NEWMONT MINING CORP /DE/, 10-Q filed on 4/26/2018
Quarterly Report
v3.8.0.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
Apr. 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 Mar. 31, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   533,486,402
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
Sales (Note 5) $ 1,817 $ 1,690
Costs and expenses    
Costs applicable to sales (1) [1] 1,029 957
Depreciation and amortization 301 300
Reclamation and Mine Shutdown Provision and Environmental Remediation Expense 28 29
Exploration 40 36
Advanced projects, research and development 34 26
General and administrative 59 55
Other expense, net (Note 7) 11 17
Total costs and expenses 1,502 1,420
Other income (expense):    
Other income, net (Note 8) 21 (9)
Interest expense, net (53) (67)
Total other income (expense) (32) (76)
Income (loss) before income and mining tax and other items 283 194
Income and mining tax benefit (expense) (Note 9) (105) (111)
Equity income (loss) of affiliates (9) (2)
Net income (loss) from continuing operations 169 81
Net income (loss) from discontinued operations (Note 10) 22 (23)
Net income (loss) 191 58
Net income (loss) attributable to noncontrolling interests (Note 11) (1) 11
Net income (loss) attributable to Newmont stockholders 192 47
Net income (loss) attributable to Newmont stockholders:    
Continuing operations 170 70
Discontinued operations 22 (23)
Net income (loss) attributable to Newmont stockholders $ 192 $ 47
Net income (loss) per common share, Basic (Note 12):    
Continuing operations (in dollars per share) $ 0.32 $ 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, basic (in dollars per share) 0.36 0.09
Net income (loss) per common share, Diluted (Note 12)    
Continuing operations (in dollars per share) 0.32 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, diluted (in dollars per share) 0.36 0.09
Cash dividends declared per common share $ 0.140 $ 0.050
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)    
Net income (loss) $ 191 $ 58
Other comprehensive income (loss):    
Change in marketable securities, net of tax of $- and $-, respectively 2 (7)
Foreign currency translation adjustments (3) 4
Change in pension and other post-retirement benefits, net of tax of $(1) and $(4), respectively 5 6
Change in fair value of cash flow hedge instruments, net of tax of $(1) and $(4), respectively 4 9
Other comprehensive income (loss) 8 12
Comprehensive income (loss) 199 70
Comprehensive income (loss) attributable to:    
Newmont stockholders 200 59
Noncontrolling interests (1) 11
Comprehensive income (loss) $ 199 $ 70
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)    
Unrealized gain (loss) on marketable securities, tax $ 0 $ 0
Change in pension and other post-retirement benefits, tax (1) (4)
Change in fair value of cash flow hedge instruments, tax $ (1) $ (4)
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income (loss) $ 191 $ 58
Adjustments:    
Depreciation and amortization 301 300
Stock-based compensation (Note 14) 19 16
Reclamation and remediation 26 28
Loss (income) from discontinued operations (Note 10) (22) 23
Deferred income taxes 10 57
Write-downs of inventory and stockpiles and ore on leach pads 82 43
Other operating adjustments 10 36
Net change in operating assets and liabilities (Note 23) (351) (184)
Net cash provided by (used in) operating activities of continuing operations 266 377
Net cash provided by (used in) operating activities of discontinued operations (1) [1] (3) (6)
Net cash provided by (used in) operating activities 263 371
Investing activities:    
Additions to property, plant and mine development (231) (180)
Proceeds from sales of investments   19
Other (5) 3
Net cash provided by (used in) investing activities (236) (158)
Financing activities:    
Dividends paid to common stockholders (76) (27)
Repurchase of common stock (64)  
Payments for withholding of employee taxes related to stock-based compensation (39) (13)
Funding from noncontrolling interests 32 21
Distributions to noncontrolling interests (31) (32)
Other (1) (1)
Net cash provided by (used in) financing activities (179) (52)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1
Net change in cash, cash equivalents and restricted cash (152) 162
Cash, cash equivalents and restricted cash at beginning of period 3,298 2,782
Cash, cash equivalents and restricted cash at end of period 3,146 2,944
PTNNT | Discontinued operations disposed of by sale    
Adjustments:    
Net cash provided by (used in) operating activities of discontinued operations (1) 0 (3)
Holt Royalty obligation | Holloway Mining Company | Discontinued operations disposed of by sale    
Adjustments:    
Loss (income) from discontinued operations (Note 10) (19) 23
Net cash provided by (used in) operating activities of discontinued operations (1) $ (3) $ (3)
[1] Net cash provided by (used in) operating activities of discontinued operations includes $(3) and $(3) related to the Holt royalty obligation and $- and $(3) related to closing costs for the sale of Batu Hijau, all of which were paid out of Cash and cash equivalents held for use for the three months ended March 31, 2018 and 2017, respectively. For additional information regarding the Company’s discontinued operations, see Note 10.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 3,111 $ 3,259 $ 2,919  
Restricted cash included in Other current $ 1   $ 1  
Location of current restricted cash us-gaap:OtherAssetsCurrent   us-gaap:OtherAssetsCurrent  
Restricted cash included in Other noncurrent $ 34   $ 24  
Location of noncurrent restricted cash us-gaap:OtherAssetsNoncurrent   us-gaap:OtherAssetsNoncurrent  
Total cash, cash equivalents and restricted cash $ 3,146 $ 3,298 $ 2,944 $ 2,782
v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 3,111 $ 3,259
Trade receivables (Note 5) 211 124
Other accounts receivables 119 113
Investments (Note 17) 59 62
Inventories (Note 18) 657 679
Stockpiles and ore on leach pads (Note 19) 640 676
Other current assets 141 153
Current assets 4,938 5,066
Property, plant and mine development, net 12,311 12,338
Investments (Note 17) 273 280
Stockpiles and ore on leach pads (Note 19) 1,897 1,848
Deferred income tax assets 500 549
Other non-current assets 564 565
Total assets 20,483 20,646
LIABILITIES    
Debt (Note 20) 7 4
Accounts payable 331 375
Employee-related benefits 220 309
Income and mining taxes payable 216 248
Other current liabilities (Note 21) 407 462
Current liabilities 1,181 1,398
Debt (Note 20) 4,088 4,061
Reclamation and remediation liabilities (Note 6) 2,358 2,345
Deferred income tax liabilities 596 595
Employee-related benefits 394 386
Other non-current liabilities (Note 21) 311 342
Total liabilities 8,928 9,127
EQUITY    
Common stock 857 855
Treasury stock (69) (30)
Additional paid-in capital 9,576 9,592
Accumulated other comprehensive income (loss) (Note 22) (169) (292)
Retained earnings 380 410
Newmont stockholders' equity 10,575 10,535
Noncontrolling interests 980 984
Total equity 11,555 11,519
Total liabilities and equity $ 20,483 $ 20,646
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2018 - USD ($)
shares in Millions, $ in Millions
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Noncontrolling Interests
Total
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              
Cumulative-effect adjustment of adopting ASU No. 2016-01 | ASU No. 2016-01       115 (115)    
Net income (loss)         192 (1) 191
Other comprehensive income (loss)       8     8
Dividends declared         (76)   (76)
Distributions declared to noncontrolling interests           (31) (31)
Cash calls requested from noncontrolling interests (2)           28 28
Repurchase and retirement of common stock $ (3)   (30)   (31)   $ (64)
Repurchase and retirement of common stock (in shares) (2.0)           (1.7)
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   14       $ 19
Stock-based awards and related share issuances, shares 3.0            
Balance at end of period at Mar. 31, 2018 $ 857 $ (69) $ 9,576 $ (169) $ 380 $ 980 $ 11,555
Balance at end of period, shares at Mar. 31, 2018 535.0 2.0          
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Noncontrolling interests      
Cash calls requested from noncontrolling interests (2) $ 28    
Payments of distributions to noncontrolling interests 31 $ 32  
Noncontrolling Interests      
Noncontrolling interests      
Cash calls requested from noncontrolling interests (2) 28    
Staatsolie | Noncontrolling Interests      
Noncontrolling interests      
Cash calls requested from noncontrolling interests (2)   $ 28 $ 28
Merian | Staatsolie | Noncontrolling Interests      
Noncontrolling interests      
Payments of distributions to noncontrolling interests $ 4    
v3.8.0.1
BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 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.

Adoption of Accounting Standards Update No. 2016-15 and No. 2016-18

Certain amounts have been retrospectively reclassified for the three months ended March 31, 2017 to conform to the current period presentation and reflect the change in Newmont’s Consolidated Statements of Cash Flows required with the adoption of Accounting Standard Update (“ASU”) No. 2016-15 as of January 1, 2018 related to the classification of certain items on the statement of cash flows and ASU No. 2016-18 as of December 31, 2017 related to the inclusion of restricted cash in the statement of cash flows as further described in Note 3.

See Note 2 for the financial statement line items that were affected by the adoption of these standards.

Correction of Immaterial Errors 

In the first quarter of 2018, Newmont corrected a computation error that was immaterial to all affected prior periods related to its methodology for calculating and recording Reclamation and remediation liabilities under Accounting Standards Codification (“ASC”) 410, “Asset Retirement and Environmental Obligations,” since the adoption of the standard as of January 1, 2003. The Company concluded that the error had the effect of understating its asset retirement obligations liability and the related asset retirement cost resulting in immaterial errors in accretion and depreciation expense.

In evaluating the impact of the error, the Company followed the guidance of ASC 250, “Accounting Changes and Error Corrections," Staff Accounting Bulletin (“SAB”) No. 99, “Assessing Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.” The Company concluded that the error was not material to our results of operations or financial condition on a quantitative and qualitative basis and did not require previously filed reports with the Securities and Exchange Commission to be amended. Correction of the cumulative error would have a disproportionate impact on our results for the first quarter of 2018 and for the annual estimated income for 2018. As such, the Company has corrected the error by revising the prior period financial statements. The Company also elected to correct other individually insignificant errors not previously recorded that the Company concluded were immaterial to our previously issued Consolidated Financial Statements.

See Note 2 for the financial statement line items that were affected by the correction of the error.

Certain other prior period amounts have been reclassified to conform to the 2018 presentation.

v3.8.0.1
REVISION OF FINANCIAL STATEMENTS
3 Months Ended
Mar. 31, 2018
REVISION OF FINANCIAL STATEMENTS  
REVISION OF FINANCIAL STATEMENTS

NOTE 2     REVISION OF FINANCIAL STATEMENTS

The Company’s previously issued consolidated financial statements have been revised for the adoption of ASU No. 2016-15 and No. 2016-18 and the correction of the errors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

Condensed Consolidated Statement of Operations

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

Other Adjustments

 

As Revised

    

Sales

 

$

1,659

 

$

 —

 

$

31

 

$

1,690

 

Costs applicable to sales

 

$

933

 

$

 —

 

$

24

 

$

957

 

Depreciation and amortization

 

$

293

 

$

 1

 

$

6

 

$

300

 

Reclamation and remediation

 

$

30

 

$

(1)

 

$

 —

 

$

29

 

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

 

$

193

 

$

 —

 

$

1

 

$

194

 

Income and mining tax benefit (expense)

 

$

(110)

 

$

(1)

 

$

 —

 

$

(111)

 

Net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

81

 

$

(1)

 

$

1

 

$

81

 

Discontinued operations

 

 

(23)

 

 

 —

 

 

 —

 

 

(23)

 

 

 

$

58

 

$

(1)

 

$

1

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (income) attributable to noncontrolling interests

 

$

(12)

 

$

 1

 

$

 —

 

$

(11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

69

 

$

 —

 

$

1

 

$

70

 

Discontinued operations

 

 

(23)

 

 

 —

 

 

 —

 

 

(23)

 

 

 

$

46

 

$

 —

 

$

1

 

$

47

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

 —

 

$

 —

 

$

0.13

 

Discontinued operations

 

 

(0.04)

 

 

 —

 

 

 —

 

 

(0.04)

 

 

 

$

0.09

 

$

 —

 

$

 —

 

$

0.09

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

 —

 

$

 —

 

$

0.13

 

Discontinued operations

 

 

(0.04)

 

 

 —

 

 

 —

 

 

(0.04)

 

 

 

$

0.09

 

$

 —

 

$

 —

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

Condensed Consolidated Statement of  Cash Flows

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

Other Adjustments

 

ASU Adoption Revision

    

As Revised

    

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

58

 

$

(1)

 

$

 1

 

$

 —

 

$

58

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

293

 

$

 1

 

$

 6

 

$

 —

 

$

300

 

Reclamation and remediation

 

$

29

 

$

(1)

 

$

 —

 

$

 —

 

$

28

 

Deferred income taxes

 

$

56

 

$

 1

 

$

 —

 

$

 —

 

$

57

 

Net change in operating assets and liabilities

 

$

(175)

 

$

 —

 

$

(7)

 

$

(2)

 

$

(184)

 

Net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

379

 

$

 —

 

$

 —

 

$

(2)

 

$

377

 

Discontinued operations

 

 

(6)

 

 

 —

 

 

 —

 

 

 —

 

 

(6)

 

 

 

$

373

 

$

 —

 

$

 —

 

$

(2)

 

$

371

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisitions, net

 

$

(2)

 

$

 —

 

$

 —

 

$

 2

 

$

 —

 

Net cash provided by (used in) investing activities

 

$

(160)

 

$

 —

 

$

 —

 

$

 2

 

$

(158)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 2

 

$

 —

 

$

 —

 

$

(1)

 

$

 1

 

Net change in cash, cash equivalents and restricted cash

 

$

163

 

$

 —

 

$

 —

 

$

(1)

 

$

162

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

2,756

 

 

 —

 

 

 —

 

 

26

 

 

2,782

 

Cash, cash equivalents and restricted cash at end of period

 

$

2,919

 

$

 —

 

$

 —

 

$

25

 

$

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2017

 

Condensed Consolidated Balance Sheet

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

As Revised

 

Property, plant and mine development

 

$

12,267

 

$

71

 

$

12,338

 

Deferred income tax assets

 

$

537

 

$

12

 

$

549

 

Total assets

 

$

20,563

 

$

83

 

$

20,646

 

Other current liabilities (1)

 

$

459

 

$

 3

 

$

462

 

Reclamation and remediation liabilities (2)

 

$

2,154

 

$

191

 

$

2,345

 

Total liabilities

 

$

8,933

 

$

194

 

$

9,127

 

Retained earnings

 

$

484

 

$

(74)

 

$

410

 

Newmont stockholders' equity

 

$

10,609

 

$

(74)

 

$

10,535

 

Noncontrolling interests

 

$

1,021

 

$

(37)

 

$

984

 

Total equity

 

$

11,630

 

$

(111)

 

$

11,519

 

Total liabilities and equity

 

$

20,563

 

$

83

 

$

20,646

 


(1)

The adjustment at December 31, 2017 relates to the Company’s current Reclamation and remediation liabilities, included in Other current liabilities in the Condensed Consolidated Balance Sheets. For further information regarding our current Other current liabilities, see Note 21.

(2)

Represents non-current Reclamation and remediation liabilities.

.

.

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3     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.

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 4 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. 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 and quantity fluctuations 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, the 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 $2 for the three months ended March 31, 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 and in January 2018 by ASU 2018-01. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. 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 reviewed a sample of contracts that are representative of the Company’s various contracts. Management is still completing its assessment of the impacts; however, based on the sample reviewed, management anticipates certain service contracts will contain embedded leases under the revised guidance. The Company continues to assess other potential impacts of the new standard. Based on preliminary findings, the Company expects that the majority of its identified leases will be required to be reported on the Consolidated Balance Sheets; however, the Company expects there will be minimal impacts to the Consolidated Statements of Operations. The Company expects to have an update to the impacts of the standard in upcoming quarters.

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.  

v3.8.0.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 2018
SEGMENT INFORMATION  
SEGMENT INFORMATION

NOTE 4     SEGMENT INFORMATION

The Company has organized its operations into four geographic regions. The geographic regions include North America, South America, 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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

304

 

$

199

 

$

52

 

$

 7

 

$

42

 

$

30

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

100

 

 

62

 

 

15

 

 

 

 

 

 

 

 

 

 

Copper

 

 

26

 

 

16

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

126

 

 

78

 

 

19

 

 

 1

 

 

26

 

 

 7

 

Twin Creeks

 

 

110

 

 

64

 

 

15

 

 

 2

 

 

31

 

 

18

 

Long Canyon

 

 

59

 

 

16

 

 

19

 

 

 6

 

 

19

 

 

 3

 

CC&V

 

 

83

 

 

39

 

 

15

 

 

 2

 

 

26

 

 

 9

 

Other North America

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

(6)

 

 

 2

 

North America

 

 

682

 

 

396

 

 

120

 

 

22

 

 

138

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

143

 

 

114

 

 

30

 

 

10

 

 

(28)

 

 

16

 

Merian

 

 

166

 

 

67

 

 

22

 

 

 3

 

 

74

 

 

22

 

Other South America

 

 

 —

 

 

 —

 

 

 3

 

 

 7

 

 

(16)

 

 

 —

 

South America

 

 

309

 

 

181

 

 

55

 

 

20

 

 

30

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

210

 

 

128

 

 

23

 

 

 

 

 

 

 

 

 

 

Copper

 

 

52

 

 

31

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

262

 

 

159

 

 

29

 

 

 —

 

 

74

 

 

16

 

Tanami

 

 

167

 

 

76

 

 

19

 

 

 6

 

 

67

 

 

21

 

Kalgoorlie

 

 

117

 

 

60

 

 

 6

 

 

 3

 

 

48

 

 

 8

 

Other Australia

 

 

 —

 

 

 —

 

 

 1

 

 

 2

 

 

(2)

 

 

 1

 

Australia

 

 

546

 

 

295

 

 

55

 

 

11

 

 

187

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

138

 

 

90

 

 

26

 

 

 4

 

 

16

 

 

62

 

Akyem

 

 

142

 

 

67

 

 

42

 

 

 3

 

 

24

 

 

10

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(2)

 

 

 —

 

Africa

 

 

280

 

 

157

 

 

68

 

 

 8

 

 

38

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 3

 

 

13

 

 

(110)

 

 

 4

 

Consolidated

 

$

1,817

 

$

1,029

 

$

301

 

$

74

 

$

283

 

$

229

 


(1)

Includes a decrease in accrued capital expenditures of $2; consolidated capital expenditures on a cash basis were $231.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

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 March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

264

 

$

208

 

$

53

 

$

 3

 

$

(1)

 

$

48

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

54

 

 

44

 

 

11

 

 

 

 

 

 

 

 

 

 

Copper

 

 

26

 

 

18

 

 

 5

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

80

 

 

62

 

 

16

 

 

 1

 

 

(2)

 

 

 6

 

Twin Creeks

 

 

102

 

 

50

 

 

14

 

 

 2

 

 

35

 

 

 8

 

Long Canyon

 

 

39

 

 

12

 

 

13

 

 

 5

 

 

 9

 

 

 4

 

CC&V

 

 

156

 

 

75

 

 

32

 

 

 4

 

 

46

 

 

 4

 

Other North America

 

 

 —

 

 

 —

 

 

 —

 

 

 3

 

 

(5)

 

 

 2

 

North America

 

 

641

 

 

407

 

 

128

 

 

18

 

 

82

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

179

 

 

119

 

 

36

 

 

 4

 

 

 9

 

 

11

 

Merian

 

 

133

 

 

48

 

 

21

 

 

 4

 

 

60

 

 

16

 

Other South America

 

 

 —

 

 

 —

 

 

 4

 

 

10

 

 

(19)

 

 

 —

 

South America

 

 

312

 

 

167

 

 

61

 

 

18

 

 

50

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

228

 

 

122

 

 

26

 

 

 

 

 

 

 

 

 

 

Copper

 

 

45

 

 

21

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

273

 

 

143

 

 

30

 

 

 —

 

 

86

 

 

15

 

Tanami

 

 

92

 

 

50

 

 

16

 

 

 3

 

 

20

 

 

24

 

Kalgoorlie

 

 

104

 

 

52

 

 

 4

 

 

 2

 

 

43

 

 

 4

 

Other Australia

 

 

 —

 

 

 —

 

 

 2

 

 

 1

 

 

(15)

 

 

 1

 

Australia

 

 

469

 

 

245

 

 

52

 

 

 6

 

 

134

 

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

114

 

 

76

 

 

23

 

 

 6

 

 

 9

 

 

17

 

Akyem

 

 

154

 

 

62

 

 

34

 

 

 1

 

 

55

 

 

 6

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(1)

 

 

 —

 

Africa

 

 

268

 

 

138

 

 

57

 

 

 8

 

 

63

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 2

 

 

12

 

 

(135)

 

 

 2

 

Consolidated

 

$

1,690

 

$

957

 

$

300

 

$

62

 

$

194

 

$

168

 


(1)

Includes a decrease in accrued capital expenditures of $12; consolidated capital expenditures on a cash basis were $180.

.

v3.8.0.1
SALES
3 Months Ended
Mar. 31, 2018
SALES  
Sales

NOTE 5     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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

304

 

$

 —

 

$

 —

 

$

 —

 

$

304

 

Phoenix

 

 

41

 

 

59

 

 

12

 

 

14

 

 

126

 

Twin Creeks

 

 

110

 

 

 —

 

 

 —

 

 

 —

 

 

110

 

Long Canyon

 

 

59

 

 

 —

 

 

 —

 

 

 —

 

 

59

 

CC&V

 

 

83

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

North America

 

 

597

 

 

59

 

 

12

 

 

14

 

 

682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

143

 

 

 —

 

 

 —

 

 

 —

 

 

143

 

Merian

 

 

166

 

 

 —

 

 

 —

 

 

 —

 

 

166

 

South America

 

 

309

 

 

 —

 

 

 —

 

 

 —

 

 

309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

59

 

 

151

 

 

52

 

 

 —

 

 

262

 

Tanami

 

 

167

 

 

 —

 

 

 —

 

 

 —

 

 

167

 

Kalgoorlie

 

 

117

 

 

 —

 

 

 —

 

 

 —

 

 

117

 

Australia

 

 

343

 

 

151

 

 

52

 

 

 —

 

 

546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

138

 

 

 —

 

 

 —

 

 

 —

 

 

138

 

Akyem

 

 

142

 

 

 —

 

 

 —

 

 

 —

 

 

142

 

Africa

 

 

280

 

 

 —

 

 

 —

 

 

 —

 

 

280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,529

 

$

210

 

$

64

 

$

14

 

$

1,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

264

 

$

 —

 

$

 —

 

$

 —

 

$

264

 

Phoenix

 

 

24

 

 

30

 

 

15

 

 

11

 

 

80

 

Twin Creeks

 

 

102

 

 

 —

 

 

 —

 

 

 —

 

 

102

 

Long Canyon

 

 

39

 

 

 —

 

 

 —

 

 

 —

 

 

39

 

CC&V

 

 

150

 

 

 6

 

 

 —

 

 

 —

 

 

156

 

North America

 

 

579

 

 

36

 

 

15

 

 

11

 

 

641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

179

 

 

 —

 

 

 —

 

 

 —

 

 

179

 

Merian

 

 

133

 

 

 —

 

 

 —

 

 

 —

 

 

133

 

South America

 

 

312

 

 

 —

 

 

 —

 

 

 —

 

 

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

59

 

 

169

 

 

45

 

 

 —

 

 

273

 

Tanami

 

 

92

 

 

 —

 

 

 —

 

 

 —

 

 

92

 

Kalgoorlie

 

 

104

 

 

 —

 

 

 —

 

 

 —

 

 

104

 

Australia

 

 

255

 

 

169

 

 

45

 

 

 —

 

 

469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

114

 

 

 —

 

 

 —

 

 

 —

 

 

114

 

Akyem

 

 

154

 

 

 —

 

 

 —

 

 

 —

 

 

154

 

Africa

 

 

268

 

 

 —

 

 

 —

 

 

 —

 

 

268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,414

 

$

205

 

$

60

 

$

11

 

$

1,690

 

 

The following table details the receivables included within Trade receivables:

 

 

 

 

 

 

 

 

 

 

   At March 31,    

 

At December 31, 

 

 

 

2018

 

2017

 

Receivables from Sales:

 

 

 

 

 

 

 

Gold sales from doré

 

$

50

 

$

 —

 

Gold and copper sales from concentrate production

 

 

159

 

 

117

 

Copper sales from cathode production

 

 

 2

 

 

7

 

Total receivables from Sales

 

$

211

 

$

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 of $1 and $2, respectively, for the three months ended March 31, 2018 and an increase of $11 and $7, respectively, for the three months ended March 31, 2017.  

The impact to Sales from revenue recognized in current and previous periods due to the changes in the final pricing is an increase (decrease) of $(2) and $12 for the three months ended March 31, 2018 and 2017, respectively.

The following tables summarize the impacts of adopting this standard on the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2018:  

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

1,817

 

$

(105)

 

$

1,712

 

Costs applicable to sales

 

$

1,029

 

$

(62)

 

$

967

 

Depreciation and amortization

 

$

301

 

$

(14)

 

$

287

 

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

 

$

283

 

$

(29)

 

$

254

 

Income and mining tax benefit (expense)

 

$

(105)

 

$

 8

 

$

(97)

 

Net income (loss)

 

$

191

 

$

(21)

 

$

170

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

170

 

$

(21)

 

$

149

 

Discontinued operations 

 

 

22

 

 

 —

 

 

22

 

 

 

$

192

 

$

(21)

 

$

171

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

(0.04)

 

$

0.28

 

Discontinued operations 

 

 

0.04

 

 

 —

 

 

0.04

 

 

 

$

0.36

 

$

(0.04)

 

$

0.32

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

(0.04)

 

$

0.28

 

Discontinued operations 

 

 

0.04

 

 

 —

 

 

0.04

 

 

 

$

0.36

 

$

(0.04)

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of  Cash Flows

 

As Reported

 

Change

 

of ASC 606

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

191

 

$

(21)

 

$

170

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

301

 

$

(14)

 

$

287

 

Deferred income taxes 

 

$

10

 

$

(2)

 

$

 8

 

Net change in operating assets and liabilities

 

$

(351)

 

$

37

 

$

(314)

 

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

 

$

266

 

$

 —

 

$

266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Balance Sheet

 

As Reported

 

Change

 

of ASC 606

 

Trade receivables

 

$

211

 

$

(108)

 

$

103

 

Inventories

 

$

657

 

$

79

 

$

736

 

Deferred income tax assets

 

$

500

 

$

 2

 

$

502

 

Total assets

 

$

20,483

 

$

(27)

 

$

20,456

 

Income and mining taxes payable

 

$

216

 

$

(6)

 

$

210

 

Total liabilities

 

$

8,928

 

$

(6)

 

$

8,922

 

Retained earnings

 

$

380

 

$

(21)

 

$

359

 

Newmont stockholders' equity

 

$

10,575

 

$

(21)

 

$

10,554

 

Total equity

 

$

11,555

 

$

(21)

 

$

11,534

 

Total liabilities and equity

 

$

20,483

 

$

(27)

 

$

20,456

 

.

v3.8.0.1
RECLAMATION AND REMEDIATION
3 Months Ended
Mar. 31, 2018
RECLAMATION AND REMEDIATION  
RECLAMATION AND REMEDIATION

NOTE 6     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 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Reclamation accretion

 

$

24

 

$

23

 

 

 

 

 

 

 

 

 

Remediation adjustments

 

$

 3

 

$

 5

 

Remediation accretion

 

 

 1

 

 

 1

 

Total remediation expense

 

$

 4

 

$

 6

 

 

 

$

28

 

$

29

 

 

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 

 

 

 —

 

 

(1)

 

Payments, net

 

 

(5)

 

 

(5)

 

Accretion expense 

 

 

24

 

 

23

 

Reclamation balance at March 31, 

 

$

2,163

 

$

1,930

 

 

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Remediation balance at January 1,

 

$

304

 

$

312

 

Additions, changes in estimates and other 

 

 

 —

 

 

 2

 

Payments, net

 

 

(5)

 

 

(8)

 

Accretion expense 

 

 

 1

 

 

 1

 

Remediation balance at March 31, 

 

$

300

 

$

307

 

 

The current portion of reclamation liabilities was $60 at March 31, 2018 and December 31, 2017, and was included in Other current liabilities. The current portion of remediation liabilities was $45 at March 31, 2018 and  $43 as of December 31, 2017, and was included in Other current liabilities. At March 31, 2018 and December 31, 2017,  $2,163 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 March 31, 2018 and December 31, 2017,  $300 and $304, respectively, were accrued for such environmental remediation obligations.

Non-current restricted cash held for purposes of settling reclamation and remediation obligations was $34 at March 31, 2018 and $38 at December 31, 2017. Of the amounts at March 31, 2018,  $25 was related to the Ahafo and Akyem mines in Ghana, Africa,  $8  was related to the Con mine in Yellowknife, NWT, Canada, and $1 was related to the San Jose Reservoir in Yanacocha, Peru. Of the amounts 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 site.

Included in Other non-current assets at March 31, 2018 and December 31, 2017, was $68 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, Midnite mine site and for various locations in Nevada.  

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

v3.8.0.1
OTHER EXPENSE, NET
3 Months Ended
Mar. 31, 2018
OTHER EXPENSE, NET  
OTHER EXPENSE, NET

NOTE 7     OTHER EXPENSE, NET

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Restructuring and other

 

$

 6

 

$

 7

 

Impairment of long-lived assets

 

 

 —

 

 

 3

 

Acquisition cost adjustments

 

 

 —

 

 

 2

 

Other

 

 

 5

 

 

 5

 

 

 

$

11

 

$

17

 

 

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

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.

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

v3.8.0.1
OTHER INCOME, NET
3 Months Ended
Mar. 31, 2018
OTHER INCOME, NET.  
OTHER INCOME, NET

NOTE 8     OTHER INCOME, NET

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Interest

 

$

11

 

$

 4

 

Foreign currency exchange, net 

 

 

 7

 

 

(17)

 

Gain (loss) on asset and investment sales, net

 

 

(1)

 

 

 2

 

Other 

 

 

 4

 

 

 2

 

 

 

$

21

 

$

(9)

 

 

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.

v3.8.0.1
INCOME AND MINING TAXES
3 Months Ended
Mar. 31, 2018
INCOME AND MINING TAXES  
INCOME AND MINING TAXES

NOTE 9     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 March 31, 

 

 

 

  

2018

      

2017

    

 

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

 

 

 

$

283

 

 

 

$

194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal statutory tax rate

 

21

%  

$

59

 

35

%  

$

68

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(6)

 

 

(17)

 

(17)

 

 

(32)

 

 

Change in valuation allowance on deferred tax assets

 

 6

 

 

18

 

35

 

 

67

 

 

Mining and other taxes

 

 7

 

 

21

 

10

 

 

19

 

 

Foreign rate differential

 

11

 

 

31

 

 —

 

 

 —

 

 

U.S. tax effect of noncontrolling interest attributable to non-U.S. investees

 

(3)

 

 

(9)

 

 —

 

 

 —

 

 

Other

 

 1

 

 

 2

 

(6)

 

 

(11)

 

 

Income and mining tax expense

 

37

%

$

105

 

57

%

$

111

 

 

 

The Company continues to assess the income tax effects of the Act which was enacted on December 22, 2017. The Company anticipates completing the analysis within the one year measurement period. There are no new estimates or finalized income tax items associated with the Act included in the income tax expense for the three months ended March 31, 2018.

v3.8.0.1
DISCONTINUED OPERATIONS
3 Months Ended
Mar. 31, 2018
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

 NOTE 10     NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS

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

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2018

    

2017

  

Holt royalty obligation

 

$

19

 

$

(23)

 

Batu Hijau contingent consideration (1)

 

 

 3

 

 

 —

 

Net income (loss) from discontinued operations

 

$

22

 

$

(23)

 


(1)

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

The Holt Royalty Obligation

At March 31, 2018 and December 31, 2017, the estimated fair value of the Holt royalty obligation was $217 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 months ended March 31, 2018 and 2017, the Company recorded a gain (loss) of $19 and $(23), net of tax benefit (expense) of $(4) and $13, respectively, related to the Holt royalty obligation. 

The Company paid $3 during the three months ended March 31, 2018 and 2017, related to the Holt royalty obligation.  Refer to Note 15 for additional information on the Holt royalty obligation.

v3.8.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2018
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

NOTE 11     NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

 

2018

 

2017

 

Merian

    

$

17

    

$

13

 

Yanacocha

 

 

(18)

 

 

(1)

 

Other 

 

 

 —

 

 

(1)

 

 

 

$

(1)

 

$

11

 

 

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, Yanacocha repurchased 64 million shares (a 5% ownership) 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%). Newmont consolidates Yanacocha in its Condensed Consolidated Financial Statements due to a majority voting interest.

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

 

 

 

 

 

 

 

 

 

 

   At March 31,    

 

At December 31, 

 

 

 

2018

    

2017

 

Current assets:

    

 

 

 

 

 

 

Cash and cash equivalents

 

$

54

 

$

27

 

Trade receivables

 

 

42

 

 

 —

 

Inventories

 

 

76

 

 

79

 

Stockpiles and ore on leach pads

 

 

21

 

 

21

 

Other current assets (1)

 

 

 4

 

 

 6

 

 

 

 

197

 

 

133

 

Non-current assets:

 

 

 

 

 

 

 

Property, plant and mine development, net

 

 

771

 

 

769

 

Other non-current assets (2)

 

 

12

 

 

 8

 

Total assets

 

$

980

 

$

910

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Other current liabilities (3)

 

$

52

 

$

50

 

 

 

 

52

 

 

50

 

Non-current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

 

18

 

 

18

 

Other non-current liabilities (4)

 

 

 1

 

 

 1

 

Total liabilities

 

$

71

 

$

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 accounts payable, employee-related benefits and other current liabilities.

(4)

Other non-current liabilities include employee-related benefits.

 

v3.8.0.1
NET INCOME (LOSS) PER SHARE
3 Months Ended
Mar. 31, 2018
NET INCOME (LOSS) PER COMMON SHARE  
NEWMONT EQUITY AND INCOME (LOSS) PER SHARE

NOTE 12    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 

 

 

 

March 31, 

 

 

    

2018

    

2017

    

Net income (loss) attributable to Newmont stockholders: 

 

 

 

 

 

 

 

Continuing operations

 

$

170

 

$

70

 

Discontinued operations 

 

 

22

 

 

(23)

 

 

 

$

192

 

$

47

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

Basic 

 

 

534

 

 

532

 

Effect of employee stock-based awards 

 

 

 1

 

 

 1

 

Diluted 

 

 

535

 

 

533

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

0.13

 

Discontinued operations 

 

 

0.04

 

 

(0.04)

 

 

 

$

0.36

 

$

0.09

 

Diluted:

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

0.13

 

Discontinued operations 

 

 

0.04

 

 

(0.04)

 

 

 

$

0.36

 

$

0.09

 

 

During the three months ended March 31, 2018, the Company repurchased and retired approximately 1.7 million shares of its common stock for $64. Additionally, during the three months ended March 31, 2018, the Company withheld 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.

v3.8.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS
3 Months Ended
Mar. 31, 2018
EMPLOYEE PENSION AND OTHER BENEFIT PLANS  
EMPLOYEE PENSION AND OTHER BENEFIT PLANS

NOTE 13    EMPLOYEE PENSION AND OTHER BENEFIT PLANS

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Pension benefit costs, net (1):

 

 

 

 

 

 

 

Service cost

 

$

 8

 

$

 7

 

Interest cost

 

 

10

 

 

11

 

Expected return on plan assets

 

 

(17)

 

 

(15)

 

Amortization, net

 

 

 8

 

 

 7

 

Settlements

 

 

 —

 

 

 4

 

 

 

$

 9

 

$

14

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Other benefit costs, net (1):

 

 

 

 

 

 

 

Interest cost

 

$

 1

 

$

 1

 

Amortization, net

 

 

(2)

 

 

(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.

.

v3.8.0.1
STOCK-BASED COMPENSATION
3 Months Ended
Mar. 31, 2018
STOCK-BASED COMPENSATION  
STOCK BASED COMPENSATION

NOTE 14    STOCK-BASED COMPENSATION

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Stock-based compensation:

 

 

 

 

 

 

 

Performance leveraged stock units

 

$

 9

 

$

 8

 

Restricted stock units

 

 

10

 

 

 7

 

Strategic stock units

 

 

 —

 

 

 1

 

 

 

$

19

 

$

16

 

 

v3.8.0.1
FAIR VALUE ACCOUNTING
3 Months Ended
Mar. 31, 2018
FAIR VALUE ACCOUNTING  
FAIR VALUE ACCOUNTING

NOTE 15    FAIR VALUE ACCOUNTING

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

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

Level 2       Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3       Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at March 31, 2018

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,111

 

$

3,111

 

$

 —

 

$

 —

 

Restricted cash

 

 

35

 

 

35

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

152

 

 

 —

 

 

152

 

 

 —

 

Diesel forward derivative contracts

 

 

 5

 

 

 —

 

 

 5

 

 

 —

 

Marketable equity securities

 

 

163

 

 

163

 

 

 —

 

 

 —

 

Restricted marketable debt securities

 

 

61

 

 

22

 

 

39

 

 

 —

 

Restricted other assets

 

 

 7

 

 

 7

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

27

 

 

 —

 

 

 —

 

 

27

 

 

 

$

3,561

 

$

3,338

 

$

196

 

$

27

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,518

 

$

 —

 

$

4,518

 

$

 —

 

Holt royalty obligation

 

 

217

 

 

 —

 

 

 —

 

 

217

 

 

 

$

4,735

 

$

 —

 

$

4,518

 

$

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $4,041 and $4,040 at March 31, 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 16. All other fair value disclosures in the above table are presented on a gross basis.

The Company’s cash and cash equivalent and restricted cash (which includes restricted cash and cash equivalent) instruments 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 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 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 March 31, 2018 and December 31, 2017:  

 

 

 

 

 

 

 

 

 

 

 

 

 

    

   At March 31,   

    

 

    

 

    

Range/Weighted

 

Description

    

2018

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

27

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.16

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

217

 

Monte Carlo

 

Discount rate

 

 

3.82

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,329

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

350 - 1,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

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

 

 

 

 —

 

 

 —

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 4

 

 

 4

 

 

(23)

 

 

(23)

 

Fair value at March 31, 2018

 

 

$

27

 

$

27

 

$

217

 

$

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

36

 

 

36

 

Fair value at March 31, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

220

 

$

220

 


(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.

.

v3.8.0.1
DERIVATIVE INSTRUMENTS
3 Months Ended
Mar. 31, 2018
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

NOTE 16    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 Company’s final Australian dollar foreign currency forwards expired during the quarter.

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 has the following diesel derivative contracts outstanding at March 31, 2018: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Maturity Date

 

 

 

 

 

 

 

 

 

 

 

Total/

 

 

 

2018

    

2019

    

2020

    

2021

 

Average

 

Diesel Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

12

 

 3

 

 2

 

 —

 

17

 

Average rate ($/gallon)

 

1.67

 

1.78

 

1.93

 

1.90

 

1.73

 

 

 

 

 

 

 

 

 

 

 

 

 

South America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 —

 

 —

 

 1

 

 —

 

 1

 

Average rate ($/gallon)

 

 —

 

 —

 

1.87

 

1.87

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

 

 

 

Diesel barrels (thousands) 

 

 —

 

 —

 

45

 

 —

 

45

 

Average rate ($/barrel)

 

 —

 

 —

 

75.84

 

 —

 

75.84

 

 

The hedging instruments at the sites above consist of a series of financially settled fixed forward contracts, which run through the first quarter of 2021 in North America, the first quarter of 2021 in South America, and the third quarter of 2020 in Australia.

Derivative Instrument Fair Values

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At March 31, 2018

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

Diesel fixed forwards

 

$

 5

 

$

 —

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 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 March 31, 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 March 31, 

 

 

    

2018

    

2017

    

Total Costs Applicable to Sales

 

$

1,029

 

$

957

 

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

 

$

(2)

 

$

 2

 

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

 

$

 3

 

$

 8

 

 

 

 

 

 

 

 

 

Total Interest expense, net

 

$

53

 

$

67

 

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

 

$

 3

 

$

 2

 

 

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 March 31, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 —

 

$

(4)

 

$

(1)

 

$

 3

 

$

 —

 

$

 —

 

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

 

$

 3

 

$

 8

 

$

(2)

 

$

 2

 

$

 3

 

$

 2

 

 

 

At March 31, 2018, the amount expected to be reclassified from Accumulated other comprehensive income (loss), net of tax to income during the next 12 months is a loss of approximately $6.

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 15 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 March 31, 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.

At March 31, 2018, Newmont had gold and copper sales of 97,000 ounces and 20 million pounds priced at an average of $1,328 per ounce and $3.04 per pound, respectively, subject to final pricing over the next several months.

v3.8.0.1
INVESTMENTS
3 Months Ended
Mar. 31, 2018
INVESTMENTS  
INVESTMENTS

NOTE 17    INVESTMENTS

 

 

 

 

 

 

 

At March 31, 2018

 

 

 

Fair Value/

 

 

    

Equity Basis (1)

 

Current: 

 

 

 

 

Marketable equity securities

 

$

59

 

 

 

 

 

 

Non-current: 

 

 

 

 

Marketable equity securities:

 

 

 

 

Continental Gold Inc.

 

$

103

 

Other marketable equity securities

 

 

 1

 

 

 

 

104

 

 

 

 

 

 

Other investments

 

 

12

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

TMAC Resources Inc. (28.76%)

 

 

108

 

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

 

 

49

 

 

 

 

157

 

 

 

$

273

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

Marketable debt securities (3)

 

$

61

 

Other assets

 

 

 7

 

 

 

$

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Other marketable equity securities

 

 

 4

 

 

 —

 

 

(2)

 

 

 2

 

 

 

 

113

 

 

 —

 

 

(10)

 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

12

 

 

 —

 

 

 —

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 adopting ASU No. 2016-01 as of January 1, 2018, gains and losses related to marketable equity securities are recorded in Other income, net. Previously, gains and losses related to 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 6.

(3)

There was $1 of unrealized gain recorded in Accumulated other comprehensive income (loss) as of March 31, 2018, related to marketable debt securities.

.

v3.8.0.1
INVENTORIES
3 Months Ended
Mar. 31, 2018
Inventories  
INVENTORIES  
INVENTORIES

NOTE 18    INVENTORIES

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Materials and supplies

 

$

421

 

$

416

 

In-process

 

 

121

 

 

131

 

Concentrate and copper cathode

 

 

75

 

 

83

 

Precious metals

 

 

40

 

 

49

 

 

 

$

657

 

$

679

 

 

v3.8.0.1
STOCKPILES AND ORE ON LEACH PADS
3 Months Ended
Mar. 31, 2018
Stockpiles and ore on leach pads  
STOCKPILES AND ORE ON LEACH PADS  
STOCKPILES AND ORE ON LEACH PADS

NOTE 19    STOCKPILES AND ORE ON LEACH PADS

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Current:

 

 

   

 

 

   

 

Stockpiles

 

$

304

 

$

330

 

Ore on leach pads

 

 

336

 

 

346

 

 

 

$

640

 

$

676

 

Non-current:

 

 

   

 

 

   

 

Stockpiles

 

$

1,514

 

$

1,502

 

Ore on leach pads

 

 

383

 

 

346

 

 

 

$

1,897

 

$

1,848

 

 

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

 

$

440

 

$

441

 

Phoenix

 

 

67

 

 

68

 

Twin Creeks

 

 

334

 

 

340

 

Long Canyon

 

 

43

 

 

34

 

CC&V

 

 

328

 

 

314

 

Yanacocha

 

 

259

 

 

270

 

Merian

 

 

29

 

 

25

 

Boddington

 

 

448

 

 

431

 

Tanami

 

 

 3

 

 

 4

 

Kalgoorlie

 

 

130

 

 

125

 

Ahafo

 

 

398

 

 

409

 

Akyem

 

 

58

 

 

63

 

 

 

$

2,537

 

$

2,524

 

 

During the three months ended March 31, 2018, the Company recorded write-downs of $79 and $29, classified as components of Costs applicable to sale and Depreciation and amortization, respectively, 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 March 31, 2018,  $26 is related to Carlin, $16 to Twin Creeks, $24 to Yanacocha, $20 to Ahafo and $22 to Akyem.

During the three months ended March 31, 2017, the Company recorded write-downs of $40 and $13, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended March 31, 2017, $23 was related to Carlin, $4 to Twin Creeks, $8 to Yanacocha and $18 to Ahafo.

v3.8.0.1
DEBT
3 Months Ended
Mar. 31, 2018
DEBT  
DEBT

NOTE 20    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. Scheduled minimum capital lease repayments are $3 for the remainder of 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 March 31, 2018, the financing obligations under the build-to-suit arrangements were $44, of which $3 was classified as current.

v3.8.0.1
OTHER LIABILITIES
3 Months Ended
Mar. 31, 2018
OTHER LIABILITIES  
OTHER LIABILITIES

NOTE 21    OTHER LIABILITIES

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

    

Other current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

$

105

 

$

103

 

Accrued operating costs

 

 

103

 

 

124

 

Accrued capital expenditures

 

 

71

 

 

77

 

Accrued interest

 

 

62

 

 

52

 

Royalties

 

 

34

 

 

63

 

Holt royalty obligation

 

 

15

 

 

15

 

Taxes other than income and mining

 

 

 8

 

 

 7

 

Derivative instruments

 

 

 —

 

 

 1

 

Other

 

 

 9

 

 

20

 

 

 

$

407

 

$

462

 

 

 

 

 

 

 

 

 

Other non-current liabilities:

 

 

 

 

 

 

 

Holt royalty obligation

 

$

202

 

$

228

 

Income and mining taxes 

 

 

47

 

 

47

 

Power supply agreements

 

 

31

 

 

32

 

Social development obligations

 

 

22

 

 

22

 

Other 

 

 

 9

 

 

13

 

 

 

$

311

 

$

342

 

 

v3.8.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
3 Months Ended
Mar. 31, 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

 

 

 2

 

 

(3)

 

 

 —

 

 

 1

 

 

 —

 

Reclassifications from accumulated other comprehensive income (loss)

 

 

 —

 

 

 —

 

 

 5

 

 

 3

 

 

 8

 

Other comprehensive income (loss)

 

$

 2

 

$

(3)

 

$

 5

 

$

 4

 

$

 8

 

Balance at March 31, 2018

 

$

 1

 

$

127

 

$

(203)

 

$

(94)

 

$

(169)

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 

 

 

 

 

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 6

 

Other income, net

 

Settlements

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

10

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 5

 

$

 6

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 1

 

$

10

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 2

 

Interest expense, net

 

Total before tax

 

 

 4

 

 

12

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 3

 

$

 8

 

 

 

Total reclassifications for the period, net of tax

 

$

 8

 

$

14

 

 

 

 

v3.8.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES
3 Months Ended
Mar. 31, 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:   

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

 

2018

 

2017

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables 

    

$

(77)

    

$

39

 

Inventories, stockpiles and ore on leach pads 

 

 

(89)

 

 

(55)

 

Other assets 

 

 

(4)

 

 

(2)

 

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

 

(91)

 

 

(57)

 

Reclamation and remediation liabilities 

 

 

(10)

 

 

(13)

 

Employee related liabilities

 

 

(80)

 

 

(96)

 

 

 

$

(351)

 

$

(184)

 

 

v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
3 Months Ended
Mar. 31, 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.

Certain amounts have been retrospectively reclassified for the three months ended March 31, 2017 and at December 31, 2017 to conform to the current period presentation and reflect a change in Newmont’s Consolidated Statements of Cash Flows required with the adoption of ASU No. 2016-15 and ASU No. 2016-18, the correction of an error related to Newmont’s reclamation and remediation liabilities and other adjustments as described in Note 2.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

512

 

$

1,305

 

$

 —

 

$

1,817

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

324

 

 

705

 

 

 —

 

 

1,029

 

Depreciation and amortization 

 

 

 1

 

 

87

 

 

213

 

 

 —

 

 

301

 

Reclamation and remediation

 

 

 —

 

 

 3

 

 

25

 

 

 —

 

 

28

 

Exploration 

 

 

 —

 

 

11

 

 

29

 

 

 —

 

 

40

 

Advanced projects, research and development 

 

 

 —

 

 

 6

 

 

28

 

 

 —

 

 

34

 

General and administrative 

 

 

 —

 

 

19

 

 

40

 

 

 —

 

 

59

 

Other expense, net

 

 

 —

 

 

 1

 

 

10

 

 

 —

 

 

11

 

 

 

 

 1

 

 

451

 

 

1,050

 

 

 —

 

 

1,502

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 8

 

 

 7

 

 

 6

 

 

 —

 

 

21

 

Interest income - intercompany 

 

 

34

 

 

11

 

 

 9

 

 

(54)

 

 

 —

 

Interest expense - intercompany 

 

 

(8)

 

 

 —

 

 

(46)

 

 

54

 

 

 —

 

Interest expense, net 

 

 

(49)

 

 

(2)

 

 

(2)

 

 

 —

 

 

(53)

 

 

 

 

(15)

 

 

16

 

 

(33)

 

 

 —

 

 

(32)

 

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

 

 

(16)

 

 

77

 

 

222

 

 

 —

 

 

283

 

Income and mining tax benefit (expense)

 

 

 3

 

 

(14)

 

 

(94)

 

 

 —

 

 

(105)

 

Equity income (loss) of affiliates 

 

 

205

 

 

(57)

 

 

(9)

 

 

(148)

 

 

(9)

 

Net income (loss) from continuing operations 

 

 

192

 

 

 6

 

 

119

 

 

(148)

 

 

169

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

 

Net income (loss)

 

 

192

 

 

 6

 

 

141

 

 

(148)

 

 

191

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Net income (loss) attributable to Newmont stockholders

 

$

192

 

$

 6

 

$

142

 

$

(148)

 

$

192

 

Comprehensive income (loss)

 

$

200

 

$

 6

 

$

141

 

$

(148)

 

$

199

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

200

 

$

 6

 

$

142

 

$

(148)

 

$

200

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont Mining Corporation Consolidated

 

    

Three Months Ended March 31, 2017

 

Condensed Consolidating Statements of Operation

 

As Previously
Reported

 

Adjustments

 

As Revised

 

Sales

 

$

1,659

 

$

31

 

$

1,690

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

933

 

 

24

 

 

957

 

Depreciation and amortization 

 

 

293

 

 

 7

 

 

300

 

Reclamation and remediation

 

 

30

 

 

(1)

 

 

29

 

Exploration 

 

 

36

 

 

 —

 

 

36

 

Advanced projects, research and development 

 

 

26

 

 

 —

 

 

26

 

General and administrative 

 

 

55

 

 

 —

 

 

55

 

Other expense, net

 

 

17

 

 

 —

 

 

17

 

 

 

 

1,390

 

 

30

 

 

1,420

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

(9)

 

 

 —

 

 

(9)

 

Interest income - intercompany 

 

 

 —

 

 

 —

 

 

 —

 

Interest expense - intercompany 

 

 

 —

 

 

 —

 

 

 —

 

Interest expense, net 

 

 

(67)

 

 

 —

 

 

(67)

 

 

 

 

(76)

 

 

 —

 

 

(76)

 

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

 

 

193

 

 

 1

 

 

194

 

Income and mining tax benefit (expense)

 

 

(110)

 

 

(1)

 

 

(111)

 

Equity income (loss) of affiliates 

 

 

(2)

 

 

 —

 

 

(2)

 

Net income (loss) from continuing operations 

 

 

81

 

 

 —

 

 

81

 

Net income (loss) from discontinued operations 

 

 

(23)

 

 

 —

 

 

(23)

 

Net income (loss)

 

 

58

 

 

 —

 

 

58

 

Net loss (income) attributable to noncontrolling interests

 

 

(12)

 

 

 1

 

 

(11)

 

Net income (loss) attributable to Newmont stockholders

 

$

46

 

$

 1

 

$

47

 

Comprehensive income (loss)

 

$

70

 

$

 —

 

$

70

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

(12)

 

 

 1

 

 

(11)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

58

 

$

 1

 

$

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

 

 

 

 

 

 

 

    

Newmont Mining Corporation

 

Newmont USA

 

Other Subsidiaries

 

Eliminations

 

Condensed Consolidating Statement of Operation

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

 

Sales

 

$

 —

 

$

 —

 

$

 —

 

$

403

 

$

21

 

$

424

 

$

1,256

 

$

10

 

$

1,266

 

$

 —

 

$

 —

 

$

 —

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

 —

 

 

 —

 

 

285

 

 

18

 

 

303

 

 

648

 

 

 6

 

 

654

 

 

 —

 

 

 —

 

 

 —

 

Depreciation and amortization 

 

 

 1

 

 

 —

 

 

 1

 

 

79

 

 

 4

 

 

83

 

 

213

 

 

 3

 

 

216

 

 

 —

 

 

 —

 

 

 —

 

Reclamation and remediation

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

(1)

 

 

 3

 

 

26

 

 

 —

 

 

26

 

 

 —

 

 

 —

 

 

 —

 

Exploration 

 

 

 —

 

 

 —

 

 

 —

 

 

 9

 

 

 —

 

 

 9

 

 

27

 

 

 —

 

 

27

 

 

 —

 

 

 —

 

 

 —

 

Advanced projects, research and development 

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

 

25

 

 

 —

 

 

25

 

 

 —

 

 

 —

 

 

 —

 

General and administrative 

 

 

 —

 

 

 —

 

 

 —

 

 

17

 

 

 —

 

 

17

 

 

38

 

 

 —

 

 

38

 

 

 —

 

 

 —

 

 

 —

 

Other expense, net

 

 

 —

 

 

 —

 

 

 —

 

 

 6

 

 

 —

 

 

 6

 

 

11

 

 

 —

 

 

11

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

 1

 

 

 —

 

 

 1

 

 

401

 

 

21

 

 

422

 

 

988

 

 

 9

 

 

997

 

 

 —

 

 

 —

 

 

 —

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 3

 

 

 —

 

 

 3

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 —

 

 

(12)

 

 

 —

 

 

 —

 

 

 —

 

Interest income - intercompany 

 

 

24

 

 

 —

 

 

24

 

 

 —

 

 

 —

 

 

 —

 

 

 7

 

 

 —

 

 

 7

 

 

(31)

 

 

 —

 

 

(31)

 

Interest expense - intercompany 

 

 

(8)

 

 

 —

 

 

(8)

 

 

 —

 

 

 —

 

 

 —

 

 

(23)

 

 

 —

 

 

(23)

 

 

31

 

 

 —

 

 

31

 

Interest expense, net 

 

 

(62)

 

 

 —

 

 

(62)

 

 

(2)

 

 

 —

 

 

(2)

 

 

(3)

 

 

 —

 

 

(3)

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

(43)

 

 

 —

 

 

(43)

 

 

(2)

 

 

 —

 

 

(2)

 

 

(31)

 

 

 —

 

 

(31)

 

 

 —

 

 

 —

 

 

 —

 

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

 

 

(44)

 

 

 —

 

 

(44)

 

 

 —

 

 

 —

 

 

 —

 

 

237

 

 

 1

 

 

238

 

 

 —

 

 

 —

 

 

 —

 

Income and mining tax benefit (expense)

 

 

16

 

 

 —

 

 

16

 

 

 —

 

 

 —

 

 

 —

 

 

(126)

 

 

(1)

 

 

(127)

 

 

 —

 

 

 —

 

 

 —

 

Equity income (loss) of affiliates 

 

 

74

 

 

 1

 

 

75

 

 

(84)

 

 

 —

 

 

(84)

 

 

(1)

 

 

(1)

 

 

(2)

 

 

 9

 

 

 —

 

 

 9

 

Net income (loss) from continuing operations 

 

 

46

 

 

 1

 

 

47

 

 

(84)

 

 

 —

 

 

(84)

 

 

110

 

 

(1)

 

 

109

 

 

 9

 

 

 —

 

 

 9

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(23)

 

 

 —

 

 

(23)

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss)

 

 

46

 

 

 1

 

 

47

 

 

(84)

 

 

 —

 

 

(84)

 

 

87

 

 

(1)

 

 

86

 

 

 9

 

 

 —

 

 

 9

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 1

 

 

(11)

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss) attributable to Newmont stockholders

 

$

46

 

$

 1

 

$

47

 

$

(84)

 

$

 —

 

$

(84)

 

$

75

 

$

 —

 

$

75

 

$

 9

 

$

 —

 

$

 9

 

Comprehensive income (loss)

 

$

58

 

$

 1

 

$

59

 

$

(79)

 

$

(1)

 

$

(80)

 

$

82

 

$

 —

 

$

82

 

$

 9

 

$

 —

 

$

 9

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 1

 

 

(11)

 

 

 —

 

 

 —

 

 

 —

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

58

 

$

 1

 

$

59

 

$

(79)

 

$

(1)

 

$

(80)

 

$

70

 

$

 1

 

$

71

 

$

 9

 

$

 —

 

$

 9

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 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

 

$

(24)

 

$

75

 

$

215

 

$

 —

 

$

266

 

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

 

 

 —

 

 

 —

 

 

(3)

 

 

 —

 

 

(3)

 

Net cash provided by (used in) operating activities

 

 

(24)

 

 

75

 

 

212

 

 

 —

 

 

263

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(58)

 

 

(173)

 

 

 —

 

 

(231)

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

 2

 

 

(7)

 

 

 —

 

 

(5)

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(56)

 

 

(180)

 

 

 —

 

 

(236)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(76)

 

 

 —

 

 

 —

 

 

 —

 

 

(76)

 

Repurchase of common stock

 

 

(64)

 

 

 —

 

 

 —

 

 

 —

 

 

(64)

 

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

 

 

 —

 

 

(39)

 

 

 —

 

 

 —

 

 

(39)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

32

 

 

 —

 

 

32

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(31)

 

 

 —

 

 

(31)

 

Net intercompany borrowings (repayments)

 

 

164

 

 

20

 

 

(184)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

 

Net cash provided by (used in) financing activities

 

 

24

 

 

(19)

 

 

(184)

 

 

 —

 

 

(179)

 

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

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(152)

 

 

 —

 

 

(152)

 

Cash, cash equivalents and restricted cash at beginning of period 

 

 

 —

 

 

 —

 

 

3,298

 

 

 —

 

 

3,298

 

Cash, cash equivalents and restricted cash at end of period 

 

$

 —

 

$

 —

 

$

3,146

 

$

 —

 

$

3,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,111

 

$

 —

 

$

3,111

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

34

 

 

 —

 

 

34

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,146

 

$

 —

 

$

3,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 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

 

$

(51)

 

$

(12)

 

$

440

 

$

 —

 

$

377

 

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

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Net cash provided by (used in) operating activities

 

 

(51)

 

 

(12)

 

 

434

 

 

 —

 

 

371

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(60)

 

 

(120)

 

 

 —

 

 

(180)

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

19

 

 

 —

 

 

19

 

Other 

 

 

 —

 

 

 —

 

 

 3

 

 

 —

 

 

 3

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(60)

 

 

(98)

 

 

 —

 

 

(158)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(27)

 

 

 —

 

 

 —

 

 

 —

 

 

(27)

 

Repurchase of common stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

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

 

 

 —

 

 

(13)

 

 

 —

 

 

 —

 

 

(13)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

21

 

 

 —

 

 

21

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(32)

 

 

 —

 

 

(32)

 

Net intercompany borrowings (repayments)

 

 

78

 

 

86

 

 

(164)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

Net cash provided by (used in) financing activities

 

 

51

 

 

72

 

 

(175)

 

 

 —

 

 

(52)

 

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

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

162

 

 

 —

 

 

162

 

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 

 

$

 —

 

$

 1

 

$

2,943

 

$

 —

 

$

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 1

 

$

2,918

 

$

 —

 

$

2,919

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 1

 

$

2,943

 

$

 —

 

$

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 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 

 

$

 —

 

$

 —

 

$

3,111

 

$

 —

 

$

3,111

 

Trade receivables 

 

 

 —

 

 

48

 

 

163

 

 

 —

 

 

211

 

Other accounts receivables

 

 

 —

 

 

 3

 

 

116

 

 

 —

 

 

119

 

Intercompany receivable

 

 

1,949

 

 

4,598

 

 

3,510

 

 

(10,057)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

59

 

 

 —

 

 

59

 

Inventories 

 

 

 —

 

 

163

 

 

494

 

 

 —

 

 

657

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

195

 

 

445

 

 

 —

 

 

640

 

Other current assets

 

 

 —

 

 

35

 

 

106

 

 

 —

 

 

141

 

Current assets 

 

 

1,949

 

 

5,042

 

 

8,004

 

 

(10,057)

 

 

4,938

 

Property, plant and mine development, net 

 

 

17

 

 

3,062

 

 

9,260

 

 

(28)

 

 

12,311

 

Investments 

 

 

108

 

 

 5

 

 

160

 

 

 —

 

 

273

 

Investments in subsidiaries 

 

 

12,230

 

 

(411)

 

 

20

 

 

(11,839)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

640

 

 

1,257

 

 

 —

 

 

1,897

 

Deferred income tax assets 

 

 

81

 

 

 —

 

 

419

 

 

 —

 

 

500

 

Non-current intercompany receivable

 

 

1,669

 

 

448

 

 

1,793

 

 

(3,910)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

254

 

 

310

 

 

 —

 

 

564

 

Total assets 

 

$

16,054

 

$

9,040

 

$

21,223

 

$

(25,834)

 

$

20,483

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt 

 

$

 —

 

$

 1

 

$

 6

 

$

 —

 

$

 7

 

Accounts payable 

 

 

 —

 

 

57

 

 

274

 

 

 —

 

 

331

 

Intercompany payable

 

 

1,368

 

 

2,270

 

 

6,419

 

 

(10,057)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

85

 

 

135

 

 

 —

 

 

220

 

Income and mining taxes 

 

 

 —

 

 

 5

 

 

211

 

 

 —

 

 

216

 

Other current liabilities 

 

 

62

 

 

114

 

 

231

 

 

 —

 

 

407

 

Current liabilities 

 

 

1,430

 

 

2,532

 

 

7,276

 

 

(10,057)

 

 

1,181

 

Debt 

 

 

4,041

 

 

 3

 

 

44

 

 

 —

 

 

4,088

 

Reclamation and remediation liabilities 

 

 

 —

 

 

300

 

 

2,058

 

 

 —

 

 

2,358

 

Deferred income tax liabilities 

 

 

 —

 

 

124

 

 

472

 

 

 —

 

 

596

 

Employee-related benefits 

 

 

 1

 

 

221

 

 

172

 

 

 —

 

 

394

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

3,931

 

 

(3,938)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

19

 

 

292

 

 

 —

 

 

311

 

Total liabilities 

 

 

5,479

 

 

3,199

 

 

14,245

 

 

(13,995)

 

 

8,928

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,575

 

 

5,841

 

 

5,998

 

 

(11,839)

 

 

10,575

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

980

 

 

 —

 

 

980

 

Total equity

 

 

10,575

 

 

5,841

 

 

6,978

 

 

(11,839)

 

 

11,555

 

Total liabilities and equity

 

$

16,054

 

$

9,040

 

$

21,223

 

$

(25,834)

 

$

20,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont Mining Corporation Consolidated

 

 

At December 31, 2017

Condensed Consolidating Balance Sheet

 

As Previously Reported

 

Adjustments

 

As Revised

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,259

 

$

 —

 

$

3,259

Trade receivables 

 

 

124

 

 

 —

 

 

124

Other accounts receivables

 

 

113

 

 

 —

 

 

113

Intercompany receivable

 

 

 —

 

 

 —

 

 

 —

Investments

 

 

62

 

 

 —

 

 

62

Inventories 

 

 

679

 

 

 —

 

 

679

Stockpiles and ore on leach pads 

 

 

676

 

 

 —

 

 

676

Other current assets

 

 

153

 

 

 —

 

 

153

Current assets 

 

 

5,066

 

 

 —

 

 

5,066

Property, plant and mine development, net 

 

 

12,267

 

 

71

 

 

12,338

Investments 

 

 

280

 

 

 —

 

 

280

Investments in subsidiaries 

 

 

 —

 

 

 —

 

 

 —

Stockpiles and ore on leach pads 

 

 

1,848

 

 

 —

 

 

1,848

Deferred income tax assets 

 

 

537

 

 

12

 

 

549

Non-current intercompany receivable

 

 

 —

 

 

 —

 

 

 —

Other non-current assets 

 

 

565

 

 

 —

 

 

565

Total assets 

 

$

20,563

 

$

83

 

$

20,646

Liabilities:

 

 

 

 

 

 

 

 

 

Debt 

 

$

 4

 

$

 —

 

$

 4

Accounts payable 

 

 

375

 

 

 —

 

 

375

Intercompany payable

 

 

 —

 

 

 —

 

 

 —

Employee-related benefits 

 

 

309

 

 

 —

 

 

309

Income and mining taxes 

 

 

248

 

 

 —

 

 

248

Other current liabilities 

 

 

459

 

 

 3

 

 

462

Current liabilities 

 

 

1,395

 

 

 3

 

 

1,398

Debt 

 

 

4,061

 

 

 —

 

 

4,061

Reclamation and remediation liabilities 

 

 

2,154

 

 

191

 

 

2,345

Deferred income tax liabilities 

 

 

595

 

 

 —

 

 

595

Employee-related benefits 

 

 

386

 

 

 —

 

 

386

Non-current intercompany payable

 

 

 —

 

 

 —

 

 

 —

Other non-current liabilities 

 

 

342

 

 

 —

 

 

342

Total liabilities 

 

 

8,933

 

 

194

 

 

9,127

Equity:

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,609

 

 

(74)

 

 

10,535

Noncontrolling interests 

 

 

1,021

 

 

(37)

 

 

984

Total equity

 

 

11,630

 

 

(111)

 

 

11,519

Total liabilities and equity

 

$

20,563

 

$

83

 

$

20,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

 

 

 

 

 

 

 

    

Newmont Mining Corporation

 

Newmont USA

 

Other Subsidiaries

 

Eliminations

    

Condensed Consolidating Balance Sheet

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

3,259

 

$

 —

 

$

3,259

 

$

 —

 

$

 —

 

$

 —

 

Trade receivables 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

106

 

 

 —

 

 

106

 

 

 —

 

 

 —

 

 

 —

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

113

 

 

 —

 

 

113

 

 

 —

 

 

 —

 

 

 —

 

Intercompany receivable

 

 

2,053

 

 

 —

 

 

2,053

 

 

4,601

 

 

 —

 

 

4,601

 

 

3,484

 

 

 —

 

 

3,484

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Investments

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

62

 

 

 —

 

 

62

 

 

 —

 

 

 —

 

 

 —

 

Inventories 

 

 

 —

 

 

 —

 

 

 —

 

 

181

 

 

 —

 

 

181

 

 

498

 

 

 —

 

 

498

 

 

 —

 

 

 —

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

 —

 

 

 —

 

 

196

 

 

 —

 

 

196

 

 

480

 

 

 —

 

 

480

 

 

 —

 

 

 —

 

 

 —

 

Other current assets

 

 

 —

 

 

 —

 

 

 —

 

 

38

 

 

 —

 

 

38

 

 

115

 

 

 —

 

 

115

 

 

 —

 

 

 —

 

 

 —

 

Current assets 

 

 

2,053

 

 

 —

 

 

2,053

 

 

5,034

 

 

 —

 

 

5,034

 

 

8,117

 

 

 —

 

 

8,117

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Property, plant and mine development, net 

 

 

17

 

 

 —

 

 

17

 

 

3,067

 

 

15

 

 

3,082

 

 

9,210

 

 

56

 

 

9,266

 

 

(27)

 

 

 —

 

 

(27)

 

Investments 

 

 

106

 

 

 —

 

 

106

 

 

 4

 

 

 —

 

 

 4

 

 

170

 

 

 —

 

 

170

 

 

 —

 

 

 —

 

 

 —

 

Investments in subsidiaries 

 

 

12,086

 

 

(74)

 

 

12,012

 

 

(311)

 

 

 —

 

 

(311)

 

 

 —

 

 

 —

 

 

 —

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

 —

 

 

 —

 

 

648

 

 

 —

 

 

648

 

 

1,200

 

 

 —

 

 

1,200

 

 

 —

 

 

 —

 

 

 —

 

Deferred income tax assets 

 

 

84

 

 

 —

 

 

84

 

 

(1)

 

 

 6

 

 

 5

 

 

454

 

 

 6

 

 

460

 

 

 —

 

 

 —

 

 

 —

 

Non-current intercompany receivable

 

 

1,700

 

 

 —

 

 

1,700

 

 

401

 

 

 —

 

 

401

 

 

 7

 

 

 —

 

 

 7

 

 

(2,108)

 

 

 —

 

 

(2,108)

 

Other non-current assets 

 

 

 —

 

 

 —

 

 

 —

 

 

255

 

 

 —

 

 

255

 

 

310

 

 

 —

 

 

310

 

 

 —

 

 

 —

 

 

 —

 

Total assets 

 

$

16,046

 

$

(74)

 

$

15,972

 

$

9,097

 

$

21

 

$

9,118

 

$

19,468

 

$

62

 

$

19,530

 

$

(24,048)

 

$

74

 

$

(23,974)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt 

 

$

 —

 

$

 —

 

$

 —

 

$

 1

 

$

 —

 

$

 1

 

$

 3

 

$

 —

 

$

 3

 

$

 —

 

$

 —

 

$

 —

 

Accounts payable 

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

 

 —

 

 

83

 

 

292

 

 

 —

 

 

292

 

 

 —

 

 

 —

 

 

 —

 

Intercompany payable

 

 

1,338

 

 

 —

 

 

1,338

 

 

2,145

 

 

 —

 

 

2,145

 

 

6,655

 

 

 —

 

 

6,655

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Employee-related benefits 

 

 

 —

 

 

 —

 

 

 —

 

 

143

 

 

 —

 

 

143

 

 

166

 

 

 —

 

 

166

 

 

 —

 

 

 —

 

 

 —

 

Income and mining taxes 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

230

 

 

 —

 

 

230

 

 

 —

 

 

 —

 

 

 —

 

Other current liabilities 

 

 

52

 

 

 —

 

 

52

 

 

163

 

 

 —

 

 

163

 

 

244

 

 

 3

 

 

247

 

 

 —

 

 

 —

 

 

 —

 

Current liabilities 

 

 

1,390

 

 

 —

 

 

1,390

 

 

2,553

 

 

 —

 

 

2,553

 

 

7,590

 

 

 3

 

 

7,593

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Debt 

 

 

4,040

 

 

 —

 

 

4,040

 

 

 4

 

 

 —

 

 

 4

 

 

17

 

 

 —

 

 

17

 

 

 —

 

 

 —

 

 

 —

 

Reclamation and remediation liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

287

 

 

22

 

 

309

 

 

1,867

 

 

169

 

 

2,036

 

 

 —

 

 

 —

 

 

 —

 

Deferred income tax liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

121

 

 

 —

 

 

121

 

 

474

 

 

 —

 

 

474

 

 

 —

 

 

 —

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

 —

 

 

 —

 

 

222

 

 

 —

 

 

222

 

 

164

 

 

 —

 

 

164

 

 

 —

 

 

 —

 

 

 —

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

 7

 

 

 —

 

 

 —

 

 

 —

 

 

2,128

 

 

 —

 

 

2,128

 

 

(2,135)

 

 

 —

 

 

(2,135)

 

Other non-current liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

324

 

 

 —

 

 

324

 

 

 —

 

 

 —

 

 

 —

 

Total liabilities 

 

 

5,437

 

 

 —

 

 

5,437

 

 

3,205

 

 

22

 

 

3,227

 

 

12,564

 

 

172

 

 

12,736

 

 

(12,273)

 

 

 —

 

 

(12,273)

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,609

 

 

(74)

 

 

10,535

 

 

5,892

 

 

(1)

 

 

5,891

 

 

5,883

 

 

(73)

 

 

5,810

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,021

 

 

(37)

 

 

984

 

 

 —

 

 

 —

 

 

 —

 

Total equity

 

 

10,609

 

 

(74)

 

 

10,535

 

 

5,892

 

 

(1)

 

 

5,891

 

 

6,904

 

 

(110)

 

 

6,794

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Total liabilities and equity

 

$

16,046

 

$

(74)

 

$

15,972

 

$

9,097

 

$

21

 

$

9,118

 

$

19,468

 

$

62

 

$

19,530

 

$

(24,048)

 

$

74

 

$

(23,974)

 

 

v3.8.0.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

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 4. 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

The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations so as to protect the public health and environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures.

Estimated future reclamation costs are based principally on legal and regulatory requirements. At March 31, 2018 and December 31, 2017,  $2,163 and $2,144, respectively, were accrued for reclamation costs relating to currently or recently producing mineral properties in accordance with asset retirement obligation guidance. The current portion of $60 at March 31, 2018 and December 31, 2017, is included in Other current liabilities.  

In addition, the Company is involved in several matters concerning environmental obligations associated with former mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The Company believes that the related environmental obligations associated with these sites are similar in nature with respect to the development of remediation plans, their risk profile and the compliance required to meet general environmental standards. Based upon the Company’s best estimate of its liability for these matters, $300 and $304 were accrued for such obligations at March 31, 2018 and December 31, 2017, respectively. These amounts are included in Other current liabilities and Reclamation and remediation liabilities.  Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the remediation liability for these matters could be as much as 42% greater or 0% lower than the amount accrued at March 31, 2018. 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.

Refer to Note 6 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 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 NPDES permit). Subsequently, the new NPDES permit was received in 2017 and new WTP design will re-commence in 2018.

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 exception of the embankment erosion protection anticipated to be completed in 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 $185 at March 31, 2018.

Other Legal Matters

Minera Yanacocha S.R.L. - 54.05% 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 and 2017, 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 27,140 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 $35). 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 $75. 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. 

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 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.

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 4 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. 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 and quantity fluctuations 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, the 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 $2 for the three months ended March 31, 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 and in January 2018 by ASU 2018-01. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. 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 reviewed a sample of contracts that are representative of the Company’s various contracts. Management is still completing its assessment of the impacts; however, based on the sample reviewed, management anticipates certain service contracts will contain embedded leases under the revised guidance. The Company continues to assess other potential impacts of the new standard. Based on preliminary findings, the Company expects that the majority of its identified leases will be required to be reported on the Consolidated Balance Sheets; however, the Company expects there will be minimal impacts to the Consolidated Statements of Operations. The Company expects to have an update to the impacts of the standard in upcoming quarters.

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.

v3.8.0.1
REVISION OF FINANCIAL STATEMENTS (Tables)
3 Months Ended
Mar. 31, 2018
ASU Adoption 2016-15 and 2016-18 and Immaterial restatements  
REVISION OF FINANCIAL STATEMENTS  
Schedule of revisions of previously issued financial statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

Condensed Consolidated Statement of Operations

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

Other Adjustments

 

As Revised

    

Sales

 

$

1,659

 

$

 —

 

$

31

 

$

1,690

 

Costs applicable to sales

 

$

933

 

$

 —

 

$

24

 

$

957

 

Depreciation and amortization

 

$

293

 

$

 1

 

$

6

 

$

300

 

Reclamation and remediation

 

$

30

 

$

(1)

 

$

 —

 

$

29

 

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

 

$

193

 

$

 —

 

$

1

 

$

194

 

Income and mining tax benefit (expense)

 

$

(110)

 

$

(1)

 

$

 —

 

$

(111)

 

Net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

81

 

$

(1)

 

$

1

 

$

81

 

Discontinued operations

 

 

(23)

 

 

 —

 

 

 —

 

 

(23)

 

 

 

$

58

 

$

(1)

 

$

1

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (income) attributable to noncontrolling interests

 

$

(12)

 

$

 1

 

$

 —

 

$

(11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

69

 

$

 —

 

$

1

 

$

70

 

Discontinued operations

 

 

(23)

 

 

 —

 

 

 —

 

 

(23)

 

 

 

$

46

 

$

 —

 

$

1

 

$

47

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

 —

 

$

 —

 

$

0.13

 

Discontinued operations

 

 

(0.04)

 

 

 —

 

 

 —

 

 

(0.04)

 

 

 

$

0.09

 

$

 —

 

$

 —

 

$

0.09

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

 —

 

$

 —

 

$

0.13

 

Discontinued operations

 

 

(0.04)

 

 

 —

 

 

 —

 

 

(0.04)

 

 

 

$

0.09

 

$

 —

 

$

 —

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

Condensed Consolidated Statement of  Cash Flows

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

Other Adjustments

 

ASU Adoption Revision

    

As Revised

    

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

58

 

$

(1)

 

$

 1

 

$

 —

 

$

58

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

293

 

$

 1

 

$

 6

 

$

 —

 

$

300

 

Reclamation and remediation

 

$

29

 

$

(1)

 

$

 —

 

$

 —

 

$

28

 

Deferred income taxes

 

$

56

 

$

 1

 

$

 —

 

$

 —

 

$

57

 

Net change in operating assets and liabilities

 

$

(175)

 

$

 —

 

$

(7)

 

$

(2)

 

$

(184)

 

Net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

379

 

$

 —

 

$

 —

 

$

(2)

 

$

377

 

Discontinued operations

 

 

(6)

 

 

 —

 

 

 —

 

 

 —

 

 

(6)

 

 

 

$

373

 

$

 —

 

$

 —

 

$

(2)

 

$

371

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisitions, net

 

$

(2)

 

$

 —

 

$

 —

 

$

 2

 

$

 —

 

Net cash provided by (used in) investing activities

 

$

(160)

 

$

 —

 

$

 —

 

$

 2

 

$

(158)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 2

 

$

 —

 

$

 —

 

$

(1)

 

$

 1

 

Net change in cash, cash equivalents and restricted cash

 

$

163

 

$

 —

 

$

 —

 

$

(1)

 

$

162

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

2,756

 

 

 —

 

 

 —

 

 

26

 

 

2,782

 

Cash, cash equivalents and restricted cash at end of period

 

$

2,919

 

$

 —

 

$

 —

 

$

25

 

$

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2017

 

Condensed Consolidated Balance Sheet

    

As Previously Reported

    

Reclamation and Remediation Adjustments

    

As Revised

 

Property, plant and mine development

 

$

12,267

 

$

71

 

$

12,338

 

Deferred income tax assets

 

$

537

 

$

12

 

$

549

 

Total assets

 

$

20,563

 

$

83

 

$

20,646

 

Other current liabilities (1)

 

$

459

 

$

 3

 

$

462

 

Reclamation and remediation liabilities (2)

 

$

2,154

 

$

191

 

$

2,345

 

Total liabilities

 

$

8,933

 

$

194

 

$

9,127

 

Retained earnings

 

$

484

 

$

(74)

 

$

410

 

Newmont stockholders' equity

 

$

10,609

 

$

(74)

 

$

10,535

 

Noncontrolling interests

 

$

1,021

 

$

(37)

 

$

984

 

Total equity

 

$

11,630

 

$

(111)

 

$

11,519

 

Total liabilities and equity

 

$

20,563

 

$

83

 

$

20,646

 


(1)

The adjustment at December 31, 2017 relates to the Company’s current Reclamation and remediation liabilities, included in Other current liabilities in the Condensed Consolidated Balance Sheets. For further information regarding our current Other current liabilities, see Note 21.

(2)

Represents non-current Reclamation and remediation liabilities.

.

v3.8.0.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

304

 

$

199

 

$

52

 

$

 7

 

$

42

 

$

30

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

100

 

 

62

 

 

15

 

 

 

 

 

 

 

 

 

 

Copper

 

 

26

 

 

16

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

126

 

 

78

 

 

19

 

 

 1

 

 

26

 

 

 7

 

Twin Creeks

 

 

110

 

 

64

 

 

15

 

 

 2

 

 

31

 

 

18

 

Long Canyon

 

 

59

 

 

16

 

 

19

 

 

 6

 

 

19

 

 

 3

 

CC&V

 

 

83

 

 

39

 

 

15

 

 

 2

 

 

26

 

 

 9

 

Other North America

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

(6)

 

 

 2

 

North America

 

 

682

 

 

396

 

 

120

 

 

22

 

 

138

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

143

 

 

114

 

 

30

 

 

10

 

 

(28)

 

 

16

 

Merian

 

 

166

 

 

67

 

 

22

 

 

 3

 

 

74

 

 

22

 

Other South America

 

 

 —

 

 

 —

 

 

 3

 

 

 7

 

 

(16)

 

 

 —

 

South America

 

 

309

 

 

181

 

 

55

 

 

20

 

 

30

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

210

 

 

128

 

 

23

 

 

 

 

 

 

 

 

 

 

Copper

 

 

52

 

 

31

 

 

 6

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

262

 

 

159

 

 

29

 

 

 —

 

 

74

 

 

16

 

Tanami

 

 

167

 

 

76

 

 

19

 

 

 6

 

 

67

 

 

21

 

Kalgoorlie

 

 

117

 

 

60

 

 

 6

 

 

 3

 

 

48

 

 

 8

 

Other Australia

 

 

 —

 

 

 —

 

 

 1

 

 

 2

 

 

(2)

 

 

 1

 

Australia

 

 

546

 

 

295

 

 

55

 

 

11

 

 

187

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

138

 

 

90

 

 

26

 

 

 4

 

 

16

 

 

62

 

Akyem

 

 

142

 

 

67

 

 

42

 

 

 3

 

 

24

 

 

10

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(2)

 

 

 —

 

Africa

 

 

280

 

 

157

 

 

68

 

 

 8

 

 

38

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 3

 

 

13

 

 

(110)

 

 

 4

 

Consolidated

 

$

1,817

 

$

1,029

 

$

301

 

$

74

 

$

283

 

$

229

 


(1)

Includes a decrease in accrued capital expenditures of $2; consolidated capital expenditures on a cash basis were $231.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

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 March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

 

$

264

 

$

208

 

$

53

 

$

 3

 

$

(1)

 

$

48

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

54

 

 

44

 

 

11

 

 

 

 

 

 

 

 

 

 

Copper

 

 

26

 

 

18

 

 

 5

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

 

80

 

 

62

 

 

16

 

 

 1

 

 

(2)

 

 

 6

 

Twin Creeks

 

 

102

 

 

50

 

 

14

 

 

 2

 

 

35

 

 

 8

 

Long Canyon

 

 

39

 

 

12

 

 

13

 

 

 5

 

 

 9

 

 

 4

 

CC&V

 

 

156

 

 

75

 

 

32

 

 

 4

 

 

46

 

 

 4

 

Other North America

 

 

 —

 

 

 —

 

 

 —

 

 

 3

 

 

(5)

 

 

 2

 

North America

 

 

641

 

 

407

 

 

128

 

 

18

 

 

82

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

179

 

 

119

 

 

36

 

 

 4

 

 

 9

 

 

11

 

Merian

 

 

133

 

 

48

 

 

21

 

 

 4

 

 

60

 

 

16

 

Other South America

 

 

 —

 

 

 —

 

 

 4

 

 

10

 

 

(19)

 

 

 —

 

South America

 

 

312

 

 

167

 

 

61

 

 

18

 

 

50

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

 

228

 

 

122

 

 

26

 

 

 

 

 

 

 

 

 

 

Copper

 

 

45

 

 

21

 

 

 4

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

 

273

 

 

143

 

 

30

 

 

 —

 

 

86

 

 

15

 

Tanami

 

 

92

 

 

50

 

 

16

 

 

 3

 

 

20

 

 

24

 

Kalgoorlie

 

 

104

 

 

52

 

 

 4

 

 

 2

 

 

43

 

 

 4

 

Other Australia

 

 

 —

 

 

 —

 

 

 2

 

 

 1

 

 

(15)

 

 

 1

 

Australia

 

 

469

 

 

245

 

 

52

 

 

 6

 

 

134

 

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

114

 

 

76

 

 

23

 

 

 6

 

 

 9

 

 

17

 

Akyem

 

 

154

 

 

62

 

 

34

 

 

 1

 

 

55

 

 

 6

 

Other Africa

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

(1)

 

 

 —

 

Africa

 

 

268

 

 

138

 

 

57

 

 

 8

 

 

63

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 —

 

 

 —

 

 

 2

 

 

12

 

 

(135)

 

 

 2

 

Consolidated

 

$

1,690

 

$

957

 

$

300

 

$

62

 

$

194

 

$

168

 


(1)

Includes a decrease in accrued capital expenditures of $12; consolidated capital expenditures on a cash basis were $180.

v3.8.0.1
SALES (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

304

 

$

 —

 

$

 —

 

$

 —

 

$

304

 

Phoenix

 

 

41

 

 

59

 

 

12

 

 

14

 

 

126

 

Twin Creeks

 

 

110

 

 

 —

 

 

 —

 

 

 —

 

 

110

 

Long Canyon

 

 

59

 

 

 —

 

 

 —

 

 

 —

 

 

59

 

CC&V

 

 

83

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

North America

 

 

597

 

 

59

 

 

12

 

 

14

 

 

682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

143

 

 

 —

 

 

 —

 

 

 —

 

 

143

 

Merian

 

 

166

 

 

 —

 

 

 —

 

 

 —

 

 

166

 

South America

 

 

309

 

 

 —

 

 

 —

 

 

 —

 

 

309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

59

 

 

151

 

 

52

 

 

 —

 

 

262

 

Tanami

 

 

167

 

 

 —

 

 

 —

 

 

 —

 

 

167

 

Kalgoorlie

 

 

117

 

 

 —

 

 

 —

 

 

 —

 

 

117

 

Australia

 

 

343

 

 

151

 

 

52

 

 

 —

 

 

546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

138

 

 

 —

 

 

 —

 

 

 —

 

 

138

 

Akyem

 

 

142

 

 

 —

 

 

 —

 

 

 —

 

 

142

 

Africa

 

 

280

 

 

 —

 

 

 —

 

 

 —

 

 

280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,529

 

$

210

 

$

64

 

$

14

 

$

1,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

   

$

264

 

$

 —

 

$

 —

 

$

 —

 

$

264

 

Phoenix

 

 

24

 

 

30

 

 

15

 

 

11

 

 

80

 

Twin Creeks

 

 

102

 

 

 —

 

 

 —

 

 

 —

 

 

102

 

Long Canyon

 

 

39

 

 

 —

 

 

 —

 

 

 —

 

 

39

 

CC&V

 

 

150

 

 

 6

 

 

 —

 

 

 —

 

 

156

 

North America

 

 

579

 

 

36

 

 

15

 

 

11

 

 

641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

 

179

 

 

 —

 

 

 —

 

 

 —

 

 

179

 

Merian

 

 

133

 

 

 —

 

 

 —

 

 

 —

 

 

133

 

South America

 

 

312

 

 

 —

 

 

 —

 

 

 —

 

 

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington

 

 

59

 

 

169

 

 

45

 

 

 —

 

 

273

 

Tanami

 

 

92

 

 

 —

 

 

 —

 

 

 —

 

 

92

 

Kalgoorlie

 

 

104

 

 

 —

 

 

 —

 

 

 —

 

 

104

 

Australia

 

 

255

 

 

169

 

 

45

 

 

 —

 

 

469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

 

114

 

 

 —

 

 

 —

 

 

 —

 

 

114

 

Akyem

 

 

154

 

 

 —

 

 

 —

 

 

 —

 

 

154

 

Africa

 

 

268

 

 

 —

 

 

 —

 

 

 —

 

 

268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

1,414

 

$

205

 

$

60

 

$

11

 

$

1,690

 

 

Schedule of receivables included within Trade Receivables

 

 

 

 

 

 

 

 

 

 

   At March 31,    

 

At December 31, 

 

 

 

2018

 

2017

 

Receivables from Sales:

 

 

 

 

 

 

 

Gold sales from doré

 

$

50

 

$

 —

 

Gold and copper sales from concentrate production

 

 

159

 

 

117

 

Copper sales from cathode production

 

 

 2

 

 

7

 

Total receivables from Sales

 

$

211

 

$

124

 

 

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

The following tables summarize the impacts of adopting this standard on the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2018:  

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of Operations

 

As Reported

 

Change

 

of ASC 606

 

Sales

 

$

1,817

 

$

(105)

 

$

1,712

 

Costs applicable to sales

 

$

1,029

 

$

(62)

 

$

967

 

Depreciation and amortization

 

$

301

 

$

(14)

 

$

287

 

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

 

$

283

 

$

(29)

 

$

254

 

Income and mining tax benefit (expense)

 

$

(105)

 

$

 8

 

$

(97)

 

Net income (loss)

 

$

191

 

$

(21)

 

$

170

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

170

 

$

(21)

 

$

149

 

Discontinued operations 

 

 

22

 

 

 —

 

 

22

 

 

 

$

192

 

$

(21)

 

$

171

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

(0.04)

 

$

0.28

 

Discontinued operations 

 

 

0.04

 

 

 —

 

 

0.04

 

 

 

$

0.36

 

$

(0.04)

 

$

0.32

 

Diluted:

 

 

 

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

(0.04)

 

$

0.28

 

Discontinued operations 

 

 

0.04

 

 

 —

 

 

0.04

 

 

 

$

0.36

 

$

(0.04)

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Statement of  Cash Flows

 

As Reported

 

Change

 

of ASC 606

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

191

 

$

(21)

 

$

170

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

301

 

$

(14)

 

$

287

 

Deferred income taxes 

 

$

10

 

$

(2)

 

$

 8

 

Net change in operating assets and liabilities

 

$

(351)

 

$

37

 

$

(314)

 

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

 

$

266

 

$

 —

 

$

266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2018

 

 

 

 

 

 

 

Balance without

 

 

 

 

 

 

Effect of

 

Adoption

 

Condensed Consolidated Balance Sheet

 

As Reported

 

Change

 

of ASC 606

 

Trade receivables

 

$

211

 

$

(108)

 

$

103

 

Inventories

 

$

657

 

$

79

 

$

736

 

Deferred income tax assets

 

$

500

 

$

 2

 

$

502

 

Total assets

 

$

20,483

 

$

(27)

 

$

20,456

 

Income and mining taxes payable

 

$

216

 

$

(6)

 

$

210

 

Total liabilities

 

$

8,928

 

$

(6)

 

$

8,922

 

Retained earnings

 

$

380

 

$

(21)

 

$

359

 

Newmont stockholders' equity

 

$

10,575

 

$

(21)

 

$

10,554

 

Total equity

 

$

11,555

 

$

(21)

 

$

11,534

 

Total liabilities and equity

 

$

20,483

 

$

(27)

 

$

20,456

 

 

v3.8.0.1
RECLAMATION AND REMEDIATION (Tables)
3 Months Ended
Mar. 31, 2018
RECLAMATION AND REMEDIATION  
Reclamation and Remediation Expense

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Reclamation accretion

 

$

24

 

$

23

 

 

 

 

 

 

 

 

 

Remediation adjustments

 

$

 3

 

$

 5

 

Remediation accretion

 

 

 1

 

 

 1

 

Total remediation expense

 

$

 4

 

$

 6

 

 

 

$

28

 

$

29

 

 

Reconciliation of Reclamation Liabilities

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Reclamation balance at January 1,

 

$

2,144

 

$

1,913

 

Additions, changes in estimates and other 

 

 

 —

 

 

(1)

 

Payments, net

 

 

(5)

 

 

(5)

 

Accretion expense 

 

 

24

 

 

23

 

Reclamation balance at March 31, 

 

$

2,163

 

$

1,930

 

 

Reconciliation of Remediation Liabilities

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

Remediation balance at January 1,

 

$

304

 

$

312

 

Additions, changes in estimates and other 

 

 

 —

 

 

 2

 

Payments, net

 

 

(5)

 

 

(8)

 

Accretion expense 

 

 

 1

 

 

 1

 

Remediation balance at March 31, 

 

$

300

 

$

307

 

 

v3.8.0.1
OTHER EXPENSE, NET (Tables)
3 Months Ended
Mar. 31, 2018
OTHER EXPENSE, NET  
Other Expense, Net

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Restructuring and other

 

$

 6

 

$

 7

 

Impairment of long-lived assets

 

 

 —

 

 

 3

 

Acquisition cost adjustments

 

 

 —

 

 

 2

 

Other

 

 

 5

 

 

 5

 

 

 

$

11

 

$

17

 

 

v3.8.0.1
OTHER INCOME, NET (Tables)
3 Months Ended
Mar. 31, 2018
OTHER INCOME, NET.  
Other Income, Net

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

  

Interest

 

$

11

 

$

 4

 

Foreign currency exchange, net 

 

 

 7

 

 

(17)

 

Gain (loss) on asset and investment sales, net

 

 

(1)

 

 

 2

 

Other 

 

 

 4

 

 

 2

 

 

 

$

21

 

$

(9)

 

 

v3.8.0.1
INCOME AND MINING TAXES (Tables)
3 Months Ended
Mar. 31, 2018
INCOME AND MINING TAXES  
Income and Mining Tax Expense Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

 

  

2018

      

2017

    

 

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

 

 

 

$

283

 

 

 

$

194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal statutory tax rate

 

21

%  

$

59

 

35

%  

$

68

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(6)

 

 

(17)

 

(17)

 

 

(32)

 

 

Change in valuation allowance on deferred tax assets

 

 6

 

 

18

 

35

 

 

67

 

 

Mining and other taxes

 

 7

 

 

21

 

10

 

 

19

 

 

Foreign rate differential

 

11

 

 

31

 

 —

 

 

 —

 

 

U.S. tax effect of noncontrolling interest attributable to non-U.S. investees

 

(3)

 

 

(9)

 

 —

 

 

 —

 

 

Other

 

 1

 

 

 2

 

(6)

 

 

(11)

 

 

Income and mining tax expense

 

37

%

$

105

 

57

%

$

111

 

 

 

v3.8.0.1
DISCONTINUED OPERATIONS (Tables)
3 Months Ended
Mar. 31, 2018
DISCONTINUED OPERATIONS  
Schedule of Net income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2018

    

2017

  

Holt royalty obligation

 

$

19

 

$

(23)

 

Batu Hijau contingent consideration (1)

 

 

 3

 

 

 —

 

Net income (loss) from discontinued operations

 

$

22

 

$

(23)

 


(1)

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

v3.8.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables)
3 Months Ended
Mar. 31, 2018
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

 

2018

 

2017

 

Merian

    

$

17

    

$

13

 

Yanacocha

 

 

(18)

 

 

(1)

 

Other 

 

 

 —

 

 

(1)

 

 

 

$

(1)

 

$

11

 

 

Schedule summarizing the consolidated assets and liabilities of VIE

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

 

 

 

 

 

 

 

 

 

 

   At March 31,    

 

At December 31, 

 

 

 

2018

    

2017

 

Current assets:

    

 

 

 

 

 

 

Cash and cash equivalents

 

$

54

 

$

27

 

Trade receivables

 

 

42

 

 

 —

 

Inventories

 

 

76

 

 

79

 

Stockpiles and ore on leach pads

 

 

21

 

 

21

 

Other current assets (1)

 

 

 4

 

 

 6

 

 

 

 

197

 

 

133

 

Non-current assets:

 

 

 

 

 

 

 

Property, plant and mine development, net

 

 

771

 

 

769

 

Other non-current assets (2)

 

 

12

 

 

 8

 

Total assets

 

$

980

 

$

910

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Other current liabilities (3)

 

$

52

 

$

50

 

 

 

 

52

 

 

50

 

Non-current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

 

18

 

 

18

 

Other non-current liabilities (4)

 

 

 1

 

 

 1

 

Total liabilities

 

$

71

 

$

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 accounts payable, employee-related benefits and other current liabilities.

(4)

Other non-current liabilities include employee-related benefits.

v3.8.0.1
NET INCOME (LOSS) PER SHARE (Tables)
3 Months Ended
Mar. 31, 2018
NET INCOME (LOSS) PER COMMON SHARE  
Summary of Income (Loss) per Common Share, Basic and Diluted

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

    

Net income (loss) attributable to Newmont stockholders: 

 

 

 

 

 

 

 

Continuing operations

 

$

170

 

$

70

 

Discontinued operations 

 

 

22

 

 

(23)

 

 

 

$

192

 

$

47

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

Basic 

 

 

534

 

 

532

 

Effect of employee stock-based awards 

 

 

 1

 

 

 1

 

Diluted 

 

 

535

 

 

533

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

0.13

 

Discontinued operations 

 

 

0.04

 

 

(0.04)

 

 

 

$

0.36

 

$

0.09

 

Diluted:

 

 

 

 

 

 

 

Continuing operations 

 

$

0.32

 

$

0.13

 

Discontinued operations 

 

 

0.04

 

 

(0.04)

 

 

 

$

0.36

 

$

0.09

 

 

v3.8.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS (Tables)
3 Months Ended
Mar. 31, 2018
EMPLOYEE PENSION AND OTHER BENEFIT PLANS  
Schedule of components of the net periodic pension and other benefits costs

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Pension benefit costs, net (1):

 

 

 

 

 

 

 

Service cost

 

$

 8

 

$

 7

 

Interest cost

 

 

10

 

 

11

 

Expected return on plan assets

 

 

(17)

 

 

(15)

 

Amortization, net

 

 

 8

 

 

 7

 

Settlements

 

 

 —

 

 

 4

 

 

 

$

 9

 

$

14

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Other benefit costs, net (1):

 

 

 

 

 

 

 

Interest cost

 

$

 1

 

$

 1

 

Amortization, net

 

 

(2)

 

 

(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.

v3.8.0.1
STOCK BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2018
STOCK-BASED COMPENSATION  
Schedule of stock based compensation by award

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

March 31, 

 

 

    

2018

    

2017

 

Stock-based compensation:

 

 

 

 

 

 

 

Performance leveraged stock units

 

$

 9

 

$

 8

 

Restricted stock units

 

 

10

 

 

 7

 

Strategic stock units

 

 

 —

 

 

 1

 

 

 

$

19

 

$

16

 

 

v3.8.0.1
FAIR VALUE ACCOUNTING (Tables)
3 Months Ended
Mar. 31, 2018
FAIR VALUE ACCOUNTING  
Fair Value Measurement of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at March 31, 2018

 

 

 

Total

    

Level 1

    

Level 2

    

Level 3

    

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,111

 

$

3,111

 

$

 —

 

$

 —

 

Restricted cash

 

 

35

 

 

35

 

 

 —

 

 

 —

 

Trade receivable from provisional gold and copper concentrate sales, net 

 

 

152

 

 

 —

 

 

152

 

 

 —

 

Diesel forward derivative contracts

 

 

 5

 

 

 —

 

 

 5

 

 

 —

 

Marketable equity securities

 

 

163

 

 

163

 

 

 —

 

 

 —

 

Restricted marketable debt securities

 

 

61

 

 

22

 

 

39

 

 

 —

 

Restricted other assets

 

 

 7

 

 

 7

 

 

 —

 

 

 —

 

Batu Hijau contingent consideration

 

 

27

 

 

 —

 

 

 —

 

 

27

 

 

 

$

3,561

 

$

3,338

 

$

196

 

$

27

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (1)

 

$

4,518

 

$

 —

 

$

4,518

 

$

 —

 

Holt royalty obligation

 

 

217

 

 

 —

 

 

 —

 

 

217

 

 

 

$

4,735

 

$

 —

 

$

4,518

 

$

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $4,041 and $4,040 at March 31, 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 March 31,   

    

 

    

 

    

Range/Weighted

 

Description

    

2018

    

Valuation technique

    

Unobservable input

    

average

 

Batu Hijau contingent consideration

 

$

27

 

Monte Carlo

 

Discount rate

 

 

17.50

%

 

 

 

 

 

 

 

Short-term copper price

 

$

3.16

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt royalty obligation

 

$

217

 

Monte Carlo

 

Discount rate

 

 

3.82

%

 

 

 

 

 

 

 

Short-term gold price

 

$

1,329

 

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Gold production scenarios (in 000's of ounces)

 

 

350 - 1,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

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

 

 

 

 —

 

 

 —

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 4

 

 

 4

 

 

(23)

 

 

(23)

 

Fair value at March 31, 2018

 

 

$

27

 

$

27

 

$

217

 

$

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

36

 

 

36

 

Fair value at March 31, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

220

 

$

220

 


(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Batu Hijau

 

 

 

Holt

 

 

 

 

 

 

Contingent

 

Total

 

Royalty

 

Total

 

 

   

   

Consideration (1)

   

   Assets   

   

Obligation (1)

   

Liabilities

   

Fair value at December 31, 2017

 

 

$

23

 

$

23

 

$

243

 

$

243

 

Settlements

 

 

 

 —

 

 

 —

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 4

 

 

 4

 

 

(23)

 

 

(23)

 

Fair value at March 31, 2018

 

 

$

27

 

$

27

 

$

217

 

$

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

(3)

 

 

(3)

 

Revaluation

 

 

 

 —

 

 

 —

 

 

 —

 

 

36

 

 

36

 

Fair value at March 31, 2017

 

 

$

 —

 

$

13

 

$

13

 

$

220

 

$

220

 


(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.

.

v3.8.0.1
DERIVATIVE INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2018
DERIVATIVE INSTRUMENTS  
Fair Values of Derivative Instruments Designated as Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

At March 31, 2018

 

 

  

Other

  

Other

  

Other

  

Other

 

 

  

Current

  

Non-current

  

Current

  

Non-current

 

 

    

Assets

    

Assets

    

Liabilities

    

Liabilities

    

Diesel fixed forwards

 

$

 5

 

$

 —

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 

 

 

 

 

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 6

 

Other income, net

 

Settlements

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

10

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 5

 

$

 6

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 1

 

$

10

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 2

 

Interest expense, net

 

Total before tax

 

 

 4

 

 

12

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 3

 

$

 8

 

 

 

Total reclassifications for the period, net of tax

 

$

 8

 

$

14

 

 

 

 

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 March 31, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 —

 

$

(4)

 

$

(1)

 

$

 3

 

$

 —

 

$

 —

 

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

 

$

 3

 

$

 8

 

$

(2)

 

$

 2

 

$

 3

 

$

 2

 

 

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 March 31, 

 

 

    

2018

    

2017

    

Total Costs Applicable to Sales

 

$

1,029

 

$

957

 

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

 

$

(2)

 

$

 2

 

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

 

$

 3

 

$

 8

 

 

 

 

 

 

 

 

 

Total Interest expense, net

 

$

53

 

$

67

 

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

 

$

 3

 

$

 2

 

 

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) 

 

12

 

 3

 

 2

 

 —

 

17

 

Average rate ($/gallon)

 

1.67

 

1.78

 

1.93

 

1.90

 

1.73

 

 

 

 

 

 

 

 

 

 

 

 

 

South America

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions) 

 

 —

 

 —

 

 1

 

 —

 

 1

 

Average rate ($/gallon)

 

 —

 

 —

 

1.87

 

1.87

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

 

 

 

Diesel barrels (thousands) 

 

 —

 

 —

 

45

 

 —

 

45

 

Average rate ($/barrel)

 

 —

 

 —

 

75.84

 

 —

 

75.84

 

 

v3.8.0.1
INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2018
INVESTMENTS  
Schedule of investments

 

 

 

 

 

 

 

At March 31, 2018

 

 

 

Fair Value/

 

 

    

Equity Basis (1)

 

Current: 

 

 

 

 

Marketable equity securities

 

$

59

 

 

 

 

 

 

Non-current: 

 

 

 

 

Marketable equity securities:

 

 

 

 

Continental Gold Inc.

 

$

103

 

Other marketable equity securities

 

 

 1

 

 

 

 

104

 

 

 

 

 

 

Other investments

 

 

12

 

 

 

 

 

 

Equity method investments: 

 

 

 

 

TMAC Resources Inc. (28.76%)

 

 

108

 

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

 

 

49

 

 

 

 

157

 

 

 

$

273

 

 

 

 

 

 

Non-current restricted investments: (2)

 

 

 

 

Marketable debt securities (3)

 

$

61

 

Other assets

 

 

 7

 

 

 

$

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Other marketable equity securities

 

 

 4

 

 

 —

 

 

(2)

 

 

 2

 

 

 

 

113

 

 

 —

 

 

(10)

 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

12

 

 

 —

 

 

 —

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 adopting ASU No. 2016-01 as of January 1, 2018, gains and losses related to marketable equity securities are recorded in Other income, net. Previously, gains and losses related to 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 6.

(3)

There was $1 of unrealized gain recorded in Accumulated other comprehensive income (loss) as of March 31, 2018, related to marketable debt securities.

v3.8.0.1
INVENTORIES (Tables)
3 Months Ended
Mar. 31, 2018
Inventories  
Summary of Inventories

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Materials and supplies

 

$

421

 

$

416

 

In-process

 

 

121

 

 

131

 

Concentrate and copper cathode

 

 

75

 

 

83

 

Precious metals

 

 

40

 

 

49

 

 

 

$

657

 

$

679

 

 

v3.8.0.1
STOCKPILES AND ORE ON LEACH PADS (Tables)
3 Months Ended
Mar. 31, 2018
STOCKPILES AND ORE ON LEACH PADS  
Stockpiles and Ore on Leach Pads

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Current:

 

 

   

 

 

   

 

Stockpiles

 

$

304

 

$

330

 

Ore on leach pads

 

 

336

 

 

346

 

 

 

$

640

 

$

676

 

Non-current:

 

 

   

 

 

   

 

Stockpiles

 

$

1,514

 

$

1,502

 

Ore on leach pads

 

 

383

 

 

346

 

 

 

$

1,897

 

$

1,848

 

 

Stockpiles and Ore on Leach Pads, by Segment

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

 

$

440

 

$

441

 

Phoenix

 

 

67

 

 

68

 

Twin Creeks

 

 

334

 

 

340

 

Long Canyon

 

 

43

 

 

34

 

CC&V

 

 

328

 

 

314

 

Yanacocha

 

 

259

 

 

270

 

Merian

 

 

29

 

 

25

 

Boddington

 

 

448

 

 

431

 

Tanami

 

 

 3

 

 

 4

 

Kalgoorlie

 

 

130

 

 

125

 

Ahafo

 

 

398

 

 

409

 

Akyem

 

 

58

 

 

63

 

 

 

$

2,537

 

$

2,524

 

 

v3.8.0.1
OTHER LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2018
OTHER LIABILITIES  
Other Liabilities

 

 

 

 

 

 

 

 

 

 

    At March 31,     

 

At December 31, 

 

 

    

2018

    

2017

    

Other current liabilities:

 

 

 

 

 

 

 

Reclamation and remediation liabilities

 

$

105

 

$

103

 

Accrued operating costs

 

 

103

 

 

124

 

Accrued capital expenditures

 

 

71

 

 

77

 

Accrued interest

 

 

62

 

 

52

 

Royalties

 

 

34

 

 

63

 

Holt royalty obligation

 

 

15

 

 

15

 

Taxes other than income and mining

 

 

 8

 

 

 7

 

Derivative instruments

 

 

 —

 

 

 1

 

Other

 

 

 9

 

 

20

 

 

 

$

407

 

$

462

 

 

 

 

 

 

 

 

 

Other non-current liabilities:

 

 

 

 

 

 

 

Holt royalty obligation

 

$

202

 

$

228

 

Income and mining taxes 

 

 

47

 

 

47

 

Power supply agreements

 

 

31

 

 

32

 

Social development obligations

 

 

22

 

 

22

 

Other 

 

 

 9

 

 

13

 

 

 

$

311

 

$

342

 

 

v3.8.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
3 Months Ended
Mar. 31, 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

 

 

 2

 

 

(3)

 

 

 —

 

 

 1

 

 

 —

 

Reclassifications from accumulated other comprehensive income (loss)

 

 

 —

 

 

 —

 

 

 5

 

 

 3

 

 

 8

 

Other comprehensive income (loss)

 

$

 2

 

$

(3)

 

$

 5

 

$

 4

 

$

 8

 

Balance at March 31, 2018

 

$

 1

 

$

127

 

$

(203)

 

$

(94)

 

$

(169)

 

 

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 March 31, 

 

 

 

 

    

2018

    

2017

     

 

 

Pension and other post-retirement benefit adjustments:

 

 

 

 

 

 

 

 

 

Amortization

 

$

 6

 

$

 6

 

Other income, net

 

Settlements

 

 

 —

 

 

 4

 

Other income, net

 

Total before tax

 

 

 6

 

 

10

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 5

 

$

 6

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

 1

 

$

10

 

Costs applicable to sales

 

Interest rate contracts

 

 

 3

 

 

 2

 

Interest expense, net

 

Total before tax

 

 

 4

 

 

12

 

 

 

Tax

 

 

(1)

 

 

(4)

 

 

 

Net of tax

 

$

 3

 

$

 8

 

 

 

Total reclassifications for the period, net of tax

 

$

 8

 

$

14

 

 

 

 

v3.8.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)
3 Months Ended
Mar. 31, 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

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

 

2018

 

2017

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables 

    

$

(77)

    

$

39

 

Inventories, stockpiles and ore on leach pads 

 

 

(89)

 

 

(55)

 

Other assets 

 

 

(4)

 

 

(2)

 

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

 

(91)

 

 

(57)

 

Reclamation and remediation liabilities 

 

 

(10)

 

 

(13)

 

Employee related liabilities

 

 

(80)

 

 

(96)

 

 

 

$

(351)

 

$

(184)

 

 

v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
3 Months Ended
Mar. 31, 2018
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Condensed Consolidating Statement of Operation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

Newmont

 

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

Mining

 

 

 

Mining

 

Newmont

 

Other

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

    

Corporation

    

USA

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Sales

 

$

 —

 

$

512

 

$

1,305

 

$

 —

 

$

1,817

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

324

 

 

705

 

 

 —

 

 

1,029

 

Depreciation and amortization 

 

 

 1

 

 

87

 

 

213

 

 

 —

 

 

301

 

Reclamation and remediation

 

 

 —

 

 

 3

 

 

25

 

 

 —

 

 

28

 

Exploration 

 

 

 —

 

 

11

 

 

29

 

 

 —

 

 

40

 

Advanced projects, research and development 

 

 

 —

 

 

 6

 

 

28

 

 

 —

 

 

34

 

General and administrative 

 

 

 —

 

 

19

 

 

40

 

 

 —

 

 

59

 

Other expense, net

 

 

 —

 

 

 1

 

 

10

 

 

 —

 

 

11

 

 

 

 

 1

 

 

451

 

 

1,050

 

 

 —

 

 

1,502

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 8

 

 

 7

 

 

 6

 

 

 —

 

 

21

 

Interest income - intercompany 

 

 

34

 

 

11

 

 

 9

 

 

(54)

 

 

 —

 

Interest expense - intercompany 

 

 

(8)

 

 

 —

 

 

(46)

 

 

54

 

 

 —

 

Interest expense, net 

 

 

(49)

 

 

(2)

 

 

(2)

 

 

 —

 

 

(53)

 

 

 

 

(15)

 

 

16

 

 

(33)

 

 

 —

 

 

(32)

 

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

 

 

(16)

 

 

77

 

 

222

 

 

 —

 

 

283

 

Income and mining tax benefit (expense)

 

 

 3

 

 

(14)

 

 

(94)

 

 

 —

 

 

(105)

 

Equity income (loss) of affiliates 

 

 

205

 

 

(57)

 

 

(9)

 

 

(148)

 

 

(9)

 

Net income (loss) from continuing operations 

 

 

192

 

 

 6

 

 

119

 

 

(148)

 

 

169

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

 

Net income (loss)

 

 

192

 

 

 6

 

 

141

 

 

(148)

 

 

191

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Net income (loss) attributable to Newmont stockholders

 

$

192

 

$

 6

 

$

142

 

$

(148)

 

$

192

 

Comprehensive income (loss)

 

$

200

 

$

 6

 

$

141

 

$

(148)

 

$

199

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

200

 

$

 6

 

$

142

 

$

(148)

 

$

200

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont Mining Corporation Consolidated

 

    

Three Months Ended March 31, 2017

 

Condensed Consolidating Statements of Operation

 

As Previously
Reported

 

Adjustments

 

As Revised

 

Sales

 

$

1,659

 

$

31

 

$

1,690

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

933

 

 

24

 

 

957

 

Depreciation and amortization 

 

 

293

 

 

 7

 

 

300

 

Reclamation and remediation

 

 

30

 

 

(1)

 

 

29

 

Exploration 

 

 

36

 

 

 —

 

 

36

 

Advanced projects, research and development 

 

 

26

 

 

 —

 

 

26

 

General and administrative 

 

 

55

 

 

 —

 

 

55

 

Other expense, net

 

 

17

 

 

 —

 

 

17

 

 

 

 

1,390

 

 

30

 

 

1,420

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

(9)

 

 

 —

 

 

(9)

 

Interest income - intercompany 

 

 

 —

 

 

 —

 

 

 —

 

Interest expense - intercompany 

 

 

 —

 

 

 —

 

 

 —

 

Interest expense, net 

 

 

(67)

 

 

 —

 

 

(67)

 

 

 

 

(76)

 

 

 —

 

 

(76)

 

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

 

 

193

 

 

 1

 

 

194

 

Income and mining tax benefit (expense)

 

 

(110)

 

 

(1)

 

 

(111)

 

Equity income (loss) of affiliates 

 

 

(2)

 

 

 —

 

 

(2)

 

Net income (loss) from continuing operations 

 

 

81

 

 

 —

 

 

81

 

Net income (loss) from discontinued operations 

 

 

(23)

 

 

 —

 

 

(23)

 

Net income (loss)

 

 

58

 

 

 —

 

 

58

 

Net loss (income) attributable to noncontrolling interests

 

 

(12)

 

 

 1

 

 

(11)

 

Net income (loss) attributable to Newmont stockholders

 

$

46

 

$

 1

 

$

47

 

Comprehensive income (loss)

 

$

70

 

$

 —

 

$

70

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

(12)

 

 

 1

 

 

(11)

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

58

 

$

 1

 

$

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

 

 

 

 

 

 

 

    

Newmont Mining Corporation

 

Newmont USA

 

Other Subsidiaries

 

Eliminations

 

Condensed Consolidating Statement of Operation

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

    

As Previously
Reported

    

Adjustments

    

As Revised

 

Sales

 

$

 —

 

$

 —

 

$

 —

 

$

403

 

$

21

 

$

424

 

$

1,256

 

$

10

 

$

1,266

 

$

 —

 

$

 —

 

$

 —

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

 

 —

 

 

 —

 

 

 —

 

 

285

 

 

18

 

 

303

 

 

648

 

 

 6

 

 

654

 

 

 —

 

 

 —

 

 

 —

 

Depreciation and amortization 

 

 

 1

 

 

 —

 

 

 1

 

 

79

 

 

 4

 

 

83

 

 

213

 

 

 3

 

 

216

 

 

 —

 

 

 —

 

 

 —

 

Reclamation and remediation

 

 

 —

 

 

 —

 

 

 —

 

 

 4

 

 

(1)

 

 

 3

 

 

26

 

 

 —

 

 

26

 

 

 —

 

 

 —

 

 

 —

 

Exploration 

 

 

 —

 

 

 —

 

 

 —

 

 

 9

 

 

 —

 

 

 9

 

 

27

 

 

 —

 

 

27

 

 

 —

 

 

 —

 

 

 —

 

Advanced projects, research and development 

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

 

25

 

 

 —

 

 

25

 

 

 —

 

 

 —

 

 

 —

 

General and administrative 

 

 

 —

 

 

 —

 

 

 —

 

 

17

 

 

 —

 

 

17

 

 

38

 

 

 —

 

 

38

 

 

 —

 

 

 —

 

 

 —

 

Other expense, net

 

 

 —

 

 

 —

 

 

 —

 

 

 6

 

 

 —

 

 

 6

 

 

11

 

 

 —

 

 

11

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

 1

 

 

 —

 

 

 1

 

 

401

 

 

21

 

 

422

 

 

988

 

 

 9

 

 

997

 

 

 —

 

 

 —

 

 

 —

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net 

 

 

 3

 

 

 —

 

 

 3

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 —

 

 

(12)

 

 

 —

 

 

 —

 

 

 —

 

Interest income - intercompany 

 

 

24

 

 

 —

 

 

24

 

 

 —

 

 

 —

 

 

 —

 

 

 7

 

 

 —

 

 

 7

 

 

(31)

 

 

 —

 

 

(31)

 

Interest expense - intercompany 

 

 

(8)

 

 

 —

 

 

(8)

 

 

 —

 

 

 —

 

 

 —

 

 

(23)

 

 

 —

 

 

(23)

 

 

31

 

 

 —

 

 

31

 

Interest expense, net 

 

 

(62)

 

 

 —

 

 

(62)

 

 

(2)

 

 

 —

 

 

(2)

 

 

(3)

 

 

 —

 

 

(3)

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

(43)

 

 

 —

 

 

(43)

 

 

(2)

 

 

 —

 

 

(2)

 

 

(31)

 

 

 —

 

 

(31)

 

 

 —

 

 

 —

 

 

 —

 

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

 

 

(44)

 

 

 —

 

 

(44)

 

 

 —

 

 

 —

 

 

 —

 

 

237

 

 

 1

 

 

238

 

 

 —

 

 

 —

 

 

 —

 

Income and mining tax benefit (expense)

 

 

16

 

 

 —

 

 

16

 

 

 —

 

 

 —

 

 

 —

 

 

(126)

 

 

(1)

 

 

(127)

 

 

 —

 

 

 —

 

 

 —

 

Equity income (loss) of affiliates 

 

 

74

 

 

 1

 

 

75

 

 

(84)

 

 

 —

 

 

(84)

 

 

(1)

 

 

(1)

 

 

(2)

 

 

 9

 

 

 —

 

 

 9

 

Net income (loss) from continuing operations 

 

 

46

 

 

 1

 

 

47

 

 

(84)

 

 

 —

 

 

(84)

 

 

110

 

 

(1)

 

 

109

 

 

 9

 

 

 —

 

 

 9

 

Net income (loss) from discontinued operations 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(23)

 

 

 —

 

 

(23)

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss)

 

 

46

 

 

 1

 

 

47

 

 

(84)

 

 

 —

 

 

(84)

 

 

87

 

 

(1)

 

 

86

 

 

 9

 

 

 —

 

 

 9

 

Net loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 1

 

 

(11)

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss) attributable to Newmont stockholders

 

$

46

 

$

 1

 

$

47

 

$

(84)

 

$

 —

 

$

(84)

 

$

75

 

$

 —

 

$

75

 

$

 9

 

$

 —

 

$

 9

 

Comprehensive income (loss)

 

$

58

 

$

 1

 

$

59

 

$

(79)

 

$

(1)

 

$

(80)

 

$

82

 

$

 —

 

$

82

 

$

 9

 

$

 —

 

$

 9

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(12)

 

 

 1

 

 

(11)

 

 

 —

 

 

 —

 

 

 —

 

Comprehensive income (loss) attributable to Newmont stockholders

 

$

58

 

$

 1

 

$

59

 

$

(79)

 

$

(1)

 

$

(80)

 

$

70

 

$

 1

 

$

71

 

$

 9

 

$

 —

 

$

 9

 


(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

Condensed Consolidating Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 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

 

$

(24)

 

$

75

 

$

215

 

$

 —

 

$

266

 

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

 

 

 —

 

 

 —

 

 

(3)

 

 

 —

 

 

(3)

 

Net cash provided by (used in) operating activities

 

 

(24)

 

 

75

 

 

212

 

 

 —

 

 

263

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(58)

 

 

(173)

 

 

 —

 

 

(231)

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

 2

 

 

(7)

 

 

 —

 

 

(5)

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(56)

 

 

(180)

 

 

 —

 

 

(236)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(76)

 

 

 —

 

 

 —

 

 

 —

 

 

(76)

 

Repurchase of common stock

 

 

(64)

 

 

 —

 

 

 —

 

 

 —

 

 

(64)

 

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

 

 

 —

 

 

(39)

 

 

 —

 

 

 —

 

 

(39)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

32

 

 

 —

 

 

32

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(31)

 

 

 —

 

 

(31)

 

Net intercompany borrowings (repayments)

 

 

164

 

 

20

 

 

(184)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

 

Net cash provided by (used in) financing activities

 

 

24

 

 

(19)

 

 

(184)

 

 

 —

 

 

(179)

 

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

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

(152)

 

 

 —

 

 

(152)

 

Cash, cash equivalents and restricted cash at beginning of period 

 

 

 —

 

 

 —

 

 

3,298

 

 

 —

 

 

3,298

 

Cash, cash equivalents and restricted cash at end of period 

 

$

 —

 

$

 —

 

$

3,146

 

$

 —

 

$

3,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 —

 

$

3,111

 

$

 —

 

$

3,111

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

34

 

 

 —

 

 

34

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 —

 

$

3,146

 

$

 —

 

$

3,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 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

 

$

(51)

 

$

(12)

 

$

440

 

$

 —

 

$

377

 

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

 

 

 —

 

 

 —

 

 

(6)

 

 

 —

 

 

(6)

 

Net cash provided by (used in) operating activities

 

 

(51)

 

 

(12)

 

 

434

 

 

 —

 

 

371

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development 

 

 

 —

 

 

(60)

 

 

(120)

 

 

 —

 

 

(180)

 

Proceeds from sales of investments

 

 

 —

 

 

 —

 

 

19

 

 

 —

 

 

19

 

Other 

 

 

 —

 

 

 —

 

 

 3

 

 

 —

 

 

 3

 

Net cash provided by (used in) investing activities

 

 

 —

 

 

(60)

 

 

(98)

 

 

 —

 

 

(158)

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to common stockholders 

 

 

(27)

 

 

 —

 

 

 —

 

 

 —

 

 

(27)

 

Repurchase of common stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

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

 

 

 —

 

 

(13)

 

 

 —

 

 

 —

 

 

(13)

 

Funding from noncontrolling interests

 

 

 —

 

 

 —

 

 

21

 

 

 —

 

 

21

 

Distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

(32)

 

 

 —

 

 

(32)

 

Net intercompany borrowings (repayments)

 

 

78

 

 

86

 

 

(164)

 

 

 —

 

 

 —

 

Other 

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

Net cash provided by (used in) financing activities

 

 

51

 

 

72

 

 

(175)

 

 

 —

 

 

(52)

 

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

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Net change in cash, cash equivalents and restricted cash

 

 

 —

 

 

 —

 

 

162

 

 

 —

 

 

162

 

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 

 

$

 —

 

$

 1

 

$

2,943

 

$

 —

 

$

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 —

 

$

 1

 

$

2,918

 

$

 —

 

$

2,919

 

Restricted cash included in Other current assets

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

 

Restricted cash included in Other noncurrent assets

 

 

 —

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Total cash, cash equivalents and restricted cash

 

$

 —

 

$

 1

 

$

2,943

 

$

 —

 

$

2,944

 

 

Condensed Consolidating Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 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 

 

$

 —

 

$

 —

 

$

3,111

 

$

 —

 

$

3,111

 

Trade receivables 

 

 

 —

 

 

48

 

 

163

 

 

 —

 

 

211

 

Other accounts receivables

 

 

 —

 

 

 3

 

 

116

 

 

 —

 

 

119

 

Intercompany receivable

 

 

1,949

 

 

4,598

 

 

3,510

 

 

(10,057)

 

 

 —

 

Investments

 

 

 —

 

 

 —

 

 

59

 

 

 —

 

 

59

 

Inventories 

 

 

 —

 

 

163

 

 

494

 

 

 —

 

 

657

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

195

 

 

445

 

 

 —

 

 

640

 

Other current assets

 

 

 —

 

 

35

 

 

106

 

 

 —

 

 

141

 

Current assets 

 

 

1,949

 

 

5,042

 

 

8,004

 

 

(10,057)

 

 

4,938

 

Property, plant and mine development, net 

 

 

17

 

 

3,062

 

 

9,260

 

 

(28)

 

 

12,311

 

Investments 

 

 

108

 

 

 5

 

 

160

 

 

 —

 

 

273

 

Investments in subsidiaries 

 

 

12,230

 

 

(411)

 

 

20

 

 

(11,839)

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

640

 

 

1,257

 

 

 —

 

 

1,897

 

Deferred income tax assets 

 

 

81

 

 

 —

 

 

419

 

 

 —

 

 

500

 

Non-current intercompany receivable

 

 

1,669

 

 

448

 

 

1,793

 

 

(3,910)

 

 

 —

 

Other non-current assets 

 

 

 —

 

 

254

 

 

310

 

 

 —

 

 

564

 

Total assets 

 

$

16,054

 

$

9,040

 

$

21,223

 

$

(25,834)

 

$

20,483

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt 

 

$

 —

 

$

 1

 

$

 6

 

$

 —

 

$

 7

 

Accounts payable 

 

 

 —

 

 

57

 

 

274

 

 

 —

 

 

331

 

Intercompany payable

 

 

1,368

 

 

2,270

 

 

6,419

 

 

(10,057)

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

85

 

 

135

 

 

 —

 

 

220

 

Income and mining taxes 

 

 

 —

 

 

 5

 

 

211

 

 

 —

 

 

216

 

Other current liabilities 

 

 

62

 

 

114

 

 

231

 

 

 —

 

 

407

 

Current liabilities 

 

 

1,430

 

 

2,532

 

 

7,276

 

 

(10,057)

 

 

1,181

 

Debt 

 

 

4,041

 

 

 3

 

 

44

 

 

 —

 

 

4,088

 

Reclamation and remediation liabilities 

 

 

 —

 

 

300

 

 

2,058

 

 

 —

 

 

2,358

 

Deferred income tax liabilities 

 

 

 —

 

 

124

 

 

472

 

 

 —

 

 

596

 

Employee-related benefits 

 

 

 1

 

 

221

 

 

172

 

 

 —

 

 

394

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

3,931

 

 

(3,938)

 

 

 —

 

Other non-current liabilities 

 

 

 —

 

 

19

 

 

292

 

 

 —

 

 

311

 

Total liabilities 

 

 

5,479

 

 

3,199

 

 

14,245

 

 

(13,995)

 

 

8,928

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,575

 

 

5,841

 

 

5,998

 

 

(11,839)

 

 

10,575

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

980

 

 

 —

 

 

980

 

Total equity

 

 

10,575

 

 

5,841

 

 

6,978

 

 

(11,839)

 

 

11,555

 

Total liabilities and equity

 

$

16,054

 

$

9,040

 

$

21,223

 

$

(25,834)

 

$

20,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont Mining Corporation Consolidated

 

 

At December 31, 2017

Condensed Consolidating Balance Sheet

 

As Previously Reported

 

Adjustments

 

As Revised

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

3,259

 

$

 —

 

$

3,259

Trade receivables 

 

 

124

 

 

 —

 

 

124

Other accounts receivables

 

 

113

 

 

 —

 

 

113

Intercompany receivable

 

 

 —

 

 

 —

 

 

 —

Investments

 

 

62

 

 

 —

 

 

62

Inventories 

 

 

679

 

 

 —

 

 

679

Stockpiles and ore on leach pads 

 

 

676

 

 

 —

 

 

676

Other current assets

 

 

153

 

 

 —

 

 

153

Current assets 

 

 

5,066

 

 

 —

 

 

5,066

Property, plant and mine development, net 

 

 

12,267

 

 

71

 

 

12,338

Investments 

 

 

280

 

 

 —

 

 

280

Investments in subsidiaries 

 

 

 —

 

 

 —

 

 

 —

Stockpiles and ore on leach pads 

 

 

1,848

 

 

 —

 

 

1,848

Deferred income tax assets 

 

 

537

 

 

12

 

 

549

Non-current intercompany receivable

 

 

 —

 

 

 —

 

 

 —

Other non-current assets 

 

 

565

 

 

 —

 

 

565

Total assets 

 

$

20,563

 

$

83

 

$

20,646

Liabilities:

 

 

 

 

 

 

 

 

 

Debt 

 

$

 4

 

$

 —

 

$

 4

Accounts payable 

 

 

375

 

 

 —

 

 

375

Intercompany payable

 

 

 —

 

 

 —

 

 

 —

Employee-related benefits 

 

 

309

 

 

 —

 

 

309

Income and mining taxes 

 

 

248

 

 

 —

 

 

248

Other current liabilities 

 

 

459

 

 

 3

 

 

462

Current liabilities 

 

 

1,395

 

 

 3

 

 

1,398

Debt 

 

 

4,061

 

 

 —

 

 

4,061

Reclamation and remediation liabilities 

 

 

2,154

 

 

191

 

 

2,345

Deferred income tax liabilities 

 

 

595

 

 

 —

 

 

595

Employee-related benefits 

 

 

386

 

 

 —

 

 

386

Non-current intercompany payable

 

 

 —

 

 

 —

 

 

 —

Other non-current liabilities 

 

 

342

 

 

 —

 

 

342

Total liabilities 

 

 

8,933

 

 

194

 

 

9,127

Equity:

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,609

 

 

(74)

 

 

10,535

Noncontrolling interests 

 

 

1,021

 

 

(37)

 

 

984

Total equity

 

 

11,630

 

 

(111)

 

 

11,519

Total liabilities and equity

 

$

20,563

 

$

83

 

$

20,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

(Issuer)

 

(Guarantor)

 

(Non-Guarantor)

 

 

 

 

 

 

 

 

 

 

 

    

Newmont Mining Corporation

 

Newmont USA

 

Other Subsidiaries

 

Eliminations

    

Condensed Consolidating Balance Sheet

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

As Previously Reported

 

Adjustments

 

As Revised

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

3,259

 

$

 —

 

$

3,259

 

$

 —

 

$

 —

 

$

 —

 

Trade receivables 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

106

 

 

 —

 

 

106

 

 

 —

 

 

 —

 

 

 —

 

Other accounts receivables

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

113

 

 

 —

 

 

113

 

 

 —

 

 

 —

 

 

 —

 

Intercompany receivable

 

 

2,053

 

 

 —

 

 

2,053

 

 

4,601

 

 

 —

 

 

4,601

 

 

3,484

 

 

 —

 

 

3,484

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Investments

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

62

 

 

 —

 

 

62

 

 

 —

 

 

 —

 

 

 —

 

Inventories 

 

 

 —

 

 

 —

 

 

 —

 

 

181

 

 

 —

 

 

181

 

 

498

 

 

 —

 

 

498

 

 

 —

 

 

 —

 

 

 —

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

 —

 

 

 —

 

 

196

 

 

 —

 

 

196

 

 

480

 

 

 —

 

 

480

 

 

 —

 

 

 —

 

 

 —

 

Other current assets

 

 

 —

 

 

 —

 

 

 —

 

 

38

 

 

 —

 

 

38

 

 

115

 

 

 —

 

 

115

 

 

 —

 

 

 —

 

 

 —

 

Current assets 

 

 

2,053

 

 

 —

 

 

2,053

 

 

5,034

 

 

 —

 

 

5,034

 

 

8,117

 

 

 —

 

 

8,117

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Property, plant and mine development, net 

 

 

17

 

 

 —

 

 

17

 

 

3,067

 

 

15

 

 

3,082

 

 

9,210

 

 

56

 

 

9,266

 

 

(27)

 

 

 —

 

 

(27)

 

Investments 

 

 

106

 

 

 —

 

 

106

 

 

 4

 

 

 —

 

 

 4

 

 

170

 

 

 —

 

 

170

 

 

 —

 

 

 —

 

 

 —

 

Investments in subsidiaries 

 

 

12,086

 

 

(74)

 

 

12,012

 

 

(311)

 

 

 —

 

 

(311)

 

 

 —

 

 

 —

 

 

 —

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Stockpiles and ore on leach pads 

 

 

 —

 

 

 —

 

 

 —

 

 

648

 

 

 —

 

 

648

 

 

1,200

 

 

 —

 

 

1,200

 

 

 —

 

 

 —

 

 

 —

 

Deferred income tax assets 

 

 

84

 

 

 —

 

 

84

 

 

(1)

 

 

 6

 

 

 5

 

 

454

 

 

 6

 

 

460

 

 

 —

 

 

 —

 

 

 —

 

Non-current intercompany receivable

 

 

1,700

 

 

 —

 

 

1,700

 

 

401

 

 

 —

 

 

401

 

 

 7

 

 

 —

 

 

 7

 

 

(2,108)

 

 

 —

 

 

(2,108)

 

Other non-current assets 

 

 

 —

 

 

 —

 

 

 —

 

 

255

 

 

 —

 

 

255

 

 

310

 

 

 —

 

 

310

 

 

 —

 

 

 —

 

 

 —

 

Total assets 

 

$

16,046

 

$

(74)

 

$

15,972

 

$

9,097

 

$

21

 

$

9,118

 

$

19,468

 

$

62

 

$

19,530

 

$

(24,048)

 

$

74

 

$

(23,974)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt 

 

$

 —

 

$

 —

 

$

 —

 

$

 1

 

$

 —

 

$

 1

 

$

 3

 

$

 —

 

$

 3

 

$

 —

 

$

 —

 

$

 —

 

Accounts payable 

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

 

 —

 

 

83

 

 

292

 

 

 —

 

 

292

 

 

 —

 

 

 —

 

 

 —

 

Intercompany payable

 

 

1,338

 

 

 —

 

 

1,338

 

 

2,145

 

 

 —

 

 

2,145

 

 

6,655

 

 

 —

 

 

6,655

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Employee-related benefits 

 

 

 —

 

 

 —

 

 

 —

 

 

143

 

 

 —

 

 

143

 

 

166

 

 

 —

 

 

166

 

 

 —

 

 

 —

 

 

 —

 

Income and mining taxes 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

230

 

 

 —

 

 

230

 

 

 —

 

 

 —

 

 

 —

 

Other current liabilities 

 

 

52

 

 

 —

 

 

52

 

 

163

 

 

 —

 

 

163

 

 

244

 

 

 3

 

 

247

 

 

 —

 

 

 —

 

 

 —

 

Current liabilities 

 

 

1,390

 

 

 —

 

 

1,390

 

 

2,553

 

 

 —

 

 

2,553

 

 

7,590

 

 

 3

 

 

7,593

 

 

(10,138)

 

 

 —

 

 

(10,138)

 

Debt 

 

 

4,040

 

 

 —

 

 

4,040

 

 

 4

 

 

 —

 

 

 4

 

 

17

 

 

 —

 

 

17

 

 

 —

 

 

 —

 

 

 —

 

Reclamation and remediation liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

287

 

 

22

 

 

309

 

 

1,867

 

 

169

 

 

2,036

 

 

 —

 

 

 —

 

 

 —

 

Deferred income tax liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

121

 

 

 —

 

 

121

 

 

474

 

 

 —

 

 

474

 

 

 —

 

 

 —

 

 

 —

 

Employee-related benefits 

 

 

 —

 

 

 —

 

 

 —

 

 

222

 

 

 —

 

 

222

 

 

164

 

 

 —

 

 

164

 

 

 —

 

 

 —

 

 

 —

 

Non-current intercompany payable

 

 

 7

 

 

 —

 

 

 7

 

 

 —

 

 

 —

 

 

 —

 

 

2,128

 

 

 —

 

 

2,128

 

 

(2,135)

 

 

 —

 

 

(2,135)

 

Other non-current liabilities 

 

 

 —

 

 

 —

 

 

 —

 

 

18

 

 

 —

 

 

18

 

 

324

 

 

 —

 

 

324

 

 

 —

 

 

 —

 

 

 —

 

Total liabilities 

 

 

5,437

 

 

 —

 

 

5,437

 

 

3,205

 

 

22

 

 

3,227

 

 

12,564

 

 

172

 

 

12,736

 

 

(12,273)

 

 

 —

 

 

(12,273)

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity 

 

 

10,609

 

 

(74)

 

 

10,535

 

 

5,892

 

 

(1)

 

 

5,891

 

 

5,883

 

 

(73)

 

 

5,810

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Noncontrolling interests 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,021

 

 

(37)

 

 

984

 

 

 —

 

 

 —

 

 

 —

 

Total equity

 

 

10,609

 

 

(74)

 

 

10,535

 

 

5,892

 

 

(1)

 

 

5,891

 

 

6,904

 

 

(110)

 

 

6,794

 

 

(11,775)

 

 

74

 

 

(11,701)

 

Total liabilities and equity

 

$

16,046

 

$

(74)

 

$

15,972

 

$

9,097

 

$

21

 

$

9,118

 

$

19,468

 

$

62

 

$

19,530

 

$

(24,048)

 

$

74

 

$

(23,974)

 

 

v3.8.0.1
REVISION OF FINANCIAL STATEMENTS - Condensed Consolidated Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Condensed Consolidated Statement of Operations    
Sales $ 1,817 $ 1,690
Costs applicable to sales [1] 1,029 957
Depreciation and amortization 301 300
Reclamation and remediation 28 29
Income (loss) before income and mining tax and other items 283 194
Income and mining tax benefit (expense) (105) (111)
Net income (loss):    
Continuing operations 169 81
Discontinued operations 22 (23)
Net income (loss) 191 58
Net loss (income) attributable to noncontrolling interests 1 (11)
Net income (loss) attributable to Newmont stockholders:    
Continuing operations 170 70
Discontinued operations 22 (23)
Net income (loss) attributable to Newmont stockholders $ 192 $ 47
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share) $ 0.32 $ 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, basic (in dollars per share) 0.36 0.09
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share) 0.32 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, diluted (in dollars per share) $ 0.36 $ 0.09
As Previously Reported    
Condensed Consolidated Statement of Operations    
Sales   $ 1,659
Costs applicable to sales   933
Depreciation and amortization   293
Reclamation and remediation   30
Income (loss) before income and mining tax and other items   193
Income and mining tax benefit (expense)   (110)
Net income (loss):    
Continuing operations   81
Discontinued operations   (23)
Net income (loss)   58
Net loss (income) attributable to noncontrolling interests   (12)
Net income (loss) attributable to Newmont stockholders:    
Continuing operations   69
Discontinued operations   (23)
Net income (loss) attributable to Newmont stockholders   $ 46
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share)   $ 0.13
Discontinued operations (in dollars per share)   (0.04)
Net income (loss) per common share, basic (in dollars per share)   0.09
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share)   0.13
Discontinued operations (in dollars per share)   (0.04)
Net income (loss) per common share, diluted (in dollars per share)   $ 0.09
Adjustments | Reclamation and Remediation Adjustments    
Condensed Consolidated Statement of Operations    
Depreciation and amortization   $ 1
Reclamation and remediation   (1)
Income and mining tax benefit (expense)   (1)
Net income (loss):    
Continuing operations   (1)
Net income (loss)   (1)
Net loss (income) attributable to noncontrolling interests   1
Adjustments | Other Adjustments    
Condensed Consolidated Statement of Operations    
Sales   31
Costs applicable to sales   24
Depreciation and amortization   6
Income (loss) before income and mining tax and other items   1
Net income (loss):    
Continuing operations   1
Net income (loss)   1
Net income (loss) attributable to Newmont stockholders:    
Continuing operations   1
Net income (loss) attributable to Newmont stockholders   $ 1
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
REVISION OF FINANCIAL STATEMENTS - Cash flow revisions (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income (loss) $ 191 $ 58
Adjustments:    
Depreciation and amortization 301 300
Reclamation and remediation 26 28
Deferred income taxes 10 57
Net change in operating assets and liabilities (351) (184)
Net cash provided by (used in) operating activities:    
Net cash provided by (used in) continuing operating activities 266 377
Net cash used in discontinued operations [1] 3 6
Net cash provided by (used in) operating activities 263 371
Investing activities:    
Net cash provided by (used in) investing activities (236) (158)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1
Net change in cash, cash equivalents and restricted cash (152) 162
Cash, cash equivalents and restricted cash at beginning of period 3,298 2,782
Cash, cash equivalents and restricted cash at end of period $ 3,146 2,944
As Previously Reported    
Operating activities:    
Net income (loss)   58
Adjustments:    
Depreciation and amortization   293
Reclamation and remediation   29
Deferred income taxes   56
Net change in operating assets and liabilities   (175)
Net cash provided by (used in) operating activities:    
Net cash provided by (used in) continuing operating activities   379
Net cash used in discontinued operations   6
Net cash provided by (used in) operating activities   373
Investing activities:    
Acquisitions, net   (2)
Net cash provided by (used in) investing activities   (160)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   2
Net change in cash, cash equivalents and restricted cash   163
Cash, cash equivalents and restricted cash at beginning of period   2,756
Cash, cash equivalents and restricted cash at end of period   2,919
Adjustments | ASU Adoption 2016-15 and 2016-18 and Immaterial restatements    
Adjustments:    
Net change in operating assets and liabilities   (2)
Net cash provided by (used in) operating activities:    
Net cash provided by (used in) continuing operating activities   (2)
Net cash provided by (used in) operating activities   (2)
Investing activities:    
Acquisitions, net   2
Net cash provided by (used in) investing activities   2
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (1)
Net change in cash, cash equivalents and restricted cash   (1)
Cash, cash equivalents and restricted cash at beginning of period   26
Cash, cash equivalents and restricted cash at end of period   25
Adjustments | Reclamation and Remediation Adjustments    
Operating activities:    
Net income (loss)   (1)
Adjustments:    
Depreciation and amortization   1
Reclamation and remediation   (1)
Deferred income taxes   1
Adjustments | Other Adjustments    
Operating activities:    
Net income (loss)   1
Adjustments:    
Depreciation and amortization   6
Net change in operating assets and liabilities   $ (7)
[1] Net cash provided by (used in) operating activities of discontinued operations includes $(3) and $(3) related to the Holt royalty obligation and $- and $(3) related to closing costs for the sale of Batu Hijau, all of which were paid out of Cash and cash equivalents held for use for the three months ended March 31, 2018 and 2017, respectively. For additional information regarding the Company’s discontinued operations, see Note 10.
v3.8.0.1
REVISION OF FINANCIAL STATEMENTS - Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Condensed Consolidated Balance Sheet    
Property, plant and mine development, net $ 12,311 $ 12,338
Deferred income tax assets 500 549
Total assets 20,483 20,646
Other current liabilities 407 462
Reclamation and remediation liabilities 2,358 2,345
Total liabilities 8,928 9,127
Retained earnings 380 410
Newmont stockholders' equity 10,575 10,535
Noncontrolling interests 980 984
Total equity 11,555 11,519
Total liabilities and equity $ 20,483 20,646
As Previously Reported    
Condensed Consolidated Balance Sheet    
Property, plant and mine development, net   12,267
Deferred income tax assets   537
Total assets   20,563
Other current liabilities   459
Reclamation and remediation liabilities   2,154
Total liabilities   8,933
Retained earnings   484
Newmont stockholders' equity   10,609
Noncontrolling interests   1,021
Total equity   11,630
Total liabilities and equity   20,563
Adjustments | Reclamation and Remediation Adjustments    
Condensed Consolidated Balance Sheet    
Property, plant and mine development, net   71
Deferred income tax assets   12
Total assets   83
Other current liabilities   3
Reclamation and remediation liabilities   191
Total liabilities   194
Retained earnings   (74)
Newmont stockholders' equity   (74)
Noncontrolling interests   (37)
Total equity   (111)
Total liabilities and equity   $ 83
v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Revenue Recognition (Details)
3 Months Ended
Mar. 31, 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%
v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Cumulative Effect Revenue Recognition (Details) - ASU No. 2014-09 Revenue Recognition
Jan. 01, 2018
USD ($)
Dec. 31, 2017
contract
Revenue Recognition    
Number of contracts outstanding | contract   0
Effect of Change    
Revenue Recognition    
Cumulative effect adjustment | $ $ 0  
v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Investments (Details) - ASU No. 2016-01 - Adjustments
$ in Millions
Jan. 01, 2018
USD ($)
Accumulated Other Comprehensive Income (Loss)  
Recently Adopted Accounting Pronouncements  
Cumulative effect adjustment $ 115
Retained Earnings  
Recently Adopted Accounting Pronouncements  
Cumulative effect adjustment $ (115)
v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements - Cash flow impact (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Statement of cash flows    
Net cash provided by (used in) investing activities $ (236) $ (158)
Net cash provided by (used in) operating activities $ 263 371
Contingent consideration reclassification | Adjustments | ASU No. 2016-15 Statement of Cash Flows    
Statement of cash flows    
Acquisitions, net   (2)
Net cash provided by (used in) investing activities   2
Net cash provided by (used in) operating activities   $ (2)
v3.8.0.1
SEGMENT INFORMATION - Financial Information Table (Details)
$ in Millions
3 Months Ended
Mar. 31, 2018
USD ($)
segment
Mar. 31, 2017
USD ($)
Segment Information    
Sales (Note 5) $ 1,817 $ 1,690
Costs applicable to sales [1] 1,029 957
Depreciation and amortization 301 300
Advanced Projects, Research and Development, and Exploration 74 62
Income (Loss) before Income and Mining Tax and Other Items 283 194
Capital Expenditures 229 168
Additional disclosures    
Increase (decrease) in accrued capital expenditures (2) (12)
Consolidated capital expenditures on a cash basis $ 231 180
Operating Segments    
Segment Information    
Number of operating segments | segment 4  
Corporate and other    
Segment Information    
Depreciation and amortization $ 3 2
Advanced Projects, Research and Development, and Exploration 13 12
Income (Loss) before Income and Mining Tax and Other Items (110) (135)
Capital Expenditures 4 2
North America | Operating Segments    
Segment Information    
Sales (Note 5) 682 641
Costs applicable to sales 396 407
Depreciation and amortization 120 128
Advanced Projects, Research and Development, and Exploration 22 18
Income (Loss) before Income and Mining Tax and Other Items 138 82
Capital Expenditures 69 72
North America | Operating Segments | Carlin    
Segment Information    
Sales (Note 5) 304 264
Costs applicable to sales 199 208
Depreciation and amortization 52 53
Advanced Projects, Research and Development, and Exploration 7 3
Income (Loss) before Income and Mining Tax and Other Items 42 (1)
Capital Expenditures 30 48
North America | Operating Segments | Phoenix    
Segment Information    
Sales (Note 5) 126 80
Costs applicable to sales 78 62
Depreciation and amortization 19 16
Advanced Projects, Research and Development, and Exploration 1 1
Income (Loss) before Income and Mining Tax and Other Items 26 (2)
Capital Expenditures 7 6
North America | Operating Segments | Phoenix | Gold    
Segment Information    
Sales (Note 5) 100 54
Costs applicable to sales 62 44
Depreciation and amortization 15 11
North America | Operating Segments | Phoenix | Copper    
Segment Information    
Sales (Note 5) 26 26
Costs applicable to sales 16 18
Depreciation and amortization 4 5
North America | Operating Segments | Twin Creeks    
Segment Information    
Sales (Note 5) 110 102
Costs applicable to sales 64 50
Depreciation and amortization 15 14
Advanced Projects, Research and Development, and Exploration 2 2
Income (Loss) before Income and Mining Tax and Other Items 31 35
Capital Expenditures 18 8
North America | Operating Segments | Long Canyon    
Segment Information    
Sales (Note 5) 59 39
Costs applicable to sales 16 12
Depreciation and amortization 19 13
Advanced Projects, Research and Development, and Exploration 6 5
Income (Loss) before Income and Mining Tax and Other Items 19 9
Capital Expenditures 3 4
North America | Operating Segments | Cripple Creek and Victor mine    
Segment Information    
Sales (Note 5) 83 156
Costs applicable to sales 39 75
Depreciation and amortization 15 32
Advanced Projects, Research and Development, and Exploration 2 4
Income (Loss) before Income and Mining Tax and Other Items 26 46
Capital Expenditures 9 4
North America | Operating Segments | Other North America    
Segment Information    
Advanced Projects, Research and Development, and Exploration 4 3
Income (Loss) before Income and Mining Tax and Other Items (6) (5)
Capital Expenditures 2 2
South America | Operating Segments    
Segment Information    
Sales (Note 5) 309 312
Costs applicable to sales 181 167
Depreciation and amortization 55 61
Advanced Projects, Research and Development, and Exploration 20 18
Income (Loss) before Income and Mining Tax and Other Items 30 50
Capital Expenditures 38 27
South America | Operating Segments | Yanacocha    
Segment Information    
Sales (Note 5) 143 179
Costs applicable to sales 114 119
Depreciation and amortization 30 36
Advanced Projects, Research and Development, and Exploration 10 4
Income (Loss) before Income and Mining Tax and Other Items (28) 9
Capital Expenditures 16 11
South America | Operating Segments | Merian    
Segment Information    
Sales (Note 5) 166 133
Costs applicable to sales 67 48
Depreciation and amortization 22 21
Advanced Projects, Research and Development, and Exploration 3 4
Income (Loss) before Income and Mining Tax and Other Items 74 60
Capital Expenditures 22 16
South America | Operating Segments | Other South America    
Segment Information    
Depreciation and amortization 3 4
Advanced Projects, Research and Development, and Exploration 7 10
Income (Loss) before Income and Mining Tax and Other Items (16) (19)
Australia | Operating Segments    
Segment Information    
Sales (Note 5) 546 469
Costs applicable to sales 295 245
Depreciation and amortization 55 52
Advanced Projects, Research and Development, and Exploration 11 6
Income (Loss) before Income and Mining Tax and Other Items 187 134
Capital Expenditures 46 44
Australia | Operating Segments | Boddington    
Segment Information    
Sales (Note 5) 262 273
Costs applicable to sales 159 143
Depreciation and amortization 29 30
Income (Loss) before Income and Mining Tax and Other Items 74 86
Capital Expenditures 16 15
Australia | Operating Segments | Boddington | Gold    
Segment Information    
Sales (Note 5) 210 228
Costs applicable to sales 128 122
Depreciation and amortization 23 26
Australia | Operating Segments | Boddington | Copper    
Segment Information    
Sales (Note 5) 52 45
Costs applicable to sales 31 21
Depreciation and amortization 6 4
Australia | Operating Segments | Tanami    
Segment Information    
Sales (Note 5) 167 92
Costs applicable to sales 76 50
Depreciation and amortization 19 16
Advanced Projects, Research and Development, and Exploration 6 3
Income (Loss) before Income and Mining Tax and Other Items 67 20
Capital Expenditures 21 24
Australia | Operating Segments | Kalgoorlie    
Segment Information    
Sales (Note 5) 117 104
Costs applicable to sales 60 52
Depreciation and amortization 6 4
Advanced Projects, Research and Development, and Exploration 3 2
Income (Loss) before Income and Mining Tax and Other Items 48 43
Capital Expenditures 8 4
Australia | Operating Segments | Other Australia    
Segment Information    
Depreciation and amortization 1 2
Advanced Projects, Research and Development, and Exploration 2 1
Income (Loss) before Income and Mining Tax and Other Items (2) (15)
Capital Expenditures 1 1
Africa | Operating Segments    
Segment Information    
Sales (Note 5) 280 268
Costs applicable to sales 157 138
Depreciation and amortization 68 57
Advanced Projects, Research and Development, and Exploration 8 8
Income (Loss) before Income and Mining Tax and Other Items 38 63
Capital Expenditures 72 23
Africa | Operating Segments | Ahafo    
Segment Information    
Sales (Note 5) 138 114
Costs applicable to sales 90 76
Depreciation and amortization 26 23
Advanced Projects, Research and Development, and Exploration 4 6
Income (Loss) before Income and Mining Tax and Other Items 16 9
Capital Expenditures 62 17
Africa | Operating Segments | Akyem    
Segment Information    
Sales (Note 5) 142 154
Costs applicable to sales 67 62
Depreciation and amortization 42 34
Advanced Projects, Research and Development, and Exploration 3 1
Income (Loss) before Income and Mining Tax and Other Items 24 55
Capital Expenditures 10 6
Africa | Operating Segments | Other Africa    
Segment Information    
Advanced Projects, Research and Development, and Exploration 1 1
Income (Loss) before Income and Mining Tax and Other Items $ (2) $ (1)
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
SALES - Disaggregation of revenue (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
SALES    
Total sales $ 1,817 $ 1,690
Gold Sales from Dore' Production    
SALES    
Total sales 1,529 1,414
Gold Sales from Concentrate Production    
SALES    
Total sales 210 205
Copper Sales from Concentrate Production    
SALES    
Total sales 64 60
Copper Sales from Cathode Production    
SALES    
Total sales 14 11
Operating Segments | North America    
SALES    
Total sales 682 641
Operating Segments | North America | Gold Sales from Dore' Production    
SALES    
Total sales 597 579
Operating Segments | North America | Gold Sales from Concentrate Production    
SALES    
Total sales 59 36
Operating Segments | North America | Copper Sales from Concentrate Production    
SALES    
Total sales 12 15
Operating Segments | North America | Copper Sales from Cathode Production    
SALES    
Total sales 14 11
Operating Segments | North America | Carlin    
SALES    
Total sales 304 264
Operating Segments | North America | Carlin | Gold Sales from Dore' Production    
SALES    
Total sales 304 264
Operating Segments | North America | Phoenix    
SALES    
Total sales 126 80
Operating Segments | North America | Phoenix | Gold Sales from Dore' Production    
SALES    
Total sales 41 24
Operating Segments | North America | Phoenix | Gold Sales from Concentrate Production    
SALES    
Total sales 59 30
Operating Segments | North America | Phoenix | Copper Sales from Concentrate Production    
SALES    
Total sales 12 15
Operating Segments | North America | Phoenix | Copper Sales from Cathode Production    
SALES    
Total sales 14 11
Operating Segments | North America | Twin Creeks    
SALES    
Total sales 110 102
Operating Segments | North America | Twin Creeks | Gold Sales from Dore' Production    
SALES    
Total sales 110 102
Operating Segments | North America | Long Canyon    
SALES    
Total sales 59 39
Operating Segments | North America | Long Canyon | Gold Sales from Dore' Production    
SALES    
Total sales 59 39
Operating Segments | North America | Cripple Creek and Victor mine    
SALES    
Total sales 83 156
Operating Segments | North America | Cripple Creek and Victor mine | Gold Sales from Dore' Production    
SALES    
Total sales 83 150
Operating Segments | North America | Cripple Creek and Victor mine | Gold Sales from Concentrate Production    
SALES    
Total sales   6
Operating Segments | South America    
SALES    
Total sales 309 312
Operating Segments | South America | Gold Sales from Dore' Production    
SALES    
Total sales 309 312
Operating Segments | South America | Yanacocha    
SALES    
Total sales 143 179
Operating Segments | South America | Yanacocha | Gold Sales from Dore' Production    
SALES    
Total sales 143 179
Operating Segments | South America | Merian    
SALES    
Total sales 166 133
Operating Segments | South America | Merian | Gold Sales from Dore' Production    
SALES    
Total sales 166 133
Operating Segments | Australia    
SALES    
Total sales 546 469
Operating Segments | Australia | Gold Sales from Dore' Production    
SALES    
Total sales 343 255
Operating Segments | Australia | Gold Sales from Concentrate Production    
SALES    
Total sales 151 169
Operating Segments | Australia | Copper Sales from Concentrate Production    
SALES    
Total sales 52 45
Operating Segments | Australia | Boddington    
SALES    
Total sales 262 273
Operating Segments | Australia | Boddington | Gold Sales from Dore' Production    
SALES    
Total sales 59 59
Operating Segments | Australia | Boddington | Gold Sales from Concentrate Production    
SALES    
Total sales 151 169
Operating Segments | Australia | Boddington | Copper Sales from Concentrate Production    
SALES    
Total sales 52 45
Operating Segments | Australia | Tanami    
SALES    
Total sales 167 92
Operating Segments | Australia | Tanami | Gold Sales from Dore' Production    
SALES    
Total sales 167 92
Operating Segments | Australia | Kalgoorlie    
SALES    
Total sales 117 104
Operating Segments | Australia | Kalgoorlie | Gold Sales from Dore' Production    
SALES    
Total sales 117 104
Operating Segments | Africa    
SALES    
Total sales 280 268
Operating Segments | Africa | Gold Sales from Dore' Production    
SALES    
Total sales 280 268
Operating Segments | Africa | Ahafo    
SALES    
Total sales 138 114
Operating Segments | Africa | Ahafo | Gold Sales from Dore' Production    
SALES    
Total sales 138 114
Operating Segments | Africa | Akyem    
SALES    
Total sales 142 154
Operating Segments | Africa | Akyem | Gold Sales from Dore' Production    
SALES    
Total sales $ 142 $ 154
v3.8.0.1
SALES - Receivables Balance (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Receivables from Sales:    
Total receivables from Sales $ 211 $ 124
Gold Sales from Dore' Production    
Receivables from Sales:    
Total receivables from Sales 50  
Gold and copper sales from concentrate production    
Receivables from Sales:    
Total receivables from Sales 159 117
Copper Sales from Cathode Production    
Receivables from Sales:    
Total receivables from Sales $ 2 $ 7
v3.8.0.1
SALES - Impact of changes (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
SALES    
Increase in Sales due to changes in final pricing $ 1 $ 11
Impact to Sales due to changes in quantities resulting from assays 2 7
Increase (decrease) to Sales from provisional pricing mark-to-market $ (2) $ 12
v3.8.0.1
SALES - Impact of adoption - Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Condensed Consolidated Statement of Operations    
Sales $ 1,817 $ 1,690
Costs applicable to sales [1] 1,029 957
Depreciation and amortization 301 300
Income (loss) before income and mining tax and other items 283 194
Income and mining tax benefit (expense) (105) (111)
Net income (loss) 191 58
Net income (loss) attributable to Newmont stockholders:    
Continuing operations 170 70
Discontinued operations 22 (23)
Net income (loss) attributable to Newmont stockholders $ 192 $ 47
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share) $ 0.32 $ 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, basic (in dollars per share) 0.36 0.09
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share) 0.32 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, diluted (in dollars per share) $ 0.36 $ 0.09
Effect of Change | ASU No. 2014-09 Revenue Recognition    
Condensed Consolidated Statement of Operations    
Sales $ (105)  
Costs applicable to sales (62)  
Depreciation and amortization (14)  
Income (loss) before income and mining tax and other items (29)  
Income and mining tax benefit (expense) 8  
Net income (loss) (21)  
Net income (loss) attributable to Newmont stockholders:    
Continuing operations (21)  
Net income (loss) attributable to Newmont stockholders $ (21)  
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share) $ (0.04)  
Net income (loss) per common share, basic (in dollars per share) (0.04)  
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share) (0.04)  
Net income (loss) per common share, diluted (in dollars per share) $ (0.04)  
Balance without Adoption of ASC 606    
Condensed Consolidated Statement of Operations    
Sales $ 1,712  
Costs applicable to sales 967  
Depreciation and amortization 287  
Income (loss) before income and mining tax and other items 254  
Income and mining tax benefit (expense) (97)  
Net income (loss) 170  
Net income (loss) attributable to Newmont stockholders:    
Continuing operations 149  
Discontinued operations 22  
Net income (loss) attributable to Newmont stockholders $ 171  
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share) $ 0.28  
Discontinued operations (in dollars per share) 0.04  
Net income (loss) per common share, basic (in dollars per share) 0.32  
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share) 0.28  
Discontinued operations (in dollars per share) 0.04  
Net income (loss) per common share, diluted (in dollars per share) $ 0.32  
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
SALES - Impact of adoption - Cash flow changes (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income (loss) $ 191 $ 58
Adjustments:    
Depreciation and amortization 301 300
Deferred income taxes 10 57
Net change in operating assets and liabilities (Note 23) (351) (184)
Net cash provided by (used in) continuing operating activities 266 $ 377
Effect of Change | ASU No. 2014-09 Revenue Recognition    
Operating activities:    
Net income (loss) (21)  
Adjustments:    
Depreciation and amortization (14)  
Deferred income taxes (2)  
Net change in operating assets and liabilities (Note 23) 37  
Balance without Adoption of ASC 606    
Operating activities:    
Net income (loss) 170  
Adjustments:    
Depreciation and amortization 287  
Deferred income taxes 8  
Net change in operating assets and liabilities (Note 23) (314)  
Net cash provided by (used in) continuing operating activities $ 266  
v3.8.0.1
SALES - Impact of adoption - Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Condensed Consolidated Balance Sheet    
Trade receivables $ 211 $ 124
Inventories 657 679
Deferred income tax assets 500 549
Total assets 20,483 20,646
Income and mining taxes payable 216 248
Deferred income tax liabilities 596 595
Total liabilities 8,928 9,127
Retained earnings 380 410
Newmont stockholders' equity 10,575 10,535
Total equity 11,555 11,519
Total liabilities and equity 20,483 $ 20,646
Effect of Change | ASU No. 2014-09 Revenue Recognition    
Condensed Consolidated Balance Sheet    
Trade receivables (108)  
Inventories 79  
Deferred income tax assets 2  
Total assets (27)  
Income and mining taxes payable (6)  
Total liabilities (6)  
Retained earnings (21)  
Newmont stockholders' equity (21)  
Total equity (21)  
Total liabilities and equity (27)  
Balance without Adoption of ASC 606    
Condensed Consolidated Balance Sheet    
Trade receivables 103  
Inventories 736  
Deferred income tax assets 502  
Total assets 20,456  
Income and mining taxes payable 210  
Total liabilities 8,922  
Retained earnings 359  
Newmont stockholders' equity 10,554  
Total equity 11,534  
Total liabilities and equity $ 20,456  
v3.8.0.1
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
RECLAMATION AND REMEDIATION    
Reclamation accretion $ 24 $ 23
Remediation adjustment 3 5
Remediation accretion 1 1
Total remediation expense 4 6
Reclamation and remediation expense $ 28 $ 29
v3.8.0.1
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Change in reclamation liability    
Balance at beginning of period $ 2,144 $ 1,913
Additions, changes in estimates and other   (1)
Payments, net (5) (5)
Accretion expense 24 23
Balance at end of period 2,163 1,930
Change in remediation liability    
Balance at beginning of period 304 312
Additions, changes in estimates and other   2
Payments, net (5) (8)
Accretion expense 1 1
Balance at end of period $ 300 $ 307
v3.8.0.1
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Reclamation and remediation        
Asset retirement obligation $ 2,163 $ 2,144 $ 1,930 $ 1,913
Environmental remediation obligations 300 304 $ 307 $ 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 | 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    
Investments - noncurrent | San Jose Reservoir | Marketable equity securities        
Reclamation and remediation        
Asset retirement obligation restricted assets $ 68 $ 64    
v3.8.0.1
OTHER EXPENSE, NET (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OTHER EXPENSE, NET    
Restructuring and other $ 6 $ 7
Impairment of long-lived assets   3
Acquisition cost adjustments   2
Other 5 5
Other expense, net $ 11 $ 17
v3.8.0.1
OTHER EXPENSE, NET - Other information (Details)
Jun. 30, 2009
Boddington  
Acquisition cost adjustments  
Boddington final interest acquired 33.33%
v3.8.0.1
OTHER INCOME, NET - Summary (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OTHER INCOME, NET    
Interest $ 11 $ 4
Foreign currency exchange, net 7 (17)
Gain (loss) on asset and investment sales, net (1) 2
Other 4 2
Other Income, net $ 21 $ (9)
v3.8.0.1
INCOME AND MINING TAXES - Tax Expense Reconciliation (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Reconciling item, percentage    
U.S. Federal statutory tax rate (as a percent) 21.00% 35.00%
Percentage depletion (as a percent) (6.00%) (17.00%)
Change in valuation allowance on deferred tax assets (as a percent) 6.00% 35.00%
Mining and other taxes (as a percent) 7.00% 10.00%
Foreign rate differential 11.00%  
U.S. tax effect of noncontrolling interest attributable to non-U.S. investees (3.00%)  
Other (as a percent) 1.00% (6.00%)
Income and mining tax expense (as a percent) 37.00% 57.00%
Reconciling item, amount    
Income (loss) before income and mining tax and other items $ 283 $ 194
U.S. Federal statutory tax rate 59 68
Percentage depletion (17) (32)
Change in valuation allowance on deferred tax assets 18 67
Mining and other taxes 21 19
Foreign rate differential 31  
U.S. tax effect of minority interest attributable to non-U.S. investees (9)  
Other 2 (11)
Income and mining tax expense $ (105) $ (111)
v3.8.0.1
DISCONTINUED OPERATIONS - Summary (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Net income (loss) from discontinued operations, net of tax    
Net income (loss) from discontinued operations (Note 10) $ 22 $ (23)
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 10) 19 $ (23)
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 10) $ 3  
v3.8.0.1
DISCONTINUED OPERATIONS - Holt Royalty Obligation (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Disposal group      
Net income (loss) from discontinued operations (Note 10) $ 22 $ (23)  
Holloway Mining Company | Discontinued operations disposed of by sale | Holt Royalty obligation      
Disposal group      
Fair value of royalty obligation 217   $ 243
Net income (loss) from discontinued operations (Note 10) 19 (23)  
Income and mining tax benefit (expense) (4) 13  
Royalty paid $ 3 $ 3  
v3.8.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Net Income (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS    
Net income (loss) attributable to noncontrolling interests $ (1) $ 11
Merian    
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS    
Net income (loss) attributable to noncontrolling interests 17 13
Minera Yanacocha    
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS    
Net income (loss) attributable to noncontrolling interests $ (18) (1)
Other    
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS    
Net income (loss) attributable to noncontrolling interests   $ (1)
v3.8.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Ownership (Details) - shares
shares in Millions
1 Months Ended 3 Months Ended
Dec. 31, 2017
Mar. 31, 2018
Nov. 30, 2017
Minera Yanacocha      
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS      
Shares repurchased 64    
Minera Yanacocha | International Finance Corporation      
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS      
Percentage of total shares repurchased 5.00%    
Minera Yanacocha      
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS      
Ownership/Economic interest in subsidiaries 54.05% 54.05% 51.35%
Minera Yanacocha | Buenaventura      
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS      
Ownership/Economic interest in subsidiaries 45.95%   43.65%
Noncontrolling interest, ownership percentage by noncontrolling owners 45.95%    
Primary Beneficiary | Merian      
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS      
Ownership interest held (as a percent)   75.00%  
v3.8.0.1
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - Consolidated Assets and Liabilities of VIE (Details) - Primary Beneficiary - Merian - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Assets and liabilities of VIE    
Current assets $ 197 $ 133
Total assets 980 910
Current liabilities 52 50
Total liabilities 71 69
Cash And Cash Equivalents    
Assets and liabilities of VIE    
Current assets 54 27
Trade Receivables    
Assets and liabilities of VIE    
Current assets 42  
Inventories    
Assets and liabilities of VIE    
Current assets 76 79
Stockpiles and ore on leach pads    
Assets and liabilities of VIE    
Current assets 21 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 771 769
Other noncurrent assets    
Assets and liabilities of VIE    
Non-current assets 12 8
Other current liabilities    
Assets and liabilities of VIE    
Current liabilities 52 50
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
v3.8.0.1
NET INCOME (LOSS) PER SHARE - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Net income (loss) attributable to Newmont stockholders:    
Continuing operations $ 170 $ 70
Discontinued operations 22 (23)
Net income (loss) attributable to Newmont stockholders $ 192 $ 47
Weighted average common shares (millions):    
Basic 534 532
Effect of employee stock-based awards 1 1
Diluted 535 533
Net income (loss) per common share - Basic:    
Continuing operations (in dollars per share) $ 0.32 $ 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, basic 0.36 0.09
Net income (loss) per common share - Diluted:    
Continuing operations (in dollars per share) 0.32 0.13
Discontinued operations (in dollars per share) 0.04 (0.04)
Net income (loss) per common share, diluted $ 0.36 $ 0.09
v3.8.0.1
NET INCOME (LOSS) PER SHARE - Shares Repurchased and Retired (Details)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2018
USD ($)
shares
NET INCOME (LOSS) PER COMMON SHARE  
Repurchase and retirement of common stock (in shares) 1.7
Repurchase and retirement of common stock | $ $ 64
Withholding of employee taxes related to stock-based compensation (in shares) 1.0
v3.8.0.1
EMPLOYEE PENSION AND OTHER BENEFIT PLANS - Net Periodic Pension Costs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Pension Benefits    
Net periodic pension and other benefits costs    
Service cost $ 8 $ 7
Interest cost 10 11
Expected return on plan assets (17) (15)
Amortization, net 8 7
Settlements   4
Total benefit cost 9 14
Other Benefits    
Net periodic pension and other benefits costs    
Interest cost 1 1
Amortization, net (2) $ (1)
Total benefit cost $ (1)  
v3.8.0.1
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Stock-based compensation:    
Stock-based compensation $ 19 $ 16
PSU    
Stock-based compensation:    
Stock-based compensation 9 8
RSU    
Stock-based compensation:    
Stock-based compensation $ 10 7
SSU    
Stock-based compensation:    
Stock-based compensation   $ 1
v3.8.0.1
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Recurring    
Assets:    
Cash and cash equivalents $ 3,111 $ 3,259
Restricted cash 35 39
Total assets 3,561 3,667
Liabilities:    
Debt (1) 4,518 4,671
Total liabilities 4,735 4,915
Recurring | Holt Royalty obligation    
Liabilities:    
Holt royalty obligation 217 243
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   111
Recurring | Foreign exchange forward contracts    
Liabilities:    
Derivative instruments, net   1
Recurring | Diesel forward contracts    
Assets:    
Trade receivable, net 152  
Derivative assets 5 6
Recurring | Level 1    
Assets:    
Cash and cash equivalents 3,111 3,259
Restricted cash 35 39
Total assets 3,338 3,489
Recurring | Level 1 | Other Assets    
Assets:    
Restricted assets 7 9
Recurring | Level 2    
Assets:    
Total assets 196 155
Liabilities:    
Debt (1) 4,518 4,671
Total liabilities 4,518 4,672
Recurring | Level 2 | Provisional copper and gold concentrate receivables    
Assets:    
Trade receivable, net   111
Recurring | Level 2 | Foreign exchange forward contracts    
Liabilities:    
Derivative instruments, net   1
Recurring | Level 2 | Diesel forward contracts    
Assets:    
Trade receivable, net 152  
Derivative assets 5 6
Recurring | Level 3    
Assets:    
Total assets 27 23
Liabilities:    
Total liabilities 217 243
Recurring | Level 3 | Holt Royalty obligation    
Liabilities:    
Holt royalty obligation 217 243
Recurring | Level 3 | Batu Hijau contingent consideration    
Assets:    
Batu Hijau contingent consideration 27 23
Recurring | Marketable equity securities    
Assets:    
Marketable securities 163 165
Recurring | Marketable equity securities | Level 1    
Assets:    
Marketable securities 163 165
Recurring | Marketable debt securities    
Assets:    
Restricted assets   55
Recurring | Marketable debt securities | Provisional copper and gold concentrate receivables    
Assets:    
Restricted assets 61  
Recurring | Marketable debt securities | Level 1    
Assets:    
Restricted assets   17
Recurring | Marketable debt securities | Level 1 | Provisional copper and gold concentrate receivables    
Assets:    
Restricted assets 22  
Recurring | Marketable debt securities | Level 2    
Assets:    
Restricted assets   38
Recurring | Marketable debt securities | Level 2 | Provisional copper and gold concentrate receivables    
Assets:    
Restricted assets 39  
Carrying value    
Liabilities:    
Debt (1) $ 4,041 $ 4,040
v3.8.0.1
FAIR VALUE ACCOUNTING - Quantitative Information (Details)
oz in Thousands, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2018
USD ($)
oz
$ / oz
$ / lb
Dec. 31, 2017
USD ($)
oz
$ / oz
$ / lb
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Quantitative and Qualitative Information - Unobservable Inputs        
Financial assets, fair value $ 27 $ 23 $ 13 $ 31
Financial liabilities, fair value 217 243 220 187
Holt Royalty obligation        
Quantitative and Qualitative Information - Unobservable Inputs        
Financial liabilities, fair value 217 243 220 187
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 $ 217 $ 243    
Discount Rate (as a percent) 3.82% 3.32%    
Short-term gold price (in dollars per ounce) | $ / oz 1,329 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 350 402    
Level 3 | Monte Carlo | Holt Royalty obligation | Maximum        
Quantitative and Qualitative Information - Unobservable Inputs        
Gold production scenarios (in 000's of ounces) | oz 1,592 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 3.16 3.09    
Long-term copper price (in dollars per pound) | $ / lb 3.00 3.00    
v3.8.0.1
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 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 (3) (3)
Revaluation (23) 36
Balance at end of period, liabilities 217 220
Holt Royalty obligation    
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities 243 187
Settlements (3) (3)
Revaluation (23) 36
Balance at end of period, liabilities 217 220
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
Settlements   0
Revaluation 4 0
Balance at end of period, assets $ 27 $ 13
v3.8.0.1
DERIVATIVE INSTRUMENTS - Diesel Derivative Contracts Outstanding (Details) - Cash Flow Hedges
bbl in Thousands, gal in Millions
3 Months Ended
Mar. 31, 2018
$ / bbl
$ / gal
bbl
gal
Diesel forward contracts | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 17
Average rate ($/gallon or $/barrel) 1.73
Diesel forward contracts | South America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 1
Average rate ($/gallon or $/barrel) 1.87
Diesel forward contracts | Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | bbl 45
Average rate ($/gallon or $/barrel) | $ / bbl 75.84
Diesel forward contracts maturing in 2018 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 12
Average rate ($/gallon or $/barrel) 1.67
Diesel forward contracts maturing in 2019 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 3
Average rate ($/gallon or $/barrel) 1.78
Diesel forward contracts maturing in 2020 | North America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 2
Average rate ($/gallon or $/barrel) 1.93
Diesel forward contracts maturing in 2020 | South America  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | gal 1
Average rate ($/gallon or $/barrel) 1.87
Diesel forward contracts maturing in 2020 | Australia  
Derivative contracts  
Diesel gallons (millions) or barrels (thousands) | bbl 45
Average rate ($/gallon or $/barrel) | $ / bbl 75.84
Diesel forward contracts maturing in 2021 | North America  
Derivative contracts  
Average rate ($/gallon or $/barrel) 1.90
Diesel forward contracts maturing in 2021 | South America  
Derivative contracts  
Average rate ($/gallon or $/barrel) 1.87
v3.8.0.1
DERIVATIVE INSTRUMENTS - Fair Values of Instruments Designated as Hedges (Details) - Cash Flow Hedges - Designated Hedge - USD ($)
$ in Millions
Mar. 31, 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 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
v3.8.0.1
DERIVATIVE INSTRUMENTS - Effect of Cash Flow Hedge Accounting (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)    
Costs applicable to sales [1] $ 1,029 $ 957
Interest expense, net 53 67
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 1 10
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 (2)
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 3 8
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 $ 2
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
DERIVATIVE INSTRUMENTS - Location and Amount of Gains (Losses) Reported in Financial Statements (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Derivative contracts    
Approximate loss amount to be reclassified from accumulated other comprehensive income (loss), net of tax to income $ 6  
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) 3 8
Cash Flow Hedges | Diesel forward contracts    
Derivative contracts    
(Gain) loss recognized in Other comprehensive income (loss) (1) 3
(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) (2) 2
Cash Flow Hedges | Interest rate contracts    
Derivative contracts    
(Gain) loss reclassified from Accumulated other comprehensive income (loss) into income (loss) $ 3 $ 2
v3.8.0.1
DERIVATIVE INSTRUMENTS - Batu Hijau Contingent Consideration (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Contingent Payment | Other noncurrent assets    
Batu Hijau Contingent Consideration    
Batu Hijau contingent consideration $ 27 $ 23
v3.8.0.1
DERIVATIVE INSTRUMENTS - Embedded Derivatives (Details)
oz in Thousands, lb in Millions
3 Months Ended
Mar. 31, 2018
lb
oz
$ / oz
$ / lb
Gold Contracts - Embedded Derivative  
Provisional Gold and Copper Sales - Embedded derivatives  
Provisional pricing quantity sales (in ounces or pounds) | oz 97
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz 1,328
Copper Contracts - Embedded Derivative  
Provisional Gold and Copper Sales - Embedded derivatives  
Provisional pricing quantity sales (in ounces or pounds) | lb 20
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb 3.04
v3.8.0.1
INVESTMENTS - Marketable Securities - ASU 2016-01 Amortized Cost and Fair Value (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Fair/Equity Basis (1)    
Other investments $ 12  
Equity method investments 157 $ 165
Total unrestricted investments 273 280
TMAC    
Fair/Equity Basis (1)    
Equity method investments $ 108 $ 115
Investments    
Ownership interest (as a percent) 28.76% 28.79%
Minera La Zanja S.R.L.    
Fair/Equity Basis (1)    
Equity method investments $ 49 $ 50
Investments    
Ownership interest (as a percent) 46.94% 46.94%
Marketable debt securities    
Investments    
Unrealized losses recorded in Other comprehensive income (loss) related to marketable debt securities $ 1  
Investments - current | Marketable equity securities    
Fair/Equity Basis (1)    
Marketable equity securities 59  
Investments - noncurrent    
Non-current restricted investments: (2)    
Other assets 7  
Non-current restricted investments 68  
Investments - noncurrent | Marketable equity securities    
Fair/Equity Basis (1)    
Marketable equity securities 104  
Investments - noncurrent | Marketable equity securities | Continental    
Fair/Equity Basis (1)    
Marketable equity securities 103  
Investments - noncurrent | Marketable equity securities | Other marketable equity securities    
Fair/Equity Basis (1)    
Marketable equity securities 1  
Investments - noncurrent | Marketable debt securities    
Non-current restricted investments: (2)    
Marketable debt securities $ 61  
v3.8.0.1
INVESTMENTS - Marketable Securities - Amortized Cost/Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Investments    
Other investments, at cost   $ 12
Investments, Cost/Equity Basis   290
Unrealized Loss   (10)
Investments, Fair/Equity Basis $ 273 280
Equity method investments 157 165
TMAC    
Investments    
Equity method investments $ 108 $ 115
Ownership interest (as a percent) 28.76% 28.79%
Minera La Zanja S.R.L.    
Investments    
Equity method investments $ 49 $ 50
Ownership interest (as a percent) 46.94% 46.94%
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 | Continental    
Investments    
Cost/Equity Basis   109
Unrealized Loss   (8)
Fair/Equity Basis - Long-Term Marketable Securities   101
Investments - noncurrent | Marketable equity securities    
Investments    
Cost/Equity Basis   113
Unrealized Loss   (10)
Fair/Equity Basis - Long-Term Marketable Securities   103
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
v3.8.0.1
INVENTORIES - Summary of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Inventory, net    
Materials and supplies $ 421 $ 416
In-process 121 131
Concentrate and copper cathode 75 83
Precious metals 40 49
Total inventories $ 657 $ 679
v3.8.0.1
STOCKPILES AND ORE ON LEACH PADS - By location (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads $ 640 $ 676
Long-term stockpiles and ore on leach pads 1,897 1,848
Stockpiles and ore on leach pads 2,537 2,524
Stockpiles    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 304 330
Long-term stockpiles and ore on leach pads 1,514 1,502
Ore on Leach Pads    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 336 346
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 440 441
Operating Segments | Phoenix    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 67 68
Operating Segments | Twin Creeks    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 334 340
Operating Segments | Long Canyon    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 43 34
Operating Segments | Cripple Creek and Victor mine    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 328 314
Operating Segments | Yanacocha    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 259 270
Operating Segments | Merian    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 29 25
Operating Segments | Boddington    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 448 431
Operating Segments | Tanami    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 3 4
Operating Segments | Kalgoorlie    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 130 125
Operating Segments | Ahafo    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads 398 409
Operating Segments | Akyem    
Stockpiles And Ore On Leach Pads    
Stockpiles and ore on leach pads $ 58 $ 63
v3.8.0.1
STOCKPILES AND ORE ON LEACH PADS - Write-downs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Write-downs    
Inventory write-downs $ 82 $ 43
Stockpiles and ore on leach pads | Carlin    
Write-downs    
Inventory write-downs 26 23
Stockpiles and ore on leach pads | Twin Creeks    
Write-downs    
Inventory write-downs 16 4
Stockpiles and ore on leach pads | Yanacocha    
Write-downs    
Inventory write-downs 24 8
Stockpiles and ore on leach pads | Ahafo    
Write-downs    
Inventory write-downs 20 18
Stockpiles and ore on leach pads | Akyem    
Write-downs    
Inventory write-downs 22  
Stockpiles and ore on leach pads | Costs applicable to sales    
Write-downs    
Inventory write-downs 79 40
Stockpiles and ore on leach pads | Depreciation and amortization    
Write-downs    
Inventory write-downs $ 29 $ 13
v3.8.0.1
DEBT - Maturities (Details)
$ in Millions
1 Months Ended
Dec. 31, 2017
facility
Mar. 31, 2018
USD ($)
Scheduled minimum debt repayments    
Remainder of 2018   $ 0
2019   626
2020   0
2021   0
2022   992
Debt repayments, thereafter   2,474
Scheduled minimum capital lease repayments    
Remainder of 2018   3
2019   3
2020   1
2021   1
2022   1
Capital lease repayments, thereafter   1
Construction-in-progress | Tanami Power project    
Other information    
Number of on-site power stations | facility 2  
Construction-in-progress | Tanami Power project | Other    
Other information    
Financing obligation   44
Financing obligation, current   $ 3
v3.8.0.1
OTHER LIABILITIES (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Other current liabilities:    
Reclamation and remediation liabilities $ 105 $ 103
Accrued operating costs 103 124
Accrued capital expenditures 71 77
Accrued interest 62 52
Royalties 34 63
Holt royalty obligation 15 15
Taxes other than income and mining 8 7
Derivative instruments   1
Other 9 20
Other current liabilities, total 407 462
Other long-term liabilities:    
Holt property royalty 202 228
Income and mining taxes 47 47
Power supply agreements 31 32
Social development obligations 22 22
Other 9 13
Other long-term liabilities, total $ 311 $ 342
v3.8.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of AOCI (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)    
Balance at beginning of period $ 11,519  
Other comprehensive income (loss) 8 $ 12
Balance at end of period 11,555  
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 2  
Other comprehensive income (loss) 2  
Balance at end of period 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 (3)  
Other comprehensive income (loss) (3)  
Balance at end of period 127  
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) 5  
Other comprehensive income (loss) 5  
Balance at end of period (203)  
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 1  
Reclassifications from accumulated other comprehensive income (loss) 3  
Other comprehensive income (loss) 4  
Balance at end of period (94)  
Accumulated Other Comprehensive Income (Loss)    
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)    
Balance at beginning of period (292)  
Reclassifications from accumulated other comprehensive income (loss) 8  
Other comprehensive income (loss) 8  
Balance at end of period (169)  
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  
v3.8.0.1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)    
Other income, net $ (21) $ 9
Costs applicable to sales [1] 1,029 957
Interest expense, net 53 67
Total before tax (283) (194)
Tax 105 111
Net of tax (191) (58)
Pension and other post-retirement benefit adjustments    
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)    
Total before tax 6 10
Tax (1) (4)
Net of tax 5 6
Reclassifications from accumulated other comprehensive income (loss) 5  
Accumulated defined benefit pension plans adjustment, amortization    
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)    
Other income, net 6 6
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) 3  
Reclassification Out of Accumulated Other Comprehensive Income    
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)    
Reclassifications from accumulated other comprehensive income (loss) 8 14
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 4 12
Tax (1) (4)
Net of tax 3 8
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 1 10
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 $ 2
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Decrease (increase) in operating assets:    
Trade and other accounts receivables $ (77) $ 39
Inventories, stockpiles and ore on leach pads (89) (55)
Other assets (4) (2)
Increase (decrease) in operating liabilities:    
Accounts payable and other accrued liabilities (91) (57)
Reclamation and remediation liabilities (10) (13)
Employee-related liabilities (80) (96)
Net change in operating assets and liabilities $ (351) $ (184)
v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Additional Information (Details)
Mar. 31, 2018
Newmont USA  
Condensed Financial Statements  
Percent ownership held by Newmont 100.00%
v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Condensed Consolidating Statement of Operations    
Sales $ 1,817 $ 1,690
Costs and expenses    
Costs applicable to sales (1) [1] 1,029 957
Depreciation and amortization 301 300
Reclamation and remediation 28 29
Exploration 40 36
Advanced projects, research and development 34 26
General and administrative 59 55
Other expense, net 11 17
Total costs and expenses 1,502 1,420
Other income (expense):    
Other income, net 21 (9)
Interest expense, net (53) (67)
Total other income (expense) (32) (76)
Income (loss) before income and mining tax and other items 283 194
Income and mining tax benefit (expense) (105) (111)
Equity income (loss) of affiliates (9) (2)
Net income (loss) from continuing operations 169 81
Net income (loss) from discontinued operations (Note 10) 22 (23)
Net income (loss) 191 58
Net loss (income) attributable to noncontrolling interests 1 (11)
Net income (loss) attributable to Newmont stockholders 192 47
Comprehensive income (loss) 199 70
Comprehensive loss (income) attributable to noncontrolling interests 1 (11)
Comprehensive income (loss) attributable to Newmont stockholders 200 59
Eliminations    
Other income (expense):    
Interest income - intercompany (54) 31
Interest expense - intercompany 54 (31)
Equity income (loss) of affiliates (148) 9
Net income (loss) from continuing operations (148) 9
Net income (loss) (148) 9
Net income (loss) attributable to Newmont stockholders (148) 9
Comprehensive income (loss) (148) 9
Comprehensive income (loss) attributable to Newmont stockholders (148) 9
Newmont Mining Corporation | Reportable Legal Entities    
Costs and expenses    
Depreciation and amortization 1 1
Total costs and expenses 1 1
Other income (expense):    
Other income, net 8 3
Interest income - intercompany 34 (8)
Interest expense - intercompany (8) 24
Interest expense, net (49) (62)
Total other income (expense) (15) (43)
Income (loss) before income and mining tax and other items (16) (44)
Income and mining tax benefit (expense) 3 16
Equity income (loss) of affiliates 205 75
Net income (loss) from continuing operations 192 47
Net income (loss) 192 47
Net income (loss) attributable to Newmont stockholders 192 47
Comprehensive income (loss) 200 59
Comprehensive income (loss) attributable to Newmont stockholders 200 59
Newmont USA | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales 512 424
Costs and expenses    
Costs applicable to sales (1) 324 303
Depreciation and amortization 87 83
Reclamation and remediation 3 3
Exploration 11 9
Advanced projects, research and development 6 6
General and administrative 19 1
Other expense, net 1 17
Total costs and expenses 451 422
Other income (expense):    
Other income, net 7  
Interest income - intercompany 11  
Interest expense, net (2) (2)
Total other income (expense) 16 (2)
Income (loss) before income and mining tax and other items 77  
Income and mining tax benefit (expense) (14)  
Equity income (loss) of affiliates (57) (84)
Net income (loss) from continuing operations 6 (84)
Net income (loss) 6 (84)
Net income (loss) attributable to Newmont stockholders 6 (84)
Comprehensive income (loss) 6 (80)
Comprehensive income (loss) attributable to Newmont stockholders 6 (80)
Other Subsidiaries | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales 1,305 1,266
Costs and expenses    
Costs applicable to sales (1) 705 654
Depreciation and amortization 213 216
Reclamation and remediation 25 26
Exploration 29 27
Advanced projects, research and development 28 11
General and administrative 40 25
Other expense, net 10 38
Total costs and expenses 1,050 997
Other income (expense):    
Other income, net 6 (12)
Interest income - intercompany 9 (23)
Interest expense - intercompany (46) 7
Interest expense, net (2) (3)
Total other income (expense) (33) (31)
Income (loss) before income and mining tax and other items 222 238
Income and mining tax benefit (expense) (94) (127)
Equity income (loss) of affiliates (9) (2)
Net income (loss) from continuing operations 119 109
Net income (loss) from discontinued operations (Note 10) 22 (23)
Net income (loss) 141 86
Net loss (income) attributable to noncontrolling interests 1 (11)
Net income (loss) attributable to Newmont stockholders 142 75
Comprehensive income (loss) 141 82
Comprehensive loss (income) attributable to noncontrolling interests 1 (11)
Comprehensive income (loss) attributable to Newmont stockholders $ 142 71
As Previously Reported    
Condensed Consolidating Statement of Operations    
Sales   1,659
Costs and expenses    
Costs applicable to sales (1)   933
Depreciation and amortization   293
Reclamation and remediation   30
Exploration   36
Advanced projects, research and development   26
General and administrative   55
Other expense, net   17
Total costs and expenses   1,390
Other income (expense):    
Other income, net   (9)
Interest expense, net   (67)
Total other income (expense)   (76)
Income (loss) before income and mining tax and other items   193
Income and mining tax benefit (expense)   (110)
Equity income (loss) of affiliates   (2)
Net income (loss) from continuing operations   81
Net income (loss) from discontinued operations (Note 10)   (23)
Net income (loss)   58
Net loss (income) attributable to noncontrolling interests   (12)
Net income (loss) attributable to Newmont stockholders   46
Comprehensive income (loss)   70
Comprehensive loss (income) attributable to noncontrolling interests   (12)
Comprehensive income (loss) attributable to Newmont stockholders   58
As Previously Reported | Eliminations    
Other income (expense):    
Interest income - intercompany   31
Interest expense - intercompany   (31)
Equity income (loss) of affiliates   9
Net income (loss) from continuing operations   9
Net income (loss)   9
Net income (loss) attributable to Newmont stockholders   9
Comprehensive income (loss)   9
Comprehensive income (loss) attributable to Newmont stockholders   9
As Previously Reported | Newmont Mining Corporation | Reportable Legal Entities    
Costs and expenses    
Depreciation and amortization   1
Total costs and expenses   1
Other income (expense):    
Other income, net   3
Interest income - intercompany   (8)
Interest expense - intercompany   24
Interest expense, net   (62)
Total other income (expense)   (43)
Income (loss) before income and mining tax and other items   (44)
Income and mining tax benefit (expense)   16
Equity income (loss) of affiliates   74
Net income (loss) from continuing operations   46
Net income (loss)   46
Net income (loss) attributable to Newmont stockholders   46
Comprehensive income (loss)   58
Comprehensive income (loss) attributable to Newmont stockholders   58
As Previously Reported | Newmont USA | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales   403
Costs and expenses    
Costs applicable to sales (1)   285
Depreciation and amortization   79
Reclamation and remediation   4
Exploration   9
Advanced projects, research and development   6
General and administrative   1
Other expense, net   17
Total costs and expenses   401
Other income (expense):    
Interest expense, net   (2)
Total other income (expense)   (2)
Equity income (loss) of affiliates   (84)
Net income (loss) from continuing operations   (84)
Net income (loss)   (84)
Net income (loss) attributable to Newmont stockholders   (84)
Comprehensive income (loss)   (79)
Comprehensive income (loss) attributable to Newmont stockholders   (79)
As Previously Reported | Other Subsidiaries | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales   1,256
Costs and expenses    
Costs applicable to sales (1)   648
Depreciation and amortization   213
Reclamation and remediation   26
Exploration   27
Advanced projects, research and development   11
General and administrative   25
Other expense, net   38
Total costs and expenses   988
Other income (expense):    
Other income, net   (12)
Interest income - intercompany   (23)
Interest expense - intercompany   7
Interest expense, net   (3)
Total other income (expense)   (31)
Income (loss) before income and mining tax and other items   237
Income and mining tax benefit (expense)   (126)
Equity income (loss) of affiliates   (1)
Net income (loss) from continuing operations   110
Net income (loss) from discontinued operations (Note 10)   (23)
Net income (loss)   87
Net loss (income) attributable to noncontrolling interests   (12)
Net income (loss) attributable to Newmont stockholders   75
Comprehensive income (loss)   82
Comprehensive loss (income) attributable to noncontrolling interests   (12)
Comprehensive income (loss) attributable to Newmont stockholders   70
Adjustments | Adjustments    
Condensed Consolidating Statement of Operations    
Sales   31
Costs and expenses    
Costs applicable to sales (1)   24
Depreciation and amortization   7
Reclamation and remediation   (1)
Total costs and expenses   30
Other income (expense):    
Income (loss) before income and mining tax and other items   1
Income and mining tax benefit (expense)   (1)
Net loss (income) attributable to noncontrolling interests   1
Net income (loss) attributable to Newmont stockholders   1
Comprehensive loss (income) attributable to noncontrolling interests   1
Comprehensive income (loss) attributable to Newmont stockholders   1
Adjustments | Adjustments | Newmont Mining Corporation | Reportable Legal Entities    
Other income (expense):    
Equity income (loss) of affiliates   1
Net income (loss) from continuing operations   1
Net income (loss)   1
Net income (loss) attributable to Newmont stockholders   1
Comprehensive income (loss)   1
Comprehensive income (loss) attributable to Newmont stockholders   1
Adjustments | Adjustments | Newmont USA | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales   21
Costs and expenses    
Costs applicable to sales (1)   18
Depreciation and amortization   4
Reclamation and remediation   (1)
Total costs and expenses   21
Other income (expense):    
Comprehensive income (loss)   (1)
Comprehensive income (loss) attributable to Newmont stockholders   (1)
Adjustments | Adjustments | Other Subsidiaries | Reportable Legal Entities    
Condensed Consolidating Statement of Operations    
Sales   10
Costs and expenses    
Costs applicable to sales (1)   6
Depreciation and amortization   3
Total costs and expenses   9
Other income (expense):    
Income (loss) before income and mining tax and other items   1
Income and mining tax benefit (expense)   (1)
Equity income (loss) of affiliates   (1)
Net income (loss) from continuing operations   (1)
Net income (loss)   (1)
Net loss (income) attributable to noncontrolling interests   1
Comprehensive loss (income) attributable to noncontrolling interests   1
Comprehensive income (loss) attributable to Newmont stockholders   $ 1
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Operating activities:          
Net cash provided by (used in) continuing operating activities $ 266 $ 377      
Net cash provided by (used in) operating activities of discontinued operations [1] (3) (6)      
Net cash provided by (used in) operating activities 263 371      
Investing activities:          
Additions to property, plant and mine development (231) (180)      
Proceeds from sales of investments   19      
Other (5) 3      
Net cash provided by (used in) investing activities (236) (158)      
Financing activities:          
Dividends paid to common stockholders (76) (27)      
Repurchase of common stock (64)        
Payments for withholding of employee taxes related to stock-based compensation (39) (13)      
Funding from noncontrolling interests 32 21      
Distributions to noncontrolling interests (31) (32)      
Other (1) (1)      
Net cash provided by (used in) financing activities (179) (52)      
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1      
Net change in cash, cash equivalents and restricted cash (152) 162      
Cash, cash equivalents and restricted cash at beginning of period 3,298 2,782      
Cash, cash equivalents and restricted cash at end of period 3,146 2,944      
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents     $ 3,111 $ 3,259 $ 2,919
Restricted cash included in Other current     $ 1   $ 1
Location of current restricted cash     us-gaap:OtherAssetsCurrent   us-gaap:OtherAssetsCurrent
Restricted cash included in Other noncurrent     $ 34   $ 24
Location of noncurrent restricted cash     us-gaap:OtherAssetsNoncurrent   us-gaap:OtherAssetsNoncurrent
Total cash, cash equivalents and restricted cash 3,298 2,782 $ 3,146 3,298 $ 2,944
Newmont Mining Corporation | Reportable Legal Entities          
Operating activities:          
Net cash provided by (used in) continuing operating activities (24) (51)      
Net cash provided by (used in) operating activities (24) (51)      
Financing activities:          
Dividends paid to common stockholders (76) (27)      
Repurchase of common stock (64)        
Net intercompany borrowings (repayments) 164 78      
Net cash provided by (used in) financing activities 24 51      
Newmont USA | Reportable Legal Entities          
Operating activities:          
Net cash provided by (used in) continuing operating activities 75 (12)      
Net cash provided by (used in) operating activities 75 (12)      
Investing activities:          
Additions to property, plant and mine development (58) (60)      
Other 2        
Net cash provided by (used in) investing activities (56) (60)      
Financing activities:          
Payments for withholding of employee taxes related to stock-based compensation (39) (13)      
Net intercompany borrowings (repayments) 20 86      
Other   (1)      
Net cash provided by (used in) financing activities (19) 72      
Cash, cash equivalents and restricted cash at beginning of period   1      
Cash, cash equivalents and restricted cash at end of period   1      
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents         1
Total cash, cash equivalents and restricted cash   1     1
Other Subsidiaries | Reportable Legal Entities          
Operating activities:          
Net cash provided by (used in) continuing operating activities 215 440      
Net cash provided by (used in) operating activities of discontinued operations (3) (6)      
Net cash provided by (used in) operating activities 212 434      
Investing activities:          
Additions to property, plant and mine development (173) (120)      
Proceeds from sales of investments   19      
Other (7) 3      
Net cash provided by (used in) investing activities (180) (98)      
Financing activities:          
Funding from noncontrolling interests 32 21      
Distributions to noncontrolling interests (31) (32)      
Net intercompany borrowings (repayments) (184) (164)      
Other (1)        
Net cash provided by (used in) financing activities (184) (175)      
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1      
Net change in cash, cash equivalents and restricted cash (152) 162      
Cash, cash equivalents and restricted cash at beginning of period 3,298 2,781      
Cash, cash equivalents and restricted cash at end of period 3,146 2,943      
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents     3,111 3,259 2,918
Restricted cash included in Other current     1   1
Restricted cash included in Other noncurrent     34   24
Total cash, cash equivalents and restricted cash $ 3,298 $ 2,781 $ 3,146 $ 3,298 $ 2,943
[1] Net cash provided by (used in) operating activities of discontinued operations includes $(3) and $(3) related to the Holt royalty obligation and $- and $(3) related to closing costs for the sale of Batu Hijau, all of which were paid out of Cash and cash equivalents held for use for the three months ended March 31, 2018 and 2017, respectively. For additional information regarding the Company’s discontinued operations, see Note 10.
v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Assets      
Cash and cash equivalents $ 3,111 $ 3,259 $ 2,919
Trade receivables (Note 5) 211 124  
Other accounts receivables 119 113  
Investments 59 62  
Inventories 657 679  
Stockpiles and ore on leach pads 640 676  
Other current assets 141 153  
Current assets 4,938 5,066  
Property, plant and mine development, net 12,311 12,338  
Investments 273 280  
Stockpiles and ore on leach pads 1,897 1,848  
Deferred income tax assets 500 549  
Other non-current assets 564 565  
Total assets 20,483 20,646  
Liabilities      
Debt 7 4  
Accounts payable 331 375  
Employee-related benefits 220 309  
Income and mining taxes 216 248  
Other current liabilities 407 462  
Current liabilities 1,181 1,398  
Debt 4,088 4,061  
Reclamation and remediation liabilities 2,358 2,345  
Deferred income tax liabilities 596 595  
Employee-related benefits 394 386  
Other non-current liabilities 311 342  
Total liabilities 8,928 9,127  
Equity      
Newmont stockholders' equity 10,575 10,535  
Noncontrolling interests 980 984  
Total equity 11,555 11,519  
Total liabilities and equity 20,483 20,646  
Eliminations      
Assets      
Intercompany receivable (10,057) (10,138)  
Current assets (10,057) (10,138)  
Property, plant and mine development, net (28) (27)  
Investments in subsidiaries (11,839) (11,701)  
Non-current intercompany receivable (3,910) (2,108)  
Total assets (25,834) (23,974)  
Liabilities      
Intercompany payable (10,057) (10,138)  
Current liabilities (10,057) (10,138)  
Non-current intercompany payable (3,938) (2,135)  
Total liabilities (13,995) (12,273)  
Equity      
Newmont stockholders' equity (11,839) (11,701)  
Total equity (11,839) (11,701)  
Total liabilities and equity (25,834) (23,974)  
Newmont Mining Corporation | Reportable Legal Entities      
Assets      
Intercompany receivable 1,949 2,053  
Current assets 1,949 2,053  
Property, plant and mine development, net 17 17  
Investments 108 106  
Investments in subsidiaries 12,230 12,012  
Deferred income tax assets 81 84  
Non-current intercompany receivable 1,669 1,700  
Total assets 16,054 15,972  
Liabilities      
Intercompany payable 1,368 1,338  
Other current liabilities 62 52  
Current liabilities 1,430 1,390  
Debt 4,041 4,040  
Employee-related benefits 1    
Non-current intercompany payable 7 7  
Total liabilities 5,479 5,437  
Equity      
Newmont stockholders' equity 10,575 10,535  
Total equity 10,575 10,535  
Total liabilities and equity 16,054 15,972  
Newmont USA | Reportable Legal Entities      
Assets      
Cash and cash equivalents     1
Trade receivables (Note 5) 48 18  
Other accounts receivables 3    
Intercompany receivable 4,598 4,601  
Inventories 163 181  
Stockpiles and ore on leach pads 195 196  
Other current assets 35 38  
Current assets 5,042 5,034  
Property, plant and mine development, net 3,062 3,082  
Investments 5 4  
Investments in subsidiaries (411) (311)  
Stockpiles and ore on leach pads 640 648  
Deferred income tax assets   5  
Non-current intercompany receivable 448 401  
Other non-current assets 254 255  
Total assets 9,040 9,118  
Liabilities      
Debt 1 1  
Accounts payable 57 83  
Intercompany payable 2,270 2,145  
Employee-related benefits 85 143  
Income and mining taxes 5 18  
Other current liabilities 114 163  
Current liabilities 2,532 2,553  
Debt 3 4  
Reclamation and remediation liabilities 300 309  
Deferred income tax liabilities 124 121  
Employee-related benefits 221 222  
Other non-current liabilities 19 18  
Total liabilities 3,199 3,227  
Equity      
Newmont stockholders' equity 5,841 5,891  
Total equity 5,841 5,891  
Total liabilities and equity 9,040 9,118  
Other Subsidiaries | Reportable Legal Entities      
Assets      
Cash and cash equivalents 3,111 3,259 $ 2,918
Trade receivables (Note 5) 163 106  
Other accounts receivables 116 113  
Intercompany receivable 3,510 3,484  
Investments 59 62  
Inventories 494 498  
Stockpiles and ore on leach pads 445 480  
Other current assets 106 115  
Current assets 8,004 8,117  
Property, plant and mine development, net 9,260 9,266  
Investments 160 170  
Investments in subsidiaries 20    
Stockpiles and ore on leach pads 1,257 1,200  
Deferred income tax assets 419 460  
Non-current intercompany receivable 1,793 7  
Other non-current assets 310 310  
Total assets 21,223 19,530  
Liabilities      
Debt 6 3  
Accounts payable 274 292  
Intercompany payable 6,419 6,655  
Employee-related benefits 135 166  
Income and mining taxes 211 230  
Other current liabilities 231 247  
Current liabilities 7,276 7,593  
Debt 44 17  
Reclamation and remediation liabilities 2,058 2,036  
Deferred income tax liabilities 472 474  
Employee-related benefits 172 164  
Non-current intercompany payable 3,931 2,128  
Other non-current liabilities 292 324  
Total liabilities 14,245 12,736  
Equity      
Newmont stockholders' equity 5,998 5,810  
Noncontrolling interests 980 984  
Total equity 6,978 6,794  
Total liabilities and equity $ 21,223 19,530  
As Previously Reported      
Assets      
Cash and cash equivalents   3,259  
Trade receivables (Note 5)   124  
Other accounts receivables   113  
Investments   62  
Inventories   679  
Stockpiles and ore on leach pads   676  
Other current assets   153  
Current assets   5,066  
Property, plant and mine development, net   12,267  
Investments   280  
Stockpiles and ore on leach pads   1,848  
Deferred income tax assets   537  
Other non-current assets   565  
Total assets   20,563  
Liabilities      
Debt   4  
Accounts payable   375  
Employee-related benefits   309  
Income and mining taxes   248  
Other current liabilities   459  
Current liabilities   1,395  
Debt   4,061  
Reclamation and remediation liabilities   2,154  
Deferred income tax liabilities   595  
Employee-related benefits   386  
Other non-current liabilities   342  
Total liabilities   8,933  
Equity      
Newmont stockholders' equity   10,609  
Noncontrolling interests   1,021  
Total equity   11,630  
Total liabilities and equity   20,563  
As Previously Reported | Eliminations      
Assets      
Intercompany receivable   (10,138)  
Current assets   (10,138)  
Property, plant and mine development, net   (27)  
Investments in subsidiaries   (11,775)  
Non-current intercompany receivable   (2,108)  
Total assets   (24,048)  
Liabilities      
Intercompany payable   (10,138)  
Current liabilities   (10,138)  
Non-current intercompany payable   (2,135)  
Total liabilities   (12,273)  
Equity      
Newmont stockholders' equity   (11,775)  
Total equity   (11,775)  
Total liabilities and equity   (24,048)  
As Previously Reported | Newmont Mining Corporation | Reportable Legal Entities      
Assets      
Intercompany receivable   2,053  
Current assets   2,053  
Property, plant and mine development, net   17  
Investments   106  
Investments in subsidiaries   12,086  
Deferred income tax assets   84  
Non-current intercompany receivable   1,700  
Total assets   16,046  
Liabilities      
Intercompany payable   1,338  
Other current liabilities   52  
Current liabilities   1,390  
Debt   4,040  
Non-current intercompany payable   7  
Total liabilities   5,437  
Equity      
Newmont stockholders' equity   10,609  
Total equity   10,609  
Total liabilities and equity   16,046  
As Previously Reported | Newmont USA | Reportable Legal Entities      
Assets      
Trade receivables (Note 5)   18  
Intercompany receivable   4,601  
Inventories   181  
Stockpiles and ore on leach pads   196  
Other current assets   38  
Current assets   5,034  
Property, plant and mine development, net   3,067  
Investments   4  
Investments in subsidiaries   (311)  
Stockpiles and ore on leach pads   648  
Deferred income tax assets   (1)  
Non-current intercompany receivable   401  
Other non-current assets   255  
Total assets   9,097  
Liabilities      
Debt   1  
Accounts payable   83  
Intercompany payable   2,145  
Employee-related benefits   143  
Income and mining taxes   18  
Other current liabilities   163  
Current liabilities   2,553  
Debt   4  
Reclamation and remediation liabilities   287  
Deferred income tax liabilities   121  
Employee-related benefits   222  
Other non-current liabilities   18  
Total liabilities   3,205  
Equity      
Newmont stockholders' equity   5,892  
Total equity   5,892  
Total liabilities and equity   9,097  
As Previously Reported | Other Subsidiaries | Reportable Legal Entities      
Assets      
Cash and cash equivalents   3,259  
Trade receivables (Note 5)   106  
Other accounts receivables   113  
Intercompany receivable   3,484  
Investments   62  
Inventories   498  
Stockpiles and ore on leach pads   480  
Other current assets   115  
Current assets   8,117  
Property, plant and mine development, net   9,210  
Investments   170  
Stockpiles and ore on leach pads   1,200  
Deferred income tax assets   454  
Non-current intercompany receivable   7  
Other non-current assets   310  
Total assets   19,468  
Liabilities      
Debt   3  
Accounts payable   292  
Intercompany payable   6,655  
Employee-related benefits   166  
Income and mining taxes   230  
Other current liabilities   244  
Current liabilities   7,590  
Debt   17  
Reclamation and remediation liabilities   1,867  
Deferred income tax liabilities   474  
Employee-related benefits   164  
Non-current intercompany payable   2,128  
Other non-current liabilities   324  
Total liabilities   12,564  
Equity      
Newmont stockholders' equity   5,883  
Noncontrolling interests   1,021  
Total equity   6,904  
Total liabilities and equity   19,468  
Adjustments | Reclamation and Remediation Adjustments      
Assets      
Property, plant and mine development, net   71  
Deferred income tax assets   12  
Total assets   83  
Liabilities      
Other current liabilities   3  
Current liabilities   3  
Reclamation and remediation liabilities   191  
Total liabilities   194  
Equity      
Newmont stockholders' equity   (74)  
Noncontrolling interests   (37)  
Total equity   (111)  
Total liabilities and equity   83  
Adjustments | Reclamation and Remediation Adjustments | Eliminations      
Assets      
Investments in subsidiaries   74  
Total assets   74  
Equity      
Newmont stockholders' equity   74  
Total equity   74  
Total liabilities and equity   74  
Adjustments | Reclamation and Remediation Adjustments | Newmont Mining Corporation | Reportable Legal Entities      
Assets      
Investments in subsidiaries   (74)  
Total assets   (74)  
Equity      
Newmont stockholders' equity   (74)  
Total equity   (74)  
Total liabilities and equity   (74)  
Adjustments | Reclamation and Remediation Adjustments | Newmont USA | Reportable Legal Entities      
Assets      
Property, plant and mine development, net   15  
Deferred income tax assets   6  
Total assets   21  
Liabilities      
Reclamation and remediation liabilities   22  
Total liabilities   22  
Equity      
Newmont stockholders' equity   (1)  
Total equity   (1)  
Total liabilities and equity   21  
Adjustments | Reclamation and Remediation Adjustments | Other Subsidiaries | Reportable Legal Entities      
Assets      
Property, plant and mine development, net   56  
Deferred income tax assets   6  
Total assets   62  
Liabilities      
Other current liabilities   3  
Current liabilities   3  
Reclamation and remediation liabilities   169  
Total liabilities   172  
Equity      
Newmont stockholders' equity   (73)  
Noncontrolling interests   (37)  
Total equity   (110)  
Total liabilities and equity   $ 62  
v3.8.0.1
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Accrual for future reclamation costs        
Asset retirement obligation $ 2,163 $ 2,144 $ 1,930 $ 1,913
Environmental remediation obligations 300 304 $ 307 $ 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 42.00%      
Range of reclamation and remediation liabilities lower limit 0.00%      
v3.8.0.1
COMMITMENTS AND CONTINGENCIES - Environmental Matters by Site (Details) - USD ($)
$ in Millions
Jun. 05, 2007
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2012
Loss contingencies            
Environmental remediation obligations   $ 300.0 $ 304.0 $ 307.0 $ 312.0  
Environmental remediation | Ross-Adams Mine Site            
Loss contingencies            
Damages sought $ 0.3          
Environmental remediation | Midnite Mine            
Loss contingencies            
Department of Interior contribution for past and future cleanup costs           $ 42.0
Environmental remediation obligations   $ 185.0        
Newmont USA            
Loss contingencies            
Percent ownership held by Newmont   100.00%        
Dawn Mining Company            
Loss contingencies            
Percent ownership held by Newmont   51.00%        
v3.8.0.1
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Administrative Matters (Details)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2015
judgment
Mar. 31, 2018
USD ($)
item
$ / item
Dec. 31, 2000
USD ($)
Dec. 31, 2017
Nov. 30, 2017
Minera Yanacocha          
Loss contingencies          
Percent ownership held by Newmont   54.05%   54.05% 51.35%
Unfavorable Tax Ruling | Yanacocha Tax Dispute | Buenaventura and Minas Conga | Contractual right to conduct exploration          
Loss contingencies          
Intangible asset acquired | $     $ 29    
Number of rulings overturned | judgment 2        
Unfavorable Tax Ruling | Yanacocha Tax Dispute | Buenaventura and Minas Conga | Contractual right to conduct exploration | Maximum          
Loss contingencies          
Intangible asset, useful life     10 years    
Potential liability, including fines and interest | $   $ 75      
South America | Minera Yanacocha | OEFA | Minimum          
Loss contingencies          
Number of units with alleged violations | item   0      
South America | Minera Yanacocha | OEFA | Maximum          
Loss contingencies          
Number of units with alleged violations | item   27,140      
South America | Minera Yanacocha | Water Authority | Minimum          
Loss contingencies          
Number of units with alleged violations | item   0      
South America | Minera Yanacocha | Water Authority | Maximum          
Loss contingencies          
Number of units with alleged violations | item   59      
South America | Minera Yanacocha | Environmental remediation          
Loss contingencies          
Potential fine for each unit alleged violations (in dollars per unit) | $ / item   0.001287      
South America | Minera Yanacocha | Environmental remediation | Minimum          
Loss contingencies          
Potential fine for alleged violations | $   $ 0      
South America | Minera Yanacocha | Environmental remediation | Maximum          
Loss contingencies          
Potential fine for alleged violations | $   $ 35      
v3.8.0.1
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 interest held (as a percent)       100.00%  
NWG Investments Inc | NewWest Gold          
Loss contingencies          
Ownership/Economic interest       86.00%  
NWG Investments Inc | NWG Ontario Complaint | Pending Litigation          
Loss contingencies          
Damages sought $ 1.2        
NWG Investments Inc | North America | NWG New York Case | Pending Litigation          
Loss contingencies          
Damages sought   $ 750      
Fronteer | Aurora          
Loss contingencies          
Ownership interest held (as a percent)         47.00%