIA”). On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: (i) plaintiffs had not exhausted previous administrative proceedings; (ii) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; (iii) there was inadequate evidence to conclude that the Conga project is a threat to the constitutional right of living in an adequate environment and; (iv) the directorial resolution approving the Conga project EIA does not guarantee that the Conga project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation.

Yanacocha Tax Dispute. In 2000, Yanacocha paid Buenaventura and Minas Conga S.R.L. a total of $29 to assume their respective contractual positions in mining concession agreements with Chaupiloma Dos de Cajamarca S.M.R.L. The contractual rights allowed Yanacocha the opportunity to conduct exploration on the concessions, but not a purchase of the concessions. The tax authority alleges that the payments to Buenaventura and Minas Conga S.R.L. were acquisitions of mining concessions requiring the amortization of the amounts under the Peru Mining Law over the life of the mine. Yanacocha expensed the amounts at issue in the initial year since the payments were not for the acquisition of a concession but rather these expenses represent the payment of an intangible and therefore, amortizable in a single year or proportionally for up to ten years according to Income Tax Law. In 2010, the tax court in Peru ruled in favor of Yanacocha and the tax authority appealed the issue to the judiciary. The first appellate court confirmed the ruling of the tax court in favor of Yanacocha. However, in November, 2015, a Superior Court in Peru made an appellate decision overturning the two prior findings in favor of Yanacocha. Yanacocha has appealed the Superior Court ruling to the Peru Supreme Court. The potential liability in this matter is in the form of fines and interest in an amount up to $83. While the Company has assessed that the likelihood of a ruling against Yanacocha in the Supreme Court as remote, it is not possible to fully predict the outcome of this litigation.

NWG Investments Inc. v. Fronteer Gold Inc.

In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”).

Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada.

NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement.

On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014.

On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1.2 billion. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.

Other Commitments and Contingencies

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.

v3.10.0.1
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2018
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 26    SUBSEQUENT EVENTS

 

In July 2018, Newmont signed a definitive agreement for the purchase of a 50% interest in the Galore Creek Partnership from NovaGold Resources Inc. for cash consideration of $100, as well as deferred payments of $100 and contingent payments of $75.  Galore Creek is located in the traditional territory of the Tahltan Nation in northwestern British Columbia, Canada.  In connection with the purchase from NovaGold, we also entered into a revised partnership agreement with Teck Resources Limited, who holds the remaining 50% interest.

 

v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jun. 30, 2018
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 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 and Deferred income tax assets are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.

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 required to be classified outside of permanent equity (referred to as temporary equity).

Revenue Recognition

Revenue Recognition

The Company adopted ASC 606, Revenue from contracts with customers, on January 1, 2018. Changes to the accounting policy as a result of adoption are discussed below. 

Newmont generates revenue by selling gold and copper produced from its mining operations. Refer to Note 3 for further information regarding the Company’s operating segments.

The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.

A portion of gold sold from Boddington and Kalgoorlie in Australia, Phoenix in Nevada and CC&V in Colorado is sold in the form of concentrate which includes copper and silver. The Company’s Sales also come from the sale of copper. Copper sales are generally in the form of concentrate, which is sold to smelters for further treatment and refining, and cathode. Copper sold from Boddington in Australia is sold in concentrate form and copper sold from Phoenix in Nevada is sold in either concentrate or cathode form.

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 should apply. 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 should apply. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Copper is produced as a co-product at Phoenix and Boddington. Copper and silver is produced as a by-product at certain of the Company’s other operations.

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 obtain 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.

Gold and Copper Sales from Concentrate Production

The Company recognizes revenue for gold 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 gold and copper 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 each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).

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.

Copper Sales from Cathode Production

The Company recognizes revenue for copper from cathode production when it transfers control of copper cathode to the customer, which occurs when the material is picked up by the carrier. The Company generally sells copper cathode based on the weekly average market price for the week following production. The transaction price is determined based on this agreed upon price and the number of pounds delivered. Payment is due upon final settlement of price and quantity with the customer. 

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Revenue Recognition

 

In May 2014, ASU No. 2014-09 was issued related to revenue from contracts with customers. This ASU was further amended in August 2015, March 2016, April 2016, May 2016, December 2016 and September 2017 by ASU No. 2015-14, No. 2016-08, No. 2016-10, No. 2016-12, No. 2016-20 and No. 2017-13, respectively. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition.

The company retrospectively adopted this standard as of January 1, 2018. As there were no contracts outstanding as of December 31, 2017, there was no cumulative effect adjustment required to be recognized at January 1, 2018. The comparative information has not been adjusted and continues to be reported under the accounting standards in effect for those periods.

The adoption of this standard primarily impacts the timing of revenue recognition on certain concentrate contracts based on the Company’s determination of when control is transferred. Revenue related to concentrate shipments is now generally recognized upon completion of loading the material for shipment to the customer and satisfaction of the Company’s significant performance obligation. Prior to the adoption of this standard, revenue was recognized for these contracts when the price was determinable, the concentrate had been loaded on a vessel or received by the customer, risk and title had been transferred and collection of the sales price was reasonably assured.

Investments

In January 2016, ASU No. 2016-01 was issued related to financial instruments. This ASU was further amended in February 2018 by ASU No. 2018-03. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017, and upon adoption, an entity should apply the amendments with the cumulative effect of initially applying the guidance recognized at January 1, 2018. The Company adopted this standard as of January 1, 2018. Upon adoption, the Company reclassified $115 of unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities from Accumulated other comprehensive income (loss) to Retained earnings in the Consolidated Balance Sheets.

Statement of Cash Flows

In August 2016, ASU No. 2016-15 was issued related to the statement of cash flows. This new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017. The Company adopted the guidance as of January 1, 2018. Upon adoption, the Company reclassified $6 for the six months ended June 30, 2017 of Acquisitions, net previously reported as a cash outflow from investing activities, to operating activities on the Consolidated Statements of Cash Flows related to contingent consideration payments.

Intra-Entity Transfers

In October 2016, ASU No. 2016-16 was issued related to the intra-entity transfers of assets other than inventory. This new guidance requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017. The Company adopted this guidance as of January 1, 2018, and determined it had no impact on the Consolidated Financial Statements or disclosures.

Restricted Cash

In November 2016, ASU No. 2016-18 was issued related to the inclusion of restricted cash in the statement of cash flows. This new guidance requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017, and early adoption is permitted. The Company retrospectively adopted this guidance as of December 31, 2017. Upon adoption, the Company included a reconciliation of Cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total shown in the Consolidated Statements of Cash Flows. Adoption of this guidance had no other impact on the Consolidated Financial Statements or disclosures.

Employee Benefits

In March 2017, ASU No. 2017-07 was issued related to the presentation of net periodic pension and postretirement cost. The new guidance requires the service cost component of net benefit costs to be classified similar to other compensation costs arising from services rendered by employees. Other components of net benefit costs are required to be classified separately from the service cost and outside income from operations. The Company adopted this guidance as of January 1, 2018. The adoption of this guidance resulted in the recognition of other components of net benefit costs within Other income, net rather than Costs applicable to sales or General and administrative and is no longer included in costs that benefit the inventory or production process. Adoption of this guidance did not have a material impact on the Consolidated Financial Statements or disclosures.

Hedging

In August 2017, ASU No. 2017-12 was issued related to hedge accounting. The new guidance expands the ability to hedge nonfinancial risk components, eliminates the current requirement to separately measure and report hedge ineffectiveness, and requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item, when reclassified from Accumulated other comprehensive income (loss). The guidance also eases certain hedge effectiveness documentation and assessment requirements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. The Company adopted this guidance as of January 1, 2018, and there was no material impact on the Consolidated Financial Statements or disclosures as a result of adoption.

Recently Issued Accounting Pronouncements

Leases

In February 2016, ASU No. 2016-02 was issued related to leases, which was further amended in September 2017 by ASU No. 2017-13, in January 2018 by ASU No. 2018-01 and in July 2018 by ASU No. 2018-10. The new guidance modifies the classification criteria and requires lessees to recognize right-of-use assets and lease liabilities arising from most leases on the balance sheet with additional disclosures about leasing arrangements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. The Company anticipates adopting the new guidance as of January 1, 2019.

The Company has begun its assessment of the new guidance and the impact it will have on the Consolidated Financial Statements and disclosures, and expects to complete its analysis in 2018. To date, the Company has formed a cross-functional implementation team; commenced a completeness assessment over the lease population; begun the evaluation of the various practical expedients and policy elections that will be adopted; started to establish new policies, procedures and internal controls related to the new standard; and commenced the review of contracts that are expected to be outstanding as of the adoption date.

Management is still completing its assessment of the impacts; however, based on the procedures performed, management has identified certain service contracts that contain embedded leases under the revised guidance. The Company expects that the adoption of the new standard will gross up the Consolidated Balance Sheets with the recognition of right-of-use assets and lease liabilities related to operating leases. The Company does not expect there will be a material impact to the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. The Company is in the process of assessing the required disclosures of the new standard, and expects to provide additional qualitative and quantitative disclosures related to leasing arrangements upon adoption.

Other Comprehensive Income Reclassifications Related to Tax Reform

In February 2018, ASU 2018-02 was issued allowing companies the option to reclassify to retained earnings the tax effects related to items in Accumulated other comprehensive income (loss) as a result of the Tax Cuts and Jobs Act (the “Act”) that was enacted on December 22, 2017. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. This guidance should be applied either in the period of adoption or retrospectively to each period in which the effects of the change in the U.S. federal income tax rate in the Act is recognized. The Company is still completing its assessment of the impacts and anticipated adoption date of this guidance.

v3.10.0.1
SEGMENT INFORMATION (Tables)
6 Months Ended
Jun. 30, 2018
SEGMENT INFORMATION  
Financial Information of Company's Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

 

Income (Loss)

 

 

 

  

 

 

 

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

 

 

 

 

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

 

Sales

 

to Sales

 

Amortization

 

and Exploration

 

and Other Items

 

Expenditures(1)

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

244

   

$

178

   

$

43

   

$

 8

   

$

13

   

$

42

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

63

 

 

44

 

 

10

 

 

 

 

 

 

 

 

 

 

Copper

 

 

21

 

 

14

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

84

 

 

58

 

 

14

 

 

 1

 

 

10

 

 

11

 

Twin Creeks

 

 

114

 

 

66

 

 

16

 

 

 3

 

 

33

 

 

22

 

Long Canyon

 

 

56

 

 

18

 

 

19

 

 

 6

 

 

11

 

 

 2

 

CC&V

 

 

88

 

 

42

 

 

14

 

 

 1

 

 

25

 

 

 9

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 9

 

 

(9)

 

 

 2

 

North America

 

 

586

 

 

362

 

 

107

 

 

28

 

 

83

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

147

 

 

92

 

 

22

 

 

12

 

 

(3)

 

 

24

 

Merian

 

 

132

 

 

61

 

 

20

 

 

 6

 

 

46

 

 

27

 

Other South America

 

 

 —

 

 

 —

 

 

 4

 

 

 8

 

 

(13)

 

 

 1

 

South America

 

 

279

 

 

153

 

 

46

 

 

26

 

 

30

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

220

 

 

130

 

 

24

 

 

 

 

 

 

 

 

 

 

Copper

 

 

60

 

 

32

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

280

 

 

162

 

 

30

 

 

 —

 

 

92

 

 

10

 

Tanami

 

 

134

 

 

74

 

 

16

 

 

 4

 

 

43

 

 

26

 

Kalgoorlie

 

 

122

 

 

62

 

 

 6

 

 

 3

 

 

53

 

 

 5

 

Other Australia

 

 

 —

 

 

 —

 

 

 2

 

 

 2

 

 

(2)

 

 

 —

 

Australia

 

 

536

 

 

298

 

 

54

 

 

 9

 

 

186

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

132

 

 

90

 

 

29

 

 

 4

 

 

 6

 

 

64

 

Akyem

 

 

129

 

 

62

 

 

41

 

 

 4

 

 

21

 

 

11

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(3)

 

 

 —

 

Africa

 

 

261

 

 

152

 

 

70

 

 

 9

 

 

24

 

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 2

 

 

18

 

 

(18)

 

 

 2

 

Consolidated

 

$

1,662

 

$

965

 

$

279

 

$

90

 

$

305

 

$

258

 


(1)

Consolidated capital expenditures on a cash basis were $258.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

 

Income (Loss)

 

 

 

  

 

 

 

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

 

 

 

 

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

 

Sales

 

to Sales

 

Amortization

 

and Exploration

 

and Other Items

 

Expenditures(1)

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

279

   

$

170

   

$

46

   

$

 5

   

$

55

   

$

48

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

67

 

 

46

 

 

12

 

 

 

 

 

 

 

 

 

 

Copper

 

 

24

 

 

16

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

91

 

 

62

 

 

16

 

 

 3

 

 

 9

 

 

 4

 

Twin Creeks

 

 

156

 

 

61

 

 

17

 

 

 2

 

 

72

 

 

 9

 

Long Canyon

 

 

57

 

 

13

 

 

18

 

 

 5

 

 

21

 

 

 3

 

CC&V

 

 

166

 

 

74

 

 

33

 

 

 3

 

 

53

 

 

 4

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 4

 

 

(5)

 

 

 1

 

North America

 

 

749

 

 

380

 

 

131

 

 

22

 

 

205

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

149

 

 

134

 

 

34

 

 

 8

 

 

(59)

 

 

 9

 

Merian

 

 

150

 

 

64

 

 

26

 

 

 4

 

 

54

 

 

22

 

Other South America

 

 

 —

 

 

 —

 

 

 3

 

 

 9

 

 

(16)

 

 

 —

 

South America

 

 

299

 

 

198

 

 

63

 

 

21

 

 

(21)

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

262

 

 

147

 

 

31

 

 

 

 

 

 

 

 

 

 

Copper

 

 

52

 

 

28

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

314

 

 

175

 

 

37

 

 

 1

 

 

94

 

 

14

 

Tanami

 

 

123

 

 

58

 

 

15

 

 

 6

 

 

55

 

 

28

 

Kalgoorlie

 

 

113

 

 

55

 

 

 5

 

 

 1

 

 

52

 

 

 4

 

Other Australia

 

 

 —

 

 

 —

 

 

 1

 

 

 2

 

 

(5)

 

 

 2

 

Australia

 

 

550

 

 

288

 

 

58

 

 

10

 

 

196

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

112

 

 

60

 

 

15

 

 

10

 

 

25

 

 

36

 

Akyem

 

 

165

 

 

73

 

 

40

 

 

 5

 

 

45

 

 

 6

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(4)

 

 

 —

 

Africa

 

 

277

 

 

133

 

 

55

 

 

16

 

 

66

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 3

 

 

14

 

 

(111)

 

 

 2

 

Consolidated

 

$

1,875

 

$

999

 

$

310

 

$

83

 

$

335

 

$

192

 


(1)

Includes an increase in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $183.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Advanced

  

Income (Loss)

 

 

 

 

 

  

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

  

 

  

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

    

Sales

    

to Sales

    

Amortization

    

and Exploration

    

and Other Items

    

Expenditures(1)

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

548

 

$

377

 

$

95

 

$

15

 

$

55

 

$

72

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

163

 

 

106

 

 

25

 

 

 

 

 

 

 

 

 

 

Copper

 

 

47

 

 

30

 

 

 8

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

210

 

 

136

 

 

33

 

 

 2

 

 

36

 

 

18

 

Twin Creeks

 

 

224

 

 

130

 

 

31

 

 

 5

 

 

64

 

 

40

 

Long Canyon

 

 

115

 

 

34

 

 

38

 

 

12

 

 

30

 

 

 5

 

CC&V

 

 

171

 

 

81

 

 

29

 

 

 3

 

 

51

 

 

18

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

13

 

 

(15)

 

 

 4

 

North America

 

 

1,268

 

 

758

 

 

227

 

 

50

 

 

221

 

 

157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

290

 

 

206

 

 

52

 

 

22

 

 

(31)

 

 

40

 

Merian

 

 

298

 

 

128

 

 

42

 

 

 9

 

 

120

 

 

49

 

Other South America

 

 

 —

 

 

 —

 

 

 7

 

 

15

 

 

(29)

 

 

 1

 

South America

 

 

588

 

 

334

 

 

101

 

 

46

 

 

60

 

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

430

 

 

258

 

 

47

 

 

 

 

 

 

 

 

 

 

Copper

 

 

112

 

 

63

 

 

12

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

542

 

 

321

 

 

59

 

 

 —

 

 

166

 

 

26

 

Tanami

 

 

301

 

 

150

 

 

35

 

 

10

 

 

110

 

 

47

 

Kalgoorlie

 

 

239

 

 

122

 

 

12

 

 

 6

 

 

101

 

 

13

 

Other Australia

 

 

 —

 

 

 —

 

 

 3

 

 

 4

 

 

(4)

 

 

 1

 

Australia

 

 

1,082

 

 

593

 

 

109

 

 

20

 

 

373

 

 

87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

270

 

 

180

 

 

55

 

 

 8

 

 

22

 

 

126

 

Akyem

 

 

271

 

 

129

 

 

83

 

 

 7

 

 

45

 

 

21

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

(5)

 

 

 —

 

Africa

 

 

541

 

 

309

 

 

138

 

 

17

 

 

62

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 5

 

 

31

 

 

(128)

 

 

 6

 

Consolidated

 

$

3,479

 

$

1,994

 

$

580

 

$

164

 

$

588

 

$

487

 


(1)

Includes a decrease in accrued capital expenditures of $2; consolidated capital expenditures on a cash basis were $489.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Advanced

  

Income (Loss)

 

 

 

 

 

  

 

 

Costs

 

Depreciation

 

Projects, Research

 

before Income

  

 

  

 

 

 

 

 

Applicable

 

and

 

and Development 

 

and Mining Tax

 

Capital

 

 

    

Sales

    

to Sales

    

Amortization

    

and Exploration

    

and Other Items

    

Expenditures(1)

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

543

 

$

378

 

$

99

 

$

 8

 

$

54

 

$

96

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

121

 

 

90

 

 

23

 

 

 

 

 

 

 

 

 

 

Copper

 

 

50

 

 

34

 

 

 9

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

171

 

 

124

 

 

32

 

 

 4

 

 

 7

 

 

10

 

Twin Creeks

 

 

258

 

 

111

 

 

31

 

 

 4

 

 

107

 

 

17

 

Long Canyon

 

 

96

 

 

25

 

 

31

 

 

10

 

 

30

 

 

 7

 

CC&V

 

 

322

 

 

149

 

 

65

 

 

 7

 

 

99

 

 

 8

 

Other North America

 

 

 —

 

 

 —

 

 

 1

 

 

 7

 

 

(10)

 

 

 3

 

North America

 

 

1,390

 

 

787

 

 

259

 

 

40

 

 

287

 

 

141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

328

 

 

253

 

 

70

 

 

12

 

 

(50)

 

 

20

 

Merian

 

 

283

 

 

112

 

 

47

 

 

 8

 

 

114

 

 

38

 

Other South America

 

 

 —

 

 

 —

 

 

 7

 

 

19

 

 

(35)

 

 

 —

 

South America

 

 

611

 

 

365

 

 

124

 

 

39

 

 

29

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

490

 

 

269

 

 

57

 

 

 

 

 

 

 

 

 

 

Copper

 

 

97

 

 

49

 

 

10

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

587

 

 

318

 

 

67

 

 

 1

 

 

180

 

 

29

 

Tanami

 

 

215

 

 

108

 

 

31

 

 

 9

 

 

75

 

 

52

 

Kalgoorlie

 

 

217

 

 

107

 

 

 9

 

 

 3

 

 

95

 

 

 8

 

Other Australia

 

 

 —

 

 

 —

 

 

 3

 

 

 3

 

 

(20)

 

 

 3

 

Australia

 

 

1,019

 

 

533

 

 

110

 

 

16

 

 

330

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

226

 

 

136

 

 

38

 

 

16

 

 

34

 

 

53

 

Akyem

 

 

319

 

 

135

 

 

74

 

 

 6

 

 

100

 

 

12

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

(5)

 

 

 —

 

Africa

 

 

545

 

 

271

 

 

112

 

 

24

 

 

129

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 5

 

 

26

 

 

(246)

 

 

 4

 

Consolidated

 

$

3,565

 

$

1,956

 

$

610

 

$

145

 

$

529

 

$

360

 

 


(1)

Includes a decrease in accrued capital expenditures of $3; consolidated capital expenditures on a cash basis were $363.

v3.10.0.1
SALES (Tables)
6 Months Ended
Jun. 30, 2018
SALES  
Schedule of sales by mining operation, product and by inventory type

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

244

 

$

 —

 

$

 —

 

$

 —

 

$

244

 

Phoenix

 

 

30

 

 

33

 

 

 9

 

 

12

 

 

84

 

Twin Creeks

 

 

114

 

 

 —

 

 

 —

 

 

 —

 

 

114

 

Long Canyon

 

 

56

 

 

 —

 

 

 —

 

 

 —

 

 

56

 

CC&V

 

 

88

 

 

 —

 

 

 —

 

 

 —

 

 

88

 

North America

 

 

532

 

 

33

 

 

 9

 

 

12

 

 

586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

147

 

 

 —

 

 

 —

 

 

 —

 

 

147

 

Merian

 

 

132

 

 

 —

 

 

 —

 

 

 —

 

 

132

 

South America

 

 

279

 

 

 —

 

 

 —

 

 

 —

 

 

279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

64

 

 

156

 

 

60

 

 

 —

 

 

280

 

Tanami

 

 

134

 

 

 —

 

 

 —

 

 

 —

 

 

134

 

Kalgoorlie

 

 

122

 

 

 —

 

 

 —

 

 

 —

 

 

122

 

Australia

 

 

320

 

 

156

 

 

60

 

 

 —

 

 

536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

132

 

 

 —

 

 

 —

 

 

 —

 

 

132

 

Akyem

 

 

129

 

 

 —

 

 

 —

 

 

 —

 

 

129

 

Africa

 

 

261

 

 

 —

 

 

 —

 

 

 —

 

 

261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,392

 

$

189

 

$

69

 

$

12

 

$

1,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

279

 

$

 —

 

$

 —

 

$

 —

 

$

279

 

Phoenix

 

 

30

 

 

37

 

 

12

 

 

12

 

 

91

 

Twin Creeks

 

 

156

 

 

 —

 

 

 —

 

 

 —

 

 

156

 

Long Canyon

 

 

57

 

 

 —

 

 

 —

 

 

 —

 

 

57

 

CC&V

 

 

161

 

 

 5

 

 

 —

 

 

 —

 

 

166

 

North America

 

 

683

 

 

42

 

 

12

 

 

12

 

 

749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

149

 

 

 —

 

 

 —

 

 

 —

 

 

149

 

Merian

 

 

150

 

 

 —

 

 

 —

 

 

 —

 

 

150

 

South America

 

 

299

 

 

 —

 

 

 —

 

 

 —

 

 

299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

64

 

 

198

 

 

52

 

 

 —

 

 

314

 

Tanami

 

 

123

 

 

 —

 

 

 —

 

 

 —

 

 

123

 

Kalgoorlie

 

 

113

 

 

 —

 

 

 —

 

 

 —

 

 

113

 

Australia

 

 

300

 

 

198

 

 

52

 

 

 —

 

 

550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

112

 

 

 —

 

 

 —

 

 

 —

 

 

112

 

Akyem

 

 

165

 

 

 —

 

 

 —

 

 

 —

 

 

165

 

Africa

 

 

277

 

 

 —

 

 

 —

 

 

 —

 

 

277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,559

 

$

240

 

$

64

 

$

12

 

$

1,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

548

 

$

 —

 

$

 —

 

$

 —

 

$

548

 

Phoenix

 

 

71

 

 

92

 

 

21

 

 

26

 

 

210

 

Twin Creeks

 

 

224

 

 

 —

 

 

 —

 

 

 —

 

 

224

 

Long Canyon

 

 

115

 

 

 —

 

 

 —

 

 

 —

 

 

115

 

CC&V

 

 

171

 

 

 —

 

 

 —

 

 

 —

 

 

171

 

North America

 

 

1,129

 

 

92

 

 

21

 

 

26

 

 

1,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

290

 

 

 —

 

 

 —

 

 

 —

 

 

290

 

Merian

 

 

298

 

 

 —

 

 

 —

 

 

 —

 

 

298

 

South America

 

 

588

 

 

 —

 

 

 —

 

 

 —

 

 

588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

123

 

 

307

 

 

112

 

 

 —

 

 

542

 

Tanami

 

 

301

 

 

 —

 

 

 —

 

 

 —

 

 

301

 

Kalgoorlie

 

 

239

 

 

 —

 

 

 —

 

 

 —

 

 

239

 

Australia

 

 

663

 

 

307

 

 

112

 

 

 —

 

 

1,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

270

 

 

 —

 

 

 —

 

 

 —

 

 

270

 

Akyem

 

 

271

 

 

 —

 

 

 —

 

 

 —

 

 

271

 

Africa

 

 

541

 

 

 —

 

 

 —

 

 

 —

 

 

541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

2,921

 

$

399

 

$

133

 

$

26

 

$

3,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sales

 

Copper Sales

 

 

 

 

 

 

 

Gold Sales

 

from

 

from

 

Copper Sales

 

 

 

 

 

from Doré

 

Concentrate

 

Concentrate

 

from Cathode

 

 

 

 

 

Production

 

Production

 

Production

 

Production

 

Total Sales

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

543

 

$

 —

 

$

 —

 

$

 —

 

$

543

 

Phoenix

 

 

54

 

 

67

 

 

27

 

 

23

 

 

171

 

Twin Creeks

 

 

258

 

 

 —

 

 

 —

 

 

 —

 

 

258

 

Long Canyon

 

 

96

 

 

 —

 

 

 —

 

 

 —

 

 

96

 

CC&V

 

 

311

 

 

11

 

 

 —

 

 

 —

 

 

322

 

North America

 

 

1,262

 

 

78

 

 

27

 

 

23

 

 

1,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

328

 

 

 —

 

 

 —

 

 

 —

 

 

328

 

Merian

 

 

283

 

 

 —

 

 

 —

 

 

 —

 

 

283

 

South America

 

 

611

 

 

 —

 

 

 —

 

 

 —

 

 

611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

123

 

 

367

 

 

97

 

 

 —

 

 

587

 

Tanami

 

 

215

 

 

 —

 

 

 —

 

 

 —

 

 

215

 

Kalgoorlie

 

 

217

 

 

 —

 

 

 —

 

 

 —

 

 

217

 

Australia

 

 

555

 

 

367

 

 

97

 

 

 —

 

 

1,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

226

 

 

 —

 

 

 —

 

 

 —

 

 

226

 

Akyem

 

 

319

 

 

 —

 

 

 —

 

 

 —

 

 

319

 

Africa

 

 

545

 

 

 —

 

 

 —

 

 

 —

 

 

545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

2,973

 

$

445

 

$

124

 

$

23

 

$

3,565

 

 

Schedule of receivables included within Trade Receivables

 

 

 

 

 

 

 

 

 

 

   At June 30,    

 

At December 31, 

 

 

 

2018

 

2017

 

Receivables from Sales:

 

 

 

 

 

 

 

Gold sales from doré

 

$

36

 

$

 —

 

Gold and copper sales from concentrate production

 

 

96

 

 

117

 

Copper sales from cathode production

 

 

 1

 

 

7

 

Total receivables from Sales

 

$

133

 

$

124

 

 

ASU No. 2014-09 Revenue Recognition  
SALES  
Schedule of impact of adoption during period

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

1,662

 

$

89

 

$

1,751

 

Costs applicable to sales

 

$

965

 

$

54

 

$

1,019

 

Depreciation and amortization

 

$

279

 

$

12

 

$

291

 

Income (loss) before income and mining tax and other items

 

$

305

 

$

23

 

$

328

 

Income and mining tax benefit (expense)

 

$

(18)

 

$

(6)

 

$

(24)

 

Net income (loss)

 

$

298

 

$

17

 

$

315

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

274

 

$

17

 

$

291

 

Discontinued operations 

 

 

18

 

 

 —

 

 

18

 

 

 

$

292

 

$

17

 

$

309

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.52

 

$

0.03

 

$

0.55

 

Discontinued operations 

 

 

0.03

 

 

 —

 

 

0.03

 

 

 

$

0.55

 

$

0.03

 

$

0.58

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.51

 

$

0.03

 

$

0.54

 

Discontinued operations 

 

 

0.03

 

 

 —

 

 

0.03

 

 

 

$

0.54

 

$

0.03

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

3,479

 

$

(16)

 

$

3,463

 

Costs applicable to sales

 

$

1,994

 

$

(8)

 

$

1,986

 

Depreciation and amortization

 

$

580

 

$

(2)

 

$

578

 

Income (loss) before income and mining tax and other items

 

$

588

 

$

(6)

 

$

582

 

Income and mining tax benefit (expense)

 

$

(123)

 

$

 2

 

$

(121)

 

Net income (loss)

 

$

489

 

$

(4)

 

$

485

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

444

 

$

(4)

 

$

440

 

Discontinued operations 

 

 

40

 

 

 —

 

 

40

 

 

 

$

484

 

$

(4)

 

$

480

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.84

 

$

(0.01)

 

$

0.83

 

Discontinued operations 

 

 

0.07

 

 

 —

 

 

0.07

 

 

 

$

0.91

 

$

(0.01)

 

$

0.90

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.83

 

$

(0.01)

 

$

0.82

 

Discontinued operations 

 

 

0.07

 

 

 —

 

 

0.07

 

 

 

$

0.90

 

$

(0.01)

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of  Cash Flows

 

As Reported

 

Change

 

of ASC 606

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

489

 

$

(4)

 

$

485

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

580

 

$

(2)

 

$

578

 

Net change in operating assets and liabilities

 

$

(510)

 

$

 6

 

$

(504)

 

Net cash provided by (used in) operating activities of continuing operations

 

$

667

 

$

 —

 

$

667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Balance Sheet

 

As Reported

 

Change

 

of ASC 606

 

Trade receivables

 

$

133

 

$

(16)

 

$

117

 

Inventories

 

$

697

 

$

10

 

$

707

 

Total assets

 

$

20,655

 

$

(6)

 

$

20,649

 

Income and mining taxes payable

 

$

71

 

$

(2)

 

$

69

 

Total liabilities

 

$

8,822

 

$

(2)

 

$

8,820

 

Retained earnings

 

$

592

 

$

(4)

 

$

588

 

Newmont stockholders' equity

 

$

10,813

 

$

(4)

 

$

10,809

 

Total equity

 

$

11,785

 

$

(4)

 

$

11,781

 

Total liabilities and equity

 

$

20,655

 

$

(6)

 

$

20,649

 

 

v3.10.0.1
RECLAMATION AND REMEDIATION (Tables)
6 Months Ended
Jun. 30, 2018
RECLAMATION AND REMEDIATION  
Reclamation and Remediation Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Reclamation adjustments

 

$

 —

 

$

15

 

$

 —

 

$

15

 

Reclamation accretion

 

 

25

 

 

25

 

 

49

 

 

48

 

Total reclamation expense

 

 

25

 

 

40

 

 

49

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remediation adjustments

 

 

11

 

 

 2

 

$

14

 

$

 7

 

Remediation accretion

 

 

 1

 

 

 1

 

 

 2

 

 

 2

 

Total remediation expense

 

 

12

 

 

 3

 

$

16

 

$

 9

 

 

 

$

37

 

$

43

 

$

65

 

$

72

 

 

Reconciliation of Reclamation Liabilities

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Reclamation balance at January 1,

 

$

2,144

 

$

1,913

 

Additions, changes in estimates and other 

 

 

 —

 

 

15

 

Payments, net

 

 

(13)

 

 

(11)

 

Accretion expense 

 

 

49

 

 

48

 

Reclamation balance at June 30, 

 

$

2,180

 

$

1,965

 

 

Reconciliation of Remediation Liabilities

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Remediation balance at January 1,

 

$

304

 

$

312

 

Additions, changes in estimates and other 

 

 

 8

 

 

 2

 

Payments, net

 

 

(20)

 

 

(21)

 

Accretion expense 

 

 

 2

 

 

 2

 

Remediation balance at June 30, 

 

$

294

 

$

295

 

 

v3.10.0.1
OTHER EXPENSE, NET (Tables)
6 Months Ended
Jun. 30, 2018
OTHER EXPENSE, NET  
Other Expense, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Restructuring and other

 

$

 9

 

$

 1

 

$

15

 

$

 8

 

Acquisition cost adjustments

 

 

 —

 

 

 3

 

 

 —

 

 

 5

 

Impairment of long-lived assets

 

 

 —

 

 

 —

 

 

 —

 

 

 3

 

Other

 

 

 4

 

 

10

 

 

 9

 

 

15

 

 

 

$

13

 

$

14

 

$

24

 

$

31

 

 

v3.10.0.1
OTHER INCOME, NET (Tables)
6 Months Ended
Jun. 30, 2018
OTHER INCOME, NET.  
Other Income, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

 

2018

    

2017

  

Gain (loss) on asset and investment sales, net

 

$

100

 

$

14

 

$

99

 

$

16

 

Interest

 

 

13

 

 

 6

 

 

24

 

 

10

 

Foreign currency exchange, net 

 

 

14

 

 

(4)

 

 

21

 

 

(21)

 

Change in fair value of marketable equity securities

 

 

 5

 

 

 —

 

 

 5

 

 

 —

 

Tanami insurance proceeds

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Other 

 

 

 7

 

 

 2

 

 

11

 

 

 4

 

 

 

$

139

 

$

31

 

$

160

 

$

22

 

 

v3.10.0.1
INCOME AND MINING TAXES (Tables)
6 Months Ended
Jun. 30, 2018
INCOME AND MINING TAXES  
Income and Mining Tax Expense Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

 

  

2018

      

2017

      

2018

      

2017

    

 

Income (loss) before income and mining tax and other items

 

 

 

$

305

 

 

 

$

335

 

 

 

$

588

 

 

 

$

529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal statutory tax rate

 

21

%  

$

64

 

35

%  

$

117

 

21

%  

$

123

 

35

%  

$

185

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(3)

 

 

(8)

 

(13)

 

 

(42)

 

(4)

 

 

(25)

 

(14)

 

 

(74)

 

 

Change in valuation allowance on deferred tax assets

 

(5)

 

 

(15)

 

21

 

 

72

 

 1

 

 

 3

 

26

 

 

139

 

 

Adjustment to provisional expense related to the Tax Cuts and Job Act

 

(15)

 

 

(45)

 

 —

 

 

 —

 

(8)

 

 

(45)

 

 —

 

 

 —

 

 

Mining and other taxes

 

 3

 

 

 9

 

 5

 

 

16

 

 5

 

 

30

 

 7

 

 

35

 

 

Foreign rate differential

 

 5

 

 

15

 

 —

 

 

 —

 

 8

 

 

46

 

 —

 

 

 —

 

 

Other

 

 —

 

 

(2)

 

 2

 

 

 3

 

(2)

 

 

(9)

 

(2)

 

 

(8)

 

 

Income and mining tax expense

 

 6

%

$

18

 

50

%

$

166

 

21

%

$

123

 

52

%

$

277

 

 

 

v3.10.0.1
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS (Tables)
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS  
Schedule of Net income (loss) from discontinued operations

 

 

Three Months Ended June 30, 

    

Six Months Ended June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

  

Holt royalty obligation

 

$

17

 

$

(15)

    

$

36

 

$

(38)

 

Batu Hijau contingent consideration (1)

 

 

 1

 

 

 —

 

 

 4

 

 

 —

 

Net income (loss) from discontinued operations

 

$

18

 

$

(15)

    

$

40

 

$

(38)

 


(1)

See Note 15 for details on the Batu Hijau contingent consideration.

 

v3.10.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables)
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

 

2017

 

2018

 

2017

 

Merian

 

$

11

 

$

13

 

$

28

 

$

26

 

Yanacocha

    

 

(5)

    

 

(37)

    

 

(23)

    

 

(38)

 

Other 

 

 

 —

 

 

 —

 

 

 —

 

 

(1)

 

 

 

$

 6

 

$

(24)

 

$

 5

 

$

(13)

 

 

Schedule summarizing the consolidated assets and liabilities of VIE

 

 

 

 

 

 

 

 

 

 

   At June 30,  2018

    

At December 31, 2017

 

Current assets:

    

 

 

 

 

 

 

Cash and cash equivalents

 

$

44

 

$

27

 

Trade receivables

 

 

23

 

 

 —

 

Inventories

 

 

81

 

 

79

 

Stockpiles and ore on leach pads

 

 

31

 

 

21

 

Other current assets (1)

 

 

 4

 

 

 6

 

 

 

 

183

 

 

133

 

Non-current assets:

 

 

 

 

 

 

 

Property, plant and mine development, net

 

 

777

 

 

769

 

Other non-current assets (2)

 

 

 3

 

 

 8

 

Total assets

 

$

963

 

$

910

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

27

 

$

22

 

Other current liabilities (3)

 

 

26

 

 

28

 

 

 

 

53

 

 

50

 

Non-current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

 

18

 

 

18

 

Other non-current liabilities (4)

 

 

 1

 

 

 1

 

Total liabilities

 

$

72

 

$

69

 


(1)

Other current assets include other accounts receivables, prepaid assets and other current assets.

(2)

Other non-current assets include intangibles, stockpiles and ore on leach pads.

(3)

Other current liabilities include employee-related benefits and other current liabilities.

(4)

Other non-current liabilities include employee-related benefits.

v3.10.0.1
NET INCOME (LOSS) PER COMMON SHARE (Tables)
6 Months Ended
Jun. 30, 2018
NET INCOME (LOSS) PER COMMON SHARE  
Summary of Income (Loss) per Common Share, Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

    

Net income (loss) attributable to Newmont stockholders: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

274

 

$

190

 

$

444

 

$

260

 

Discontinued operations 

 

 

18

 

 

(15)

 

 

40

 

 

(38)

 

 

 

$

292

 

$

175

 

$

484

 

$

222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic 

 

 

533

 

 

533

 

 

534

 

 

533

 

Effect of employee stock-based awards 

 

 

 2

 

 

 2

 

 

 1

 

 

 1

 

Diluted 

 

 

535

 

 

535

 

 

535

 

 

534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.52

 

$

0.36

 

$

0.84

 

$

0.49

 

Discontinued operations 

 

 

0.03

 

 

(0.03)

 

 

0.07

 

 

(0.07)

 

 

 

$

0.55

 

$

0.33

 

$

0.91

 

$

0.42

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.51

 

$

0.36

 

$

0.83

 

$

0.49

 

Discontinued operations 

 

 

0.03

 

 

(0.03)

 

 

0.07

 

 

(0.07)

 

 

 

$

0.54

 

$

0.33

 

$

0.90

 

$

0.42

 

 

v3.10.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS (Tables)
6 Months Ended
Jun. 30, 2018
Pension Benefits  
EMPLOYEE-RELATED BENEFITS  
Schedule of components of the net periodic pension and other benefits costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Pension benefit costs, net (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 8

 

$

 8

 

$

16

 

$

15

 

Interest cost

 

 

11

 

 

11

 

 

21

 

 

22

 

Expected return on plan assets

 

 

(17)

 

 

(16)

 

 

(34)

 

 

(31)

 

Amortization, net

 

 

 8

 

 

 7

 

 

16

 

 

14

 

Settlements

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

 

$

10

 

$

10

 

$

19

 

$

24

 

 

Other Benefits  
EMPLOYEE-RELATED BENEFITS  
Schedule of components of the net periodic pension and other benefits costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Other benefit costs (credits), net (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 1

 

$

 1

 

$

 1

 

$

 1

 

Interest cost

 

$

 1

 

$

 1

 

$

 2

 

$

 2

 

Amortization, net

 

 

(2)

 

 

(3)

 

 

(4)

 

 

(4)

 

 

 

$

 —

 

$

(1)

 

$

(1)

 

$

(1)

 

 

 


 

(1)

Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs and settlements are included in Other income, net.

v3.10.0.1
STOCK BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2018
STOCK-BASED COMPENSATION  
Schedule of stock based compensation by award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended 

 

 

 

June 30, 

 

June 30, 

 

 

 

2018

    

2017

    

2018

    

2017

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance leveraged stock units

 

$

 7

 

$

 9

 

$

16

 

$

17

 

Restricted stock units

 

 

12

 

 

10

 

 

22

 

 

17

 

Strategic stock units

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

 

$

19

 

$

19

 

$

38

 

$

35

 

 

v3.10.0.1
FAIR VALUE ACCOUNTING (Tables)
6 Months Ended
Jun. 30, 2018
FAIR VALUE ACCOUNTING  
Fair Value Measurement of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at June 30, 2018

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,127

 

$

3,127

 

$

 —

 

$

 —

 

Restricted cash

 

 

83

 

 

83

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

86

 

 

 —

 

 

86

 

 

 —

 

Diesel forward derivative contracts

 

 

 7

 

 

 —

 

 

 7

 

 

 —

 

Marketable equity securities

 

 

178

 

 

166

 

 

12

 

 

 —

 

Restricted marketable debt securities

 

 

51

 

 

22

 

 

29

 

 

 —

 

Restricted other assets

 

 

 7

 

 

 7

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

27

 

 

 —

 

 

 —

 

 

27

 

 

 

$

3,566

 

$

3,405

 

$

134

 

$

27

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,391

 

$

 —

 

$

4,391

 

$

 —

 

Holt royalty obligation

 

 

193

 

 

 —

 

 

 —

 

 

193

 

 

 

$

4,584

 

$

 —

 

$

4,391

 

$

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2017

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,259

 

$

3,259

 

$

 —

 

$

 —

 

Restricted cash

 

 

39

 

 

39

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

111

 

 

 —

 

 

111

 

 

 —

 

Diesel forward derivative contracts

 

 

 6

 

 

 —

 

 

 6

 

 

 —

 

Marketable equity securities

 

 

165

 

 

165

 

 

 —

 

 

 —

 

Restricted marketable debt securities

 

 

55

 

 

17

 

 

38

 

 

 —

 

Restricted other assets

 

 

 9

 

 

 9

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

23

 

 

 —

 

 

 —

 

 

23

 

 

 

$

3,667

 

$

3,489

 

$

155

 

$

23

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,671

 

$

 —

 

$

4,671

 

$

 —

 

Foreign exchange forward derivative contracts

 

 

 1

 

 

 —

 

 

 1

 

 

 —

 

Holt royalty obligation

 

 

243

 

 

 —

 

 

 —

 

 

243

 

 

 

$

4,915

 

$

 —

 

$

4,672

 

$

243

 


(1)

Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $4,042 and $4,040 at June 30, 2018 and December 31, 2017, respectively. The fair value measurement of debt was based on an independent third party pricing source.

Fair Value Inputs Assets Liabilities Quantitative Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   At June 30,    

    

 

    

 

    

Range/Weighted

 

Description

 

2018

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

27

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.12

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

193

 

Monte Carlo

 

Discount rate

 

 

3.99

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,306

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

334 - 1,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 

    

 

 

 

    

Range/Weighted

 

Description

 

2017

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

23

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.09

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

243

 

Monte Carlo

 

Discount rate

 

 

3.32

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,275

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

402 - 1,779

 

 

Changes in the Fair Value of the Company's Level 3 Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

Consideration (1)

   

Assets

   

Obligation (1)

   

Liabilities

 

Fair value at December 31, 2017

 

 

 

 

 

$

23

 

$

23

 

$

243

 

$

243

 

Settlements

 

 

 

 

 

 

 —

 

 

 —

 

 

(5)

 

 

(5)

 

Revaluation

 

 

 

 

 

 

 4

 

 

 4

 

 

(45)

 

 

(45)

 

Fair value at June 30, 2018

 

 

 

 

 

$

27

 

$

27

 

$

193

 

$

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Backed

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

 

Commercial

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

   

Paper (2)

   

Consideration (1)

 

   Assets   

   

Obligation (1)

   

Liabilities

   

Fair value at December 31, 2016

 

 

$

18

 

$

13

 

$

31

 

$

187

 

$

187

 

Settlements

 

 

 

(18)

 

 

 —

 

 

(18)

 

 

(6)

 

 

(6)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

59

 

 

59

 

Fair value at June 30, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

240

 

$

240

 


(1)

The gain (loss) recognized is included in Net income (loss) from discontinued operations.

(2)

The gain (loss) recognized is included in Other income, net.

.

Changes in the Fair Value of the Company's Level 3 Financial Liabilities

 

 

 

Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Backed

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

 

Commercial

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

   

Paper (1)

   

Consideration (2)

   

   Assets   

   

Obligation (2)

   

Liabilities

   

Fair value at December 31, 2017

 

 

$

 —

 

$

23

 

$

23

 

$

243

 

$

243

 

Settlements

 

 

 

 —

 

 

 —

 

 

 —

 

 

(5)

 

 

(5)

 

Revaluation

 

 

 

 —

 

 

 4

 

 

 4

 

 

(45)

 

 

(45)

 

Fair value at June 30, 2018

 

 

$

 —

 

$

27

 

$

27

 

$

193

 

$

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Backed

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

 

Commercial

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

   

Paper (2)

   

Consideration (1)

 

   Assets   

   

Obligation (1)

   

Liabilities

   

Fair value at December 31, 2016

 

 

$

18

 

$

13

 

$

31

 

$

187

 

$

187

 

Settlements

 

 

 

(18)

 

 

 —

 

 

(18)

 

 

(6)

 

 

(6)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

59

 

 

59

 

Fair value at June 30, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

240

 

$

240

 


(1)The gain (loss) recognized is included in Net income (loss) from discontinued operations.

(2)The gain (loss) recognized is included in Other income, net.

 

v3.10.0.1
DERIVATIVE INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2018
DERIVATIVE INSTRUMENTS  
Fair Values of Derivative Instruments Designated as Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At June 30, 2018

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

Diesel fixed forwards

 

$

 5

 

$

 2

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At December 31, 2017

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

A$ operating fixed forwards 

 

$

 —

 

$

 —

 

$

 1

 

$

 —

 

Diesel fixed forwards

 

 

 6

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

 6

 

$

 —

 

$

 1

 

$

 —

 

 

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 Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

 

 

    

2018

    

2017

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 4

 

$

12

 

$

10

 

Other income, net

 

Settlements

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

 4

 

 

12

 

 

14

 

 

 

Tax

 

 

(2)

 

 

(1)

 

 

(3)

 

 

(5)

 

 

 

Net of tax

 

$

 4

 

$

 3

 

$

 9

 

$

 9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 —

 

$

 8

 

$

 1

 

$

18

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 3

 

 

 6

 

 

 5

 

Interest expense, net

 

Total before tax

 

 

 3

 

 

11

 

 

 7

 

 

23

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

(2)

 

 

(8)

 

 

 

Net of tax

 

$

 2

 

$

 7

 

$

 5

 

$

15

 

 

 

Total reclassifications for the period, net of tax

 

$

 6

 

$

10

 

$

14

 

$

24

 

 

 

 

Location and Amount of Gains (Losses) Reported in Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency

 

Diesel Fixed

 

Interest

 

 

 

Exchange Contracts

 

Forward Contracts

 

Rate Contracts

 

 

    

2018

    

2017

    

2018

    

2017

    

2018

    

2017

 

For the three months ended June 30, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss recognized in Other comprehensive income (loss)

 

$

 —

 

$

 —

 

$

(4)

 

$

 3

 

$

 —

 

$

 —

 

(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss)

    

$

 2

 

$

 7

 

$

(2)

 

$

 1

 

$

 3

 

$

 3

    

For the six months ended June 30, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss recognized in Other comprehensive income (loss)

 

$

 —

 

$

(4)

 

$

(5)

 

$

 6

 

$

 —

 

$

 —

 

(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss)

 

$

 5

 

$

15

 

$

(4)

 

$

 3

 

$

 6

 

$

 5

 

 

Cash Flow Hedges  
DERIVATIVE INSTRUMENTS  
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) Loss Recognized from Cash Flow Hedges

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Total Costs applicable to sales

 

$

965

 

$

999

 

$

1,994

 

$

1,956

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from diesel hedging instruments

 

$

(2)

 

$

 1

 

$

(4)

 

$

 3

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from foreign currency hedging instruments

 

$

 2

 

$

 7

 

$

 5

 

$

15

 

Total Interest expense, net

 

$

49

 

$

64

 

$

102

 

$

131

 

Amount of (gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) from discontinued interest rate hedging instruments

 

$

 3

 

$

 3

 

$

 6

 

$

 5

 

 

Cash Flow Hedges | Diesel forward contracts  
DERIVATIVE INSTRUMENTS  
Outstanding Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Maturity Date

 

 

 

 

 

 

 

 

 

 

 

Total/

 

 

 

2018

    

2019

    

2020

    

2021

 

Average

 

Diesel Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 7

 

 3

 

 3

 

 1

 

14

 

Average rate ($/gallon)

 

1.68

 

1.78

 

1.97

 

2.04

 

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

South America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 —

 

 —

 

 2

 

 —

 

 2

 

Average rate ($/gallon)

 

 —

 

 —

 

1.88

 

1.99

 

1.89

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

 

 

 

Diesel barrels (thousands) 

 

 —

 

12

 

73

 

17

 

102

 

Average rate ($/barrel)

 

 —

 

85.93

 

77.06

 

79.69

 

78.54

 

 

v3.10.0.1
INVESTMENTS (Tables)
6 Months Ended
Jun. 30, 2018
INVESTMENTS  
Schedule of investments

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

Fair Value/

 

 

    

Equity Basis (1)

 

Current: 

 

 

 

 

Marketable equity securities

 

$

56

 

 

 

 

 

 

Non-current: 

 

 

 

 

Marketable equity securities:

 

 

 

 

Continental Gold Inc.

 

$

108

 

Warrants

 

 

12

 

Other marketable equity securities

 

 

 2

 

 

 

 

122

 

 

 

 

 

 

Other investments

 

 

 5

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

TMAC Resources Inc. (28.71%)

 

 

102

 

Maverix Metals Inc. (27.98%)

 

 

78

 

Minera La Zanja S.R.L. (46.94%)

 

 

46

 

 

 

 

226

 

 

 

$

353

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

Marketable debt securities (3)

 

$

51

 

Other assets

 

 

 7

 

 

 

$

58

 

 

Schedule of reconciliation of cost to fair value for Available-for-sale and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

 

Cost/Equity

 

Unrealized

 

Fair Value/

 

 

    

Basis

    

Gain

    

Loss

    

Equity Basis (1)

 

Current: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities

 

$

38

 

$

32

 

$

(8)

 

$

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continental Gold Inc.

 

$

109

 

$

 —

 

$

(8)

 

$

101

 

Warrants

 

 

 7

 

 

 —

 

 

 —

 

 

 7

 

Other marketable equity securities

 

 

 4

 

 

 —

 

 

(2)

 

 

 2

 

 

 

 

120

 

 

 —

 

 

(10)

 

 

110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

 5

 

 

 —

 

 

 —

 

 

 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

 

 

 

 

 

 

 

 

 

TMAC Resources Inc. (28.79%)

 

 

115

 

 

 —

 

 

 —

 

 

115

 

Minera La Zanja S.R.L. (46.94%)

 

 

50

 

 

 —

 

 

 —

 

 

50

 

 

 

 

165

 

 

 —

 

 

 —

 

 

165

 

 

 

$

290

 

$

 —

 

$

(10)

 

$

280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

$

58

 

$

 —

 

$

(3)

 

$

55

 

Other assets

 

 

 8

 

 

 1

 

 

 —

 

 

 9

 

 

 

$

66

 

$

 1

 

$

(3)

 

$

64

 


(1)

Subsequent to the adoption of ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to marketable equity securities are recorded in Other income, net. Previously, gains and losses related to unrealized marketable equity securities were recorded in Other comprehensive income (loss).

(2)

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 5.

(3)

There were nominal unrealized gains or losses recorded in Accumulated other comprehensive income (loss) as of June 30, 2018, related to marketable debt securities.

v3.10.0.1
INVENTORIES (Tables)
6 Months Ended
Jun. 30, 2018
Inventories  
Summary of Inventories

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Materials and supplies

 

$

436

 

$

416

 

In-process

 

 

135

 

 

131

 

Concentrate and copper cathode

 

 

91

 

 

83

 

Precious metals

 

 

35

 

 

49

 

 

 

$

697

 

$

679

 

 

v3.10.0.1
STOCKPILES AND ORE ON LEACH PADS (Tables)
6 Months Ended
Jun. 30, 2018
STOCKPILES AND ORE ON LEACH PADS  
Stockpiles and Ore on Leach Pads

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Current:

 

 

   

 

 

   

 

Stockpiles

 

$

351

 

$

330

 

Ore on leach pads

 

 

360

 

 

346

 

 

 

$

711

 

$

676

 

Non-current:

 

 

   

 

 

   

 

Stockpiles

 

$

1,454

 

$

1,502

 

Ore on leach pads

 

 

383

 

 

346

 

 

 

$

1,837

 

$

1,848

 

 

Stockpiles and Ore on Leach Pads, by Segment

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

 

$

469

 

$

441

 

Phoenix

 

 

68

 

 

68

 

Twin Creeks

 

 

329

 

 

340

 

Long Canyon

 

 

45

 

 

34

 

CC&V

 

 

333

 

 

314

 

Yanacocha

 

 

263

 

 

270

 

Merian

 

 

31

 

 

25

 

Boddington

 

 

445

 

 

431

 

Tanami

 

 

 1

 

 

 4

 

Kalgoorlie

 

 

126

 

 

125

 

Ahafo

 

 

386

 

 

409

 

Akyem

 

 

52

 

 

63

 

 

 

$

2,548

 

$

2,524

 

 

v3.10.0.1
OTHER LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2018
OTHER LIABILITIES  
Other Liabilities

 

 

 

 

 

 

 

 

 

 

    At June 30,     

 

At December 31, 

 

 

    

2018

    

2017

    

Other current liabilities:

 

 

 

 

 

 

 

Accrued operating costs

 

$

109

 

$

124

 

Reclamation and remediation liabilities

 

 

105

 

 

103

 

Accrued capital expenditures

 

 

69

 

 

77

 

Accrued interest

 

 

52

 

 

52

 

Royalties

 

 

37

 

 

63

 

Holt royalty obligation

 

 

14

 

 

15

 

Taxes other than income and mining

 

 

 5

 

 

 7

 

Derivative instruments

 

 

 —

 

 

 1

 

Other

 

 

 5

 

 

20

 

 

 

$

396

 

$

462

 

 

 

 

 

 

 

 

 

Other non-current liabilities:

 

 

 

 

 

 

 

Holt royalty obligation

 

$

179

 

$

228

 

Income and mining taxes 

 

 

43

 

 

47

 

Power supply agreements

 

 

30

 

 

32

 

Social development obligations

 

 

21

 

 

22

 

Other 

 

 

11

 

 

13

 

 

 

$

284

 

$

342

 

 

v3.10.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
6 Months Ended
Jun. 30, 2018
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

 

 

 

 

 

Marketable

 

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

 

Net current-period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in other comprehensive income (loss) before reclassifications

 

 

 1

 

 

(4)

 

 

 —

 

 

 4

 

 

 1

 

Reclassifications from accumulated other comprehensive income (loss)

 

 

 —

 

 

 —

 

 

 9

 

 

 5

 

 

14

 

Other comprehensive income (loss)

 

$

 1

 

$

(4)

 

$

 9

 

$

 9

 

$

15

 

Balance at June 30, 2018

 

$

 —

 

$

126

 

$

(199)

 

$

(89)

 

$

(162)

 

 

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 Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

 

 

    

2018

    

2017

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 4

 

$

12

 

$

10

 

Other income, net

 

Settlements

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

 4

 

 

12

 

 

14

 

 

 

Tax

 

 

(2)

 

 

(1)

 

 

(3)

 

 

(5)

 

 

 

Net of tax

 

$

 4

 

$

 3

 

$

 9

 

$

 9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 —

 

$

 8

 

$

 1

 

$

18

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 3

 

 

 6

 

 

 5

 

Interest expense, net

 

Total before tax

 

 

 3

 

 

11

 

 

 7

 

 

23

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

(2)

 

 

(8)

 

 

 

Net of tax

 

$

 2

 

$

 7

 

$

 5

 

$

15

 

 

 

Total reclassifications for the period, net of tax

 

$

 6

 

$

10

 

$

14

 

$

24

 

 

 

 

v3.10.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2018
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

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 

 

 

 

2018

 

2017

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables 

    

$

37

    

$

(22)

 

Inventories, stockpiles and ore on leach pads 

 

 

(211)

 

 

(118)

 

Other assets 

 

 

(17)

 

 

 —

 

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

 

(123)

 

 

(128)

 

Reclamation and remediation liabilities 

 

 

(33)

 

 

(32)

 

Accrued tax liabilities

 

 

(163)

 

 

32

 

 

 

$

(510)

 

$

(268)

 

 

v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
6 Months Ended
Jun. 30, 2018
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Condensed Consolidating Statement of Operation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

419

 

$

1,243

 

$

 —

 

$

1,662

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

281

 

 

684

 

 

 —

 

 

965

 

Depreciation and amortization 

 

 

 1

 

 

75

 

 

203

 

 

 —

 

 

279

 

Reclamation and remediation

 

 

 —

 

 

 4

 

 

33

 

 

 —

 

 

37

 

Exploration 

 

 

 —

 

 

15

 

 

39

 

 

 —

 

 

54

 

Advanced projects, research and development 

 

 

 —

 

 

 8

 

 

28

 

 

 —

 

 

36

 

General and administrative 

 

 

 —

 

 

22

 

 

41

 

 

 —

 

 

63

 

Other expense, net

 

 

 —

 

 

 1

 

 

12

 

 

 —

 

 

13

 

 

 

 

 1

 

 

406

 

 

1,040

 

 

 —

 

 

1,447

 

Other income (expense): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

(5)

 

 

20

 

 

124

 

 

 —

 

 

139

 

Interest income - intercompany 

 

 

17

 

 

11

 

 

12

 

 

(40)

 

 

 —

 

Interest expense - intercompany 

 

 

(11)

 

 

 —

 

 

(29)

 

 

40

 

 

 —

 

Interest expense, net 

 

 

(48)

 

 

 —

 

 

(1)

 

 

 —

 

 

(49)

 

 

 

 

(47)

 

 

31

 

 

106

 

 

 —

 

 

90

 

Income (loss) before income and mining tax and other items 

 

 

(48)

 

 

44

 

 

309

 

 

 —

 

 

305

 

Income and mining tax benefit (expense)

 

 

10

 

 

(7)

 

 

(21)

 

 

 —

 

 

(18)

 

Equity income (loss) of affiliates 

 

 

330

 

 

(20)

 

 

(7)

 

 

(310)

 

 

(7)

 

Net income (loss) from continuing operations 

 

 

292

 

 

17

 

 

281

 

 

(310)

 

 

280

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

Net income (loss)

 

 

292

 

 

17

 

 

299

 

 

(310)

 

 

298

 

Net loss (income) attributable to noncontrolling interests: 

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Net income (loss) attributable to Newmont stockholders

 

$

292

 

$

17

 

$

293

 

$

(310)

 

$

292

 

Comprehensive income (loss)

 

$

299

 

$

17

 

$

299

 

$

(310)

 

$

305

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

299

 

$

17

 

$

293

 

$

(310)

 

$

299

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

517

 

$

1,358

 

$

 —

 

$

1,875

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

280

 

 

719

 

 

 —

 

 

999

 

Depreciation and amortization 

 

 

 1

 

 

82

 

 

227

 

 

 —

 

 

310

 

Reclamation and remediation

 

 

 —

 

 

 4

 

 

39

 

 

 —

 

 

43

 

Exploration 

 

 

 —

 

 

13

 

 

38

 

 

 —

 

 

51

 

Advanced projects, research and development 

 

 

 —

 

 

 2

 

 

30

 

 

 —

 

 

32

 

General and administrative 

 

 

 —

 

 

18

 

 

40

 

 

 —

 

 

58

 

Other expense, net

 

 

 —

 

 

 2

 

 

12

 

 

 —

 

 

14

 

 

 

 

 1

 

 

401

 

 

1,105

 

 

 —

 

 

1,507

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

23

 

 

 3

 

 

 5

 

 

 —

 

 

31

 

Interest income - intercompany 

 

 

23

 

 

24

 

 

15

 

 

(62)

 

 

 —

 

Interest expense - intercompany 

 

 

(14)

 

 

(4)

 

 

(44)

 

 

62

 

 

 —

 

Interest expense, net 

 

 

(59)

 

 

(1)

 

 

(4)

 

 

 —

 

 

(64)

 

 

 

 

(27)

 

 

22

 

 

(28)

 

 

 —

 

 

(33)

 

Income (loss) before income and mining tax and other items 

 

 

(28)

 

 

138

 

 

225

 

 

 —

 

 

335

 

Income and mining tax benefit (expense)

 

 

 9

 

 

(22)

 

 

(153)

 

 

 —

 

 

(166)

 

Equity income (loss) of affiliates 

 

 

194

 

 

(150)

 

 

(11)

 

 

(36)

 

 

(3)

 

Net income (loss) from continuing operations 

 

 

175

 

 

(34)

 

 

61

 

 

(36)

 

 

166

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

(15)

 

 

 —

 

 

(15)

 

Net income (loss)

 

 

175

 

 

(34)

 

 

46

 

 

(36)

 

 

151

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Net income (loss) attributable to Newmont stockholders

 

 

175

 

 

(34)

 

 

70

 

 

(36)

 

 

175

 

Comprehensive income (loss)

 

 

179

 

 

(29)

 

 

41

 

 

(36)

 

 

155

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

179

 

$

(29)

 

$

65

 

$

(36)

 

$

179

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

931

 

$

2,548

 

$

 —

 

$

3,479

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

605

 

 

1,389

 

 

 —

 

 

1,994

 

Depreciation and amortization 

 

 

 2

 

 

162

 

 

416

 

 

 —

 

 

580

 

Reclamation and remediation

 

 

 —

 

 

 7

 

 

58

 

 

 —

 

 

65

 

Exploration 

 

 

 —

 

 

26

 

 

68

 

 

 —

 

 

94

 

Advanced projects, research and development 

 

 

 —

 

 

14

 

 

56

 

 

 —

 

 

70

 

General and administrative 

 

 

 —

 

 

41

 

 

81

 

 

 —

 

 

122

 

Other expense, net

 

 

 —

 

 

 2

 

 

22

 

 

 —

 

 

24

 

 

 

 

 2

 

 

857

 

 

2,090

 

 

 —

 

 

2,949

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 3

 

 

27

 

 

130

 

 

 —

 

 

160

 

Interest income - intercompany 

 

 

51

 

 

22

 

 

21

 

 

(94)

 

 

 —

 

Interest expense - intercompany 

 

 

(19)

 

 

 —

 

 

(75)

 

 

94

 

 

 —

 

Interest expense, net 

 

 

(97)

 

 

(2)

 

 

(3)

 

 

 —

 

 

(102)

 

 

 

 

(62)

 

 

47

 

 

73

 

 

 —

 

 

58

 

Income (loss) before income and mining tax and other items 

 

 

(64)

 

 

121

 

 

531

 

 

 —

 

 

588

 

Income and mining tax benefit (expense)

 

 

13

 

 

(21)

 

 

(115)

 

 

 —

 

 

(123)

 

Equity income (loss) of affiliates 

 

 

535

 

 

(77)

 

 

(16)

 

 

(458)

 

 

(16)

 

Net income (loss) from continuing operations 

 

 

484

 

 

23

 

 

400

 

 

(458)

 

 

449

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

40

 

 

 —

 

 

40

 

Net income (loss)

 

 

484

 

 

23

 

 

440

 

 

(458)

 

 

489

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Net income (loss) attributable to Newmont stockholders

 

$

484

 

$

23

 

$

435

 

$

(458)

 

$

484

 

Comprehensive income (loss)

 

$

499

 

$

23

 

$

440

 

$

(458)

 

$

504

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

499

 

$

23

 

$

435

 

$

(458)

 

$

499

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

941

 

$

2,624

 

$

 —

 

$

3,565

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

583

 

 

1,373

 

 

 —

 

 

1,956

 

Depreciation and amortization 

 

 

 2

 

 

165

 

 

443

 

 

 —

 

 

610

 

Reclamation and remediation

 

 

 —

 

 

 7

 

 

65

 

 

 —

 

 

72

 

Exploration 

 

 

 —

 

 

22

 

 

65

 

 

 —

 

 

87

 

Advanced projects, research and development 

 

 

 —

 

 

 3

 

 

55

 

 

 —

 

 

58

 

General and administrative 

 

 

 —

 

 

35

 

 

78

 

 

 —

 

 

113

 

Other expense, net

 

 

 —

 

 

 8

 

 

23

 

 

 —

 

 

31

 

 

 

 

 2

 

 

823

 

 

2,102

 

 

 —

 

 

2,927

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

26

 

 

 3

 

 

(7)

 

 

 —

 

 

22

 

Interest income - intercompany 

 

 

47

 

 

24

 

 

22

 

 

(93)

 

 

 —

 

Interest expense - intercompany 

 

 

(22)

 

 

(4)

 

 

(67)

 

 

93

 

 

 —

 

Interest expense, net 

 

 

(121)

 

 

(3)

 

 

(7)

 

 

 —

 

 

(131)

 

 

 

 

(70)

 

 

20

 

 

(59)

 

 

 —

 

 

(109)

 

Income (loss) before income and mining tax and other items 

 

 

(72)

 

 

138

 

 

463

 

 

 —

 

 

529

 

Income and mining tax benefit (expense)

 

 

25

 

 

(22)

 

 

(280)

 

 

 —

 

 

(277)

 

Equity income (loss) of affiliates 

 

 

269

 

 

(234)

 

 

(13)

 

 

(27)

 

 

(5)

 

Net income (loss) from continuing operations 

 

 

222

 

 

(118)

 

 

170

 

 

(27)

 

 

247

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

(38)

 

 

 —

 

 

(38)

 

Net income (loss)

 

 

222

 

 

(118)

 

 

132

 

 

(27)

 

 

209

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Net income (loss) attributable to Newmont stockholders

 

$

222

 

$

(118)

 

$

145

 

$

(27)

 

$

222

 

Comprehensive income (loss)

 

$

238

 

$

(109)

 

$

123

 

$

(27)

 

$

225

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

13

 

 

 —

 

 

13

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

238

 

$

(109)

 

$

136

 

$

(27)

 

$

238

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

Condensed Consolidating Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities of continuing operations

 

$

(63)

 

$

251

 

$

479

 

$

 —

 

$

667

 

Net cash provided by (used in) operating activities of discontinued operations

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

 

Net cash provided by (used in) operating activities

 

 

(63)

 

 

251

 

 

474

 

 

 —

 

 

662

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(125)

 

 

(364)

 

 

 —

 

 

(489)

 

Acquisitions, net  

 

 

 —

 

 

 —

 

 

(39)

 

 

 —

 

 

(39)

 

Proceeds from sales of investments

 

 

 —

 

 

11

 

 

 4

 

 

 —

 

 

15

 

Purchases of investments

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Other 

 

 

 —

 

 

 2

 

 

 —

 

 

 —

 

 

 2

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(112)

 

 

(405)

 

 

 —

 

 

(517)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(150)

 

 

 —

 

 

 —

 

 

 —

 

 

(150)

 

Repurchase of common stock

 

 

(70)

 

 

 —

 

 

 —

 

 

 —

 

 

(70)

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(69)

 

 

 —

 

 

(69)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

52

 

 

 —

 

 

52

 

Proceeds from sale of noncontrolling interests

 

 

 —

 

 

 —

 

 

48

 

 

 —

 

 

48

 

Payments for withholding of employee taxes related to stock-based compensation

 

 

 —

 

 

(39)

 

 

 —

 

 

 —

 

 

(39)

 

Net intercompany borrowings (repayments)

 

 

283

 

 

(99)

 

 

(184)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

(1)

 

 

(2)

 

 

 —

 

 

(3)

 

Net cash provided by (used in) financing activities

 

 

63

 

 

(139)

 

 

(155)

 

 

 —

 

 

(231)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(2)

 

 

 —

 

 

(2)

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(88)

 

 

 —

 

 

(88)

 

Cash, cash equivalents and restricted cash at beginning of period 

 

 

 —

 

 

 —

 

 

3,298

 

 

 —

 

 

3,298

 

Cash, cash equivalents and restricted cash at end of period 

 

$

 —

 

$

 —

 

$

3,210

 

$

 —

 

$

3,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,127

 

$

 —

 

$

3,127

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

82

 

 

 —

 

 

82

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,210

 

$

 —

 

$

3,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities of continuing operations

 

$

(116)

 

$

222

 

$

796

 

$

 —

 

$

902

 

Net cash provided by (used in) operating activities of discontinued operations

 

 

 —

 

 

 —

 

 

(9)

 

 

 —

 

 

(9)

 

Net cash provided by (used in) operating activities

 

 

(116)

 

 

222

 

 

787

 

 

 —

 

 

893

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(121)

 

 

(242)

 

 

 —

 

 

(363)

 

Acquisitions, net   

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

19

 

 

 —

 

 

19

 

Purchases of investments

 

 

(109)

 

 

 —

 

 

(4)

 

 

 —

 

 

(113)

 

Other 

 

 

 —

 

 

 2

 

 

15

 

 

 —

 

 

17

 

Net cash provided by (used in) investing activities

 

 

(109)

 

 

(119)

 

 

(212)

 

 

 —

 

 

(440)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(54)

 

 

 —

 

 

 —

 

 

 —

 

 

(54)

 

Repurchase of common stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(80)

 

 

 —

 

 

(80)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

46

 

 

 —

 

 

46

 

Proceeds from sale of noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Payments for withholding of employee taxes related to stock-based compensation

 

 

 —

 

 

(13)

 

 

 —

 

 

 —

 

 

(13)

 

Net intercompany borrowings (repayments)

 

 

282

 

 

(90)

 

 

(192)

 

 

 —

 

 

 —

 

Other 

 

 

(3)

 

 

(1)

 

 

(2)

 

 

 —

 

 

(6)

 

Net cash provided by (used in) financing activities

 

 

225

 

 

(104)

 

 

(228)

 

 

 —

 

 

(107)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

(1)

 

 

349

 

 

 —

 

 

348

 

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 

 

$

 —

 

$

 —

 

$

3,130

 

$

 —

 

$

3,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,105

 

$

 —

 

$

3,105

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

23

 

 

 —

 

 

23

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,130

 

$

 —

 

$

3,130

 

 

Condensed Consolidating Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

3,127

 

$

 —

 

$

3,127

 

Trade receivables 

 

 

 —

 

 

15

 

 

118

 

 

 —

 

 

133

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

101

 

 

 —

 

 

101

 

Intercompany receivable

 

 

2,075

 

 

4,882

 

 

3,692

 

 

(10,649)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

56

 

 

 —

 

 

56

 

Inventories 

 

 

 —

 

 

167

 

 

530

 

 

 —

 

 

697

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

215

 

 

496

 

 

 —

 

 

711

 

Other current assets

 

 

 —

 

 

40

 

 

102

 

 

 —

 

 

142

 

Current assets 

 

 

2,075

 

 

5,319

 

 

8,222

 

 

(10,649)

 

 

4,967

 

Property, plant and mine development, net 

 

 

16

 

 

3,059

 

 

9,303

 

 

(27)

 

 

12,351

 

Investments 

 

 

113

 

 

 5

 

 

235

 

 

 —

 

 

353

 

Investments in subsidiaries 

 

 

13,250

 

 

(463)

 

 

16

 

 

(12,803)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

643

 

 

1,194

 

 

 —

 

 

1,837

 

Deferred income tax assets 

 

 

87

 

 

 —

 

 

450

 

 

 —

 

 

537

 

Non-current intercompany receivable

 

 

738

 

 

527

 

 

 6

 

 

(1,271)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

244

 

 

366

 

 

 —

 

 

610

 

Total assets 

 

$

16,279

 

$

9,334

 

$

19,792

 

$

(24,750)

 

$

20,655

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease and other financing obligations

 

$

 —

 

$

 1

 

$

12

 

$

 —

 

$

13

 

Accounts payable 

 

 

 —

 

 

74

 

 

286

 

 

 —

 

 

360

 

Intercompany payable

 

 

1,364

 

 

2,529

 

 

6,756

 

 

(10,649)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

100

 

 

140

 

 

 —

 

 

240

 

Income and mining taxes 

 

 

 —

 

 

 8

 

 

63

 

 

 —

 

 

71

 

Other current liabilities 

 

 

52

 

 

115

 

 

229

 

 

 —

 

 

396

 

Current liabilities 

 

 

1,416

 

 

2,827

 

 

7,486

 

 

(10,649)

 

 

1,080

 

Debt 

 

 

4,042

 

 

 —

 

 

 —

 

 

 —

 

 

4,042

 

Lease and other financing obligations

 

 

 —

 

 

 3

 

 

63

 

 

 —

 

 

66

 

Reclamation and remediation liabilities 

 

 

 —

 

 

312

 

 

2,057

 

 

 —

 

 

2,369

 

Deferred income tax liabilities 

 

 

 —

 

 

125

 

 

464

 

 

 —

 

 

589

 

Employee-related benefits 

 

 

 1

 

 

223

 

 

168

 

 

 —

 

 

392

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

1,291

 

 

(1,298)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

13

 

 

271

 

 

 —

 

 

284

 

Total liabilities 

 

 

5,466

 

 

3,503

 

 

11,800

 

 

(11,947)

 

 

8,822

 

Contingently redeemable noncontrolling interest

 

 

 —

 

 

 —

 

 

48

 

 

 —

 

 

48

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,813

 

 

5,831

 

 

6,972

 

 

(12,803)

 

 

10,813

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

972

 

 

 —

 

 

972

 

Total equity

 

 

10,813

 

 

5,831

 

 

7,944

 

 

(12,803)

 

 

11,785

 

Total liabilities and equity

 

$

16,279

 

$

9,334

 

$

19,792

 

$

(24,750)

 

$

20,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

3,259

 

$

 —

 

$

3,259

 

Trade receivables 

 

 

 —

 

 

18

 

 

106

 

 

 —

 

 

124

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

113

 

 

 —

 

 

113

 

Intercompany receivable

 

 

2,053

 

 

4,601

 

 

3,484

 

 

(10,138)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

62

 

 

 —

 

 

62

 

Inventories 

 

 

 —

 

 

181

 

 

498

 

 

 —

 

 

679

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

196

 

 

480

 

 

 —

 

 

676

 

Other current assets

 

 

 —

 

 

38

 

 

115

 

 

 —

 

 

153

 

Current assets 

 

 

2,053

 

 

5,034

 

 

8,117

 

 

(10,138)

 

 

5,066

 

Property, plant and mine development, net 

 

 

17

 

 

3,082

 

 

9,266

 

 

(27)

 

 

12,338

 

Investments 

 

 

106

 

 

 4

 

 

170

 

 

 —

 

 

280

 

Investments in subsidiaries 

 

 

12,012

 

 

(311)

 

 

 —

 

 

(11,701)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

648

 

 

1,200

 

 

 —

 

 

1,848

 

Deferred income tax assets 

 

 

84

 

 

 5

 

 

460

 

 

 —

 

 

549

 

Non-current intercompany receivable

 

 

1,700

 

 

401

 

 

 7

 

 

(2,108)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

255

 

 

310

 

 

 —

 

 

565

 

Total assets 

 

$

15,972

 

$

9,118

 

$

19,530

 

$

(23,974)

 

$

20,646

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease and other financing obligations

 

$

 —

 

$

 1

 

$

 3

 

$

 —

 

$

 4

 

Accounts payable 

 

 

 —

 

 

83

 

 

292

 

 

 —

 

 

375

 

Intercompany payable

 

 

1,338

 

 

2,145

 

 

6,655

 

 

(10,138)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

143

 

 

166

 

 

 —

 

 

309

 

Income and mining taxes 

 

 

 —

 

 

18

 

 

230

 

 

 —

 

 

248

 

Other current liabilities 

 

 

52

 

 

163

 

 

247

 

 

 —

 

 

462

 

Current liabilities 

 

 

1,390

 

 

2,553

 

 

7,593

 

 

(10,138)

 

 

1,398

 

Debt 

 

 

4,040

 

 

 —

 

 

 —

 

 

 —

 

 

4,040

 

Lease and other financing obligations

 

 

 —

 

 

 4

 

 

17

 

 

 —

 

 

21

 

Reclamation and remediation liabilities 

 

 

 —

 

 

309

 

 

2,036

 

 

 —

 

 

2,345

 

Deferred income tax liabilities 

 

 

 —

 

 

121

 

 

474

 

 

 —

 

 

595

 

Employee-related benefits 

 

 

 —

 

 

222

 

 

164

 

 

 —

 

 

386

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

2,128

 

 

(2,135)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

18

 

 

324

 

 

 —

 

 

342

 

Total liabilities 

 

 

5,437

 

 

3,227

 

 

12,736

 

 

(12,273)

 

 

9,127

 

Contingently redeemable noncontrolling interest

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,535

 

 

5,891

 

 

5,810

 

 

(11,701)

 

 

10,535

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

984

 

 

 —

 

 

984

 

Total equity

 

 

10,535

 

 

5,891

 

 

6,794

 

 

(11,701)

 

 

11,519

 

Total liabilities and equity

 

$

15,972

 

$

9,118

 

$

19,530

 

$

(23,974)

 

$

20,646

 

 

v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Revenue Recognition (Details)
6 Months Ended
Jun. 30, 2018
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%
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Cumulative Effect Revenue Recognition (Details) - ASU No. 2014-09 Revenue Recognition
$ in Millions
Jan. 31, 2018
USD ($)
Dec. 31, 2017
contract
Revenue Recognition    
Number of contracts outstanding | contract   0
Effect of Change    
Revenue Recognition    
Cumulative effect adjustment | $ $ 0  
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Investments (Details) - ASU No. 2016-01 - USD ($)
$ in Millions
Jan. 01, 2018
Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss)    
Recently Adopted Accounting Pronouncements    
Cumulative effect adjustment   $ 115
Retained Earnings    
Recently Adopted Accounting Pronouncements    
Cumulative effect adjustment   $ (115)
Adjustments | Accumulated Other Comprehensive Income (Loss)    
Recently Adopted Accounting Pronouncements    
Cumulative effect adjustment $ 115  
Adjustments | Retained Earnings    
Recently Adopted Accounting Pronouncements    
Cumulative effect adjustment $ (115)  
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Cash flow impact (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Statement of cash flows    
Net cash provided by (used in) investing activities $ (517) $ (440)
Net cash provided by (used in) operating activities $ 662 893
Adjustments | ASU No. 2016-15 Statement of Cash Flows    
Statement of cash flows    
Net cash provided by (used in) investing activities   6
Net cash provided by (used in) operating activities   $ (6)
v3.10.0.1
SEGMENT INFORMATION - Financial Information Table (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
segment
Jun. 30, 2017
USD ($)
Segment Information        
Sales (Note 4) $ 1,662 $ 1,875 $ 3,479 $ 3,565
Costs applicable to sales [1] 965 999 1,994 1,956
Depreciation and amortization 279 310 580 610
Advanced Projects, Research and Development, and Exploration 90 83 164 145
Income (Loss) before Income and Mining Tax and Other Items 305 335 588 529
Capital Expenditures 258 192 487 360
Additional disclosures        
Increase (decrease) in accrued capital expenditures   9 (2) (3)
Consolidated capital expenditures on a cash basis 258 183 $ 489 363
Operating Segments        
Segment Information        
Number of operating segments | segment     4  
Corporate and other        
Segment Information        
Depreciation and amortization 2 3 $ 5 5
Advanced Projects, Research and Development, and Exploration 18 14 31 26
Income (Loss) before Income and Mining Tax and Other Items (18) (111) (128) (246)
Capital Expenditures 2 2 6 4
North America | Operating Segments        
Segment Information        
Sales (Note 4) 586 749 1,268 1,390
Costs applicable to sales 362 380 758 787
Depreciation and amortization 107 131 227 259
Advanced Projects, Research and Development, and Exploration 28 22 50 40
Income (Loss) before Income and Mining Tax and Other Items 83 205 221 287
Capital Expenditures 88 69 157 141
North America | Operating Segments | Carlin        
Segment Information        
Sales (Note 4) 244 279 548 543
Costs applicable to sales 178 170 377 378
Depreciation and amortization 43 46 95 99
Advanced Projects, Research and Development, and Exploration 8 5 15 8
Income (Loss) before Income and Mining Tax and Other Items 13 55 55 54
Capital Expenditures 42 48 72 96
North America | Operating Segments | Phoenix        
Segment Information        
Sales (Note 4) 84 91 210 171
Costs applicable to sales 58 62 136 124
Depreciation and amortization 14 16 33 32
Advanced Projects, Research and Development, and Exploration 1 3 2 4
Income (Loss) before Income and Mining Tax and Other Items 10 9 36 7
Capital Expenditures 11 4 18 10
North America | Operating Segments | Phoenix | Gold        
Segment Information        
Sales (Note 4) 63 67 163 121
Costs applicable to sales 44 46 106 90
Depreciation and amortization 10 12 25 23
North America | Operating Segments | Phoenix | Copper        
Segment Information        
Sales (Note 4) 21 24 47 50
Costs applicable to sales 14 16 30 34
Depreciation and amortization 4 4 8 9
North America | Operating Segments | Twin Creeks        
Segment Information        
Sales (Note 4) 114 156 224 258
Costs applicable to sales 66 61 130 111
Depreciation and amortization 16 17 31 31
Advanced Projects, Research and Development, and Exploration 3 2 5 4
Income (Loss) before Income and Mining Tax and Other Items 33 72 64 107
Capital Expenditures 22 9 40 17
North America | Operating Segments | Long Canyon        
Segment Information        
Sales (Note 4) 56 57 115 96
Costs applicable to sales 18 13 34 25
Depreciation and amortization 19 18 38 31
Advanced Projects, Research and Development, and Exploration 6 5 12 10
Income (Loss) before Income and Mining Tax and Other Items 11 21 30 30
Capital Expenditures 2 3 5 7
North America | Operating Segments | Cripple Creek and Victor mine        
Segment Information        
Sales (Note 4) 88 166 171 322
Costs applicable to sales 42 74 81 149
Depreciation and amortization 14 33 29 65
Advanced Projects, Research and Development, and Exploration 1 3 3 7
Income (Loss) before Income and Mining Tax and Other Items 25 53 51 99
Capital Expenditures 9 4 18 8
North America | Operating Segments | Other North America        
Segment Information        
Depreciation and amortization 1 1 1 1
Advanced Projects, Research and Development, and Exploration 9 4 13 7
Income (Loss) before Income and Mining Tax and Other Items (9) (5) (15) (10)
Capital Expenditures 2 1 4 3
South America | Operating Segments        
Segment Information        
Sales (Note 4) 279 299 588 611
Costs applicable to sales 153 198 334 365
Depreciation and amortization 46 63 101 124
Advanced Projects, Research and Development, and Exploration 26 21 46 39
Income (Loss) before Income and Mining Tax and Other Items 30 (21) 60 29
Capital Expenditures 52 31 90 58
South America | Operating Segments | Yanacocha        
Segment Information        
Sales (Note 4) 147 149 290 328
Costs applicable to sales 92 134 206 253
Depreciation and amortization 22 34 52 70
Advanced Projects, Research and Development, and Exploration 12 8 22 12
Income (Loss) before Income and Mining Tax and Other Items (3) (59) (31) (50)
Capital Expenditures 24 9 40 20
South America | Operating Segments | Merian        
Segment Information        
Sales (Note 4) 132 150 298 283
Costs applicable to sales 61 64 128 112
Depreciation and amortization 20 26 42 47
Advanced Projects, Research and Development, and Exploration 6 4 9 8
Income (Loss) before Income and Mining Tax and Other Items 46 54 120 114
Capital Expenditures 27 22 49 38
South America | Operating Segments | Other South America        
Segment Information        
Depreciation and amortization 4 3 7 7
Advanced Projects, Research and Development, and Exploration 8 9 15 19
Income (Loss) before Income and Mining Tax and Other Items (13) (16) (29) (35)
Capital Expenditures 1   1  
Australia | Operating Segments        
Segment Information        
Sales (Note 4) 536 550 1,082 1,019
Costs applicable to sales 298 288 593 533
Depreciation and amortization 54 58 109 110
Advanced Projects, Research and Development, and Exploration 9 10 20 16
Income (Loss) before Income and Mining Tax and Other Items 186 196 373 330
Capital Expenditures 41 48 87 92
Australia | Operating Segments | Boddington        
Segment Information        
Sales (Note 4) 280 314 542 587
Costs applicable to sales 162 175 321 318
Depreciation and amortization 30 37 59 67
Advanced Projects, Research and Development, and Exploration   1   1
Income (Loss) before Income and Mining Tax and Other Items 92 94 166 180
Capital Expenditures 10 14 26 29
Australia | Operating Segments | Boddington | Gold        
Segment Information        
Sales (Note 4) 220 262 430 490
Costs applicable to sales 130 147 258 269
Depreciation and amortization 24 31 47 57
Australia | Operating Segments | Boddington | Copper        
Segment Information        
Sales (Note 4) 60 52 112 97
Costs applicable to sales 32 28 63 49
Depreciation and amortization 6 6 12 10
Australia | Operating Segments | Tanami        
Segment Information        
Sales (Note 4) 134 123 301 215
Costs applicable to sales 74 58 150 108
Depreciation and amortization 16 15 35 31
Advanced Projects, Research and Development, and Exploration 4 6 10 9
Income (Loss) before Income and Mining Tax and Other Items 43 55 110 75
Capital Expenditures 26 28 47 52
Australia | Operating Segments | Kalgoorlie        
Segment Information        
Sales (Note 4) 122 113 239 217
Costs applicable to sales 62 55 122 107
Depreciation and amortization 6 5 12 9
Advanced Projects, Research and Development, and Exploration 3 1 6 3
Income (Loss) before Income and Mining Tax and Other Items 53 52 101 95
Capital Expenditures 5 4 13 8
Australia | Operating Segments | Other Australia        
Segment Information        
Depreciation and amortization 2 1 3 3
Advanced Projects, Research and Development, and Exploration 2 2 4 3
Income (Loss) before Income and Mining Tax and Other Items (2) (5) (4) (20)
Capital Expenditures   2 1 3
Africa | Operating Segments        
Segment Information        
Sales (Note 4) 261 277 541 545
Costs applicable to sales 152 133 309 271
Depreciation and amortization 70 55 138 112
Advanced Projects, Research and Development, and Exploration 9 16 17 24
Income (Loss) before Income and Mining Tax and Other Items 24 66 62 129
Capital Expenditures 75 42 147 65
Africa | Operating Segments | Ahafo        
Segment Information        
Sales (Note 4) 132 112 270 226
Costs applicable to sales 90 60 180 136
Depreciation and amortization 29 15 55 38
Advanced Projects, Research and Development, and Exploration 4 10 8 16
Income (Loss) before Income and Mining Tax and Other Items 6 25 22 34
Capital Expenditures 64 36 126 53
Africa | Operating Segments | Akyem        
Segment Information        
Sales (Note 4) 129 165 271 319
Costs applicable to sales 62 73 129 135
Depreciation and amortization 41 40 83 74
Advanced Projects, Research and Development, and Exploration 4 5 7 6
Income (Loss) before Income and Mining Tax and Other Items 21 45 45 100
Capital Expenditures 11 6 21 12
Africa | Operating Segments | Other Africa        
Segment Information        
Advanced Projects, Research and Development, and Exploration 1 1 2 2
Income (Loss) before Income and Mining Tax and Other Items $ (3) $ (4) $ (5) $ (5)
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
SALES - Disaggregation of revenue (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
SALES        
Total sales $ 1,662 $ 1,875 $ 3,479 $ 3,565
Gold Sales from Dore' Production        
SALES        
Total sales 1,392 1,559 2,921 2,973
Gold Sales from Concentrate Production        
SALES        
Total sales 189 240 399 445
Copper Sales from Concentrate Production        
SALES        
Total sales 69 64 133 124
Copper Sales from Cathode Production        
SALES        
Total sales 12 12 26 23
Operating Segments | North America        
SALES        
Total sales 586 749 1,268 1,390
Operating Segments | North America | Gold Sales from Dore' Production        
SALES        
Total sales 532 683 1,129 1,262
Operating Segments | North America | Gold Sales from Concentrate Production        
SALES        
Total sales 33 42 92 78
Operating Segments | North America | Copper Sales from Concentrate Production        
SALES        
Total sales 9 12 21 27
Operating Segments | North America | Copper Sales from Cathode Production        
SALES        
Total sales 12 12 26 23
Operating Segments | North America | Carlin        
SALES        
Total sales 244 279 548 543
Operating Segments | North America | Carlin | Gold Sales from Dore' Production        
SALES        
Total sales 244 279 548 543
Operating Segments | North America | Phoenix        
SALES        
Total sales 84 91 210 171
Operating Segments | North America | Phoenix | Gold Sales from Dore' Production        
SALES        
Total sales 30 30 71 54
Operating Segments | North America | Phoenix | Gold Sales from Concentrate Production        
SALES        
Total sales 33 37 92 67
Operating Segments | North America | Phoenix | Copper Sales from Concentrate Production        
SALES        
Total sales 9 12 21 27
Operating Segments | North America | Phoenix | Copper Sales from Cathode Production        
SALES        
Total sales 12 12 26 23
Operating Segments | North America | Twin Creeks        
SALES        
Total sales 114 156 224 258
Operating Segments | North America | Twin Creeks | Gold Sales from Dore' Production        
SALES        
Total sales 114 156 224 258
Operating Segments | North America | Long Canyon        
SALES        
Total sales 56 57 115 96
Operating Segments | North America | Long Canyon | Gold Sales from Dore' Production        
SALES        
Total sales 56 57 115 96
Operating Segments | North America | Cripple Creek and Victor mine        
SALES        
Total sales 88 166 171 322
Operating Segments | North America | Cripple Creek and Victor mine | Gold Sales from Dore' Production        
SALES        
Total sales 88 161 171 311
Operating Segments | North America | Cripple Creek and Victor mine | Gold Sales from Concentrate Production        
SALES        
Total sales   5   11
Operating Segments | South America        
SALES        
Total sales 279 299 588 611
Operating Segments | South America | Gold Sales from Dore' Production        
SALES        
Total sales 279 299 588 611
Operating Segments | South America | Yanacocha        
SALES        
Total sales 147 149 290 328
Operating Segments | South America | Yanacocha | Gold Sales from Dore' Production        
SALES        
Total sales 147 149 290 328
Operating Segments | South America | Merian        
SALES        
Total sales 132 150 298 283
Operating Segments | South America | Merian | Gold Sales from Dore' Production        
SALES        
Total sales 132 150 298 283
Operating Segments | Australia        
SALES        
Total sales 536 550 1,082 1,019
Operating Segments | Australia | Gold Sales from Dore' Production        
SALES        
Total sales 320 300 663 555
Operating Segments | Australia | Gold Sales from Concentrate Production        
SALES        
Total sales 156 198 307 367
Operating Segments | Australia | Copper Sales from Concentrate Production        
SALES        
Total sales 60 52 112 97
Operating Segments | Australia | Boddington        
SALES        
Total sales 280 314 542 587
Operating Segments | Australia | Boddington | Gold Sales from Dore' Production        
SALES        
Total sales 64 64 123 123
Operating Segments | Australia | Boddington | Gold Sales from Concentrate Production        
SALES        
Total sales 156 198 307 367
Operating Segments | Australia | Boddington | Copper Sales from Concentrate Production        
SALES        
Total sales 60 52 112 97
Operating Segments | Australia | Tanami        
SALES        
Total sales 134 123 301 215
Operating Segments | Australia | Tanami | Gold Sales from Dore' Production        
SALES        
Total sales 134 123 301 215
Operating Segments | Australia | Kalgoorlie        
SALES        
Total sales 122 113 239 217
Operating Segments | Australia | Kalgoorlie | Gold Sales from Dore' Production        
SALES        
Total sales 122 113 239 217
Operating Segments | Africa        
SALES        
Total sales 261 277 541 545
Operating Segments | Africa | Gold Sales from Dore' Production        
SALES        
Total sales 261 277 541 545
Operating Segments | Africa | Ahafo        
SALES        
Total sales 132 112 270 226
Operating Segments | Africa | Ahafo | Gold Sales from Dore' Production        
SALES        
Total sales 132 112 270 226
Operating Segments | Africa | Akyem        
SALES        
Total sales 129 165 271 319
Operating Segments | Africa | Akyem | Gold Sales from Dore' Production        
SALES        
Total sales $ 129 $ 165 $ 271 $ 319
v3.10.0.1
SALES - Receivables Balance (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Receivables from Sales:    
Total receivables from Sales $ 133 $ 124
Gold Sales from Dore' Production    
Receivables from Sales:    
Total receivables from Sales 36  
Gold and copper sales from concentrate production    
Receivables from Sales:    
Total receivables from Sales 96 117
Copper Sales from Cathode Production    
Receivables from Sales:    
Total receivables from Sales $ 1 $ 7
v3.10.0.1
SALES - Impact of changes (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
SALES        
Increase in Sales due to changes in final pricing $ (1) $ 1 $ (3) $ 11
Impact to Sales due to changes in quantities resulting from assays (1) (6) 1 2
Increase (decrease) to Sales from provisional pricing mark-to-market $ (6) $ (2) $ (8) $ 10
v3.10.0.1
SALES - Impact of adoption - Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Condensed Consolidated Statement of Operations        
Sales $ 1,662 $ 1,875 $ 3,479 $ 3,565
Costs applicable to sales [1] 965 999 1,994 1,956
Depreciation and amortization 279 310 580 610
Income (loss) before income and mining tax and other items 305 335 588 529
Income and mining tax benefit (expense) (18) (166) (123) (277)
Net income (loss) 298 151 489 209
Net income (loss) attributable to Newmont stockholders:        
Continuing operations 274 190 444 260
Discontinued operations 18 (15) 40 (38)
Net income (loss) attributable to Newmont stockholders $ 292 $ 175 $ 484 $ 222
Net income (loss) per common share - Basic:        
Continuing operations (in dollars per share) $ 0.52 $ 0.36 $ 0.84 $ 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, basic (in dollars per share) 0.55 0.33 0.91 0.42
Net income (loss) per common share - Diluted:        
Continuing operations (in dollars per share) 0.51 0.36 0.83 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, diluted (in dollars per share) $ 0.54 $ 0.33 $ 0.90 $ 0.42
Effect of Change | ASU No. 2014-09 Revenue Recognition        
Condensed Consolidated Statement of Operations        
Sales $ 89   $ (16)  
Costs applicable to sales 54   (8)  
Depreciation and amortization 12   (2)  
Income (loss) before income and mining tax and other items 23   (6)  
Income and mining tax benefit (expense) (6)   2  
Net income (loss) 17   (4)  
Net income (loss) attributable to Newmont stockholders:        
Continuing operations 17   (4)  
Net income (loss) attributable to Newmont stockholders $ 17   $ (4)  
Net income (loss) per common share - Basic:        
Continuing operations (in dollars per share) $ 0.03   $ (0.01)  
Net income (loss) per common share, basic (in dollars per share) 0.03   (0.01)  
Net income (loss) per common share - Diluted:        
Continuing operations (in dollars per share) 0.03   (0.01)  
Net income (loss) per common share, diluted (in dollars per share) $ 0.03   $ (0.01)  
Balance without Adoption of ASC 606        
Condensed Consolidated Statement of Operations        
Sales $ 1,751   $ 3,463  
Costs applicable to sales 1,019   1,986  
Depreciation and amortization 291   578  
Income (loss) before income and mining tax and other items 328   582  
Income and mining tax benefit (expense) (24)   (121)  
Net income (loss) 315   485  
Net income (loss) attributable to Newmont stockholders:        
Continuing operations 291   440  
Discontinued operations 18   40  
Net income (loss) attributable to Newmont stockholders $ 309   $ 480  
Net income (loss) per common share - Basic:        
Continuing operations (in dollars per share) $ 0.55   $ 0.83  
Discontinued operations (in dollars per share) 0.03   0.07  
Net income (loss) per common share, basic (in dollars per share) 0.58   0.90  
Net income (loss) per common share - Diluted:        
Continuing operations (in dollars per share) 0.54   0.82  
Discontinued operations (in dollars per share) 0.03   0.07  
Net income (loss) per common share, diluted (in dollars per share) $ 0.57   $ 0.89  
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
SALES - Impact of adoption - Cash flow changes (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating activities:        
Net income (loss) $ 298 $ 151 $ 489 $ 209
Adjustments:        
Depreciation and amortization 279 $ 310 580 610
Net change in operating assets and liabilities (Note 23)     (510) (268)
Net cash provided by (used in) continuing operating activities     667 $ 902
Effect of Change | ASU No. 2014-09 Revenue Recognition        
Operating activities:        
Net income (loss) 17   (4)  
Adjustments:        
Depreciation and amortization 12   (2)  
Net change in operating assets and liabilities (Note 23)     6  
Balance without Adoption of ASC 606        
Operating activities:        
Net income (loss) 315   485  
Adjustments:        
Depreciation and amortization $ 291   578  
Net change in operating assets and liabilities (Note 23)     (504)  
Net cash provided by (used in) continuing operating activities     $ 667  
v3.10.0.1
SALES - Impact of adoption - Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Condensed Consolidated Balance Sheet    
Trade receivables $ 133 $ 124
Inventories 697 679
Total assets 20,655 20,646
Income and mining taxes payable 71 248
Total liabilities 8,822 9,127
Retained earnings 592 410
Newmont stockholders' equity 10,813 10,535
Total equity 11,785 11,519
Total liabilities and equity 20,655 $ 20,646
Effect of Change | ASU No. 2014-09 Revenue Recognition    
Condensed Consolidated Balance Sheet    
Trade receivables (16)  
Inventories 10  
Total assets (6)  
Income and mining taxes payable (2)  
Total liabilities (2)  
Retained earnings (4)  
Newmont stockholders' equity (4)  
Total equity (4)  
Total liabilities and equity (6)  
Balance without Adoption of ASC 606    
Condensed Consolidated Balance Sheet    
Trade receivables 117  
Inventories 707  
Total assets 20,649  
Income and mining taxes payable 69  
Total liabilities 8,820  
Retained earnings 588  
Newmont stockholders' equity 10,809  
Total equity 11,781  
Total liabilities and equity $ 20,649  
v3.10.0.1
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
RECLAMATION AND REMEDIATION        
Reclamation adjustment   $ 15   $ 15
Reclamation accretion $ 25 25 $ 49 48
Total reclamation expense 25 40 49 63
Remediation adjustment 11 2 14 7
Remediation accretion 1 1 2 2
Total remediation expense 12 3 16 9
Reclamation and remediation expense $ 37 $ 43 $ 65 $ 72
v3.10.0.1
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Change in reclamation liability            
Balance at beginning of period         $ 2,144 $ 1,913
Additions, changes in estimates and other   $ 15       15
Payments, net         (13) (11)
Accretion expense     $ 25 $ 25 49 48
Balance at end of period $ 2,180 1,965 2,180 1,965 2,180 1,965
Change in remediation liability            
Balance at beginning of period         304 312
Additions, changes in estimates and other 8       8 2
Payments, net         (20) (21)
Accretion expense     1 1 2 2
Balance at end of period $ 294 $ 295 $ 294 $ 295 $ 294 $ 295
v3.10.0.1
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Reclamation and remediation        
Asset retirement obligation $ 2,180 $ 2,144 $ 1,965 $ 1,913
Environmental remediation obligations 294 304 $ 295 $ 312
Other current liabilities        
Reclamation and remediation        
Reclamation obligation, current 60 60    
Remediation obligation, current 45 43    
Other noncurrent assets        
Reclamation and remediation        
Asset retirement obligation restricted assets 34 38    
Other noncurrent assets | Marketable equity securities        
Reclamation and remediation        
Asset retirement obligation restricted assets 58 64    
Other noncurrent assets | Ahafo and Akyem Mines        
Reclamation and remediation        
Asset retirement obligation restricted assets 25 25    
Other noncurrent assets | Con Mine        
Reclamation and remediation        
Asset retirement obligation restricted assets 8 6    
Other noncurrent assets | San Jose Reservoir        
Reclamation and remediation        
Asset retirement obligation restricted assets $ 1 6    
Other noncurrent assets | Midnite Mine        
Reclamation and remediation        
Asset retirement obligation restricted assets   $ 1    
v3.10.0.1
OTHER EXPENSE, NET (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
OTHER EXPENSE, NET        
Restructuring and other $ 9 $ 1 $ 15 $ 8
Impairment of long-lived assets       3
Acquisition cost adjustments   3   5
Other 4 10 9 15
Other expense, net $ 13 $ 14 $ 24 $ 31
v3.10.0.1
OTHER EXPENSE, NET - Other information (Details)
Jun. 30, 2009
Boddington  
Acquisition cost adjustments  
Boddington final interest acquired 33.33%
v3.10.0.1
OTHER INCOME, NET - Summary (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
OTHER INCOME, NET        
Gain (loss) on asset and investment sales, net $ 100 $ 14 $ 99 $ 16
Interest 13 6 24 10
Foreign currency exchange, net 14 (4) 21 (21)
Change in fair value of marketable securities 5   5  
Tanami insurance proceeds   13   13
Other 7 2 11 4
Other Income, net $ 139 $ 31 $ 160 $ 22
v3.10.0.1
OTHER INCOME, NET - Other information (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Other information            
Gain (loss) on asset and investment sales, net     $ 100 $ 14 $ 99 $ 16
Other income, net            
Other information            
Gain (loss) on asset and investment sales, net $ 100          
Other income, net | Fort a' la Corne            
Other information            
Gain (loss) on asset and investment sales, net   $ 15        
v3.10.0.1
INCOME AND MINING TAXES - Tax Expense Reconciliation (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Reconciling item, percentage        
U.S. Federal statutory tax rate (as a percent) 21.00% 35.00% 21.00% 35.00%
Percentage depletion (as a percent) (3.00%) (13.00%) (4.00%) (14.00%)
Change in valuation allowance on deferred tax assets (as a percent) (5.00%) 21.00% 1.00% 26.00%
Mining and other taxes (as a percent) 3.00% 5.00% 5.00% 7.00%
Foreign rate differential 5.00%   8.00%  
Other (as a percent)   2.00% (2.00%) (2.00%)
Adjustment to provisional expense related to the Tax Cuts and Job Act (as a percent) (15.00%)   (8.00%)  
Income and mining tax expense (as a percent) 6.00% 50.00% 21.00% 52.00%
Reconciling item, amount        
Income (loss) before income and mining tax and other items $ 305 $ 335 $ 588 $ 529
U.S. Federal statutory tax rate 64 117 123 185
Percentage depletion (8) (42) (25) (74)
Change in valuation allowance on deferred tax assets (15) 72 3 139
Mining and other taxes 9 16 30 35
Foreign rate differential 15   46  
Other (2) 3 (9) (8)
Adjustment to provisional expense related to the Tax Cuts and Job Act (45)   (45)  
Income and mining tax expense (18) $ (166) $ (123) $ (277)
Maverix [Member]        
Reconciling item, amount        
Change in valuation allowance on deferred tax assets (15)      
Australia        
Reconciling item, amount        
Adjustment to provisional expense related to the Tax Cuts and Job Act $ (45)      
v3.10.0.1
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS - Summary (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net income (loss) from discontinued operations, net of tax        
Net income (loss) from discontinued operations (Note 9) $ 18 $ (15) $ 40 $ (38)
Discontinued operations disposed of by sale        
Net income (loss) from discontinued operations, net of tax        
Net income (loss) from discontinued operations (Note 9) 18 (15) 40 (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 9) 17 $ (15) 36 $ (38)
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 9) $ 1   $ 4  
v3.10.0.1
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS - Holt Royalty Obligation (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Disposal group          
Net income (loss) from discontinued operations (Note 9) $ 18 $ (15) $ 40 $ (38)  
Discontinued operations disposed of by sale          
Disposal group          
Net income (loss) from discontinued operations (Note 9) 18 (15) 40 (38)  
Holloway Mining Company | Discontinued operations disposed of by sale | Holt Royalty obligation          
Disposal group          
Fair value of royalty obligation 193   193   $ 243
Net income (loss) from discontinued operations (Note 9) 17 (15) 36 (38)  
Income and mining tax benefit (expense) $ (5) $ 8 (9) 21  
Royalty paid     $ 5 $ 6  
v3.10.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Net Income (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Net income (loss) attributable to noncontrolling interests $ 6 $ (24) $ 5 $ (13)
Merian        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Net income (loss) attributable to noncontrolling interests (5) (37) (23) (38)
Minera Yanacocha        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Net income (loss) attributable to noncontrolling interests $ 11 $ 13 $ 28 26
Other        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Net income (loss) attributable to noncontrolling interests       $ (1)
v3.10.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Ownership (Details)
$ in Millions
1 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Dec. 31, 2017
Jun. 30, 2018
USD ($)
Nov. 30, 2017
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Contingently redeemable noncontrolling interest (Note 10) $ 48   $ 48  
Minera Yanacocha        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Percentage of total shares repurchased   5.00%    
Percentage of total shares reissued 5      
Buenaventura        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Noncontrolling interest, ownership percentage by noncontrolling owners 43.65% 45.95% 43.65% 43.65%
Minera Yanacocha        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Ownership/Economic interest in subsidiaries 51.35% 54.05% 51.35% 51.35%
Primary Beneficiary | Merian        
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Ownership interest held (as a percent)     75.00%  
v3.10.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Consolidated Assets and Liabilities of VIE (Details) - Primary Beneficiary - Merian - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Assets and liabilities of VIE    
Current assets $ 183 $ 133
Total assets 963 910
Current liabilities 53 50
Total liabilities 72 69
Cash And Cash Equivalents    
Assets and liabilities of VIE    
Current assets 44 27
Trade Receivables    
Assets and liabilities of VIE    
Current assets 23  
Inventories    
Assets and liabilities of VIE    
Current assets 81 79
Stockpiles and ore on leach pads    
Assets and liabilities of VIE    
Current assets 31 21
Other current assets    
Assets and liabilities of VIE    
Current assets 4 6
Property Plant And Mine Development    
Assets and liabilities of VIE    
Non-current assets 777 769
Other noncurrent assets    
Assets and liabilities of VIE    
Non-current assets 3 8
Accounts Payable [Member]    
Assets and liabilities of VIE    
Current liabilities 27 22
Other current liabilities    
Assets and liabilities of VIE    
Current liabilities 26 28
Reclamation and remediation liabilities    
Assets and liabilities of VIE    
Non-current liabilities 18 18
Other non-current liabilities    
Assets and liabilities of VIE    
Non-current liabilities $ 1 $ 1
v3.10.0.1
NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net income (loss) attributable to Newmont stockholders:        
Continuing operations $ 274 $ 190 $ 444 $ 260
Discontinued operations 18 (15) 40 (38)
Net income (loss) attributable to Newmont stockholders $ 292 $ 175 $ 484 $ 222
Weighted average common shares (millions):        
Basic 533 533 534 533
Effect of employee stock-based awards 2 2 1 1
Diluted 535 535 535 534
Net income (loss) per common share - Basic:        
Continuing operations (in dollars per share) $ 0.52 $ 0.36 $ 0.84 $ 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, basic 0.55 0.33 0.91 0.42
Net income (loss) per common share - Diluted:        
Continuing operations (in dollars per share) 0.51 0.36 0.83 0.49
Discontinued operations (in dollars per share) 0.03 (0.03) 0.07 (0.07)
Net income (loss) per common share, diluted $ 0.54 $ 0.33 $ 0.90 $ 0.42
v3.10.0.1
NET INCOME (LOSS) PER COMMON SHARE - Shares Repurchased and Retired (Details) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
NET INCOME (LOSS) PER COMMON SHARE    
Repurchase and retirement of common stock (in shares) 0.2 1.9
Repurchase and retirement of common stock $ 6 $ 70
Withholding of employee taxes related to stock-based compensation (in shares)   1.0
v3.10.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS - Net Periodic Pension Costs (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Pension Benefits        
Net periodic pension and other benefits costs        
Service cost $ 8 $ 8 $ 16 $ 15
Interest cost 11 11 21 22
Expected return on plan assets (17) (16) (34) (31)
Amortization, net 8 7 16 14
Settlements       4
Total benefit cost 10 10 19 24
Other Benefits        
Net periodic pension and other benefits costs        
Service cost 1 1 1 1
Interest cost 1 1 2 2
Amortization, net $ (2) (3) (4) (4)
Total benefit cost   $ (1) $ (1) $ (1)
v3.10.0.1
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Stock-based compensation:        
Stock-based compensation $ 19 $ 19 $ 38 $ 35
PSU        
Stock-based compensation:        
Stock-based compensation 7 9 16 17
RSU        
Stock-based compensation:        
Stock-based compensation $ 12 $ 10 $ 22 17
SSU        
Stock-based compensation:        
Stock-based compensation       $ 1
v3.10.0.1
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Recurring    
Assets:    
Cash and cash equivalents $ 3,127 $ 3,259
Restricted cash 83 39
Total assets 3,566 3,667
Liabilities:    
Debt (1) 4,391 4,671
Total liabilities 4,584 4,915
Recurring | Holt Royalty obligation    
Liabilities:    
Holt royalty obligation 193 243
Recurring | Other Assets    
Assets:    
Restricted assets 7 9
Recurring | Batu Hijau contingent consideration    
Assets:    
Batu Hijau contingent consideration 27 23
Recurring | Provisional copper and gold concentrate receivables    
Assets:    
Trade receivable, net 86 111
Recurring | Foreign exchange forward contracts    
Liabilities:    
Derivative instruments, net   1
Recurring | Diesel forward contracts    
Assets:    
Derivative assets 7 6
Recurring | Level 1    
Assets:    
Cash and cash equivalents 3,127 3,259
Restricted cash 83 39
Total assets 3,405 3,489
Recurring | Level 1 | Other Assets    
Assets:    
Restricted assets 7 9
Recurring | Level 2    
Assets:    
Total assets 134 155
Liabilities:    
Debt (1) 4,391 4,671
Total liabilities 4,391 4,672
Recurring | Level 2 | Provisional copper and gold concentrate receivables    
Assets:    
Trade receivable, net 86 111
Recurring | Level 2 | Foreign exchange forward contracts    
Liabilities:    
Derivative instruments, net   1
Recurring | Level 2 | Diesel forward contracts    
Assets:    
Derivative assets 7 6
Recurring | Level 3    
Assets:    
Total assets 27 23
Liabilities:    
Total liabilities 193 243
Recurring | Level 3 | Holt Royalty obligation    
Liabilities:    
Holt royalty obligation 193 243
Recurring | Level 3 | Batu Hijau contingent consideration    
Assets:    
Batu Hijau contingent consideration 27 23
Recurring | Marketable equity securities    
Assets:    
Marketable securities 178 165
Recurring | Marketable equity securities | Level 1    
Assets:    
Marketable securities 166 165
Recurring | Marketable equity securities | Level 2    
Assets:    
Marketable securities 12  
Recurring | Marketable debt securities    
Assets:    
Restricted assets 51 55
Recurring | Marketable debt securities | Level 1    
Assets:    
Restricted assets 22 17
Recurring | Marketable debt securities | Level 2    
Assets:    
Restricted assets 29 38
Carrying value    
Liabilities:    
Debt (1) $ 4,042 $ 4,040
v3.10.0.1
FAIR VALUE ACCOUNTING - Quantitative Information (Details)
oz in Thousands, $ in Millions
6 Months Ended 12 Months Ended
Jun. 30, 2018
USD ($)
oz
$ / oz
$ / lb
Dec. 31, 2017
USD ($)
oz
$ / oz
$ / lb
Jun. 30, 2017
USD ($)
Dec. 31, 2016
USD ($)
Quantitative and Qualitative Information - Unobservable Inputs        
Financial assets, fair value $ 27 $ 23 $ 13 $ 31
Financial liabilities, fair value 193 243 240 187
Holt Royalty obligation        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial liabilities, fair value 193 243 240 187
Asset-backed commercial paper        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial assets, fair value       18
Batu Hijau contingent consideration        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial assets, fair value 27 23 $ 13 $ 13
Level 3 | Monte Carlo | Holt Royalty obligation        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial liabilities, fair value $ 193 $ 243    
Discount Rate (as a percent) 3.99% 3.32%    
Short-term gold price (in dollars per ounce) | $ / oz 1,306 1,275    
Long-term gold price (in dollars per ounce) | $ / oz 1,300 1,300    
Level 3 | Monte Carlo | Holt Royalty obligation | Minimum        
Quantitative and Qualitative Information - Unobservable Inputs        
Gold production scenarios (in 000's of ounces) | oz 334 402    
Level 3 | Monte Carlo | Holt Royalty obligation | Maximum        
Quantitative and Qualitative Information - Unobservable Inputs        
Gold production scenarios (in 000's of ounces) | oz 1,576 1,779    
Level 3 | Monte Carlo | Batu Hijau contingent consideration        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial assets, fair value $ 27 $ 23    
Discount Rate (as a percent) 17.50% 17.50%    
Short-term copper price (in dollars per pound) | $ / lb 3.12 3.09    
Long-term copper price (in dollars per pound) | $ / lb 3.00 3.00    
v3.10.0.1
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Summary of changes in Level 3 financial assets    
Balance at beginning of period, assets $ 23 $ 31
Settlements   (18)
Revaluation 4  
Balance at end of period, assets 27 13
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities 243 187
Settlements (5) (6)
Revaluation (45) 59
Balance at end of period, liabilities 193 240
Holt Royalty obligation    
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities 243 187
Settlements (5) (6)
Revaluation (45) 59
Balance at end of period, liabilities 193 240
Asset-backed commercial paper    
Summary of changes in Level 3 financial assets    
Balance at beginning of period, assets   18
Settlements   (18)
Batu Hijau contingent consideration    
Summary of changes in Level 3 financial assets    
Balance at beginning of period, assets 23 13
Revaluation 4  
Balance at end of period, assets $ 27 $ 13
v3.10.0.1
DERIVATIVE INSTRUMENTS - Diesel Derivative Contracts Outstanding (Details) - Cash Flow Hedges
gal in Thousands
6 Months Ended
Jun. 30, 2018
$ / gal
$ / bbl
gal
North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 14,000
Average rate ($/gallon or $/barrel) | $ / gal 1.79
South America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 2,000
Average rate ($/gallon or $/barrel) | $ / gal 1.89
Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 102
Average rate ($/gallon or $/barrel) | $ / bbl 78.54
Diesel forward contracts maturing in 2018 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 7,000
Average rate ($/gallon or $/barrel) | $ / gal 1.68
Diesel forward contracts maturing in 2019 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 3,000
Average rate ($/gallon or $/barrel) | $ / gal 1.78
Diesel forward contracts maturing in 2019 | Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 12
Average rate ($/gallon or $/barrel) | $ / bbl 85.93
Diesel forward contracts maturing in 2020 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 3,000
Average rate ($/gallon or $/barrel) | $ / gal 1.97
Diesel forward contracts maturing in 2020 | South America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 2,000
Average rate ($/gallon or $/barrel) | $ / gal 1.88
Diesel forward contracts maturing in 2020 | Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 73
Average rate ($/gallon or $/barrel) | $ / bbl 77.06
Diesel forward contracts maturing in 2021 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 1,000
Average rate ($/gallon or $/barrel) | $ / gal 2.04
Diesel forward contracts maturing in 2021 | South America  
Derivative contracts  
Average rate ($/gallon or $/barrel) | $ / gal 1.99
Diesel forward contracts maturing in 2021 | Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) 17
Average rate ($/gallon or $/barrel) | $ / bbl 79.69
v3.10.0.1
DERIVATIVE INSTRUMENTS - Fair Values of Instruments Designated as Hedges (Details) - Cash Flow Hedges - Designated Hedge - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Other current assets    
Derivative contracts    
Fair Value of Derivative Instruments, Assets   $ 6
Other current assets | Diesel forward contracts    
Derivative contracts    
Fair Value of Derivative Instruments, Assets $ 5 6
Other noncurrent assets | Diesel forward contracts    
Derivative contracts    
Fair Value of Derivative Instruments, Assets $ 2  
Other current liabilities    
Derivative contracts    
Fair Value of Derivative Instruments, Liabilities   1
Other current liabilities | Foreign exchange forward contracts | AUD    
Derivative contracts    
Fair Value of Derivative Instruments, Liabilities   $ 1
v3.10.0.1
DERIVATIVE INSTRUMENTS - Effect of Cash Flow Hedge Accounting (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Costs applicable to sales [1] $ 965 $ 999 $ 1,994 $ 1,956
Interest expense, net 49 64 102 131
Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments | Reclassification Out of Accumulated Other Comprehensive Income        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Costs applicable to sales   8 1 18
Diesel forward contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments | Reclassification Out of Accumulated Other Comprehensive Income        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Costs applicable to sales (2) 1 (4) 3
Foreign currency hedging instruments | Unrealized Gain (Loss) on Cash flow Hedge Instruments | Reclassification Out of Accumulated Other Comprehensive Income        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Costs applicable to sales 2 7 5 15
Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments | Reclassification Out of Accumulated Other Comprehensive Income        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Interest expense, net $ 3 $ 3 $ 6 $ 5
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
DERIVATIVE INSTRUMENTS - Location and Amount of Gains (Losses) Reported in Financial Statements (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivative contracts        
Approximate loss amount to be reclassified from accumulated other comprehensive income (loss), net of tax to income     $ 5  
Cash Flow Hedges | Foreign exchange forward contracts        
Derivative contracts        
(Gain) loss recognized in Other comprehensive income (loss)       $ (4)
(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) $ 2 $ 7 5 15
Cash Flow Hedges | Diesel forward contracts        
Derivative contracts        
(Gain) loss recognized in Other comprehensive income (loss) (4) 3 (5) 6
(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) (2) 1 (4) 3
Cash Flow Hedges | Interest rate contracts        
Derivative contracts        
(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) $ 3 $ 3 $ 6 $ 5
v3.10.0.1
DERIVATIVE INSTRUMENTS - Batu Hijau Contingent Consideration (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Contingent Payment | Other noncurrent assets    
Batu Hijau Contingent Consideration    
Batu Hijau contingent consideration $ 27 $ 23
v3.10.0.1
DERIVATIVE INSTRUMENTS - Embedded Derivatives (Details)
oz in Thousands, lb in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
$ / oz
$ / lb
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
lb
oz
$ / oz
$ / lb
Jun. 30, 2017
USD ($)
Provisional Gold and Copper Sales - Embedded derivatives        
Increase (decrease) to Sales from provisional pricing mark-to-market | $ $ (6) $ (2) $ (8) $ 10
Gold Contracts - Embedded Derivative        
Provisional Gold and Copper Sales - Embedded derivatives        
Provisional pricing quantity sales (in ounces or pounds) | oz     78  
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz 1,251   1,251  
Copper Contracts - Embedded Derivative        
Provisional Gold and Copper Sales - Embedded derivatives        
Provisional pricing quantity sales (in ounces or pounds) | lb     13  
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb 3.01   3.01  
v3.10.0.1
INVESTMENTS - Marketable Securities - ASU 2016-01 Amortized Cost and Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Fair/Equity Basis (1)    
Equity method investments   $ 165
Total unrestricted investments $ 353 280
TMAC    
Fair/Equity Basis (1)    
Equity method investments   $ 115
Investments    
Ownership interest (as a percent) 28.71% 28.79%
Minera La Zanja S.R.L.    
Fair/Equity Basis (1)    
Equity method investments   $ 50
Investments    
Ownership interest (as a percent) 46.94% 46.94%
Maverix [Member]    
Investments    
Ownership interest (as a percent) 27.98%  
Investments - current | Marketable equity securities    
Fair/Equity Basis (1)    
Marketable equity securities $ 56  
Investments - noncurrent    
Fair/Equity Basis (1)    
Marketable equity securities 122  
Other investments 5  
Equity method investments 226  
Total unrestricted investments 353  
Non-current restricted investments: (2)    
Marketable debt securities 51  
Other assets 7  
Non-current restricted investments 58  
Investments - noncurrent | TMAC    
Fair/Equity Basis (1)    
Equity method investments 102  
Investments - noncurrent | Minera La Zanja S.R.L.    
Fair/Equity Basis (1)    
Equity method investments 46  
Investments - noncurrent | Maverix [Member]    
Fair/Equity Basis (1)    
Equity method investments 78  
Investments - noncurrent | Marketable equity securities | Continental    
Fair/Equity Basis (1)    
Marketable equity securities 108  
Investments - noncurrent | Marketable equity securities | Warrant [Member]    
Fair/Equity Basis (1)    
Marketable equity securities 12  
Investments - noncurrent | Marketable equity securities | Other marketable equity securities    
Fair/Equity Basis (1)    
Marketable equity securities $ 2  
v3.10.0.1
INVESTMENTS - Marketable Securities - Amortized Cost/Fair Value (Details) - USD ($)
$ in Millions
1 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Investments    
Investments, Cost/Equity Basis   $ 290
Unrealized Loss   (10)
Investments, Fair/Equity Basis $ 353 280
Equity method investments   165
TMAC    
Investments    
Equity method investments   $ 115
Ownership interest (as a percent) 28.71% 28.79%
Minera La Zanja S.R.L.    
Investments    
Equity method investments   $ 50
Ownership interest (as a percent) 46.94% 46.94%
Maverix [Member]    
Investments    
Ownership interest (as a percent) 27.98%  
Marketable debt securities    
Investments    
Sale of restricted marketable debt securities $ 11  
Investments - current | Marketable equity securities    
Investments    
Cost/Equity Basis   $ 38
Unrealized Gain   32
Unrealized Loss   (8)
Fair/Equity Basis - Current Marketable Equity Securities   62
Investments - noncurrent    
Investments    
Other investments, at cost   5
Investments, Fair/Equity Basis 353  
Equity method investments 226  
Investments - noncurrent | TMAC    
Investments    
Equity method investments 102  
Investments - noncurrent | Minera La Zanja S.R.L.    
Investments    
Equity method investments 46  
Investments - noncurrent | Maverix [Member]    
Investments    
Equity method investments $ 78  
Investments - noncurrent | Continental    
Investments    
Cost/Equity Basis   109
Unrealized Loss   (8)
Fair/Equity Basis - Long-Term Marketable Securities   101
Investments - noncurrent | Warrant [Member]    
Investments    
Cost/Equity Basis   7
Fair/Equity Basis - Long-Term Marketable Securities   7
Investments - noncurrent | Marketable equity securities    
Investments    
Cost/Equity Basis   120
Unrealized Loss   (10)
Fair/Equity Basis - Long-Term Marketable Securities   110
Investments - noncurrent | Other marketable equity securities    
Investments    
Cost/Equity Basis   4
Unrealized Loss   (2)
Fair/Equity Basis - Long-Term Marketable Securities   2
Other noncurrent assets    
Investments    
Non-current restricted investments, Cost/Equity Basis   66
Unrealized Gain   1
Unrealized Loss   (3)
Non-current restricted investments, Fair/Equity Basis   64
Other noncurrent assets | Marketable debt securities    
Investments    
Non-current restricted investments, Cost/Equity Basis   58
Unrealized Loss   (3)
Non-current restricted investments, Fair/Equity Basis   55
Other noncurrent assets | Other assets    
Investments    
Non-current restricted investments, Cost/Equity Basis   8
Unrealized Gain   1
Non-current restricted investments, Fair/Equity Basis   $ 9
v3.10.0.1
INVESTMENTS - Equity Method (Details) - USD ($)
shares in Millions, $ in Millions
1 Months Ended
Jul. 31, 2018
Jun. 30, 2018
Schedule of Investments [Line Items]    
Cash consideration $ 17  
Maverix [Member]    
Schedule of Investments [Line Items]    
Ownership interest held after sale (as a percent)   27.98%
Maverix [Member] | Common Stock    
Schedule of Investments [Line Items]    
Shares issued in subsidiary sale of stock   60
Fair value upon closing of shares issued   $ 78
Maverix [Member] | Warrant [Member]    
Schedule of Investments [Line Items]    
Shares issued in subsidiary sale of stock   10
Fair value upon closing of shares issued   $ 5
v3.10.0.1
INVENTORIES - Summary of Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Inventory, net    
Materials and supplies $ 436 $ 416
In-process 135 131
Concentrate and copper cathode 91 83
Precious metals 35 49
Total inventories $ 697 $ 679
v3.10.0.1
STOCKPILES AND ORE ON LEACH PADS - By location (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads $ 711 $ 676
Long-term stockpiles and ore on leach pads 1,837 1,848
Stockpiles and ore on leach pads 2,548 2,524
Stockpiles    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 351 330
Long-term stockpiles and ore on leach pads 1,454 1,502
Ore on Leach Pads    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 360 346
Long-term stockpiles and ore on leach pads 383 346
Operating Segments | Carlin    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 469 441
Operating Segments | Phoenix    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 68 68
Operating Segments | Twin Creeks    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 329 340
Operating Segments | Long Canyon    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 45 34
Operating Segments | Cripple Creek and Victor mine    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 333 314
Operating Segments | Yanacocha    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 263 270
Operating Segments | Merian    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 31 25
Operating Segments | Boddington    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 445 431
Operating Segments | Tanami    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 1 4
Operating Segments | Kalgoorlie    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 126 125
Operating Segments | Ahafo    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 386 409
Operating Segments | Akyem    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads $ 52 $ 63
v3.10.0.1
STOCKPILES AND ORE ON LEACH PADS - Write-downs (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Write-downs        
Inventory write-downs     $ 158 $ 92
Stockpiles and ore on leach pads | Carlin        
Write-downs        
Inventory write-downs $ 31 $ 11 57 34
Stockpiles and ore on leach pads | Twin Creeks        
Write-downs        
Inventory write-downs 17 13 33 16
Stockpiles and ore on leach pads | Yanacocha        
Write-downs        
Inventory write-downs 2 32 26 41
Stockpiles and ore on leach pads | Ahafo        
Write-downs        
Inventory write-downs 26   46 18
Stockpiles and ore on leach pads | Akyem        
Write-downs        
Inventory write-downs 25 8 47 8
Stockpiles and ore on leach pads | Costs applicable to sales        
Write-downs        
Inventory write-downs 73 46 152 86
Stockpiles and ore on leach pads | Depreciation and amortization        
Write-downs        
Inventory write-downs $ 28 $ 18 $ 57 $ 31
v3.10.0.1
DEBT - Maturities (Details)
$ in Millions
Jun. 30, 2018
USD ($)
Scheduled minimum debt repayments  
Remainder of 2018 $ 0
2019 626
2020 0
2021 0
2022 992
Debt repayments, thereafter $ 2,474
v3.10.0.1
LEASE AND OTHER FINANCING OBLIGATIONS (Details)
$ in Millions
6 Months Ended
Jun. 30, 2018
USD ($)
facility
Dec. 31, 2017
USD ($)
Scheduled minimum capital lease repayments    
Remainder of 2018 $ 2  
2019 3  
2020 1  
2021 1  
2022 1  
Capital lease repayments, thereafter 1  
Other information    
Financing obligation, current $ 13 $ 4
Tanami Power project    
Other information    
Number of on-site power stations | facility 2  
Financing obligation $ 71 $ 14
Financing obligation, current $ 10  
v3.10.0.1
OTHER LIABILITIES (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Other current liabilities:    
Accrued operating costs $ 109 $ 124
Reclamation and remediation liabilities 105 103
Accrued capital expenditures 69 77
Accrued interest 52 52
Royalties 37 63
Holt royalty obligation 14 15
Taxes other than income and mining 5 7
Derivative instruments   1
Other 5 20
Other current liabilities, total 396 462
Other long-term liabilities:    
Holt property royalty 179 228
Income and mining taxes 43 47
Power supply agreements 30 32
Social development obligations 21 22
Other 11 13
Other long-term liabilities, total $ 284 $ 342
v3.10.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of AOCI (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     $ 11,519    
Other comprehensive income (loss) $ 7 $ 4 15 $ 16  
Balance at end of period 11,785   11,785    
Unrealized gain (loss) on marketable securities, net          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     (116)    
Change in other comprehensive income (loss) before reclassifications     1    
Other comprehensive income (loss)     1    
Foreign Currency Translation Adjustments          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     130    
Change in other comprehensive income (loss) before reclassifications     (4)    
Other comprehensive income (loss)     (4)    
Balance at end of period 126   126    
Pension and other post-retirement benefit adjustments          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     (208)    
Reclassifications from accumulated other comprehensive income (loss)     9    
Other comprehensive income (loss)     9    
Balance at end of period (199)   (199)    
Unrealized Gain (Loss) on Cash flow Hedge Instruments          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     (98)    
Change in other comprehensive income (loss) before reclassifications     4    
Reclassifications from accumulated other comprehensive income (loss)     5    
Other comprehensive income (loss)     9    
Balance at end of period (89)   (89)    
Accumulated Other Comprehensive Income (Loss)          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Balance at beginning of period     (292)    
Change in other comprehensive income (loss) before reclassifications     1    
Reclassifications from accumulated other comprehensive income (loss)     14    
Other comprehensive income (loss)     15    
Balance at end of period $ (162)   $ (162)    
ASU No. 2016-01 | Unrealized gain (loss) on marketable securities, net          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Cumulative-effect adjustment of adopting ASU No. 2016-01         $ 115
ASU No. 2016-01 | Accumulated Other Comprehensive Income (Loss)          
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)          
Cumulative-effect adjustment of adopting ASU No. 2016-01         $ 115
v3.10.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Other income, net $ (139) $ (31) $ (160) $ (22)
Costs applicable to sales [1] 965 999 1,994 1,956
Interest expense, net 49 64 102 131
Total before tax (305) (335) (588) (529)
Tax 18 166 123 277
Net of tax (298) (151) (489) (209)
Pension and other post-retirement benefit adjustments        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Total before tax 6 4 12 14
Tax (2) (1) (3) (5)
Net of tax 4 3 9 9
Reclassifications from accumulated other comprehensive income (loss)     9  
Accumulated defined benefit pension plans adjustment, amortization        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Other income, net 6 4 12 10
Accumulated defined benefit pension plans adjustment, settlements        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Other income, net       4
Unrealized Gain (Loss) on Cash flow Hedge Instruments        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Reclassifications from accumulated other comprehensive income (loss)     5  
Reclassification Out of Accumulated Other Comprehensive Income        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Reclassifications from accumulated other comprehensive income (loss) 6 10 14 24
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gain (Loss) on Cash flow Hedge Instruments        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Total before tax 3 11 7 23
Tax (1) (4) (2) (8)
Net of tax 2 7 5 15
Reclassification Out of Accumulated Other Comprehensive Income | Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Costs applicable to sales   8 1 18
Reclassification Out of Accumulated Other Comprehensive Income | Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments        
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Interest expense, net $ 3 $ 3 $ 6 $ 5
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Decrease (increase) in operating assets:    
Trade and other accounts receivables $ 37 $ (22)
Inventories, stockpiles and ore on leach pads (211) (118)
Other assets (17)  
Increase (decrease) in operating liabilities:    
Accounts payable and other accrued liabilities (123) (128)
Reclamation and remediation liabilities (33) (32)
Accrued tax liabilities (163) 32
Net change in operating assets and liabilities $ (510) $ (268)
v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Additional Information (Details)
Jun. 30, 2018
Newmont USA  
Condensed Financial Statements  
Percent ownership held by Newmont 100.00%
v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Condensed Consolidating Statement of Operations        
Sales $ 1,662 $ 1,875 $ 3,479 $ 3,565
Costs and expenses        
Costs applicable to sales (1) [1] 965 999 1,994 1,956
Depreciation and amortization 279 310 580 610
Reclamation and remediation 37 43 65 72
Exploration 54 51 94 87
Advanced projects, research and development 36 32 70 58
General and administrative 63 58 122 113
Other expense, net 13 14 24 31
Total costs and expenses 1,447 1,507 2,949 2,927
Other income (expense):        
Other income, net 139 31 160 22
Interest expense, net of capitalized interest (49) (64) (102) (131)
Total other income (expense) 90 (33) 58 (109)
Income (loss) before income and mining tax and other items 305 335 588 529
Income and mining tax benefit (expense) (18) (166) (123) (277)
Equity income (loss) of affiliates (7) (3) (16) (5)
Net income (loss) from continuing operations 280 166 449 247
Net income (loss) from discontinued operations (Note 9) 18 (15) 40 (38)
Net income (loss) 298 151 489 209
Net income (loss) attributable to noncontrolling interests (6) 24 (5) 13
Net income (loss) attributable to Newmont stockholders 292 175 484 222
Comprehensive income (loss) 305 155 504 225
Comprehensive loss (income) attributable to noncontrolling interests (6) 24 (5) 13
Comprehensive income (loss) attributable to Newmont stockholders 299 179 499 238
Eliminations        
Other income (expense):        
Interest income - intercompany (40) (62) (94) (93)
Interest expense - intercompany 40 62 94 93
Equity income (loss) of affiliates (310) (36) (458) (27)
Net income (loss) from continuing operations (310) (36) (458) (27)
Net income (loss) (310) (36) (458) (27)
Net income (loss) attributable to Newmont stockholders (310) (36) (458) (27)
Comprehensive income (loss) (310) (36) (458) (27)
Comprehensive income (loss) attributable to Newmont stockholders (310) (36) (458) (27)
Newmont Mining Corporation | Reportable Legal Entities        
Costs and expenses        
Depreciation and amortization 1 1 2 2
Total costs and expenses 1 1 2 2
Other income (expense):        
Other income, net (5) 23 3 26
Interest income - intercompany 17 23 51 47
Interest expense - intercompany (11) (14) (19) (22)
Interest expense, net of capitalized interest (48) (59) (97) (121)
Total other income (expense) (47) (27) (62) (70)
Income (loss) before income and mining tax and other items (48) (28) (64) (72)
Income and mining tax benefit (expense) 10 9 13 25
Equity income (loss) of affiliates 330 194 535 269
Net income (loss) from continuing operations 292 175 484 222
Net income (loss) 292 175 484 222
Net income (loss) attributable to Newmont stockholders 292 175 484 222
Comprehensive income (loss) 299 179 499 238
Comprehensive income (loss) attributable to Newmont stockholders 299 179 499 238
Newmont USA | Reportable Legal Entities        
Condensed Consolidating Statement of Operations        
Sales 419 517 931 941
Costs and expenses        
Costs applicable to sales (1) 281 280 605 583
Depreciation and amortization 75 82 162 165
Reclamation and remediation 4 4 7 7
Exploration 15 13 26 22
Advanced projects, research and development 8 2 14 3
General and administrative 22 18 41 35
Other expense, net 1 2 2 8
Total costs and expenses 406 401 857 823
Other income (expense):        
Other income, net 20 3 27 3
Interest income - intercompany 11 24 22 24
Interest expense - intercompany   (4)   (4)
Interest expense, net of capitalized interest   (1) (2) (3)
Total other income (expense) 31 22 47 20
Income (loss) before income and mining tax and other items 44 138 121 138
Income and mining tax benefit (expense) (7) (22) (21) (22)
Equity income (loss) of affiliates (20) (150) (77) (234)
Net income (loss) from continuing operations 17 (34) 23 (118)
Net income (loss) 17 (34) 23 (118)
Net income (loss) attributable to Newmont stockholders 17 (34) 23 (118)
Comprehensive income (loss) 17 (29) 23 (109)
Comprehensive income (loss) attributable to Newmont stockholders 17 (29) 23 (109)
Other Subsidiaries | Reportable Legal Entities        
Condensed Consolidating Statement of Operations        
Sales 1,243 1,358 2,548 2,624
Costs and expenses        
Costs applicable to sales (1) 684 719 1,389 1,373
Depreciation and amortization 203 227 416 443
Reclamation and remediation 33 39 58 65
Exploration 39 38 68 65
Advanced projects, research and development 28 30 56 55
General and administrative 41 40 81 78
Other expense, net 12 12 22 23
Total costs and expenses 1,040 1,105 2,090 2,102
Other income (expense):        
Other income, net 124 5 130 (7)
Interest income - intercompany 12 15 21 22
Interest expense - intercompany (29) (44) (75) (67)
Interest expense, net of capitalized interest (1) (4) (3) (7)
Total other income (expense) 106 (28) 73 (59)
Income (loss) before income and mining tax and other items 309 225 531 463
Income and mining tax benefit (expense) (21) (153) (115) (280)
Equity income (loss) of affiliates (7) (11) (16) (13)
Net income (loss) from continuing operations 281 61 400 170
Net income (loss) from discontinued operations (Note 9) 18 (15) 40 (38)
Net income (loss) 299 46 440 132
Net income (loss) attributable to noncontrolling interests (6) 24 (5) 13
Net income (loss) attributable to Newmont stockholders 293 70 435 145
Comprehensive income (loss) 299 41 440 123
Comprehensive loss (income) attributable to noncontrolling interests (6) 24 (5) 13
Comprehensive income (loss) attributable to Newmont stockholders $ 293 $ 65 $ 435 $ 136
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Operating activities:              
Net cash provided by (used in) continuing operating activities     $ 667 $ 902      
Net cash provided by (used in) operating activities of discontinued operations     (5) (9)      
Net cash provided by (used in) operating activities     662 893      
Investing activities:              
Additions to property, plant and mine development $ (258) $ (183) (489) (363)      
Acquisitions, net     (39)        
Proceeds from sales of investments     15 19      
Other     2 17      
Purchases of investments     (6) (113)      
Net cash provided by (used in) investing activities     (517) (440)      
Financing activities:              
Dividends paid to common stockholders     (150) (54)      
Repurchase of common stock     (70)        
Distributions to noncontrolling interests     (69) (80)      
Funding from noncontrolling interests     52 46      
Sale of noncontrolling interests     48        
Payments for withholding of employee taxes related to stock-based compensation     (39) (13)      
Other     (3) (6)      
Net cash provided by (used in) financing activities     (231) (107)      
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (2) 2      
Net change in cash, cash equivalents and restricted cash     (88) 348      
Cash, cash equivalents and restricted cash at beginning of period     3,298 2,782      
Cash, cash equivalents and restricted cash at end of period 3,210 3,130 3,210 3,130      
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents         $ 3,127 $ 3,259 $ 3,105
Restricted cash included in Other current         $ 1   $ 2
Location of current restricted cash         us-gaap:OtherAssetsCurrent   us-gaap:OtherAssetsCurrent
Restricted cash included in Other noncurrent         $ 82   $ 23
Location of noncurrent restricted cash         us-gaap:OtherAssetsNoncurrent   us-gaap:OtherAssetsNoncurrent
Total cash, cash equivalents and restricted cash 3,210 3,130 3,298 2,782 $ 3,210 3,298 $ 3,130
Newmont Mining Corporation | Reportable Legal Entities              
Operating activities:              
Net cash provided by (used in) continuing operating activities     (63) (116)      
Net cash provided by (used in) operating activities     (63) (116)      
Investing activities:              
Purchases of investments       (109)      
Net cash provided by (used in) investing activities       (109)      
Financing activities:              
Dividends paid to common stockholders     (150) (54)      
Repurchase of common stock     (70)        
Net intercompany borrowings (repayments)     283 282      
Other       (3)      
Net cash provided by (used in) financing activities     63 225      
Newmont USA | Reportable Legal Entities              
Operating activities:              
Net cash provided by (used in) continuing operating activities     251 222      
Net cash provided by (used in) operating activities     251 222      
Investing activities:              
Additions to property, plant and mine development     (125) (121)      
Proceeds from sales of investments     11        
Other     2 2      
Net cash provided by (used in) investing activities     (112) (119)      
Financing activities:              
Payments for withholding of employee taxes related to stock-based compensation     (39) (13)      
Net intercompany borrowings (repayments)     (99) (90)      
Other     (1) (1)      
Net cash provided by (used in) financing activities     (139) (104)      
Net change in cash, cash equivalents and restricted cash       (1)      
Cash, cash equivalents and restricted cash at beginning of period       1      
Reconciliation of cash, cash equivalents and restricted cash:              
Total cash, cash equivalents and restricted cash       1      
Other Subsidiaries | Reportable Legal Entities              
Operating activities:              
Net cash provided by (used in) continuing operating activities     479 796      
Net cash provided by (used in) operating activities of discontinued operations     (5) (9)      
Net cash provided by (used in) operating activities     474 787      
Investing activities:              
Additions to property, plant and mine development     (364) (242)      
Acquisitions, net     (39)        
Proceeds from sales of investments     4 19      
Other       15      
Purchases of investments     (6) (4)      
Net cash provided by (used in) investing activities     (405) (212)      
Financing activities:              
Distributions to noncontrolling interests     (69) (80)      
Funding from noncontrolling interests     52 46      
Sale of noncontrolling interests     48        
Net intercompany borrowings (repayments)     (184) (192)      
Other     (2) (2)      
Net cash provided by (used in) financing activities     (155) (228)      
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (2) 2      
Net change in cash, cash equivalents and restricted cash     (88) 349      
Cash, cash equivalents and restricted cash at beginning of period     3,298 2,781      
Cash, cash equivalents and restricted cash at end of period 3,210 3,130 3,210 3,130      
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents         3,127 3,259 3,105
Restricted cash included in Other current         1   2
Restricted cash included in Other noncurrent         82   23
Total cash, cash equivalents and restricted cash $ 3,210 $ 3,130 $ 3,298 $ 2,781 $ 3,210 $ 3,298 $ 3,130
v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Assets      
Cash and cash equivalents $ 3,127 $ 3,259 $ 3,105
Trade receivables (Note 4) 133 124  
Other accounts receivables 101 113  
Investments 56 62  
Inventories 697 679  
Stockpiles and ore on leach pads 711 676  
Other current assets 142 153  
Current assets 4,967 5,066  
Property, plant and mine development, net 12,351 12,338  
Investments 353 280  
Stockpiles and ore on leach pads 1,837 1,848  
Deferred income tax assets 537 549  
Other non-current assets 610 565  
Total assets 20,655 20,646  
Liabilities      
Lease and other financing obligations, current (Note 20) 13 4  
Accounts payable 360 375  
Employee-related benefits 240 309  
Income and mining taxes 71 248  
Other current liabilities 396 462  
Current liabilities 1,080 1,398  
Debt 4,042 4,040  
Lease and other financing obligations, noncurrent (Note 20) 66 21  
Reclamation and remediation liabilities 2,369 2,345  
Deferred income tax liabilities 589 595  
Employee-related benefits 392 386  
Other non-current liabilities 284 342  
Total liabilities 8,822 9,127  
Contingently redeemable noncontrolling interest (Note 10) 48    
Equity      
Newmont stockholders' equity 10,813 10,535  
Noncontrolling interests 972 984  
Total equity 11,785 11,519  
Total liabilities and equity 20,655 20,646  
Eliminations      
Assets      
Intercompany receivable (10,649) (10,138)  
Current assets (10,649) (10,138)  
Property, plant and mine development, net (27) (27)  
Investments in subsidiaries (12,803) (11,701)  
Non-current intercompany receivable (1,271) (2,108)  
Total assets (24,750) (23,974)  
Liabilities      
Intercompany payable (10,649) (10,138)  
Current liabilities (10,649) (10,138)  
Non-current intercompany payable (1,298) (2,135)  
Total liabilities (11,947) (12,273)  
Equity      
Newmont stockholders' equity (12,803) (11,701)  
Total equity (12,803) (11,701)  
Total liabilities and equity (24,750) (23,974)  
Newmont Mining Corporation | Reportable Legal Entities      
Assets      
Intercompany receivable 2,075 2,053  
Current assets 2,075 2,053  
Property, plant and mine development, net 16 17  
Investments 113 106  
Investments in subsidiaries 13,250 12,012  
Deferred income tax assets 87 84  
Non-current intercompany receivable 738 1,700  
Total assets 16,279 15,972  
Liabilities      
Intercompany payable 1,364 1,338  
Other current liabilities 52 52  
Current liabilities 1,416 1,390  
Debt 4,042 4,040  
Employee-related benefits 1    
Non-current intercompany payable 7 7  
Total liabilities 5,466 5,437  
Equity      
Newmont stockholders' equity 10,813 10,535  
Total equity 10,813 10,535  
Total liabilities and equity 16,279 15,972  
Newmont USA | Reportable Legal Entities      
Assets      
Trade receivables (Note 4) 15 18  
Intercompany receivable 4,882 4,601  
Inventories 167 181  
Stockpiles and ore on leach pads 215 196  
Other current assets 40 38  
Current assets 5,319 5,034  
Property, plant and mine development, net 3,059 3,082  
Investments 5 4  
Investments in subsidiaries (463) (311)  
Stockpiles and ore on leach pads 643 648  
Deferred income tax assets   5  
Non-current intercompany receivable 527 401  
Other non-current assets 244 255  
Total assets 9,334 9,118  
Liabilities      
Lease and other financing obligations, current (Note 20) 1 1  
Accounts payable 74 83  
Intercompany payable 2,529 2,145  
Employee-related benefits 100 143  
Income and mining taxes 8 18  
Other current liabilities 115 163  
Current liabilities 2,827 2,553  
Lease and other financing obligations, noncurrent (Note 20) 3 4  
Reclamation and remediation liabilities 312 309  
Deferred income tax liabilities 125 121  
Employee-related benefits 223 222  
Other non-current liabilities 13 18  
Total liabilities 3,503 3,227  
Equity      
Newmont stockholders' equity 5,831 5,891  
Total equity 5,831 5,891  
Total liabilities and equity 9,334 9,118  
Other Subsidiaries | Reportable Legal Entities      
Assets      
Cash and cash equivalents 3,127 3,259 $ 3,105
Trade receivables (Note 4) 118 106  
Other accounts receivables 101 113  
Intercompany receivable 3,692 3,484  
Investments 56 62  
Inventories 530 498  
Stockpiles and ore on leach pads 496 480  
Other current assets 102 115  
Current assets 8,222 8,117  
Property, plant and mine development, net 9,303 9,266  
Investments 235 170  
Investments in subsidiaries 16    
Stockpiles and ore on leach pads 1,194 1,200  
Deferred income tax assets 450 460  
Non-current intercompany receivable 6 7  
Other non-current assets 366 310  
Total assets 19,792 19,530  
Liabilities      
Lease and other financing obligations, current (Note 20) 12 3  
Accounts payable 286 292  
Intercompany payable 6,756 6,655  
Employee-related benefits 140 166  
Income and mining taxes 63 230  
Other current liabilities 229 247  
Current liabilities 7,486 7,593  
Lease and other financing obligations, noncurrent (Note 20) 63 17  
Reclamation and remediation liabilities 2,057 2,036  
Deferred income tax liabilities 464 474  
Employee-related benefits 168 164  
Non-current intercompany payable 1,291 2,128  
Other non-current liabilities 271 324  
Total liabilities 11,800 12,736  
Contingently redeemable noncontrolling interest (Note 10) 48    
Equity      
Newmont stockholders' equity 6,972 5,810  
Noncontrolling interests 972 984  
Total equity 7,944 6,794  
Total liabilities and equity $ 19,792 $ 19,530  
v3.10.0.1
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Accrual for future reclamation costs        
Asset retirement obligation $ 2,180 $ 2,144 $ 1,965 $ 1,913
Environmental remediation obligations 294 304 $ 295 $ 312
Other current liabilities        
Accrual for future reclamation costs        
Reclamation obligation, current $ 60 $ 60    
Reclamation and remediation liabilities        
Accrual for future reclamation costs        
Range of reclamation and remediation liabilities upper limit 43.00%      
Range of reclamation and remediation liabilities lower limit 0.00%      
v3.10.0.1
COMMITMENTS AND CONTINGENCIES - Environmental Matters by Site (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 05, 2007
Jun. 30, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2012
Loss contingencies                  
Reclamation and remediation (Note 4)     $ 12.0 $ 3.0 $ 16.0 $ 9.0      
Environmental remediation obligations   $ 294.0 294.0 $ 295.0 294.0 $ 295.0 $ 304.0 $ 312.0  
Midnite Mine                  
Loss contingencies                  
Department of Interior contribution for past and future cleanup costs                 $ 42.0
Reclamation and remediation (Note 4)   11.0              
Environmental remediation | Ross-Adams Mine Site                  
Loss contingencies                  
Damages sought $ 0.3                
Environmental remediation | Midnite Mine                  
Loss contingencies                  
Environmental remediation obligations   $ 171.0 $ 171.0   $ 171.0        
Newmont USA                  
Loss contingencies                  
Percent ownership held by Newmont   100.00% 100.00%   100.00%        
Dawn Mining Company                  
Loss contingencies                  
Percent ownership held by Newmont   51.00% 51.00%   51.00%        
v3.10.0.1
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Administrative Matters (Details)
$ in Millions
1 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2015
judgment
Jun. 30, 2018
USD ($)
item
$ / item
Dec. 31, 2000
USD ($)
Dec. 31, 2017
Nov. 30, 2017
Minera Yanacocha          
Loss contingencies          
Percent ownership held by Newmont   51.35%   54.05% 51.35%
Contractual right to conduct exploration          
Loss contingencies          
Intangible asset acquired | $     $ 29    
Intangible asset, useful life     10 years    
Yanacocha Tax Dispute          
Loss contingencies          
Number of rulings overturned | judgment 2        
Yanacocha Tax Dispute | Maximum          
Loss contingencies          
Potential liability, including fines and interest | $   $ 83      
Minera Yanacocha          
Loss contingencies          
Potential fine for each unit alleged violations (in dollars per unit) | $ / item   0.001287      
Minera Yanacocha | Minimum          
Loss contingencies          
Potential fine for alleged violations | $   $ 0      
Minera Yanacocha | Maximum          
Loss contingencies          
Potential fine for alleged violations | $   $ 57      
Minera Yanacocha | OEFA | Minimum          
Loss contingencies          
Number of units with alleged violations | item   0      
Minera Yanacocha | OEFA | Maximum          
Loss contingencies          
Number of units with alleged violations | item   44,540      
Minera Yanacocha | Water Authority | Minimum          
Loss contingencies          
Number of units with alleged violations | item   0      
Minera Yanacocha | Water Authority | Maximum          
Loss contingencies          
Number of units with alleged violations | item   59      
v3.10.0.1
COMMITMENTS AND CONTINGENCIES - NWG Investments Inc v. Fronteer Gold Inc. (Details)
$ in Millions, $ in Billions
Feb. 26, 2014
CAD ($)
Sep. 24, 2012
USD ($)
Apr. 08, 2008
Sep. 30, 2007
Jun. 30, 2007
North America | Pending Litigation          
Loss contingencies          
Uranium mining moratorium term     3 years    
Jacob Safra | NWG Investments Inc          
Loss contingencies          
Ownership/Economic interest       100.00%  
NWG Investments Inc | NewWest Gold          
Loss contingencies          
Ownership/Economic interest       86.00%  
NWG Investments Inc | NWG New York Case | Pending Litigation          
Loss contingencies          
Damages sought   $ 750      
NWG Investments Inc | NWG Ontario Complaint | Pending Litigation          
Loss contingencies          
Damages sought $ 1.2        
Fronteer | Aurora          
Loss contingencies          
Ownership/Economic interest         47.00%
v3.10.0.1
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]
$ in Millions
1 Months Ended
Jul. 31, 2018
USD ($)
Galore Creek [Member] | Teck Resources [Member]  
Subsequent Event [Line Items]  
Ownership interest (as a percent) 50.00%
Galore Creek [Member]  
Subsequent Event [Line Items]  
Ownership interest acquired 50.00%
Cash consideration $ 100
Deferred payments 100
Contingent consideration liability $ 75