NEWMONT CORP /DE/, 10-K filed on 2/23/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2022
Feb. 16, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-31240    
Entity Registrant Name NEWMONT CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 84-1611629    
Entity Address, Address Line One 6900 E Layton Ave    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80237    
City Area Code (303)    
Local Phone Number 863-7414    
Title of 12(b) Security Common stock, par value $1.60 per share    
Trading Symbol NEM    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 47,327,306,028
Entity Common Stock, Shares Outstanding   793,794,062  
Documents Incorporated by Reference Portions of Registrant’s definitive Proxy Statement for the Registrant’s 2023 Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, 2022, are incorporated by reference into Part III of this report.    
Entity Central Index Key 0001164727    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor [Line Items]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Denver, Colorado
PricewaterhouseCoopers LLP  
Auditor [Line Items]  
Auditor Firm ID 271
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Toronto, Canada
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Sales (Note 4) $ 11,915 $ 12,222 $ 11,497
Costs and expenses:      
Costs applicable to sales [1] 6,468 5,435 5,014
Depreciation and amortization 2,185 2,323 2,300
Reclamation and remediation (Note 5) 921 1,846 366
Exploration 231 209 187
Advanced projects, research and development 229 154 122
General and administrative 276 259 269
Impairment charges (Note 6) 1,320 25 49
Loss on assets held for sale (Note 1) 0 571 0
Other expense, net (Note 7) 82 143 384
Total costs and expenses 11,712 10,965 8,691
Other income (expense):      
Gain on asset and investment sales, net (Note 8) 35 212 677
Other income (loss), net (Note 9) (62) (87) (32)
Interest expense, net of capitalized interest of $69, $38 and $24, respectively (227) (274) (308)
Total other income (expense) (254) (149) 337
Income (loss) before income and mining tax and other items (51) 1,108 3,143
Income and mining tax benefit (expense) (Note 10) (455) (1,098) (704)
Equity income (loss) of affiliates (Note 15) 107 166 189
Net income (loss) from continuing operations (399) 176 2,628
Net income (loss) from discontinued operations (Note 1) 30 57 163
Net income (loss) (369) 233 2,791
Net loss (income) attributable to noncontrolling interests (Note 1) (60) 933 38
Net income (loss) attributable to Newmont stockholders (429) 1,166 2,829
Net income (loss) attributable to Newmont stockholders:      
Continuing operations (459) 1,109 2,666
Discontinued operations 30 57 163
Net income (loss) attributable to Newmont stockholders $ (429) $ 1,166 $ 2,829
Weighted average common shares:      
Basic (in shares) 794 799 804
Effect of employee stock-based awards (in shares) 1 2 2
Diluted (in shares) 795 801 806
Basic:      
Continuing operations (in dollars per share) $ (0.58) $ 1.39 $ 3.32
Discontinued operations (in dollars per share) 0.04 0.07 0.20
Net income (loss) per common share, basic (in dollars per share) (0.54) 1.46 3.52
Diluted: (2)      
Continuing operations (in dollars per share) [2] (0.58) 1.39 3.31
Discontinued operations (in dollars per share) [2] 0.04 0.07 0.20
Net income (loss) per common share, diluted (in dollars per share) $ (0.54) $ 1.46 $ 3.51
[1] Excludes Depreciation and amortization and Reclamation and remediation.
[2] For the year ended December 31, 2022, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Capitalized interest $ 69 $ 38 $ 24
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (369) $ 233 $ 2,791
Other comprehensive income (loss):      
Change in marketable securities, net of tax (3) 2 (5)
Foreign currency translation adjustments  7 2 (2)
Change in pension and other post-retirement benefits net of tax 139 71 44
Change in fair value of cash flow hedge instruments, net of tax 19 8 12
Other comprehensive income (loss) 162 83 49
Comprehensive income (loss) (207) 316 2,840
Comprehensive income (loss) attributable to:      
Newmont stockholders  (267) 1,249 2,878
Noncontrolling interests 60 (933) (38)
Comprehensive income (loss) $ (207) $ 316 $ 2,840
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ (369) $ 233 $ 2,791
Adjustments:      
Depreciation and amortization 2,185 2,323 2,300
Impairment charges (Note 6) 1,320 25 49
Loss on assets held for sale (Note 1) 0 571 0
Gain on asset and investment sales, net (Note 8) (35) (212) (677)
Net loss (income) from discontinued operations (Note 1) (30) (57) (163)
Reclamation and remediation 892 1,827 353
Charges from pension settlement (Note 11) 137 4 92
Stock-based compensation (Note 12) 73 72 72
Deferred income taxes (Note 10) (278) (109) (222)
Change in fair value of investments (Note 9) 46 135 (252)
Other non-cash adjustments 98 (5) 252
Net change in operating assets and liabilities (Note 24) (841) (541) 295
Net cash provided by (used in) operating activities of continuing operations 3,198 4,266 4,890
Net cash provided by (used in) operating activities of discontinued operations (Note 1) 22 13 (8)
Net cash provided by (used in) operating activities 3,220 4,279 4,882
Investing activities:      
Additions to property, plant and mine development (2,131) (1,653) (1,302)
Purchases of investments (940) (59) (37)
Contributions to equity method investees (194) (150) (60)
Proceeds from sales of investments 171 194 307
Maturities of investments 93 0 0
Return of investment from equity method investees 62 18 58
Acquisitions, net [1] (15) (328) 0
Proceeds from sales of mining operations and other assets, net 16 84 1,156
Other  (45) 26 44
Net cash provided by (used in) investing activities of continuing operations (2,983) (1,868) 166
Net cash provided by (used in) investing activities of discontinued operations (Note 1) 0 0 (75)
Net cash provided by (used in) investing activities (2,983) (1,868) 91
Financing activities:      
Dividends paid to common stockholders (1,746) (1,757) (834)
Acquisition of noncontrolling interests (Note 1) (348) 0 0
Distributions to noncontrolling interests (191) (200) (197)
Funding from noncontrolling interests 117 100 112
Repayment of debt  (89) (1,382) (1,160)
Payments on lease and other financing obligations (Note 21) (66) (73) (66)
Payments for withholding of employee taxes related to stock-based compensation (39) (32) (48)
Proceeds from issuance of debt, net (Note 20) 0 992 985
Repurchases of common stock (Note 2) 0 (525) (521)
Other 6 (81) 49
Net cash provided by (used in) financing activities (2,356) (2,958) (1,680)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (30) (8) 6
Net change in cash, cash equivalents and restricted cash (2,149) (555) 3,299
Cash, cash equivalents and restricted cash at beginning of period  5,093 5,648 2,349
Cash, cash equivalents and restricted cash at end of period  2,944 5,093 5,648
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 2,877 4,992 5,540
Restricted cash included in Other current assets 1 2 2
Restricted cash included in Other non-current assets 66 99 106
Total cash, cash equivalents and restricted cash 2,944 5,093 5,648
Supplemental cash flow information:      
Income and mining taxes paid, net of refunds 1,122 1,534 400
Interest paid, net of amounts capitalized $ 172 $ 229 $ 261
[1] Acquisitions, net for the year ended December 31, 2021 is primarily related to the asset acquisition of the remaining 85.1% of GT Gold. Refer to Note 1 for additional information.
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
Dec. 31, 2021
May 31, 2021
Goldcorp    
Business acquisition, percentage of voting interests acquired 85.10% 85.10%
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and cash equivalents $ 2,877 $ 4,992
Time deposits and other investments (Note 15) 880 82
Trade receivables (Note 4) 366 337
Inventories (Note 16) 979 930
Stockpiles and ore on leach pads (Note 17) 774 857
Other current assets 639 498
Current assets 6,515 7,696
Property, plant and mine development, net (Note 18) 24,073 24,124
Investments (Note 15) 3,278 3,243
Stockpiles and ore on leach pads (Note 17) 1,716 1,775
Deferred income tax assets (Note 10) 173 269
Goodwill (Note 19) 1,971 2,771
Other non-current assets 756 686
Total assets 38,482 40,564
LIABILITIES    
Accounts payable 633 518
Employee-related benefits (Note 11) 399 386
Income and mining taxes 199 384
Current lease and other financing obligations (Note 21) 96 106
Debt (Note 20) 0 87
Other current liabilities (Note 22) 1,599 1,173
Current liabilities 2,926 2,654
Debt (Note 20) 5,571 5,565
Lease and other financing obligations (Note 21) 465 544
Reclamation and remediation liabilities (Note 5) 6,578 5,839
Deferred income tax liabilities (Note 10) 1,809 2,144
Employee-related benefits (Note 11) 342 439
Silver streaming agreement (Note 4) 828 910
Other non-current liabilities (Note 22) 430 608
Total liabilities 18,949 18,703
Contingently redeemable noncontrolling interest 0 48
EQUITY    
Common stock 1,279 1,276
Treasury stock - 6 million and 5 million shares, respectively (239) (200)
Additional paid-in capital 17,369 17,981
Accumulated other comprehensive income (loss) (Note 23) 29 (133)
Retained earnings 916 3,098
Newmont stockholders' equity 19,354 22,022
Noncontrolling interests 179 (209)
Total equity 19,533 21,813
Total liabilities and equity $ 38,482 $ 40,564
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 1.60 $ 1.60
Common stock, authorized (in shares) 1,280 1,280
Common stock, outstanding (in shares) 793 792
Treasury shares (in shares) 6 5
v3.22.4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interests
Common stock beginning of period (in shares) at Dec. 31, 2019     811.0            
Treasury stock beginning of period (in shares) at Dec. 31, 2019       (3.0)          
Balance at beginning of period at Dec. 31, 2019 $ 22,370 $ (5) $ 1,298 $ (120) $ 18,216 $ (265) $ 2,291 $ (5) $ 950
Changes in Equity                  
Net income (loss) 2,804           2,829   (25)
Other comprehensive income (loss) 49         49      
Dividends declared [1] (839)           (839)    
Distributions declared to noncontrolling interests (198)               (198)
Cash calls requested from noncontrolling interests $ 110               110
Repurchase and retirement of common stock (in shares) (10.0)   (10.0)            
Repurchase and retirement of common stock $ (521)   $ (17)   (230)   (274)    
Withholding of employee taxes related to stock-based compensation (in shares) (1.0)     (1.0)          
Withholding of employee taxes related to stock-based compensation $ (48)     $ (48)          
Stock options exercised (in shares)     1.0            
Stock options exercised 51   $ 2   49        
Stock-based awards and related share issuances (in shares)     2.0            
Stock-based awards and related share issuances 72   $ 4   68        
Common stock at end of period (in shares) at Dec. 31, 2020     804.0            
Treasury stock at end of period (in shares) at Dec. 31, 2020       (4.0)          
Balance at end of period at Dec. 31, 2020 23,845   $ 1,287 $ (168) 18,103 (216) 4,002   837
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2019 [2] 47                
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net income (loss) [2] (13)                
Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2020 [2] 34                
Changes in Equity                  
Net income (loss) 219           1,166   (947)
Other comprehensive income (loss) 83         83      
Dividends declared [1] (1,764)           (1,764)    
Distributions declared to noncontrolling interests (200)               (200)
Cash calls requested from noncontrolling interests $ 101               101
Repurchase and retirement of common stock (in shares) (9.0)   (9.0)            
Repurchase and retirement of common stock $ (528)   $ (15)   (207)   (306)    
Withholding of employee taxes related to stock-based compensation (in shares) (0.6)     (1.0)          
Withholding of employee taxes related to stock-based compensation $ (32)     $ (32)          
Stock options exercised 17       17        
Stock-based awards and related share issuances (in shares)     2.0            
Stock-based awards and related share issuances $ 72   $ 4   68        
Common stock at end of period (in shares) at Dec. 31, 2021 792.0   797.0            
Treasury stock at end of period (in shares) at Dec. 31, 2021 (5.0)     (5.0)          
Balance at end of period at Dec. 31, 2021 $ 21,813   $ 1,276 $ (200) 17,981 (133) 3,098   (209)
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net income (loss) [2] 14                
Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2021 [2] 48                
Changes in Equity                  
Net income (loss) (369)           (429)   60
Other comprehensive income (loss) 162         162      
Dividends declared [1] (1,753)           (1,753)    
Distributions declared to noncontrolling interests (191)               (191)
Cash calls requested from noncontrolling interests $ 120               120
Repurchase and retirement of common stock (in shares) 0.0                
Withholding of employee taxes related to stock-based compensation (in shares) (0.6)     (1.0)          
Withholding of employee taxes related to stock-based compensation $ (39)     $ (39)          
Acquisition of non-controlling interests (Note 1) (300)       (699)       399
Stock options exercised 14       14        
Stock-based awards and related share issuances (in shares)     2.0            
Stock-based awards and related share issuances $ 76   $ 3   73        
Common stock at end of period (in shares) at Dec. 31, 2022 793.0   799.0            
Treasury stock at end of period (in shares) at Dec. 31, 2022 (6.0)     (6.0)          
Balance at end of period at Dec. 31, 2022 $ 19,533   $ 1,279 $ (239) $ 17,369 $ 29 $ 916   $ 179
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net income (loss) [2] 0                
Reclassification of contingently redeemable non-controlling interests (48)                
Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2022 [2] $ 0                
[1] Cash dividends paid per common share was $2.20, $2.20 and $1.04 for 2022, 2021 and 2020, respectively. Dividends declared and dividends paid to common stockholders differ by $7, $7, and $5 for 2022, 2021 and 2020, respectively, due to timing.
[2] Sumitomo held a 5% interest in Yanacocha at December 31, 2021 and had the option to require Yanacocha to repurchase their interest for $48 if certain conditions were not met. The Company purchased Sumitomo's 5% interest during 2022. Refer to Note 1 for further information.
v3.22.4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash dividends paid per common share (in dollars per share) $ 2.20 $ 2.20 $ 1.04
Dividends declared and dividends paid to common stockholders, difference due to timing $ 7 $ 7 $ 5
Contingently redeemable noncontrolling interest [1] $ 0 $ 48 $ 34
Sumitomo Corporation      
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent)   5.00%  
Minera Yanacocha | Summit Global Management II V B      
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) 5.00%    
[1] Sumitomo held a 5% interest in Yanacocha at December 31, 2021 and had the option to require Yanacocha to repurchase their interest for $48 if certain conditions were not met. The Company purchased Sumitomo's 5% interest during 2022. Refer to Note 1 for further information.
v3.22.4
THE COMPANY
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
THE COMPANY THE COMPANY
Newmont Corporation and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operate in the mining industry, focused on the production of and exploration for gold properties, some of which may contain copper, silver, zinc, lead or other metals. The Company has significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, silver, lead and zinc. The prices of gold, copper, silver, lead and zinc are affected by numerous factors beyond the Company’s control.
GT Gold
In May 2021, the Company acquired the remaining 85.1% interest of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. Immediately prior to the acquisition, the Company held a 14.9% equity interest in GT Gold which was accounted for as a marketable equity security. The asset acquisition resulted in total consideration of $378, including non-cash consideration of $52. The non-cash consideration represents the fair value of the 14.9% GT Gold investment held by the Company on the acquisition date. The total consideration paid was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $590 and a related deferred tax liability of $211.
Loss on Assets Held for Sale
In the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within our South America segment (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale and remeasured at fair value less costs to sell. As a result, a loss of $571 was recognized and included in Loss on assets held for sale on the Consolidated Statements of Operations for the year ended December 31, 2021. As of December 31, 2022, the Company has received payments of $29 included in Other current liabilities on the Consolidated Balance Sheets.
Noncontrolling Interests
Newmont has a 75.0% economic interest in Suriname Gold project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. For the years ended 2022, 2021 and 2020, the Company recognized $(59), $(81) and $(90) of Net loss (income) attributable to noncontrolling interests related to Merian.
At December 31, 2021, Newmont held a 51.35% ownership interest in Minera Yanacocha S.R.L. ("Yanacocha"), with 43.65% owned by Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) and 5% owned by Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”). The Company consolidated Yanacocha in its Consolidated Financial Statements under the voting interest model. During 2022, the Company acquired Buenaventura's and Sumitomo's ownership which resulted in the Company holding 100% ownership interest in Yanacocha at December 31, 2022. Refer to "Yanacocha transaction" and "Contingently redeemable noncontrolling interest" below for further information. For the years ended 2022, 2021 and 2020, the Company recognized $(1), $1,014 and $128 of Net loss (income) attributable to noncontrolling interests related to Yanacocha.
Yanacocha transaction
At December 31, 2021, Buenaventura held 43.65% ownership interest in Yanacocha. During the first quarter of 2022, the Company completed the acquisition of Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute. The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Upon close of the Yanacocha Transaction, the Company’s ownership interest in Yanacocha increased to 95%. The Company acquired the remaining 5% ownership interest from Sumitomo in the second quarter of 2022. Refer to "Contingently redeemable noncontrolling interest" below for further information.
Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $— as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale during the first quarter of 2022, the Company recognized a $45 loss on sale of its equity interest, included in Gain on asset and investment sales, net.
Contingently redeemable noncontrolling interest
In 2018, Sumitomo acquired a 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which was placed in escrow. In March 2022, Sumitomo exercised this option, and in June 2022, the Company acquired the remaining 5% ownership interest held by Sumitomo in exchange for cash consideration of $48, resulting in the Company holding 100% ownership interest in Yanacocha.
Discontinued Operations
Net income (loss) from discontinued operations includes results related to the Batu Hijau and Elang contingent consideration assets associated with the sale of PT Newmont Nusa Tenggara in 2016 and a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. for production on the Holt-McDermott property owned by Kirkland Lake Gold Ltd ("Kirkland"). In 2020, the Company and Kirkland signed an agreement, in which the Company purchased an option (the “Holt option”) from Kirkland for the mining and mineral rights subject to the Holt royalty obligation for $75, effectively reducing the Holt royalty obligation to $—. If exercised, the Holt option will allow the Company to prevent Kirkland from mining minerals subject to the Holt royalty obligation.
For the years ended 2022, 2021 and 2020, the Company recorded income (expense) of $30, $57 and $163, net of a tax benefit (expense) of $(4), $(10) and $(44), respectively, within discontinued operations. The Company received (paid) $22, $13 and $(8) for the years ended 2022, 2021 and 2020, respectively, related to discontinued operations. Refer to contingent consideration assets in Note 14 for additional information.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 metal prices, primarily for gold, but also for copper, silver, lead and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill 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 continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the effects of certain countermeasures taken by central banks, have been and are expected to continue to adversely affect the Company. Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, impacts arising from Russia’s invasion of Ukraine include the Company’s ability to complete the sale of assets currently classified as held for sale within one year as originally planned. In addition, these factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, as well as potential impacts to estimated costs and timing of projects. In light of these challenging conditions, the Company recorded material long-lived asset and goodwill impairment charges at December 31, 2022. Refer to Note 6 for further information.
Additionally, as further response to the current market conditions, record inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the third quarter of 2022 the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru as the Company continues to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to our proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of December 31, 2022, the Yanacocha operations have total long-lived assets of approximately $1,030, inclusive of approximately $621 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factors under the titles “Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated” and ”Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I, Item 1A, Risk Factors, for further information.
Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha sulfides; accordingly, the Conga project remains in care and maintenance. Should
we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $900 at December 31, 2022 and 2021.
The Company will continue to monitor and evaluate the potential impacts to its business plans, asset retirement cost updates, operations, estimated capital expenditures and timing of other key development projects related to the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of COVID-19, ongoing global developments and increasing inflationary pressures, these factors could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill.
The Cerro Negro mine, located in Argentina, is a U.S. dollar functional currency entity. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends.
Use of Estimates
The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The 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.
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar.
The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities.
Business Combination and Asset Acquisition Accounting
The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination.
When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net
assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.
When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations.
Time Deposits and Other Investments
The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net.
Stockpiles, Ore on Leach Pads and Inventories
As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows:
Stockpiles
Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above.
Ore on Leach Pads
Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach
pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.
Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.
In-process Inventory
In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value.
Precious Metals Inventory
Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value.
Concentrate Inventory
Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value.
Materials and Supplies
Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.
Property, Plant and Mine Development
Facilities and Equipment
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves.
Mine Development
Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales.
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where
multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material.
The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.
Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area.
Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Mineral Interests
Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves.
The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.
The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investment; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve and measured, indicated and inferred resource estimates; estimated future closure costs; and the use of appropriate discount rates.
Impairment of Long-lived Assets
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve and measured, indicated and inferred resource estimates; estimated future closure costs; and the use of appropriate discount rates.
In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties.
Investments
Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. Equity method investments are included in Investments.
Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income.
The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other income (loss), net.
Additionally, the Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Other income (loss), net. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other income (loss), net.
Derivative Instruments
Cash Flow Hedges
The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in
the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows.
When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately.
Contingent consideration assets and liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon certain milestones. These contingent consideration assets and liabilities are accounted for at fair value using discounted cash flow models and consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815.
Debt
The Company carries its Senior Notes at amortized cost.
Debt issuance costs and debt premiums and discounts, which are included in Debt, and unrealized gains or losses related to cash flow hedges using treasury rate lock contracts and forward starting swap contracts, which are included in Accumulated other comprehensive income (loss), are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net within the Consolidated Statements of Operations.
When repurchasing its debt, the Company records the resulting gain or loss as well as the accelerated portion of related debt issuance costs, premiums and discounts, and any unrealized gains or losses from the associated treasury rate lock contracts and/or associated forward starting swap contracts, included in Accumulated other comprehensive income (loss), in Other income (loss), net.
Leases
The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets and Other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases are included in Property, plant and mine development, net and current and non-current Lease and other financing obligations in the Consolidated Balance Sheets.
Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities.
Contingently Redeemable Noncontrolling Interest
Certain noncontrolling interests in consolidated entities meet the definition of redeemable financial instruments if the ability to redeem the interest is outside of the control of the consolidating entity. In such cases, these financial instruments are classified outside of permanent equity (referred to as temporary equity).
Common Stock
In July 2021, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities.
Treasury Stock
The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. 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 using settlement-date accounting. 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.
During the years ended December 31, 2022, 2021 and 2020, the Company repurchased and retired approximately — million, 9 million and 10 million shares of its common stock for $—, $525 and $521, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company withheld 0.6 million, 0.6 million and 1.0 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards.
Revenue Recognition
Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 3 for further information regarding the Company’s operating segments.
The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.
A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining.
Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Peñasquito. Copper is produced as a co-product at Boddington. Aside from the co-product sales at Boddington and Peñasquito, copper and silver produced at other Newmont sites are by-product metals.
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 control the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset.
The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.
Sales from Concentrate Production
The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations.
The Company generally sells metal concentrate based on the 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 is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).
A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer.
The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 4 for additional information.
Income and Mining Taxes
The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies.
Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits.
Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible.
Valuation of Deferred Tax Assets
The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.
Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:
•Earnings history;
•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;
•The duration of statutory carry forward periods;
•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;
•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and
•The sensitivity of future forecasted results to commodity prices and other factors.
Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis.
Reclamation and Remediation Costs
Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations.
Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years.
Foreign Currency
The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net. The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows.
Stock-Based Compensation
The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of RSUs are based on the Newmont stock price on the date of grant. The fair value of PSUs is determined using a Monte Carlo simulation model. Stock-based compensation expense related to all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts.
Net Income (Loss) per Common Share
Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.
Discontinued Operations
The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for
sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
Comprehensive Income (Loss)
In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners.
Care and Maintenance
The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the 2022 presentation.
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Financial Disclosures of Government Assistance
In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements or disclosures.
Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.
Inflation Reduction Act
In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows.
v3.22.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM") and has determined that its operations are organized into five geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments.
The Company's Nevada segment consists of its 38.5% interest in NGM which is accounted for using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of
the assets, liabilities and operations of NGM. The Company’s investment in the Pueblo Viejo mine is included in the South America reportable segment within Other South America. All other equity method investments are included in Corporate and Other.
Notwithstanding the reportable segments structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information in the following tables. Income (loss) before income and mining tax and other items 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 included within the reportable segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes.
Potential change to reportable segments. In January 2023, Newmont launched certain initiatives to reassess accountabilities of the senior leadership team and the Company's operating strategies for its operations in light of the continuing adverse market conditions, which include the impacts of the war in Ukraine and COVID-19 pandemic on labor markets, global supply chains, higher input costs, and record inflation rates. Given the focus on these initiatives, a potential change to the Company’s reportable segments is currently being evaluated. The Company expects to complete its analysis in 2023.
The financial information relating to the Company’s segments is as follows:
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2022
CC&V$333 $241 $71 $11 $(527)$286 $44 
Musselwhite305 195 79 8 23 1,294 54 
Porcupine504 281 104 14 (329)1,401 152 
Éléonore391 266 115 5 4 1,010 60 
Peñasquito: (2)
Gold1,006 442 148 
Silver549 454 151 
Lead133 94 32 
Zinc501 316 96 
Total Peñasquito2,189 1,306 427 19 403 6,430 183 
Other North America— — 8 4 (41)88 4 
North America
3,722 2,289 804 61 (467)10,509 497 
Yanacocha451 313 95 22 (612)2,225 439 
Merian723 369 80 21 249 923 56 
Cerro Negro508 283 148 25 (451)1,659 132 
Other South America— — 4 40 (68)2,416 3 
South America
1,682 965 327 108 (882)7,223 630 
Boddington:
Gold1,447 652 118 
Copper316 181 34 
Total Boddington1,763 833 152 7 779 2,264 72 
Tanami878 328 101 28 422 1,585 343 
Other Australia— — 5 18 (27)51 10 
Australia2,641 1,161 258 53 1,174 3,900 425 
Ahafo1,023 566 167 26 267 2,619 268 
Akyem749 334 141 14 257 998 34 
Other Africa— — — 3 (13)6 4 
Africa1,772 900 308 43 511 3,623 306 
NGM2,098 1,153 471 32 434 7,419 308 
Nevada
2,098 1,153 471 32 434 7,419 308 
Corporate and Other— — 17 163 (821)5,808 24 
Consolidated$11,915 $6,468 $2,185 $460 $(51)$38,482 $2,190 
____________________________
(1)Includes an increase in accrued capital expenditures of $59. Consolidated capital expenditures on a cash basis were $2,131.
(2)Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022.
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2021
CC&V$396 $238 $66 $18 $64 $777 $42 
Musselwhite277 157 80 7 30 1,317 39 
Porcupine517 269 91 17 121 1,572 68 
Éléonore446 237 139 5 60 1,062 46 
Peñasquito:
Gold1,250 395 201 
Silver651 332 169 
Lead172 76 39 
Zinc561 256 112 
Total Peñasquito2,634 1,059 521 8 979 6,561 144 
Other North America— — 14 5 (32)66 — 
North America
4,270 1,960 911 60 1,222 11,355 339 
Yanacocha471 232 111 18 (1,552)1,735 171 
Merian780 326 98 11 328 952 47 
Cerro Negro480 243 137 9 68 2,183 108 
Other South America— — 5 35 (632)2,282 2 
South America
1,731 801 351 73 (1,788)7,152 328 
Boddington:
Gold1,212 607 99 
Copper295 143 23 
Total Boddington1,507 750 122 8 627 2,261 174 
Tanami879 278 100 24 466 1,334 304 
Other Australia— — 6 16 62 45 7 
Australia2,386 1,028 228 48 1,155 3,640 485 
Ahafo864 425 143 22 269 2,425 213 
Akyem680 261 120 10 284 990 66 
Other Africa— — — 2 (11)3 — 
Africa1,544 686 263 34 542 3,418 279 
NGM2,291 960 550 30 818 7,584 234 
Nevada2,291 960 550 30 818 7,584 234 
Corporate and Other— — 20 118 (841)7,415 28 
Consolidated$12,222 $5,435 $2,323 $363 $1,108 $40,564 $1,693 
____________________________
(1)Includes accrued costs associated with the Tanami power plant of $29, which are included in Lease and other financing obligations, and an increase in accrued capital expenditures of $11. Consolidated capital expenditures on a cash basis were $1,653.
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2020
CC&V$478 $245 $80 $15 $129 $755 $41 
Red Lake (2)
67 45 2 1 20 — 4 
Musselwhite180 117 62 7 (40)1,324 58 
Porcupine566 244 109 17 171 1,565 43 
Éléonore371 181 109 5 47 1,115 43 
Peñasquito:
Gold894 286 168 
Silver510 201 117 
Lead134 77 45 
Zinc348 221 121 
Total Peñasquito1,886 785 451 3 544 6,824 127 
Other North America— — 27 8 (88)100 2 
North America3,548 1,617 840 56 783 11,683 318 
Yanacocha593 345 123 12 (165)1,832 111 
Merian822 328 102 11 375 993 42 
Cerro Negro404 166 139 4 8 2,139 49 
Other South America— — 7 31 (57)2,736 2 
South America1,819 839 371 58 161 7,700 204 
Boddington:
Gold1,221 579 102 
Copper155 107 19 
Total Boddington1,376 686 121 3 526 2,238 160 
Tanami871 251 102 16 442 1,095 212 
Other Australia— — 7 16 448 59 8 
Australia2,247 937 230 35 1,416 3,392 380 
Ahafo853 375 145 22 278 2,224 120 
Akyem671 234 120 9 291 1,000 27 
Other Africa— — — 3 (12)3 — 
Africa1,524 609 265 34 557 3,227 147 
NGM2,359 1,012 579 42 700 7,753 241 
Nevada2,359 1,012 579 42 700 7,753 241 
Corporate and Other— — 15 84 (474)7,614 49 
Consolidated$11,497 $5,014 $2,300 $309 $3,143 $41,369 $1,339 
____________________________
(1)Includes an increase in accrued capital expenditures of $37. Consolidated capital expenditures on a cash basis were $1,302.
(2)On March 31, 2020, the Company sold Red Lake. Refer to Note 8 for additional information.
Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:
At December 31,
20222021
United States$6,928 $7,462 
Mexico4,644 4,795 
Canada4,138 4,031 
Australia3,374 3,258 
Ghana2,586 2,517 
Peru2,008 1,680 
Argentina1,493 1,526 
Suriname712 742 
Other4 — 
$25,887 $26,011 
v3.22.4
SALES
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Sales SALES
The following tables present the Company’s Sales by mining operation, product and inventory type:
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2022
CC&V$328 $5 $333 
Musselwhite 305 — 305 
Porcupine 504 — 504 
Éléonore 391 — 391 
Peñasquito:
Gold110 896 1,006 
Silver (1)
— 549 549 
Lead— 133 133 
Zinc— 501 501 
Total Peñasquito110 2,079 2,189 
North America1,638 2,084 3,722 
Yanacocha446 5 451 
Merian723 — 723 
Cerro Negro 508 — 508 
South America1,677 5 1,682 
Boddington:
Gold366 1,081 1,447 
Copper— 316 316 
Total Boddington366 1,397 1,763 
Tanami878 — 878 
Australia1,244 1,397 2,641 
Ahafo1,023 — 1,023 
Akyem749 — 749 
Africa1,772 — 1,772 
NGM (2)
2,026 72 2,098 
Nevada2,026 72 2,098 
Consolidated$8,357 $3,558 $11,915 
____________________________
(1)Silver sales from concentrate includes $73 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,022 for the year ended December 31, 2022.
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2021
CC&V $382 $14 $396 
Musselwhite277 — 277 
Porcupine517 — 517 
Éléonore446 — 446 
Peñasquito:
Gold207 1,043 1,250 
Silver (1)
— 651 651 
Lead— 172 172 
Zinc— 561 561 
Total Peñasquito207 2,427 2,634 
North America1,829 2,441 4,270 
Yanacocha451 20 471 
Merian780 — 780 
Cerro Negro480 — 480 
South America1,711 20 1,731 
Boddington:
Gold311 901 1,212 
Copper— 295 295 
Total Boddington311 1,196 1,507 
Tanami879 — 879 
Australia1,190 1,196 2,386 
Ahafo864 — 864 
Akyem680 — 680 
Africa1,544 — 1,544 
NGM (2)
2,216 75 2,291 
Nevada2,216 75 2,291 
Consolidated$8,490 $3,732 $12,222 
____________________________
(1)Silver sales from concentrate includes $79 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,212 for the year ended December 31, 2021.
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2020
CC&V$478 $— $478 
Red Lake (1)
67 — 67 
Musselwhite180 — 180 
Porcupine 566 — 566 
Éléonore371 — 371 
Peñasquito:
Gold84 810 894 
Silver (2)
— 510 510 
Lead— 134 134 
Zinc— 348 348 
Total Peñasquito84 1,802 1,886 
North America1,746 1,802 3,548 
Yanacocha592 1 593 
Merian822 — 822 
Cerro Negro404 — 404 
South America1,818 1 1,819 
Boddington:
Gold290 931 1,221 
Copper— 155 155 
Total Boddington290 1,086 1,376 
Tanami871 — 871 
Australia1,161 1,086 2,247 
Ahafo853 — 853 
Akyem671 — 671 
Africa1,524 — 1,524 
NGM (3)
2,285 74 2,359 
Nevada2,285 74 2,359 
Consolidated$8,534 $2,963 $11,497 
____________________________
(1)On March 31, 2020, the Company sold Red Lake. Refer to Note 8 for additional information.
(2)Silver sales from concentrate includes $67 related to non-cash amortization of the silver streaming agreement liability.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,293 for the year ended December 31, 2020.
Trade Receivables and Provisional Sales
At December 31, 2022 and December 31, 2021, Trade receivables primarily consisted of sales from provisionally priced concentrate and other production. The impact to Sales from revenue recognized due to the changes in pricing is a (decrease) increase of $(34), $32 and $80 for the years ended December 31, 2022, 2021, and 2020, respectively.
At December 31, 2022, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
Provisionally Priced Sales
Subject to Final Pricing		Average Provisional
Price (per ounce/pound)
Gold (ounces, in thousands)159 $1,817 
Copper (pounds, in millions)37 $3.80 
Silver (ounces, in millions)4$23.86 
Lead (pounds, in millions)26$1.05 
Zinc (pounds, in millions)74$1.35 
Silver Streaming Agreement
The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. This agreement contains off-market terms and was initially recognized at its acquisition date fair value as a finite-lived intangible liability. The current and non-current portion are recorded to Other current liabilities and Silver streaming agreement on the Consolidated Balance Sheet respectively. The Company’s policy is to amortize the liability into Sales each period using the units-of-production method. During the years ended December 31, 2022, 2021, and 2020, the Company amortized $73, $79, and $67, respectively, of the liability into revenue. At December 31, 2022 and 2021, the value of the liability included in the Consolidated Balance Sheet was $908 and $981, respectively.
Revenue by Geographic Area
Newmont primarily conducts metal sales in U.S. dollars, and therefore Sales are not exposed to fluctuations in foreign currencies. Revenues from sales attributed to countries based on the customer’s location were as follows:
Years Ended December 31,
202220212020
United Kingdom$8,309 $8,404 $8,489 
South Korea1,426 1,665 1,317 
Mexico604 642 277 
Japan442 386 244 
Philippines340 264 242 
Germany308 282 277 
United States24 62 97 
Switzerland— 275 243 
Other (1)
462 242 311 
$11,915 $12,222 $11,497 
____________________________
(1)Includes $73, $79, and $67 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2022, 2021, and 2020, respectively.
Revenue by Major Customer
As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. In 2022, sales to Standard Chartered were $4,179 (35%) and JPMorgan Chase were $1,503 (13%) of total gold sales. In 2021, sales to Standard Chartered were $4,634 (38%) and JPMorgan Chase were $2,002 (17%) of total gold sales. In 2020 sales to JPMorgan Chase were $2,775 (24%) and Standard Chartered were $2,737 (24%) of total gold sales.
The Company sells silver, lead, zinc and copper predominantly in the form of concentrates which are sold directly to smelters located in Asia, North America, and Europe. The concentrates are sold under a combination of short-term and long-term supply contracts with processing fees based on the demand for these concentrates in the global marketplace.
v3.22.4
RECLAMATION AND REMEDIATION
 12 Months Ended
Dec. 31, 2022
Environmental Remediation Obligations [Abstract]  
RECLAMATION AND REMEDIATION RECLAMATION AND REMEDIATIONThe 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:
Years Ended December 31,
202220212020
Reclamation adjustments and other$646 $1,633 $180 
Reclamation accretion173 125 134 
Reclamation expense819 1,758 314 
Remediation adjustments and other96 82 46 
Remediation accretion6 6 6 
Remediation expense102 88 52 
Reclamation and remediation$921 $1,846 $366 
In 2022, reclamation adjustments were primarily due to higher estimated closure costs resulting from cost inflation and increased water management costs at portions of the Yanacocha and Porcupine site operations that are no longer in production and with no expected substantive future economic value (i.e., non-operating) that resulted in increases of $529 and $91, respectively. In 2021, reclamation adjustments were primarily comprised of $1,554 related to non-operating portions of the Yanacocha site. In 2020, reclamation adjustments primarily related to increased lime consumption and water treatment costs at non-operating Yanacocha sites and an update to the project cost estimates at non-operating Porcupine sites that resulted in increases of $152 and $16, respectively.
In 2022, remediation adjustments are primarily due to higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites. In 2021, remediation adjustments are primarily due to revisions to estimated construction costs of the water treatment plant at the Midnite mine and higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by GISTM. In 2020, remediation adjustments primarily related to project execution delays due to COVID-19 and updated project cost estimates at the Midnite mine and Dawn mill sites of $27 and other remediation project spend at other sites.
The following are reconciliations of Reclamation and remediation liabilities:
ReclamationRemediationTotal
Balance at January 1, 2021
$3,719 $313 $4,032 
Additions, changes in estimates and other2,045 67 2,112 
Acquisitions and divestitures(3)1 (2)
Payments, net(118)(43)(161)
Accretion expense125 6 131 
Balance at December 31, 2021
5,768 344 6,112 
Additions, changes in estimates and other981 79 1,060 
Payments, net(191)(56)(247)
Accretion expense173 6 179 
Balance at December 31, 2022
$6,731 $373 $7,104 
At December 31,
20222021
ReclamationRemediationTotalReclamationRemediationTotal
Current (1)
$482 $44 $526 $213 $60 $273 
Non-current (2)
6,249 329 6,578 5,555 284 5,839 
Total (3)
$6,731 $373 $7,104 $5,768 $344 $6,112 
____________________________
(1)The current portion of reclamation and remediation liabilities are included in Other current liabilities. Refer to Note 22.
(2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.
(3)Total reclamation liabilities includes $3,722 and $3,250 related to Yanacocha at December 31, 2022 and 2021, respectively.
The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 34% greater or —% lower than the amount accrued at December 31, 2022. The
amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are included in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised.
Included in Other non-current assets at December 31, 2022 and 2021 are $62 and $49 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2022 and 2021 primarily relate to the Ahafo and Akyem mines in Ghana, Africa.
Included in Other non-current assets at December 31, 2022 and 2021 was $35 and $51, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2022 and 2021 primarily relate to the San Jose Reservoir in Peru, South America.
Refer to Note 25 for further discussion of reclamation and remediation matters.
v3.22.4
IMPAIRMENT CHARGES
 12 Months Ended
Dec. 31, 2022
Asset Impairment Charges [Abstract]  
IMPAIRMENT CHARGES IMPAIRMENT CHARGES
Year Ended December 31,
202220212020
Long-lived and other assets (1)
GoodwillTotal
Long-lived and other assets (1)
Total
Long-lived and other assets (1)
Total
North America (2)
$515 $341 $856 $5 $5 $25 $25 
South America (3)
1 459 460 5 5 5 5 
Australia2 — 2 3 3 2 2 
Africa1 — 1 3 3 7 7 
Nevada1 — 1 — — 8 8 
Corporate and Other— — — 9 9 2 2 
$520 $800 $1,320 $25 $25 $49 $49 
____________________________
(1)Primarily relates to non-cash write-downs of various assets that are no longer in use, except for certain impairment charges described below.
(2)Primarily consists of impairment charges related to Property, plant and mine development, net at CC&V and Goodwill at Porcupine for the year ended December 31, 2022. See below for further information.
(3)Primarily consists of impairment charges related to Goodwill at Cerro Negro for the year ended December 31, 2022. See below for further information.
The estimated cash flows utilized in both the long-lived asset and goodwill impairment evaluations are derived from the Company's current business plans. In the fourth quarter of 2022, the Company completed its annual business plan update which reflected certain adverse changes in market conditions, including inflationary pressures to costs and capital, strategic evaluation regarding the use of capital, and updates to asset retirement costs.
Impairment of long-lived and other assets
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the fourth quarter of 2022, the Company determined that an impairment indicator existed at CC&V, in the North America segment. This determination was based on the updated business plan, which reflected a deterioration in underlying cash flows from lower production, impacted by the decision to place the mill on long-term care and maintenance, higher costs due to inflationary pressures, as well as an increase to the asset retirement cost. As a result of the impairment indicator, a recoverability test was performed and the Company concluded the long-lived assets at CC&V were impaired resulting in a non-cash impairment charge of $511 and a remaining balance of $25 within Property, plant and mine development, net at December 31, 2022.
The Company measured the impairment by comparing the total fair value of the existing operations to the carrying value of the corresponding assets. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measurement included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific pre-tax discount rate of 6.75%.
Impairment of goodwill
The Company evaluates its goodwill for impairment annually at December 31 or when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. At December 31, 2022, the Company performed a quantitative goodwill test for all the reporting units in the North America and South America segments. Based on these tests, the Company concluded that Goodwill was impaired at the Porcupine reporting unit, in the North America segment, and the Cerro Negro reporting unit, in the South America
segment. The Porcupine goodwill impairment was driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures and higher capital costs related to safety enhancements and the expansion of the active tailings storage facility, ensuring GISTM compliance, as well as an increase to the asset retirement cost, and resulted in a non-cash impairment charge of $341, which represented the full goodwill balance of the reporting unit prior to impairment. The Cerro Negro goodwill impairment was driven by a 14% country specific discount rate that reflects current macroeconomic risk and uncertainty in Argentina, and resulted in a non-cash impairment charge of $459, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Porcupine and Cerro Negro were evaluated for impairment prior to the quantitative goodwill test and no impairment was identified.
The Company measured the impairments by comparing the total fair value of the existing operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific discount rate of 4.50% in Canada and 14% in Argentina.
v3.22.4
OTHER EXPENSE, NET
 12 Months Ended
Dec. 31, 2022
Operating Costs and Expenses [Abstract]  
OTHER EXPENSE, NET OTHER EXPENSE, NET
Year Ended December 31,
202220212020
COVID-19 specific costs$38 $87 $92 
Settlement costs22 11 58 
Restructuring and severance4 11 18 
Care and maintenance costs (1)
— 8 178 
Goldcorp transaction and integration costs— — 23 
Other18 26 15 
Other expense, net$82 $143 $384 
____________________________
(1)The Company recognized additional non-cash care and maintenance costs included in Depreciation and amortization of $3 at Tanami for the year ended December 31, 2021. For the year ended December 31, 2020, the Company recognized additional non-cash care and maintenance costs included in Depreciation and amortization of $7 at Musselwhite, $16 at Éléonore, $28 at Peñasquito, $7 at Yanacocha and $30 at Cerro Negro.
COVID-19 specific costs. COVID-19 specific costs represent incremental direct costs incurred, including but not limited to contributions to the Newmont Global Community Support Fund, additional health screenings, incremental travel, security and employee related costs as well as various other incremental costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and to comply with local mandates. The Company established the Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. For the years ended December 31, 2022, 2021, and 2020, $3, $3 and $11 were distributed from this fund, respectively.
Settlement costs. Settlement costs primarily relate to legal and other settlements, voluntary contributions, and other related costs.
Restructuring and severance. Restructuring and severance primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.
Care and maintenance costs. Care and maintenance costs represent direct operating costs incurred during the period the sites were temporarily placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic.
Goldcorp transaction and integration costs. Goldcorp transaction and integration costs for the year ended December 31, 2020 primarily include integration activities and related investment banking and legal costs, severance, accelerated share award payments and consulting services.
v3.22.4
GAIN ON ASSET AND INVESTMENT SALES, NET
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
GAIN ON ASSET AND INVESTMENT SALES, NET GAIN ON ASSET AND INVESTMENT SALES, NET
Year Ended December 31,
202220212020
Sale and formation of MARA$61 $— $6 
Sale of La Zanja (1)
(45)— — 
Sale of royalty interests (2)
9 — 75 
Sale of Kalgoorlie— 83 493 
Exchange of Lone Tree— 79 — 
Sale of TMAC— 42 — 
Sale of Continental— — 91 
Sale of Red Lake— — 9 
Other10 8 3 
Gain on asset and investment sales, net$35 $212 $677 
____________________________
(1)Refer to Note 1 for further information related to the sale of La Zanja.
(2)Primarily related to the sale of certain royalty interests at NGM in 2022 and to Maverix Metals Inc. ("Maverix") in 2020. Refer to Note 15 for further information related to the sale of certain royalty interests to Maverix.
Sale and formation of MARA. In December 2020, the Company contributed its 37.5% ownership interest in Alumbrera in exchange for 18.75% ownership interest in Minera Agua Rica Alumbrera Limited ("MARA"), a joint venture with Glencore International AG (“Glencore”) and Yamana Gold Inc. (“Yamana”) consisting of the Alumbrera mine and the Agua Rica project, located in Argentina. The 18.75% ownership interest in MARA was accounted for as an equity security under the measurement alternative and the transaction resulted in a gain of $6 for the year ended December 31, 2020.
In November 2022, the Company sold all of its 18.75% ownership interest in MARA to Glencore for a purchase price of $125 cash consideration and a $30 deferred payment, which is due upon successfully reaching commercial production and otherwise subject to a 6% annual interest, up to a maximum deferred payment of $50. The transaction resulted in a gain of $61 for the year ended December 31, 2022.
Sale of Kalgoorlie. On January 2, 2020, the Company completed the sale of its 50% interest in Kalgoorlie Consolidated Gold Mines (“Kalgoorlie”), included as part of the Australia segment, to Northern Star Resources Limited (“Northern Star”). Pursuant to the terms of the agreement, the Company received cash proceeds of $800. The proceeds were inclusive of a $25 payment that gave Northern Star specified exploration tenements, transitional services support and an option to negotiate exclusively for the purchase of Newmont’s Kalgoorlie power business for fair market value. In December 2021, the Company completed the sale of the Kalgoorlie power business to Northern Star for proceeds of $95, inclusive of the $25 deposit received in 2020 and $70 in cash proceeds received in 2021.
Exchange of Lone Tree. On October 14, 2021, NGM and i-80 Gold Corp completed an exchange transaction pursuant to which NGM acquired the remaining 40% interest in the South Arturo property, obtained an option to acquire the adjacent Rodeo Creek exploration property, received contingent consideration of up to $50 on meeting specific production targets, and obtained the release of NGM bonds in contemplation of i-80 bonding, in exchange for the Lone Tree and Buffalo mountain properties and related infrastructure. As a result of the exchange, the Lone Tree property was remeasured to fair value resulting in the recognition of a gain of $79 by the Company which represents its 38.5% interest in NGM.
Sale of TMAC. During the first quarter of 2021, the Company sold all of its outstanding shares of in TMAC Resources, Inc. ("TMAC"), which had a carrying value of $13, to Agnico Eagle Mines Ltd for cash consideration of $55.
Sale of Continental. On March 4, 2020, the Company completed the sale of its entire interest in Continental Gold, Inc. ("Continental"), including its convertible debt, to Zijin Mining Group. Pursuant to the terms of the agreement, the Company received cash proceeds of $253.
Sale of Red Lake. On March 31, 2020, the Company completed the sale of the Red Lake complex in Ontario, Canada, included in the Company’s North America segment, to Evolution Mining Limited. Pursuant to the terms of the agreement, the Company received total consideration of $429, including cash proceeds of $375, $15 towards working capital (received in cash in the second quarter of 2020), and the potential to receive contingent payments of up to an additional $100 tied to new mineralization discoveries over a fifteen year period. The contingent payments are considered an embedded derivative with a fair value of $39 and $42 at December 31, 2022 and December 31, 2021, respectively. For further information, refer to Note 13.
v3.22.4
OTHER INCOME (LOSS), NET
 12 Months Ended
Dec. 31, 2022
Other Income, Nonoperating [Abstract]  
OTHER INCOME (LOSS), NET OTHER INCOME (LOSS), NET
Year Ended December 31,
202220212020
Pension settlements (1)
$(137)$(4)$(92)
Interest78 18 24 
Change in fair value of investments (2)
(46)(135)252 
Foreign currency exchange, net(5)23 (73)
Charges from debt extinguishment— (11)(77)
Impairment of investments (3)
— (1)(93)
Other (4)
48 23 27 
Other income (loss), net$(62)$(87)$(32)
____________________________
(1)Represents pension settlement charges due to the pension annuitization in 2022 and lump sum payments to participants. For additional information regarding pension and other post-employment benefits, refer to Note 11.
(2)Primarily represents unrealized holding gains and losses related to the Company's investments in current and non-current marketable equity securities.
(3)Primarily consists of an other-than-temporary impairment on the carrying value of TMAC of $93 for the year ended December 31, 2020.
(4)Primarily consists of insurance proceeds and certain pension costs in 2022.
Charges from debt extinguishment. In 2021, the Company recorded charges from debt extinguishment of $11 related to the early redemption of its Senior Notes due March 15, 2022 ("2022 Senior Notes") and the debt tender offer of its Newmont Senior Notes due March 15, 2023 (“2023 Newmont Senior Notes”) and its Goldcorp Senior Notes due March 15, 2023 (“2023 Goldcorp Senior Notes”). In 2020, the Company recorded charges from debt extinguishment of $69 related to the debt tender offer of its 2022 Senior Notes, its 2023 Newmont Senior Notes and its 2023 Goldcorp Senior Notes, and a loss of $8 related to the forward starting swaps associated with the 2022 Senior Notes, reclassified from Accumulated other comprehensive income (loss).
v3.22.4
INCOME AND MINING TAXES
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME AND MINING TAXES INCOME AND MINING TAXES
The Company’s Income and mining tax benefit (expense) consisted of:
Year Ended December 31,
202220212020
Current:
United States$(47)$(71)$(35)
Foreign(686)(1,136)(891)
(733)(1,207)(926)
Deferred:
United States236 5 72 
Foreign42 104 150 
278 109 222 
Income and mining tax benefit (expense)$(455)$(1,098)$(704)
The Company’s Income (loss) before income and mining tax and other items consisted of:
Year Ended December 31,
202220212020
United States$(566)$247 $631 
Foreign515 861 2,512 
Income (loss) before income and mining tax and other items$(51)$1,108 $3,143 
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
Years Ended December 31,
202220212020
Income (loss) before income and mining tax and other items$(51)$1,108 $3,143 
U.S. Federal statutory tax rate21 %$11 21 %$(233)21 %$(660)
Reconciling items:
Percentage depletion90 46 (7)71 (2)77 
Change in valuation allowance on deferred tax assets(569)(290)38 (419)6 (186)
Rate differential for foreign earnings indefinitely reinvested(151)(77)10 (108)8 (268)
Mining and other taxes (net of associated federal benefit)(231)(118)15 (173)5 (151)
Uncertain tax positions (1)
261 133 9 (99)(1)21 
Goodwill write-downs (482)(246)— — — — 
Expiration of U.S. capital losses and foreign tax credits(61)(31)14 (152)— — 
Transactions100 51 — 5 (11)353 
Other (2)
130 66 (1)10 (4)110 
Income and mining tax benefit (expense)(892)%$(455)99 %$(1,098)22 %$(704)
____________________________
(1)Includes net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95 and a valuation release of $29 for the full settlement with the Mexican Tax Authority entered into during the second quarter of 2022.
(2)Primarily consists of the impact of foreign exchange and earnings, the U.S. tax effect of minority interest attributable to non-U.S. investees, and the impact of return to provision adjustments.
Factors that Significantly Impact Effective Tax Rate (Other than Factors Described Separately Below)
Percentage depletion allowances (tax deductions for depletion that may exceed the tax basis in the mineral reserves) are available to the Company under the income tax laws of the United States for operations conducted in the United States or through branches and partnerships owned by U.S. subsidiaries included in the consolidated United States income tax return. These deductions are highly sensitive to the price of gold and other metals produced by the Company.
The Company operates in various jurisdictions around the world that have statutory tax rates that are significantly different than those of the U.S. These differences combine to move the overall effective tax rate higher than the U.S. statutory rate.
Mining taxes in Nevada, Mexico, Canada, Peru and Australia represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits.
In the U.S., capital losses may be carried forward five years to offset capital gains. Capital loss carryforwards of $—, $152, and $—, expired in 2022, 2021 and 2020, respectively. The Company carries a full valuation allowance on U.S. capital losses.
Components of the Company's deferred income tax assets (liabilities) are as follows:
At December 31,
20222021
Deferred income tax assets:
Property, plant and mine development$887 $928 
Inventory94 87 
Reclamation and remediation1,702 1,500 
Net operating losses, capital losses and tax credits 1,978 1,908 
Investment in partnerships and subsidiaries — 26 
Employee-related benefits75 146 
Derivative instruments and unrealized loss on investments54 74 
Foreign Exchange and Financing Obligations67 62 
Silver Streaming Agreement246 311 
Other202 124 
5,305 5,166 
Valuation allowances(3,994)(3,791)
$1,311 $1,375 
Deferred income tax liabilities:
Property, plant and mine development$(2,176)$(2,409)
Inventory(62)(58)
Investment in partnerships and subsidiaries (615)(730)
Other(94)(53)
(2,947)(3,250)
Net deferred income tax assets (liabilities)$(1,636)$(1,875)
These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates.
Valuation of Deferred Tax Assets
The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. On the basis of this evaluation, a new valuation allowance has been recorded in Argentina. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present or if additional weight were given to subjective evidence such as our projections for growth.
During 2022, the Company recorded an increase to the valuation allowance of $261 to tax expense, primarily driven by an addition in the U.S. relating to capital loss utilization, an increase in the Yanacocha reclamation obligation in Peru, and a new valuation allowance established in Argentina. This was partially offset by a release for expiration of foreign tax credit carryforwards. There were additional valuation allowance decreases related to other components of the financial statements of $58.
Refer to Note 2 for additional risk factors that could impact the Company’s ability to realize the deferred tax assets.
Tax Loss Carryforwards, Foreign Tax Credits, and Canadian Tax Credits
At December 31, 2022 and 2021, the Company had (i) $1,963 and $2,020 of net operating loss carry forwards, respectively; and (ii) $615 and $669 of tax credit carry forwards, respectively. At December 31, 2022 and 2021, $649 and $586, respectively, of net operating loss carry forwards are attributable to the U.S., Australia and France for which current tax law provides no expiration period. The net operating loss carry forward in Canada of $888 will expire by 2042. The net operating loss carryforward in Mexico of $160 will expire in 2032. The net operating loss carry forward in other countries is $266.
Tax credit carry forwards for 2022 and 2021 of $463 and $510, respectively, consist of foreign tax credits available in the United States; substantially all such credits not utilized will expire at the end of 2029. Canadian tax credits for 2022 and 2021 of $152 and $159, respectively, consist of investment tax credits and minimum mining tax credits. Canadian investment tax credits of $78 will substantially expire by 2036, mining tax credits of $9 will expire by 2042, and the other Canadian tax credits of $64 do not expire.
Company’s Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:
202220212020
Total amount of gross unrecognized tax benefits at beginning of year$245 $237 $326 
Additions (reductions) for tax positions of prior years (1)36 (33)
Additions for tax positions of current year — — 4 
Reductions due to settlements with taxing authorities (53)(26)(58)
Reductions due to lapse of statute of limitations (1)(2)(2)
Total amount of gross unrecognized tax benefits at end of year$190 $245 $237 
At December 31, 2022, 2021 and 2020, $219, $335 and $369, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate.
The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.
The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputes this conclusion and intends to vigorously defend its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an Appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. The Company and the ATO continue to provide support to the Court for their respective positions and during the fourth quarter of 2022 the Court agreed that the Company has until 30 June 2023 to submit its final evidence. A provisional Court date has been set for the third quarter of 2024.
In the third quarter of 2022, the Administración Federal de Ingresos Públicos ("AFIP") in Argentina notified the Company that it completed the 2016 transfer pricing review. The AFIP has questioned the Company’s treatment of intercompany loans and believes they should be akin to capital contributions. These intercompany loans are still in place. The Company disputes this position and continues to believe that the financing meets the qualifications of bona fide debt and intends to vigorously defend this position. To date, no final audit report or assessment has been provided by the AFIP. The matter will be closely monitored and evaluated as more information becomes available.
The Company and/or subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for years before 2016. As a result of (i) statute of limitations that will begin to expire within the next 12 months in various jurisdictions, and (ii) possible settlements of audit-related issues with taxing authorities in various jurisdictions, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $60 and $100 in the next 12 months.
The Company’s practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of Income and mining tax benefit (expense). At December 31, 2022 and 2021, the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $77 and $138, respectively. During 2022, 2021, and 2020 the Company released $61, $8 and $20 of interest and penalties, respectively, through the Consolidated Statements of Operations.
Other
No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations.
v3.22.4
EMPLOYEE-RELATED BENEFITS
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
EMPLOYEE-RELATED BENEFITS EMPLOYEE-RELATED BENEFITS
At December 31,
20222021
Current:
Accrued payroll and withholding taxes $310 $339 
Workers’ participation and other bonuses56 18 
Other post-retirement benefit plans 6 6 
Accrued severance 4 2 
Employee pension benefits 3 4 
Other employee-related payables 20 17 
$399 $386 
Non-current:
Accrued severance$208 $278 
Other post-retirement benefit plans 60 78 
Employee pension benefits 38 45 
Other employee-related payables 36 38 
$342 $439 
Pension and Other Benefit Plans
The Company provides a defined benefit pension plan to eligible employees. Benefits are generally based on years of service and the employee’s annual compensation. Various international pension plans are based on local laws and requirements. Pension costs are determined annually by independent actuaries and pension contributions to the U.S. qualified plans are made based on funding standards established under the Employee Retirement Income Security Act of 1974, as amended.
The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2022 and 2021:
Pension BenefitsOther Benefits
2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$1,040 $1,117 $84 $90 
Service cost15 15 1 1 
Interest cost19 30 3 3 
Actuarial loss (gain)(178)(32)(19)(6)
Settlement payments(557)(13)— — 
Foreign currency exchange (gain) loss(3)— — — 
Benefits paid(25)(77)(3)(4)
Projected benefit obligation at end of year$311 $1,040 $66 $84 
Accumulated benefit obligation$294 $1,017 $66 $84 
Change in fair value of assets:
Fair value of assets at beginning of year$1,014 $986 $— $— 
Actual return (loss) on plan assets(125)77 — — 
Employer contributions7 41 3 4 
Foreign currency exchange (gain) loss(3)— — — 
Settlement payments(557)(13)— — 
Benefits paid(25)(77)(3)(4)
Fair value of assets at end of year$311 $1,014 $— $— 
(Unfunded) funded status, net:$— $(26)$(66)$(84)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets$41 $23 $— $— 
Employee-related benefits, current(3)(4)(6)(6)
Employee-related benefits, non-current(38)(45)(60)(78)
Net amounts recognized$— $(26)$(66)$(84)
The Company’s qualified pension plan is funded with cash contributions in compliance with Internal Revenue Service rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. The information contained in the above tables presents the combined funded status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate in calendar year 2023.
As of December 31, 2022, all pension benefit plans had accumulated benefit obligations in excess of the fair value of assets with the exception of one defined benefit pension plan in the U.S. and one defined benefit pension plan in Canada. The fair value of the plan assets associated with these pension benefit plans was in excess of the related accumulated benefit obligations. As of December 31, 2021, all pension benefit plans had accumulated benefit obligations in excess of the fair value of assets with the exception of one defined benefit pension plan in the U.S. and one defined benefit pension plan in Canada. The following table provides information for the Company's defined benefit pensions plans that had aggregate accumulated benefit obligations in excess of plan assets at December 31:
Pension Benefits (1)
20222021
Accumulated benefit obligation$37 $43 
Projected benefit obligation$42 $50 
Fair value of plan assets$1 $1 
____________________________
(1)Information for other benefit plans with an accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded.
The significant assumptions used in measuring the Company’s benefit obligation were mortality assumptions and discount rate.
The mortality assumptions used to measure the pension and other post retirement obligation incorporate future mortality improvements from tables published by the Society of Actuaries ("SOA"). The Company utilized the Pri-2012 mortality tables and the MP-2021 generational projection scale to measure the pension and other post retirement obligations as of December 31, 2021. In 2022, the SOA announced they would not release a new generational projection scale and instead updated the Mortality Improvement Model ("MIM") tool with the ability to optionally input mortality loads to model differing viewpoints of the ongoing effect of COVID. The Company utilized the Pri-2012 mortality tables and the MP-2021 generational projection scales, with no adjustment for COVID due to the Company not experiencing material mortality gain due to COVID, to measure the pension and other post retirement obligations as of December 31, 2022.
Yield curves matching the Company’s benefit obligations were derived using a model based on high quality corporate bond data from Bloomberg. The model develops a discount rate by selecting a portfolio of high quality corporate bonds whose projected cash flows match the projected benefit payments of the plan. The resulting curves were used to identify a weighted average discount rate for the Company of 5.63% and 3.06% at December 31, 2022 and 2021, respectively, based on the timing of future benefit payments.
Actuarial gains of $197 and $38 were recognized in the years ended December 31, 2022 and 2021, respectively, primarily due to an increase in discount rate from the prior year.
Settlement accounting is required when annual lump sum payments exceed the annual interest and service costs for a plan and results in a remeasurement of the related pension benefit obligation and plan assets and the recognition of settlement charges in Other income (loss), net due to the acceleration of a portion of unrecognized actuarial losses. Lump sum payments are primarily made from the plan assets. Settlement accounting was triggered for the periods ended December 31, 2022, 2021 and 2020 resulting in pension settlement charges of $137, $4 and $92, respectively.
For the period ended December 31, 2022, pension settlement charges primarily resulted from the Company executing an annuitization to transfer a portion of the pension plan obligations from the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets during the first quarter of 2022. As a result, $527 of the previously recognized pension obligations were transferred and settlement accounting was triggered which resulted in the recognition of a non-cash settlement loss of $130 in Other income (loss), net. In December 2022, the Company received the final true-up from the insurance company for the annuitization, which had an inconsequential impact on the settlement.
The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):
Pension BenefitsOther Benefits
At December 31,At December 31,
2022202120222021
Accumulated other comprehensive income (loss):
Net actuarial gain (loss)$(76)$(240)$29 $11 
Prior service credit12 17 1 2 
(64)(223)30 13 
Less: Income taxes13 46 (6)(2)
Total$(51)$(177)$24 $11 
The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):
Pension Benefit Costs (Credits)Other Benefit Costs (Credits)
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Pension benefit cost (income), net: (1)
Service cost $15 $15 $17 $1 $1 $1 
Interest cost 19 30 36 3 3 3 
Expected return on plan assets (35)(59)(61)— — — 
Amortization, net2 29 29 (3)(2)(1)
Net periodic benefit cost (income)$1 $15 $21 $1 $2 $3 
Settlement cost137 4 92 — — — 
Total benefit cost (income)$138 $19 $113 $1 $2 $3 
____________________________
(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income (loss), net.
The following table provides the components recognized in Other comprehensive income (loss):
Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Net loss (gain)$(20)$(48)$60 $(20)$(5)$4 
Amortization, net(2)(29)(29)3 2 1 
Settlements(137)(4)(92)— — — 
Total recognized in other comprehensive income (loss)$(159)$(81)$(61)$(17)$(3)$5 
Total benefit cost (credit) and other comprehensive income (loss)$(21)$(62)$52 $(16)$(1)$8 
Actuarial losses in excess of 10 percent of the greater of the projected benefit obligation or market-related value of plan assets are amortized over the expected average remaining future service period of the current active participants.
The significant assumptions used in measuring the Company’s Total benefit cost (income) and other comprehensive income (loss) were discount rate and expected return on plan assets:
Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Weighted average assumptions used in measuring the net periodic benefit cost:
Discount rate (1)
4.09 %2.77 %3.49 %3.03 %2.70 %3.49 %
Expected return on plan assets 6.75 %6.75 %6.75 %N/AN/AN/A
____________________________
(1)Total benefit cost (income) and other comprehensive income (loss) for the Company's U.S. qualified defined benefit pension plan was remeasured due to the settlement accounting required from the retiree annuity purchase on March 25, 2022. The discount rate used for determining the Total benefit cost (income) and other comprehensive income (loss) reflected 3.03% from January 1, 2022 through March 25, 2022 and 4.09% from March 26, 2022 through December 31, 2022.
The expected long-term return on plan assets used for each period in the three years ended December 31, 2022 was determined based on an analysis of the asset returns over multiple time horizons for the Company’s actual plan and for other comparable U.S. corporations. At December 31, 2022, Newmont has estimated the expected long-term return on plan assets to be 6.50% which will be used in determining future net periodic benefit cost. The Company determines the long-term return on plan assets by considering the most recent capital market forecasts, the plans’ current asset allocation and the actual return on plan assets in comparison to the expected return on assets. The average actual return on plan assets during the 34 years ended December 31, 2022 approximated 7.54%.
Newmont has two pension calculations for salaried U.S. employees. The first is a “Final Average Pay” pension calculation which pays a monthly amount to employees in retirement based, in part, on their highest five year eligible earnings and years of credited service. The second is the “Stable Value” calculation which is defined as a lump sum payment to employees upon retirement. The amount of the lump sum is the total of annual accruals based on the employee’s eligible earnings and years of service. The benefits accrued under the Final Average Pay formula were frozen on June 30, 2014 for those eligible employees. Beginning July 1, 2014, all future accruals are based on the terms and features of the Stable Value calculation.
The pension plans employ an independent investment firm which invests the assets of the plans in certain approved funds that correspond to specific asset classes with associated target allocations. The goal of the pension fund investment program is to achieve prudent actuarial funding ratios while maintaining acceptable risk levels. The investment performance of the plans and that of the individual investment firms is measured against recognized market indices. The performance of the pension funds are monitored by an investment committee comprised of members of the Company’s management, which is advised by an independent investment consultant. With the exception of global capital market economic risks, the Company has identified no significant portfolio risks associated to asset classes. The following is a summary of the target asset allocations for 2022 and the actual asset allocation at December 31, 2022.
Asset AllocationTarget
Actual at December 31,
2022
U.S. equity investments 11 %10 %
International equity investments 12 %12 %
World equity fund (U.S. and International equity investments)20 %19 %
High yield fixed income investments4 %4 %
Fixed income investments 45 %44 %
Cash equivalents— %1 %
Other8 %10 %
The following table sets forth the Company’s pension plan assets measured at fair value:
Fair Value at December 31,
20222021
Cash and cash equivalents $3 $4 
Commingled funds 308 1,010 
Total$311 $1,014 
Cash and cash equivalent instruments are valued based on quoted market prices in active markets, which are primarily invested in money market securities and U.S. Treasury securities.
The pension plans’ commingled fund investments are managed by several fund managers and are valued at the net asset value per share for each fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and bonds, the unit of account is considered to be at the fund level. These funds require less than a month’s notice for redemptions and can be redeemed at the net asset value per share.
The assumed health care trend rate used to measure the expected cost of benefits is 6.50% in 2023 and decreases gradually each year to 5.00% in 2029, which is used thereafter.
Cash Flows
Benefit payments expected to be paid to plan participants are as follows:
Pension PlanOther Benefits Plan
2023$17 $6 
2024$18 $6 
2025$18 $6 
2026$21 $6 
2027$22 $6 
2028 through 2032$125 $27 
Savings Plans
The Company has one qualified defined contribution savings plan in the U.S. that covers salaried and hourly employees. When an employee meets eligibility requirements, the Company matches 100% of employee contributions of up to 6% of eligible earnings. Hourly employees receive an additional retirement contribution to the participant’s retirement contribution account equal to an amount which is paid and determined by the Company. Currently, the additional retirement contribution is 5% of eligible earnings. Matching contributions are made in cash. In addition, the Company has one non-qualified supplemental savings plan for executive-level employees whose benefits under the qualified plan are limited by federal regulations.
v3.22.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company has stock incentive plans for directors, executives and eligible employees. Stock incentive awards include RSUs and PSUs. The Company issues new shares of common stock to satisfy option exercises and vesting under all of its stock incentive awards. Prior to 2012, the Company also granted options to purchase shares of stock with exercise prices not less than fair market value of the underlying stock at the date of grant. At December 31, 2022, 22,721,107 shares were authorized for future stock incentive plan awards.
Restricted Stock Units
The Company grants RSUs to directors, executives and eligible employees. Awards are determined as a target percentage of base salary and, for eligible employees, are subject to a personal performance factor. For all RSU grants issued prior to February 2018, RSU awards vest on a straight-line basis over periods of three years or more, unless the employee becomes retirement eligible prior to the vesting date. If an employee becomes retirement eligible and retires prior to the vesting date, the remaining awards vest on a pro rata basis at the retirement date. Starting with the February 2018 grant, if the employee becomes retirement eligible at any point during the vesting period, the entire award is considered earned after the later of the one year service period from the grant date or the retirement eligible date. Prior to vesting, holders of RSUs do not have the right to vote the underlying shares; however, directors, executives and eligible employees accrue dividend equivalents on their RSUs, which are paid at the time the RSUs vest. The accrued dividend equivalents are not paid if RSUs are forfeited. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each restricted stock unit.
Performance Stock Units
The Company grants PSUs to eligible executives that vest after a three year performance period based on the Company's total shareholder return compared to the return of a peer group. The grant date fair value of the awards are amortized on a straight-line basis over the required performance period.
The grant date fair value of the market conditions for each PSU granted in 2022, 2021 or 2020 was determined using a Monte Carlo valuation model, which requires the input of the following subjective assumptions:
Year Ended December 31,
202220212020
Risk-free interest rate1.61%0.22%1.21%
Volatility range
31.78% - 81.77%
31.41% - 76.72%
24.71% - 43.91%
Weighted-average volatility54.89%53.05%35.38%
Expected term (years)333
Weighted-average fair market value$77.00$65.41$59.24
The risk-free interest rates are based on a U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of the Company's stock as well as the stock of the peer group for the three-year performance period.
Goldcorp Employee Stock Options
In connection with Newmont's acquisition of Goldcorp in 2019, the Company exchanged 3.6 million outstanding Goldcorp options for 1.2 million Newmont options with the right to exercise each Newmont option for one share of Newmont common stock. At December 31, 2021, there were 313,855 options outstanding and exercisable with a weighted average exercise price of $56.61. During 2022, 254,125 options were exercised with a weighted average exercise price of $58.25. During 2022, 12,683 options expired with a weighted average exercise price of $61.97. At December 31, 2022, there were 47,047 options outstanding and exercisable, at a weighted average exercise price of $46.33 and a weighted average remaining contractual life of 0.2 years.
Stock-Based Compensation Activity
A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2022 is as follows:
RSUPSU
Number of UnitsWeighted Average Grant-Date Fair ValueNumber of UnitsWeighted Average Grant-Date Fair Value
Non-vested at beginning of year1,791,994$51.06 1,343,953$55.91 
Granted1,061,330$60.88 772,062$64.06 
Vested(981,184)$47.76 (705,160)$42.34 
Forfeited(172,404)$61.27 (209,099)$67.78 
Non-vested at end of year1,699,736$58.07 1,201,756$67.05 
The total intrinsic value and fair value of RSUs that vested in 2022, 2021 and 2020 was $62, $72 and $81, respectively. The total intrinsic value and fair value of PSUs that vested in 2022, 2021 and 2020 was $47, $21 and $42, respectively.
Cash flows resulting from excess tax benefits are classified as part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for vested RSUs, settled PSUs, and exercised options in excess of the deferred tax asset attributable to stock compensation costs for such equity awards. The Company recorded $5, $3 and $1 in excess tax benefits for the years ended December 31, 2022, 2021 and 2020, respectively.
At December 31, 2022, there was $52 and $31 of unrecognized compensation costs related to the unvested RSUs and PSUs, respectively. This cost is expected to be recognized over a weighted average period of approximately 2 years.
The Company recognized stock-based compensation as follows:
Year Ended December 31,
202220212020
Stock-based compensation:
Restricted stock units$49 $47 $51 
Performance leveraged stock units24 25 21 
Other (1)
3 — 12 
Total$76 $72 $84 
____________________________
(1)For the year ended December 31, 2022, other includes the Company's proportionate share of NGM stock compensation. For the year ended December 31, 2020, other includes Goldcorp phantom restricted share units and Goldcorp performance share units. These awards have a cash settlement provision. The Company recognizes the liability and expense for these awards ratably over the requisite service period giving effect to the adjusted fair value at the end of each reporting period.
v3.22.4
FAIR VALUE ACCOUNTING
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE ACCOUNTING FAIR VALUE ACCOUNTING
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2    Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 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 (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Fair Value at December 31, 2022
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$2,877 $2,877 $— $— 
Restricted cash67 67 — — 
Time deposits and other (Note 15)
846 — 846 — 
Trade receivables from provisional concentrate sales, net 364 — 364 — 
Long-lived assets (Note 6)
25 — — 25 
Marketable and other equity securities (Note 15)
260 250 10 — 
Restricted marketable debt securities (Note 15)
27 23 4 — 
Restricted other assets (Note 15)
8 8 — — 
Contingent consideration assets (Note 14)
188 — — 188 
Derivative assets (Note 14)
20 — 20 — 
$4,682 $3,225 $1,244 $213 
Liabilities:
Debt (2)
$5,136 $— $5,136 $— 
Contingent consideration liabilities (Note 14)
3 — — 3 
$5,139 $— $5,136 $3 
Fair Value at December 31, 2021
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$4,992 $4,992 $— $— 
Restricted cash101 101 — — 
Trade receivables from provisional concentrate sales, net 297 — 297 — 
Assets held for sale (Note 1)
68 — 68 — 
Marketable and other equity securities (Note 15) (3)
335 318 17 — 
Restricted marketable debt securities (Note 15)
35 28 7 — 
Restricted other assets (Note 15)
16 16 — — 
Contingent consideration assets (Note 14)
171 — — 171 
$6,015 $5,455 $389 $171 
Liabilities:
Debt (2)
$6,712 $— $6,712 $— 
Contingent consideration liabilities (Note 14)
5 — — 5 
Other6 — 6 — 
$6,723 $— $6,718 $5 
____________________________
(1)Cash and cash equivalents at December 31, 2022 include time deposits that have an original maturity of three months or less.
(2)Debt is carried at amortized cost. The outstanding carrying value was $5,571 and $5,652 at December 31, 2022 and December 31, 2021, respectively. The fair value measurement of debt was based on an independent third-party pricing source.
(3)Excludes certain investments accounted for under the measurement alternative.
The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities.
The Company's time deposits and other primarily consists of time deposits with an original maturity of more than three months but less than one year and are classified within Level 2 of the fair value hierarchy as they are carried at amortized cost.
The Company’s net trade receivables from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy.
The Company's assets held for sale consist of the Conga mill assets to be sold under a binding agreement entered into during the third quarter of 2021. The assets are classified as non-recurring within Level 2 of the fair value hierarchy. Refer to Note 1 for further information.
The Company's long-lived assets consist of long-lived assets at CC&V, in the North America segment, that were subject to fair value measurement as a result of impairment tests performed for the year ended December 31, 2022. The Company performed a non-recurring fair value measurement, classified as Level 3 of the fair value hierarchy, in connection with recoverability and impairment tests performed over long-lived assets and goodwill for all reporting units. Impairment charges related to goodwill were for the full goodwill balance at Porcupine, in the North America segment, and Cerro Negro, in the South America segment, resulting in no remaining balance at December 31, 2022. For further information regarding management’s assessment of these certain long-lived assets and goodwill reporting units, including the assumptions utilized in determining the fair value, refer to Note 6.
The Company’s marketable and other equity securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.
The Company’s marketable and other equity securities without readily determinable fair values consists of the Company’s ownership in warrants in publicly traded companies. Warrants are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the warrants themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy. At December 31, 2022 and 2021, these warrants are included in the "Time deposits and other" and the "Marketable and other equity securities" line items in the tables presented above, respectively.
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 1 and Level 2 of the fair value hierarchy. The Level 1 debt securities are valued using published market prices of actively traded securities and the Level 2 debt securities are valued using pricing models which are based on published market inputs for similar, actively traded securities.
The Company's restricted other assets are primarily money market securities with a term longer than three months which are valued using quoted market prices in active markets. As such, they are classified within Level 1 of the fair value hierarchy.
The contingent consideration assets and liabilities are classified within Level 3 of the fair value hierarchy. Changes in the discount rate will result in an inverse impact to the estimated fair value of the contingent consideration assets and liabilities. For certain contingent consideration assets, a change in copper price will result in a corresponding impact to the estimated fair value. Refer to Note 14 for further information.
The Company’s derivative instruments consist of fixed forward contracts. These derivative instruments are valued using pricing models. 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 following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2022 and December 31, 2021:
DescriptionAt December 31, 2022Valuation techniqueSignificant inputRange, point estimate or average
Long-lived assets$25 Income approach
Various (1)
Various (1)
Contingent consideration assets$188 
Monte Carlo (2)
Discount rate (3)
8.75 - 29.59
%
Contingent consideration liabilities$3 Discounted cash flow
Discount rate (3)
5.56 - 7.08
%
____________________________
(1)Refer to Note 6 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units.
(2)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(3)The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 11.86% and 6.07%, respectively. Various other inputs including, but not limited to, metal prices and production profiles were utilized in determining the fair value of the individual contingent consideration assets.
DescriptionAt December 31, 2021Valuation techniqueSignificant inputRange, point estimate or average
Contingent consideration assets$171 
Monte Carlo (1)
Discount rate (2)
4.48 - 5.88
%
Contingent consideration liabilities$5 Discounted cash flow
Discount rate (2)
2.48 - 3.35
%
____________________________
(1)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(2)The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities are 5.63% and 2.83%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were utilized in determining the fair value of the individual contingent consideration assets.
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Contingent Consideration
Assets (1)
Total AssetsContingent Consideration LiabilitiesTotal Liabilities
Fair value at December 31, 2020$119 $119 $— $— 
Additions and settlements— — — — 
Revaluation52 52 5 5 
Fair value at December 31, 2021$171 $171 $5 $5 
Additions and settlements1 1 — — 
Revaluation16 16 (2)(2)
Fair value at December 31, 2022$188 $188 $3 $3 
____________________________
(1)In 2022, the (loss) gain recognized on revaluation of $(2) and $18 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2021, the gain recognized on revaluation is primarily included in Net income (loss) from discontinued operations.
v3.22.4
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
Hedging Instruments
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Australia segment. The fixed forward contracts were transacted for risk management purposes. The Company has designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair 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 and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to the Tanami Expansion 2 project, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Depreciation and amortization after the project reaches commercial production.
The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
At December 31,
20222021
Derivative Assets:
Foreign currency cash flow hedges, current (1)
$12 $— 
Foreign currency cash flow hedges, non-current (2)
8 — 
$20 $— 
____________________________
(1)Included in Other current assets in the Company’s Consolidated Balance Sheets.
(2)Included in Other non-current assets in the Company’s Consolidated Balance Sheets.
The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments:
Year Ended December 31,
202220212020
Loss (gain) on cash flow hedges:
Interest rate contracts (1)
$6 $8 $17 
Operating cash flow hedges (2)
— 1 2 
$6 $9 $19 
____________________________
(1)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated Other Comprehensive Income (Loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the years ended December 31, 2021 and December 31, 2020, $1 and $(8), respectively, was reclassified to Other income (loss), net as a result of the redemption and tender offers of the 2022 Senior Notes. Refer to Note 20 for additional information.
(2)Operating cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of operating costs primarily related to diesel price fluctuations. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings as diesel costs are incurred. The gains (losses) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
Contingent Consideration Assets and Liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon certain milestones. These contingent consideration assets and liabilities are accounted for at fair value using discounted cash flow models and consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. Refer to Note 13 for further information regarding the fair value of the contingent consideration assets and liabilities.
The Company had the following contingent consideration assets and liabilities at December 31, 2022 and 2021:
At December 31,
20222021
Contingent Consideration Assets: (1)
Batu Hijau and Elang (2)
$139 $121 
Red Lake (3)
39 42 
Maverix (4)
4 4 
Other6 4 
$188 $171 
Contingent Consideration Liabilities: (5)
Galore Creek$2 $3 
Other1 2 
$3 $5 
____________________________
(1)Included in Other non-current assets in the Company’s Consolidated Balance Sheets.
(2)Contingent consideration related to the sale of PT Newmont Nusa Tenggara in 2016. Refer to Note 1 for additional information.
(3)Refer to Note 8 for further information on the contingent consideration asset related to Red Lake.
(4)Refer to Note 15 for further information on the contingent consideration assets related to Maverix.
(5)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets.
v3.22.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
At December 31,
20222021
Time deposits and other investments:
Time deposits and other (1)
$846 $— 
Marketable equity securities34 82 
$880 $82 
Non-current: 
Marketable and other equity securities (2)(3)
$226 $307 
Equity method investments: 
Pueblo Viejo Mine (40.0%)
$1,435 $1,320 
NuevaUnión Project (50.0%)
956 950 
Norte Abierto Project (50.0%)
518 505 
Maverix Metals Inc. (28.5%) (4)
143 160 
Other— 1 
3,052 2,936 
$3,278 $3,243 
Non-current restricted investments: (5)
Marketable debt securities$27 $35 
Other assets8 16 
$35 $51 
____________________________
(1)At December 31, 2022, Time deposits and other includes time deposits with an original maturity of more than three months but less than one year, entered into during 2022, of $829, related accrued interest of $9, and warrants expiring in June 2023 related to Maverix of $8, recorded in the Maverix equity method investment balance at December 31, 2021.
(2)Includes $62 related to the Company's ownership interest in MARA at December 31, 2021. During the fourth quarter of 2022, the Company sold its 18.75% ownership interest in MARA, which was accounted for under the measurement alternative. Refer to Note 8 for additional information.
(3)Includes equity interest held in QuestEx Gold & Copper Ltd. (“QuestEx”) at December 31, 2021. During the second quarter of 2022, Skeena Resources Limited ("Skeena") acquired all of the issued and outstanding shares of QuestEx. Concurrently, the Company purchased certain properties acquired by Skeena for total consideration of $20.
(4)In January 2023, Maverix was fully acquired by Triple Flag Precious Metals Corporation ("Triple Flag"). The Company's ownership interest in the newly combined company will be accounted for as a marketable equity security. Refer to "Maverix Metals, Inc." below for further information.
(5)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, refer to Note 5.
Equity Method Investments
Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the years ended 2022, 2021 and 2020 primarily consists of income of $102, $166 and $193, respectively, from the Pueblo Viejo mine.
See below for further information on the Company's equity method investments.
Pueblo Viejo
The Pueblo Viejo mine is located in the Dominican Republic and commenced operations in September 2014. Barrick operates and holds the remaining interest in the mine. At acquisition, the carrying value of Newmont’s equity investment in Pueblo Viejo was lower than the underlying net assets of its investment resulting in a basis difference, which is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2022 the net basis difference was $251.
In June 2009, Goldcorp entered into a $400 shareholder loan agreement with Pueblo Viejo with a term of fifteen years. In April 2012, additional funding of $300 was issued to Pueblo Viejo with a term of twelve years. Both loans bear interest at 95% of LIBOR plus 2.95% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The loans have no set repayment terms. Both loans were fully repaid in December 2022.
In November 2020, the Company and Barrick entered into an agreement with Pueblo Viejo to provide additional funding of up to $1,300 ($520 attributable to Newmont's 40% ownership interest) through a loan facility for the expansion of Pueblo Viejo's operations (“Loan Facility”). Under the terms of the agreement, the Company and Barrick will distribute funds based on their respective proportionate ownership interest in Pueblo Viejo. The Loan Facility bears interest at 95% of LIBOR plus 4.00% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The Loan Facility will be provided in two tranches of $800 and $500, respectively. Unused proceeds under the first tranche will be available for use under the second tranche. The tranches mature February 28, 2032 and February 28, 2035, respectively. In October 2022, the Loan Facility was amended and now bears interest at 95% of the 6-month SOFR plus 4.25%.
As of December 31, 2022 and December 31, 2021, the Company had outstanding shareholder loans to Pueblo Viejo of $356 and $260, with accrued interest of $8 and $3, respectively. All loans receivable and accrued interest are included in the Pueblo Viejo equity method investment balance.
In September 2019, the Company and Barrick entered into a $70 revolving loan facility (“Revolving Facility”) to provide short-term financing to Pueblo Viejo. The Company will fund 40% of the borrowings based on its ownership interest in Pueblo Viejo. Under the terms of the Revolving Facility, borrowings earn interest at LIBOR plus 2.09% and expired on December 31, 2022. In October 2022, the Revolving Facility was amended to extend the expiration date to December 31, 2024 and now bears interest using the 3-month SOFR plus 2.24%. There were no borrowings outstanding under the Revolving Facility as of December 31, 2022 and December 31, 2021.
The Company purchases its portion (40.0%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $530 and $616 for the years ended December 31, 2022 and December 31, 2021, respectively. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of December 31, 2022 or December 31, 2021.
NuevaUnión
The NuevaUnión project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Teck Resources, who holds the remaining interest. At acquisition, the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment resulting in a basis difference. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared. As of December 31, 2022 the net basis difference was $67.
Norte Abierto
The Norte Abierto project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Barrick, who holds the remaining interest. Newmont owes deferred payments to Barrick to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. At December 31, 2022, there were $26 and $94 of deferred payments included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheet, respectively. At December 31, 2021, there were $22 and $102 of deferred payments included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheet, respectively.
At December 31, 2022 the carrying value of Newmont’s equity investment in Norte Abierto was lower than the underlying net assets of its investment by $209. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared.
Maverix Metals, Inc.
In 2020, the Company completed the sale of certain royalty interests to Maverix, with a carrying value of $—, for cash consideration and additional equity ownership in Maverix. The Company received total consideration of $75 from Maverix, consisting of $15 in cash and $60 in equity (12 million common shares at $5.02 per share). In addition, the Company will receive up to $15 in contingent cash payments payable upon completion of certain milestones. As of December 31, 2022, Newmont holds 28.5% equity ownership in Maverix.
In January 2023, Triple Flag acquired all of the issued and outstanding common shares of Maverix. At the time of close, Newmont held 28.5% of Maverix’s outstanding common shares. As a result of Triple Flag's acquisition of Maverix, the Company's shares and warrants in Maverix were converted to shares and warrants in Triple Flag resulting in 7.5% ownership. The ownership interest held in Triple Flag will be accounted for as a marketable equity security. A gain of approximately $65 is expected as a result of the share and warrant conversion and will be recognized in Gain on asset and investment sales, net in the first quarter of 2023.
v3.22.4
INVENTORIES
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
At December 31,
20222021
Materials and supplies$750 $669 
In-process123 132 
Concentrate47 58 
Precious metals59 71 
$979 $930 
STOCKPILES AND ORE ON LEACH PADS
At December 31, 2022At December 31, 2021
StockpilesOre on Leach PadsTotalStockpilesOre on Leach PadsTotal
Current$480 $294 $774 $491 $366 $857 
Non-current1,391 325 1,716 1,442 333 1,775 
Total$1,871 $619 $2,490 $1,933 $699 $2,632 
In 2022, the Company recorded write-downs of $156 and $53, 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 in 2022, $71 was related to NGM, $49 to Yanacocha, $45 to CC&V, $28 to Akyem, $12 to Ahafo, and $4 to Merian.
In 2021, the Company recorded write-downs of $45 and $19, 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 in 2021, $25 was related to Yanacocha, $21 to CC&V, and $18 to NGM.
In 2020, the Company recorded write-downs of $42 and $22, 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 in 2020, $40 was related to NGM and $24 to Yanacocha.
v3.22.4
STOCKPILES AND ORE ON LEACH PADS
 12 Months Ended
Dec. 31, 2022
STOCKPILES AND ORE ON LEACH PADS  
STOCKPILES AND ORE ON LEACH PADS INVENTORIES
At December 31,
20222021
Materials and supplies$750 $669 
In-process123 132 
Concentrate47 58 
Precious metals59 71 
$979 $930 
STOCKPILES AND ORE ON LEACH PADS
At December 31, 2022At December 31, 2021
StockpilesOre on Leach PadsTotalStockpilesOre on Leach PadsTotal
Current$480 $294 $774 $491 $366 $857 
Non-current1,391 325 1,716 1,442 333 1,775 
Total$1,871 $619 $2,490 $1,933 $699 $2,632 
In 2022, the Company recorded write-downs of $156 and $53, 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 in 2022, $71 was related to NGM, $49 to Yanacocha, $45 to CC&V, $28 to Akyem, $12 to Ahafo, and $4 to Merian.
In 2021, the Company recorded write-downs of $45 and $19, 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 in 2021, $25 was related to Yanacocha, $21 to CC&V, and $18 to NGM.
In 2020, the Company recorded write-downs of $42 and $22, 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 in 2020, $40 was related to NGM and $24 to Yanacocha.
v3.22.4
PROPERTY, PLANT AND MINE DEVELOPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND MINE DEVELOPMENT PROPERTY, PLANT AND MINE DEVELOPMENT
Depreciable
Life
(in years)		At December 31, 2022At December 31, 2021
CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Land $281 $— $281 $260 $— $260 
Facilities and equipment (1)
1-26
19,044 (11,392)7,652 18,829 (10,487)8,342 
Mine development 
1-38
6,413 (3,787)2,626 5,419 (3,133)2,286 
Mineral interests 
1-38
13,276 (2,973)10,303 13,296 (2,369)10,927 
Construction-in-progress 3,211 — 3,211 2,309 — 2,309 
$42,225 $(18,152)$24,073 $40,113 $(15,989)$24,124 
____________________________
(1)At December 31, 2022 and 2021, Facilities and equipment include finance lease right of use assets of $558 and $619, respectively.
Depreciable
Life
(in years)		At December 31, 2022At December 31, 2021
Mineral InterestsCostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Production stage 
1-38
$9,299 $(2,973)$6,326 $8,712 $(2,369)$6,343 
Development stage 
(1)
520 — 520 1,000 — 1,000 
Exploration stage 
(1)
3,457 — 3,457 3,584 — 3,584 
$13,276 $(2,973)$10,303 $13,296 $(2,369)$10,927 
____________________________
(1)These amounts are currently non-depreciable as these mineral interests have not reached production stage.
At December 31,
Construction-in-Progress20222021
North America (1)
$377 $231 
South America (2)
1,382 964 
Australia (3)
730 488 
Africa (4)
522 447 
Nevada (5)
149 138 
Corporate and Other51 41 
$3,211 $2,309 
____________________________
(1)Primarily relates to construction at Peñasquito and Porcupine at December 31, 2022 and 2021.
(2)Primarily relates to engineering and construction at Conga and the Sulfides project and other infrastructure at Yanacocha at December 31, 2022 and 2021. There have been no new costs capitalized during 2022 or 2021 for the Conga project in South America, reported in Other South America. In the third quarter of 2021, the Company reclassified the Conga mill assets, previously included within construction-in-progress with a carrying value of $593, as held for sale, included in Other current assets on the Consolidated Balance Sheet as of December 31, 2022. Refer to Note 1 for further information.
(3)Primarily relates to the Tanami Expansion 2 project and other infrastructure at Boddington at December 31, 2022 and 2021.
(4)Primarily relates to the Ahafo North project and other infrastructure at Ahafo and Akyem at December 31, 2022 and 2021.
(5)Primarily relates to infrastructure at NGM at December 31, 2022 and
v3.22.4
GOODWILL
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
Changes in the carrying amount of goodwill by reportable segment were as follows:
North AmericaSouth AmericaNevadaTotal
Balance at December 31, 2020$2,044 $459 $268 $2,771 
Balance at December 31, 2021$2,044 $459 $268 $2,771 
Impairment (1)
$(341)$(459)$— $(800)
Balance at December 31, 2022$1,703 $— $268 $1,971 
____________________________
(1)Impairment recognized for the year ended December 31, 2022 also represents accumulated impairment. Refer to Note 6 for further information.
v3.22.4
DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
At December 31, 2022At December 31, 2021
CurrentNon-Current
Fair Value (1)
CurrentNon-Current
Fair Value (1)
$1,000 3.70% Senior Notes due March 2023
$— $— $— $87 $— $90 
$700 2.80% Senior Notes due October 2029
— 692 603 — 689 726 
$1,000 2.25% Senior Notes due October 2030
— 987 810 — 985 994 
$1,000 2.60% Senior Notes due July 2032
— 991 811 — 990 1,003 
$600 5.875% Senior Notes due April 2035
— 579 619 — 578 790 
$1,100 6.25% Senior Notes due October 2039
— 860 933 — 860 1,237 
$1,000 4.875% Senior Notes due March 2042
— 986 930 — 986 1,270 
$450 5.45% Senior Notes due June 2044
— 481 430 — 482 602 
Debt issuance costs on Corporate Revolving Credit Facilities— (5)— — (5)— 
$— $5,571 $5,136 $87 $5,565 $6,712 
____________________________
(1)The estimated fair value of these Senior Notes was determined by an independent third party pricing source and may or may not reflect the actual trading value of this debt.
All outstanding Senior Notes are unsecured and rank equally with one another.
Scheduled minimum debt repayments are as follows:
Year Ending December 31,
2023$— 
2024— 
2025— 
2026— 
2027— 
Thereafter5,624 
Total face value of debt5,624 
Unamortized premiums, discounts, and issuance costs(53)
Debt$5,571 
Corporate Revolving Credit Facilities and Letters of Credit Facilities
In March 2021, the Company entered into an agreement to amend (the “Amendment”) certain terms of the existing $3,000 revolving credit agreement dated April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the Amendment, the expiration date of the credit facility was extended from April 4, 2024 to March 30, 2026 and the interest rate on the credit facility was amended to include a margin adjustment based on the Company’s environment, social and governance (“ESG”) scores. The maximum adjustment resulting from the ESG scores is plus or minus 0.05%. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement. At December 31, 2022, the Company had no borrowings outstanding under the facility. There were no amounts outstanding on the letters of credit sub-facility at December 31, 2022 and 2021, respectively.
At December 31, 2022 and 2021 the Company had letters of credit outstanding in the amounts of $995 and $1,044, respectively, of which $848 and $886 represented guarantees for reclamation obligations, respectively. None of these letters of credit have been drawn on for reclamation obligations as of December 31, 2022 and 2021.
2021 Senior Notes
In April 2021, the Company fully redeemed all of its 3.625% senior notes, with an original maturity date of June 9, 2021, for a redemption price of $557. The redemption price equaled the principal amount of the outstanding senior notes of $550 plus accrued and unpaid interest in accordance with the terms. Interest on the senior notes ceased to accrue on the date of redemption.
2022 Senior Notes
In 2020, the Company purchased approximately $500 of its 2022 Senior Notes through debt tender offers. In December 2021, the Company fully redeemed all of the outstanding 2022 Senior Notes. The redemption price of $496 equaled the principal amount of the outstanding 2022 Senior Notes of $492 plus accrued and unpaid interest in accordance with the terms of the 2022 Notes.
2023 Senior Notes
At January 1, 2020, the Company held the 2023 Newmont Senior Notes and 2023 Goldcorp Senior Notes, due on March 15, 2023 and bearing an annual interest rate of 3.70%, comprised of principal amounts of $810 and $190, respectively.
In 2020, the Company purchased approximately $487 and $99 of its 2023 Newmont Senior Notes and 2023 Goldcorp Senior Notes, respectively, through debt tender offers.
In December 2021, the Company purchased approximately $89 and $4 of its 2023 Newmont Senior Notes and 2023 Goldcorp Senior Notes, respectively, through debt tender offers. The tender offers were completed with the proceeds from the issuance of the 2032 Senior Notes. See below for additional information on the 2032 Senior Notes. In December 2021, subsequent to the debt tender offer, the Company extinguished the outstanding 2023 Newmont Senior Notes by way of defeasance with funds in trust, which were subsequently used by the trust for full redemption in January 2022. The redemption price of $246 equaled the principal amount of the outstanding 2023 Newmont Senior Notes of $234 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Newmont Senior Notes.
In January 2022, the Company fully redeemed all of the outstanding 2023 Goldcorp Senior Notes. The redemption price of $90 equaled the principal amount of the outstanding 2023 Goldcorp Senior Notes of $87 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Goldcorp Senior Notes.
2030 Senior Notes
In March 2020, the Company completed a public offering of $1,000 unsecured Senior Notes due October 1, 2030 (“2030 Senior Notes”). Net proceeds from the 2030 Senior Notes were $985. The 2030 Senior Notes pay interest semi-annually at a rate of 2.25% per annum. The proceeds from this issuance, supplemented with cash from the Company's balance sheet, were used to fund the debt tender offers of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in 2020.
2032 Senior Notes
In December 2021, the Company completed a public offering of $1,000 sustainability-linked, unsecured convertible Senior Notes due July 15, 2032 ("2032 Senior Notes") for net proceeds of approximately $992. Per the terms of the 2032 Senior Notes, the 2032 Senior Notes pay interest semi-annually at a rate of 2.60% per annum and are subject to an increase if the Company fails to reach stated targets by 2030. Beginning in 2031, the coupon of the 2032 Senior Notes is linked to the Company’s performance against the 2030 emissions reduction targets and the representation of women in senior leadership roles targets. The maximum adjustment resulting from the sustainability-linked objectives is 0.60%. The proceeds from this issuance were used to redeem the remaining balance of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in December 2021 and January 2022, respectively.
Debt Covenants
The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, the Company’s senior notes and corporate revolving credit facility contain covenants that include, limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions and a negative pledge on certain assets.
The corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above.
At December 31, 2022 and 2021, the Company and its related entities were in compliance with all debt covenants and provisions related to potential defaults.
v3.22.4
LEASE AND OTHER FINANCING OBLIGATIONS
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASE AND OTHER FINANCING OBLIGATIONS LEASE AND OTHER FINANCING OBLIGATIONSThe Company primarily has operating and finance leases for corporate and regional offices, processing facilities, and mining equipment. These leases have a remaining lease term of less than 1 year to 36 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 1 year. Some of our leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.
Total lease cost includes the following components:
Year Ended December 31,
20222021
Operating lease cost$28 $21 
Finance lease cost:
Amortization of ROU assets78 85 
Interest on lease liabilities34 36 
112 121 
Variable lease cost332 393 
Short-term lease cost25 36 
$497 $571 
Supplemental cash flow information related to leases includes the following:
Year Ended December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases$23 $17 
Operating cash flows relating to finance leases$34 $36 
Financing cash flows relating to finance leases$66 $73 
Non-cash lease obligations arising from obtaining ROU assets:
Operating leases$16 $35 
Finance leases$20 $41 
Information related to lease terms and discount rates is as follows:
Operating LeasesFinance Leases
Weighted average remaining lease term (years)810
Weighted average discount rate4.35 %5.73 %
Future minimum lease payments under non-cancellable leases as of December 31, 2022, were as follows:
Operating
Leases (1)
Finance Leases
2023$26 $93 
202422 84 
202512 81 
202611 78 
202711 71 
Thereafter51 337 
Total future minimum lease payments133 744 
Less: Imputed interest(17)(183)
Total$116 $561 
____________________________
(1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
As of December 31, 2022, the Company has additional leases that have not yet commenced. At commencement, the Company anticipates that these leases will result in additional ROU assets and lease liabilities of $9. The leases are anticipated to commence in 2023 with a lease term of approximately 2 years.
v3.22.4
OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
At December 31,
20222021
Other current liabilities:
Reclamation and remediation liabilities$526 $273 
Accrued operating costs (1)
370 201 
Accrued capital expenditures221 155 
Silver streaming agreement80 71 
Payables to NGM (2)
73 114 
Other (3)
329 359 
$1,599 $1,173 
Other non-current liabilities:
Income and mining taxes (4)
$206 $328 
Norte Abierto deferred payments (5)
94 102 
Other (6)
130 178 
$430 $608 
____________________________
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine in Australia.
(2)Payables to NGM at December 31, 2022 and December 31, 2021 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. The CC&V toll milling agreement with NGM expired on December 31, 2022. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets.
(3)Primarily consists of royalties, accrued interest on debt, and taxes other than income and mining taxes.
(4)Includes unrecognized tax benefits, including penalties and interest.
(5)Current portion of $26 and $22 for the years ended December 31, 2022 and December 31, 2021, respectively, is included in Other current liabilities on the Consolidated Balance Sheets.
(6)Primarily consists of the non-current portion of operating lease liabilities.
v3.22.4
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​
 12 Months Ended
Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​ RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized Gain (Loss) on Marketable Debt SecuritiesForeign Currency Translation AdjustmentsPension and Other Post-retirement Benefit AdjustmentsUnrealized Gain (Loss) on Cash flow Hedge InstrumentsTotal
Balance at December 31, 2020$— $117 $(237)$(96)$(216)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications2 2 45 1 50 
(Gain) loss reclassified from accumulated other comprehensive income (loss)— — 26 7 33 
Other comprehensive income (loss)2 2 71 8 83 
Balance at December 31, 2021$2 $119 $(166)$(88)$(133)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications(3)7 32 14 50 
(Gain) loss reclassified from accumulated other comprehensive income (loss)— — 107 5 112 
Other comprehensive income (loss)(3)7 139 19 162 
Balance at December 31, 2022$(1)$126 $(27)$(69)$29 
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAmount Reclassified from Accumulated Other Comprehensive Income (Loss)Affected Line Item in the Consolidated Statements of Operations
Year Ended December 31,
202220212020
Marketable debt securities adjustments:
Sale of marketable securities$— $— $(5)Gain on asset and investment sales, net
Total before tax— — (5)
Tax— — — 
Net of tax$— $— $(5)
Pension and other post-retirement benefit adjustments:
Amortization$(1)$27 $28 Other income (loss), net
Settlement137 4 92 Other income (loss), net
Total before tax136 31 120 
Tax(29)(5)(25)
Net of tax$107 $26 $95 
Hedge instruments adjustments:
Interest rate contracts$6 $8 $17 Interest expense, net
Operating cash flow hedges— 1 2 Costs applicable to sales
Total before tax6 9 19 
Tax(1)(2)(3)
Net of tax$5 $7 $16 
Total reclassifications for the period, net of tax$112 $33 $106 
v3.22.4
NET CHANGE IN OPERATING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2022
Increase (Decrease) in Operating Capital [Abstract]  
NET CHANGE IN OPERATING ASSETS AND LIABILITIES 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:
Year Ended December 31,
202220212020
Decrease (increase) in operating assets:
Trade and other receivables $5 $142 $29 
Inventories, stockpiles and ore on leach pads (161)(136)(139)
Other assets (84)36 34 
Increase (decrease) in operating liabilities:
Accounts payable102 (11)(50)
Reclamation and remediation liabilities (247)(161)(101)
Accrued tax liabilities(343)(317)378 
Other accrued liabilities(113)(94)144 
$(841)$(541)$295 
v3.22.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
General
Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
Operating Segments
The Company’s operating and reportable segments are identified in Note 3. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters
relate to the South America reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The CC&V matter and the Mexico tax matter relates to the North America reportable segment.
Environmental Matters
Refer to Note 5 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below.
Minera Yanacocha S.R.L. - 100% Newmont Owned
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“MINAM”), issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.
In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. The Company did not receive a response or comments to this submission until April 2021. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment ("EIA") modification considering the ongoing operations and the projects to be developed and obtained authorization from MINEM for such projects. This authorization included a deadline for compliance with the modified water quality criteria by January 2024. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations in 2027. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to noncompliance may result beyond January 2024.
The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. The Company's asset retirement obligation at December 31, 2022, included updates primarily to the expected construction of two water treatment plants, a related increase in the annual operating costs over the extended closure period, and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). These ongoing studies, which will extend beyond the current year, were progressed in 2022 as the study team continued to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, in conjunction with the Company's annual 2022 update process for all asset retirement obligations, the Company recorded an increase of $511 to the Yanacocha reclamation liability based on progress of the closure studies with a corresponding non-cash charge of $529 recorded to reclamation expense related to portions of the site operations no longer in production with no expected substantive future economic value and $18 recorded as a decrease to the asset retirement cost for producing areas of the operation. The annual 2022 update related primarily to higher capital costs for construction of the two water treatment plants due to updated design considerations and recent inflation and supply chain disruptions on the estimated construction costs, as well as post-closure management costs. The ultimate construction costs of the two water treatment plants remains highly uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and storm water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha.
Yanacocha experienced heavy rainfall in early 2022, above average historical levels, which resulted in significant water balance stress and required active emergency management. Yanacocha has been in communication with Organismo Evaluación y Fiscalización Ambiental (“OEFA”), under MINAM, and local government regarding the emergency measures undertaken and contingency planning. Yanacocha was able to prevent any offsite release of untreated water, but did need to accumulate untreated water in mine pits. If accumulation in pits or other emergency measures are deemed a violation of existing permits, it could result in fines and penalties for unauthorized discharge. Such fines and penalties, if ultimately assessed, are currently unknown and otherwise cannot be reasonably estimated at this time. Extended periods of rainfall, more extreme storm events or increased overall rainfall beyond historical or planned levels may also result in flooding or stress of mine pits and maintenance and storage facilities (e.g., tailings water), unpermitted off-site discharges, delays to planned study work, increased cost related to water infrastructure adjustments and potential negative impacts to permitting and operations.
Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned
In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with
the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, but the January 2021 new permits contained new water quality limits. The Settlement Agreement, involves the installation of interim passive water treatment and ongoing monitoring over the next three years, and then more long-term water treatment installed with target compliance by November 2027. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 at December 31, 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel. Depending on the remediation plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required.
Dawn Mining Company LLC (“Dawn”) - 58.19% 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 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 past 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 future 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 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA completed their assessment and approval of the WTP design in 2021 and Newmont has selected contractors for the construction of the new water treatment plant and effluent pipeline. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022.
The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities will consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the Washington Department of Health to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the Washington Department of Health provided comments on the ACL application, which Newmont is evaluating and to which it will provide a response.
The remediation liability for the Midnite mine site and Dawn mill site is approximately $188, assumed 100% by Newmont, at December 31, 2022.
Other Legal Matters
Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned
Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.
On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted a demand for particulars on February 6, 2023. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
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$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont, along with the other defendants, filed a motion to dismiss based on delay on November 29, 2022. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned
On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At December 31, 2022 and 2021, there were $1,872 and $1,927, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.
In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility study which is currently under way and feasibility study which has not yet occurred. As such, this amount has not been accrued.
Deferred payments to Barrick of $120 and $124 as of December 31, 2022 and December 31, 2021, respectively, are to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. These deferred payments to Barrick are included in Other current liabilities and Other non-current liabilities.
v3.22.4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
Year Ended December 31,
202220212020
(in millions)
Deferred Income Tax Valuation Allowance
Balance at beginning of year$3,791 $3,418 $3,112 
Additions due to acquisition of Goldcorp— — 86 
Additions to deferred income tax expense370 769 372 
Reduction of deferred income tax expense(109)(350)(186)
Re-classification to Assets Held for Sale—— — 
Additions and reductions reflected in other components of the financial statements(58)(46)34 
Balance at end of year$3,994 $3,791 $3,418 
Refer to Note 10 of the Consolidated Financial Statements for additional information.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
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 metal prices, primarily for gold, but also for copper, silver, lead and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill 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 continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the effects of certain countermeasures taken by central banks, have been and are expected to continue to adversely affect the Company. Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, impacts arising from Russia’s invasion of Ukraine include the Company’s ability to complete the sale of assets currently classified as held for sale within one year as originally planned. In addition, these factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, as well as potential impacts to estimated costs and timing of projects. In light of these challenging conditions, the Company recorded material long-lived asset and goodwill impairment charges at December 31, 2022. Refer to Note 6 for further information.
Additionally, as further response to the current market conditions, record inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the third quarter of 2022 the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru as the Company continues to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to our proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of December 31, 2022, the Yanacocha operations have total long-lived assets of approximately $1,030, inclusive of approximately $621 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factors under the titles “Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated” and ”Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I, Item 1A, Risk Factors, for further information.
Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha sulfides; accordingly, the Conga project remains in care and maintenance. Should
we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $900 at December 31, 2022 and 2021.
The Company will continue to monitor and evaluate the potential impacts to its business plans, asset retirement cost updates, operations, estimated capital expenditures and timing of other key development projects related to the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of COVID-19, ongoing global developments and increasing inflationary pressures, these factors could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill.
The Cerro Negro mine, located in Argentina, is a U.S. dollar functional currency entity. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends.
Use of Estimates
Use of Estimates
The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The 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.
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar.
The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities.
Business Combination and Asset Acquisition Accounting
Business Combination and Asset Acquisition Accounting
The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination.
When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net
assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.
When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations.
Time Deposits and Other Investments Time Deposits and Other InvestmentsThe Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net.
Stockpiles, Ore on Leach Pads and Inventories
Stockpiles, Ore on Leach Pads and Inventories
As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows:
Stockpiles
Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above.
Ore on Leach Pads
Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach
pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.
Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.
In-process Inventory
In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value.
Precious Metals Inventory
Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value.
Concentrate Inventory
Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value.
Materials and Supplies
Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.
Property, Plant and Mine Development
Property, Plant and Mine Development
Facilities and Equipment
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves.
Mine Development
Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales.
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where
multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material.
The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.
Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area.
Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Mineral Interests
Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves.
The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.
The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investment; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve and measured, indicated and inferred resource estimates; estimated future closure costs; and the use of appropriate discount rates.
Impairment of Long-lived Assets
Impairment of Long-lived Assets
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve and measured, indicated and inferred resource estimates; estimated future closure costs; and the use of appropriate discount rates.
In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties.
Investments
Investments
Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. Equity method investments are included in Investments.
Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income.
The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other income (loss), net.
Additionally, the Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Other income (loss), net. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other income (loss), net.
Derivative Instruments
Derivative Instruments
Cash Flow Hedges
The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in
the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows.
When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately.
Contingent consideration assets and liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon certain milestones. These contingent consideration assets and liabilities are accounted for at fair value using discounted cash flow models and consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815.
Debt
Debt
The Company carries its Senior Notes at amortized cost.
Debt issuance costs and debt premiums and discounts, which are included in Debt, and unrealized gains or losses related to cash flow hedges using treasury rate lock contracts and forward starting swap contracts, which are included in Accumulated other comprehensive income (loss), are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net within the Consolidated Statements of Operations.
When repurchasing its debt, the Company records the resulting gain or loss as well as the accelerated portion of related debt issuance costs, premiums and discounts, and any unrealized gains or losses from the associated treasury rate lock contracts and/or associated forward starting swap contracts, included in Accumulated other comprehensive income (loss), in Other income (loss), net.
Leases
Leases
The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets and Other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases are included in Property, plant and mine development, net and current and non-current Lease and other financing obligations in the Consolidated Balance Sheets.
Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities.
Contingently Redeemable Noncontrolling Interest
Contingently Redeemable Noncontrolling Interest
Certain noncontrolling interests in consolidated entities meet the definition of redeemable financial instruments if the ability to redeem the interest is outside of the control of the consolidating entity. In such cases, these financial instruments are classified outside of permanent equity (referred to as temporary equity).
Common Stock
In July 2021, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities.
Treasury Stock
Treasury Stock
The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. 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 using settlement-date accounting. 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.
During the years ended December 31, 2022, 2021 and 2020, the Company repurchased and retired approximately — million, 9 million and 10 million shares of its common stock for $—, $525 and $521, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company withheld 0.6 million, 0.6 million and 1.0 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards.
Revenue Recognition
Revenue Recognition
Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 3 for further information regarding the Company’s operating segments.
The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.
A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining.
Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Peñasquito. Copper is produced as a co-product at Boddington. Aside from the co-product sales at Boddington and Peñasquito, copper and silver produced at other Newmont sites are by-product metals.
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 control the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset.
The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.
Sales from Concentrate Production
The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations.
The Company generally sells metal concentrate based on the 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 is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).
A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer.
The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 4 for additional information.
Income and Mining Taxes
Income and Mining Taxes
The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies.
Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits.
Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible.
Valuation of Deferred Tax Assets
The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.
Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:
•Earnings history;
•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;
•The duration of statutory carry forward periods;
•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;
•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and
•The sensitivity of future forecasted results to commodity prices and other factors.
Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis.
Reclamation and Remediation Costs
Reclamation and Remediation Costs
Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations.
Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years.
Foreign Currency
Foreign Currency
The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net. The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows.
Stock-Based Compensation
Stock-Based Compensation
The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of RSUs are based on the Newmont stock price on the date of grant. The fair value of PSUs is determined using a Monte Carlo simulation model. Stock-based compensation expense related to all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts.
Net Income (Loss) per Common Share
Net Income (Loss) per Common Share
Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.
Discontinued Operations
Discontinued Operations
The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for
sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
Comprehensive Income (Loss)
Comprehensive Income (Loss)
In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners.
Care and Maintenance
Care and Maintenance
The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.
Reclassifications
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the 2022 presentation.
Recently Adopted and Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Financial Disclosures of Government Assistance
In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements or disclosures.
Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.
Inflation Reduction Act
In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows.
v3.22.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Financial information of Company's segments The financial information relating to the Company’s segments is as follows:
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2022
CC&V$333 $241 $71 $11 $(527)$286 $44 
Musselwhite305 195 79 8 23 1,294 54 
Porcupine504 281 104 14 (329)1,401 152 
Éléonore391 266 115 5 4 1,010 60 
Peñasquito: (2)
Gold1,006 442 148 
Silver549 454 151 
Lead133 94 32 
Zinc501 316 96 
Total Peñasquito2,189 1,306 427 19 403 6,430 183 
Other North America— — 8 4 (41)88 4 
North America
3,722 2,289 804 61 (467)10,509 497 
Yanacocha451 313 95 22 (612)2,225 439 
Merian723 369 80 21 249 923 56 
Cerro Negro508 283 148 25 (451)1,659 132 
Other South America— — 4 40 (68)2,416 3 
South America
1,682 965 327 108 (882)7,223 630 
Boddington:
Gold1,447 652 118 
Copper316 181 34 
Total Boddington1,763 833 152 7 779 2,264 72 
Tanami878 328 101 28 422 1,585 343 
Other Australia— — 5 18 (27)51 10 
Australia2,641 1,161 258 53 1,174 3,900 425 
Ahafo1,023 566 167 26 267 2,619 268 
Akyem749 334 141 14 257 998 34 
Other Africa— — — 3 (13)6 4 
Africa1,772 900 308 43 511 3,623 306 
NGM2,098 1,153 471 32 434 7,419 308 
Nevada
2,098 1,153 471 32 434 7,419 308 
Corporate and Other— — 17 163 (821)5,808 24 
Consolidated$11,915 $6,468 $2,185 $460 $(51)$38,482 $2,190 
____________________________
(1)Includes an increase in accrued capital expenditures of $59. Consolidated capital expenditures on a cash basis were $2,131.
(2)Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022.
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2021
CC&V$396 $238 $66 $18 $64 $777 $42 
Musselwhite277 157 80 7 30 1,317 39 
Porcupine517 269 91 17 121 1,572 68 
Éléonore446 237 139 5 60 1,062 46 
Peñasquito:
Gold1,250 395 201 
Silver651 332 169 
Lead172 76 39 
Zinc561 256 112 
Total Peñasquito2,634 1,059 521 8 979 6,561 144 
Other North America— — 14 5 (32)66 — 
North America
4,270 1,960 911 60 1,222 11,355 339 
Yanacocha471 232 111 18 (1,552)1,735 171 
Merian780 326 98 11 328 952 47 
Cerro Negro480 243 137 9 68 2,183 108 
Other South America— — 5 35 (632)2,282 2 
South America
1,731 801 351 73 (1,788)7,152 328 
Boddington:
Gold1,212 607 99 
Copper295 143 23 
Total Boddington1,507 750 122 8 627 2,261 174 
Tanami879 278 100 24 466 1,334 304 
Other Australia— — 6 16 62 45 7 
Australia2,386 1,028 228 48 1,155 3,640 485 
Ahafo864 425 143 22 269 2,425 213 
Akyem680 261 120 10 284 990 66 
Other Africa— — — 2 (11)3 — 
Africa1,544 686 263 34 542 3,418 279 
NGM2,291 960 550 30 818 7,584 234 
Nevada2,291 960 550 30 818 7,584 234 
Corporate and Other— — 20 118 (841)7,415 28 
Consolidated$12,222 $5,435 $2,323 $363 $1,108 $40,564 $1,693 
____________________________
(1)Includes accrued costs associated with the Tanami power plant of $29, which are included in Lease and other financing obligations, and an increase in accrued capital expenditures of $11. Consolidated capital expenditures on a cash basis were $1,653.
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other ItemsTotal Assets
Capital Expenditures (1)
Year Ended December 31, 2020
CC&V$478 $245 $80 $15 $129 $755 $41 
Red Lake (2)
67 45 2 1 20 — 4 
Musselwhite180 117 62 7 (40)1,324 58 
Porcupine566 244 109 17 171 1,565 43 
Éléonore371 181 109 5 47 1,115 43 
Peñasquito:
Gold894 286 168 
Silver510 201 117 
Lead134 77 45 
Zinc348 221 121 
Total Peñasquito1,886 785 451 3 544 6,824 127 
Other North America— — 27 8 (88)100 2 
North America3,548 1,617 840 56 783 11,683 318 
Yanacocha593 345 123 12 (165)1,832 111 
Merian822 328 102 11 375 993 42 
Cerro Negro404 166 139 4 8 2,139 49 
Other South America— — 7 31 (57)2,736 2 
South America1,819 839 371 58 161 7,700 204 
Boddington:
Gold1,221 579 102 
Copper155 107 19 
Total Boddington1,376 686 121 3 526 2,238 160 
Tanami871 251 102 16 442 1,095 212 
Other Australia— — 7 16 448 59 8 
Australia2,247 937 230 35 1,416 3,392 380 
Ahafo853 375 145 22 278 2,224 120 
Akyem671 234 120 9 291 1,000 27 
Other Africa— — — 3 (12)3 — 
Africa1,524 609 265 34 557 3,227 147 
NGM2,359 1,012 579 42 700 7,753 241 
Nevada2,359 1,012 579 42 700 7,753 241 
Corporate and Other— — 15 84 (474)7,614 49 
Consolidated$11,497 $5,014 $2,300 $309 $3,143 $41,369 $1,339 
____________________________
(1)Includes an increase in accrued capital expenditures of $37. Consolidated capital expenditures on a cash basis were $1,302.
(2)On March 31, 2020, the Company sold Red Lake. Refer to Note 8 for additional information.
Long-lived Assets, excluding deferred tax assets, investments and restricted cash, by country
Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:
At December 31,
20222021
United States$6,928 $7,462 
Mexico4,644 4,795 
Canada4,138 4,031 
Australia3,374 3,258 
Ghana2,586 2,517 
Peru2,008 1,680 
Argentina1,493 1,526 
Suriname712 742 
Other4 — 
$25,887 $26,011 
v3.22.4
SALES (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of sales by mining operation, product and inventory type
The following tables present the Company’s Sales by mining operation, product and inventory type:
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2022
CC&V$328 $5 $333 
Musselwhite 305 — 305 
Porcupine 504 — 504 
Éléonore 391 — 391 
Peñasquito:
Gold110 896 1,006 
Silver (1)
— 549 549 
Lead— 133 133 
Zinc— 501 501 
Total Peñasquito110 2,079 2,189 
North America1,638 2,084 3,722 
Yanacocha446 5 451 
Merian723 — 723 
Cerro Negro 508 — 508 
South America1,677 5 1,682 
Boddington:
Gold366 1,081 1,447 
Copper— 316 316 
Total Boddington366 1,397 1,763 
Tanami878 — 878 
Australia1,244 1,397 2,641 
Ahafo1,023 — 1,023 
Akyem749 — 749 
Africa1,772 — 1,772 
NGM (2)
2,026 72 2,098 
Nevada2,026 72 2,098 
Consolidated$8,357 $3,558 $11,915 
____________________________
(1)Silver sales from concentrate includes $73 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,022 for the year ended December 31, 2022.
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2021
CC&V $382 $14 $396 
Musselwhite277 — 277 
Porcupine517 — 517 
Éléonore446 — 446 
Peñasquito:
Gold207 1,043 1,250 
Silver (1)
— 651 651 
Lead— 172 172 
Zinc— 561 561 
Total Peñasquito207 2,427 2,634 
North America1,829 2,441 4,270 
Yanacocha451 20 471 
Merian780 — 780 
Cerro Negro480 — 480 
South America1,711 20 1,731 
Boddington:
Gold311 901 1,212 
Copper— 295 295 
Total Boddington311 1,196 1,507 
Tanami879 — 879 
Australia1,190 1,196 2,386 
Ahafo864 — 864 
Akyem680 — 680 
Africa1,544 — 1,544 
NGM (2)
2,216 75 2,291 
Nevada2,216 75 2,291 
Consolidated$8,490 $3,732 $12,222 
____________________________
(1)Silver sales from concentrate includes $79 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,212 for the year ended December 31, 2021.
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Year Ended December 31, 2020
CC&V$478 $— $478 
Red Lake (1)
67 — 67 
Musselwhite180 — 180 
Porcupine 566 — 566 
Éléonore371 — 371 
Peñasquito:
Gold84 810 894 
Silver (2)
— 510 510 
Lead— 134 134 
Zinc— 348 348 
Total Peñasquito84 1,802 1,886 
North America1,746 1,802 3,548 
Yanacocha592 1 593 
Merian822 — 822 
Cerro Negro404 — 404 
South America1,818 1 1,819 
Boddington:
Gold290 931 1,221 
Copper— 155 155 
Total Boddington290 1,086 1,376 
Tanami871 — 871 
Australia1,161 1,086 2,247 
Ahafo853 — 853 
Akyem671 — 671 
Africa1,524 — 1,524 
NGM (3)
2,285 74 2,359 
Nevada2,285 74 2,359 
Consolidated$8,534 $2,963 $11,497 
____________________________
(1)On March 31, 2020, the Company sold Red Lake. Refer to Note 8 for additional information.
(2)Silver sales from concentrate includes $67 related to non-cash amortization of the silver streaming agreement liability.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,293 for the year ended December 31, 2020.
At December 31, 2022, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
Provisionally Priced Sales
Subject to Final Pricing		Average Provisional
Price (per ounce/pound)
Gold (ounces, in thousands)159 $1,817 
Copper (pounds, in millions)37 $3.80 
Silver (ounces, in millions)4$23.86 
Lead (pounds, in millions)26$1.05 
Zinc (pounds, in millions)74$1.35 
Revenues from sales based on the customer's location Revenues from sales attributed to countries based on the customer’s location were as follows:
Years Ended December 31,
202220212020
United Kingdom$8,309 $8,404 $8,489 
South Korea1,426 1,665 1,317 
Mexico604 642 277 
Japan442 386 244 
Philippines340 264 242 
Germany308 282 277 
United States24 62 97 
Switzerland— 275 243 
Other (1)
462 242 311 
$11,915 $12,222 $11,497 
____________________________
(1)Includes $73, $79, and $67 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2022, 2021, and 2020, respectively.
v3.22.4
RECLAMATION AND REMEDIATION (Tables)
 12 Months Ended
Dec. 31, 2022
Environmental Remediation Obligations [Abstract]  
Reclamation and remediation expense
The Company’s Reclamation and remediation expense consisted of:
Years Ended December 31,
202220212020
Reclamation adjustments and other$646 $1,633 $180 
Reclamation accretion173 125 134 
Reclamation expense819 1,758 314 
Remediation adjustments and other96 82 46 
Remediation accretion6 6 6 
Remediation expense102 88 52 
Reclamation and remediation$921 $1,846 $366 
Reconciliation of reclamation liabilities
The following are reconciliations of Reclamation and remediation liabilities:
ReclamationRemediationTotal
Balance at January 1, 2021
$3,719 $313 $4,032 
Additions, changes in estimates and other2,045 67 2,112 
Acquisitions and divestitures(3)1 (2)
Payments, net(118)(43)(161)
Accretion expense125 6 131 
Balance at December 31, 2021
5,768 344 6,112 
Additions, changes in estimates and other981 79 1,060 
Payments, net(191)(56)(247)
Accretion expense173 6 179 
Balance at December 31, 2022
$6,731 $373 $7,104 
At December 31,
20222021
ReclamationRemediationTotalReclamationRemediationTotal
Current (1)
$482 $44 $526 $213 $60 $273 
Non-current (2)
6,249 329 6,578 5,555 284 5,839 
Total (3)
$6,731 $373 $7,104 $5,768 $344 $6,112 
____________________________
(1)The current portion of reclamation and remediation liabilities are included in Other current liabilities. Refer to Note 22.
(2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.
(3)Total reclamation liabilities includes $3,722 and $3,250 related to Yanacocha at December 31, 2022 and 2021, respectively.
Reconciliation of remediation liabilities
The following are reconciliations of Reclamation and remediation liabilities:
ReclamationRemediationTotal
Balance at January 1, 2021
$3,719 $313 $4,032 
Additions, changes in estimates and other2,045 67 2,112 
Acquisitions and divestitures(3)1 (2)
Payments, net(118)(43)(161)
Accretion expense125 6 131 
Balance at December 31, 2021
5,768 344 6,112 
Additions, changes in estimates and other981 79 1,060 
Payments, net(191)(56)(247)
Accretion expense173 6 179 
Balance at December 31, 2022
$6,731 $373 $7,104 
At December 31,
20222021
ReclamationRemediationTotalReclamationRemediationTotal
Current (1)
$482 $44 $526 $213 $60 $273 
Non-current (2)
6,249 329 6,578 5,555 284 5,839 
Total (3)
$6,731 $373 $7,104 $5,768 $344 $6,112 
____________________________
(1)The current portion of reclamation and remediation liabilities are included in Other current liabilities. Refer to Note 22.
(2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.
(3)Total reclamation liabilities includes $3,722 and $3,250 related to Yanacocha at December 31, 2022 and 2021, respectively.
v3.22.4
IMPAIRMENT CHARGES (Tables)
 12 Months Ended
Dec. 31, 2022
Asset Impairment Charges [Abstract]  
Impairment of long-lived assets and goodwill
Year Ended December 31,
202220212020
Long-lived and other assets (1)
GoodwillTotal
Long-lived and other assets (1)
Total
Long-lived and other assets (1)
Total
North America (2)
$515 $341 $856 $5 $5 $25 $25 
South America (3)
1 459 460 5 5 5 5 
Australia2 — 2 3 3 2 2 
Africa1 — 1 3 3 7 7 
Nevada1 — 1 — — 8 8 
Corporate and Other— — — 9 9 2 2 
$520 $800 $1,320 $25 $25 $49 $49 
____________________________
(1)Primarily relates to non-cash write-downs of various assets that are no longer in use, except for certain impairment charges described below.
(2)Primarily consists of impairment charges related to Property, plant and mine development, net at CC&V and Goodwill at Porcupine for the year ended December 31, 2022. See below for further information.
(3)Primarily consists of impairment charges related to Goodwill at Cerro Negro for the year ended December 31, 2022. See below for further information.
v3.22.4
OTHER EXPENSE, NET (Tables)
 12 Months Ended
Dec. 31, 2022
Operating Costs and Expenses [Abstract]  
Schedule of other expense, net
Year Ended December 31,
202220212020
COVID-19 specific costs$38 $87 $92 
Settlement costs22 11 58 
Restructuring and severance4 11 18 
Care and maintenance costs (1)
— 8 178 
Goldcorp transaction and integration costs— — 23 
Other18 26 15 
Other expense, net$82 $143 $384 
____________________________
(1)The Company recognized additional non-cash care and maintenance costs included in Depreciation and amortization of $3 at Tanami for the year ended December 31, 2021. For the year ended December 31, 2020, the Company recognized additional non-cash care and maintenance costs included in Depreciation and amortization of $7 at Musselwhite, $16 at Éléonore, $28 at Peñasquito, $7 at Yanacocha and $30 at Cerro Negro.
v3.22.4
GAIN ON ASSET AND INVESTMENT SALES, NET (Tables)
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of gain on asset and investment sales, net
Year Ended December 31,
202220212020
Sale and formation of MARA$61 $— $6 
Sale of La Zanja (1)
(45)— — 
Sale of royalty interests (2)
9 — 75 
Sale of Kalgoorlie— 83 493 
Exchange of Lone Tree— 79 — 
Sale of TMAC— 42 — 
Sale of Continental— — 91 
Sale of Red Lake— — 9 
Other10 8 3 
Gain on asset and investment sales, net$35 $212 $677 
____________________________
(1)Refer to Note 1 for further information related to the sale of La Zanja.
(2)Primarily related to the sale of certain royalty interests at NGM in 2022 and to Maverix Metals Inc. ("Maverix") in 2020. Refer to Note 15 for further information related to the sale of certain royalty interests to Maverix.
v3.22.4
OTHER INCOME (LOSS), NET (Tables)
 12 Months Ended
Dec. 31, 2022
Other Income, Nonoperating [Abstract]  
Schedule of other income (loss), net
Year Ended December 31,
202220212020
Pension settlements (1)
$(137)$(4)$(92)
Interest78 18 24 
Change in fair value of investments (2)
(46)(135)252 
Foreign currency exchange, net(5)23 (73)
Charges from debt extinguishment— (11)(77)
Impairment of investments (3)
— (1)(93)
Other (4)
48 23 27 
Other income (loss), net$(62)$(87)$(32)
____________________________
(1)Represents pension settlement charges due to the pension annuitization in 2022 and lump sum payments to participants. For additional information regarding pension and other post-employment benefits, refer to Note 11.
(2)Primarily represents unrealized holding gains and losses related to the Company's investments in current and non-current marketable equity securities.
(3)Primarily consists of an other-than-temporary impairment on the carrying value of TMAC of $93 for the year ended December 31, 2020.
(4)Primarily consists of insurance proceeds and certain pension costs in 2022.
v3.22.4
INCOME AND MINING TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income and mining tax (expense) benefit - current vs deferred
The Company’s Income and mining tax benefit (expense) consisted of:
Year Ended December 31,
202220212020
Current:
United States$(47)$(71)$(35)
Foreign(686)(1,136)(891)
(733)(1,207)(926)
Deferred:
United States236 5 72 
Foreign42 104 150 
278 109 222 
Income and mining tax benefit (expense)$(455)$(1,098)$(704)
Income and mining tax (expense) benefit - domestic vs foreign
The Company’s Income (loss) before income and mining tax and other items consisted of:
Year Ended December 31,
202220212020
United States$(566)$247 $631 
Foreign515 861 2,512 
Income (loss) before income and mining tax and other items$(51)$1,108 $3,143 
Income and mining tax expense reconciliation
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
Years Ended December 31,
202220212020
Income (loss) before income and mining tax and other items$(51)$1,108 $3,143 
U.S. Federal statutory tax rate21 %$11 21 %$(233)21 %$(660)
Reconciling items:
Percentage depletion90 46 (7)71 (2)77 
Change in valuation allowance on deferred tax assets(569)(290)38 (419)6 (186)
Rate differential for foreign earnings indefinitely reinvested(151)(77)10 (108)8 (268)
Mining and other taxes (net of associated federal benefit)(231)(118)15 (173)5 (151)
Uncertain tax positions (1)
261 133 9 (99)(1)21 
Goodwill write-downs (482)(246)— — — — 
Expiration of U.S. capital losses and foreign tax credits(61)(31)14 (152)— — 
Transactions100 51 — 5 (11)353 
Other (2)
130 66 (1)10 (4)110 
Income and mining tax benefit (expense)(892)%$(455)99 %$(1,098)22 %$(704)
____________________________
(1)Includes net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95 and a valuation release of $29 for the full settlement with the Mexican Tax Authority entered into during the second quarter of 2022.
(2)Primarily consists of the impact of foreign exchange and earnings, the U.S. tax effect of minority interest attributable to non-U.S. investees, and the impact of return to provision adjustments.
Components of deferred tax assets (liabilities)
Components of the Company's deferred income tax assets (liabilities) are as follows:
At December 31,
20222021
Deferred income tax assets:
Property, plant and mine development$887 $928 
Inventory94 87 
Reclamation and remediation1,702 1,500 
Net operating losses, capital losses and tax credits 1,978 1,908 
Investment in partnerships and subsidiaries — 26 
Employee-related benefits75 146 
Derivative instruments and unrealized loss on investments54 74 
Foreign Exchange and Financing Obligations67 62 
Silver Streaming Agreement246 311 
Other202 124 
5,305 5,166 
Valuation allowances(3,994)(3,791)
$1,311 $1,375 
Deferred income tax liabilities:
Property, plant and mine development$(2,176)$(2,409)
Inventory(62)(58)
Investment in partnerships and subsidiaries (615)(730)
Other(94)(53)
(2,947)(3,250)
Net deferred income tax assets (liabilities)$(1,636)$(1,875)
Reconciliation of gross unrecognized tax benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:
202220212020
Total amount of gross unrecognized tax benefits at beginning of year$245 $237 $326 
Additions (reductions) for tax positions of prior years (1)36 (33)
Additions for tax positions of current year — — 4 
Reductions due to settlements with taxing authorities (53)(26)(58)
Reductions due to lapse of statute of limitations (1)(2)(2)
Total amount of gross unrecognized tax benefits at end of year$190 $245 $237 
v3.22.4
EMPLOYEE-RELATED BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of current and long-term employee-related benefits
At December 31,
20222021
Current:
Accrued payroll and withholding taxes $310 $339 
Workers’ participation and other bonuses56 18 
Other post-retirement benefit plans 6 6 
Accrued severance 4 2 
Employee pension benefits 3 4 
Other employee-related payables 20 17 
$399 $386 
Non-current:
Accrued severance$208 $278 
Other post-retirement benefit plans 60 78 
Employee pension benefits 38 45 
Other employee-related payables 36 38 
$342 $439 
Schedule of reconciliation of changes in the obligations and fair value of pension and other benefits
The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2022 and 2021:
Pension BenefitsOther Benefits
2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$1,040 $1,117 $84 $90 
Service cost15 15 1 1 
Interest cost19 30 3 3 
Actuarial loss (gain)(178)(32)(19)(6)
Settlement payments(557)(13)— — 
Foreign currency exchange (gain) loss(3)— — — 
Benefits paid(25)(77)(3)(4)
Projected benefit obligation at end of year$311 $1,040 $66 $84 
Accumulated benefit obligation$294 $1,017 $66 $84 
Change in fair value of assets:
Fair value of assets at beginning of year$1,014 $986 $— $— 
Actual return (loss) on plan assets(125)77 — — 
Employer contributions7 41 3 4 
Foreign currency exchange (gain) loss(3)— — — 
Settlement payments(557)(13)— — 
Benefits paid(25)(77)(3)(4)
Fair value of assets at end of year$311 $1,014 $— $— 
(Unfunded) funded status, net:$— $(26)$(66)$(84)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets$41 $23 $— $— 
Employee-related benefits, current(3)(4)(6)(6)
Employee-related benefits, non-current(38)(45)(60)(78)
Net amounts recognized$— $(26)$(66)$(84)
Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets The following table provides information for the Company's defined benefit pensions plans that had aggregate accumulated benefit obligations in excess of plan assets at December 31:
Pension Benefits (1)
20222021
Accumulated benefit obligation$37 $43 
Projected benefit obligation$42 $50 
Fair value of plan assets$1 $1 
____________________________
(1)Information for other benefit plans with an accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded.
Schedule of net pension and other employee benefit amounts recognized in the consolidated balance sheets
The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):
Pension BenefitsOther Benefits
At December 31,At December 31,
2022202120222021
Accumulated other comprehensive income (loss):
Net actuarial gain (loss)$(76)$(240)$29 $11 
Prior service credit12 17 1 2 
(64)(223)30 13 
Less: Income taxes13 46 (6)(2)
Total$(51)$(177)$24 $11 
Schedule of components of the net periodic pension and other benefits costs
The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):
Pension Benefit Costs (Credits)Other Benefit Costs (Credits)
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Pension benefit cost (income), net: (1)
Service cost $15 $15 $17 $1 $1 $1 
Interest cost 19 30 36 3 3 3 
Expected return on plan assets (35)(59)(61)— — — 
Amortization, net2 29 29 (3)(2)(1)
Net periodic benefit cost (income)$1 $15 $21 $1 $2 $3 
Settlement cost137 4 92 — — — 
Total benefit cost (income)$138 $19 $113 $1 $2 $3 
____________________________
(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income (loss), net.
Schedule of components recognized in Other comprehensive income (loss)
The following table provides the components recognized in Other comprehensive income (loss):
Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Net loss (gain)$(20)$(48)$60 $(20)$(5)$4 
Amortization, net(2)(29)(29)3 2 1 
Settlements(137)(4)(92)— — — 
Total recognized in other comprehensive income (loss)$(159)$(81)$(61)$(17)$(3)$5 
Total benefit cost (credit) and other comprehensive income (loss)$(21)$(62)$52 $(16)$(1)$8 
Schedule of significant assumptions used in measuring the benefit obligation and net periodic pension benefit cost
The significant assumptions used in measuring the Company’s Total benefit cost (income) and other comprehensive income (loss) were discount rate and expected return on plan assets:
Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
202220212020202220212020
Weighted average assumptions used in measuring the net periodic benefit cost:
Discount rate (1)
4.09 %2.77 %3.49 %3.03 %2.70 %3.49 %
Expected return on plan assets 6.75 %6.75 %6.75 %N/AN/AN/A
____________________________
(1)Total benefit cost (income) and other comprehensive income (loss) for the Company's U.S. qualified defined benefit pension plan was remeasured due to the settlement accounting required from the retiree annuity purchase on March 25, 2022. The discount rate used for determining the Total benefit cost (income) and other comprehensive income (loss) reflected 3.03% from January 1, 2022 through March 25, 2022 and 4.09% from March 26, 2022 through December 31, 2022.
Schedule of target and actual asset allocations The following is a summary of the target asset allocations for 2022 and the actual asset allocation at December 31, 2022.
Asset AllocationTarget
Actual at December 31,
2022
U.S. equity investments 11 %10 %
International equity investments 12 %12 %
World equity fund (U.S. and International equity investments)20 %19 %
High yield fixed income investments4 %4 %
Fixed income investments 45 %44 %
Cash equivalents— %1 %
Other8 %10 %
Schedule of plan assets at fair value
The following table sets forth the Company’s pension plan assets measured at fair value:
Fair Value at December 31,
20222021
Cash and cash equivalents $3 $4 
Commingled funds 308 1,010 
Total$311 $1,014 
Schedule of expected benefit payments
Benefit payments expected to be paid to plan participants are as follows:
Pension PlanOther Benefits Plan
2023$17 $6 
2024$18 $6 
2025$18 $6 
2026$21 $6 
2027$22 $6 
2028 through 2032$125 $27 
v3.22.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of status and activity of non-vested RSUs, PSUs, and SSUs
A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2022 is as follows:
RSUPSU
Number of UnitsWeighted Average Grant-Date Fair ValueNumber of UnitsWeighted Average Grant-Date Fair Value
Non-vested at beginning of year1,791,994$51.06 1,343,953$55.91 
Granted1,061,330$60.88 772,062$64.06 
Vested(981,184)$47.76 (705,160)$42.34 
Forfeited(172,404)$61.27 (209,099)$67.78 
Non-vested at end of year1,699,736$58.07 1,201,756$67.05 
Schedule of stock based compensation by award
The Company recognized stock-based compensation as follows:
Year Ended December 31,
202220212020
Stock-based compensation:
Restricted stock units$49 $47 $51 
Performance leveraged stock units24 25 21 
Other (1)
3 — 12 
Total$76 $72 $84 
____________________________
(1)For the year ended December 31, 2022, other includes the Company's proportionate share of NGM stock compensation. For the year ended December 31, 2020, other includes Goldcorp phantom restricted share units and Goldcorp performance share units. These awards have a cash settlement provision. The Company recognizes the liability and expense for these awards ratably over the requisite service period giving effect to the adjusted fair value at the end of each reporting period.
Assumptions Using a Monte Carlo Valuation Model The grant date fair value of the market conditions for each PSU granted in 2022, 2021 or 2020 was determined using a Monte Carlo valuation model, which requires the input of the following subjective assumptions:
Year Ended December 31,
202220212020
Risk-free interest rate1.61%0.22%1.21%
Volatility range
31.78% - 81.77%
31.41% - 76.72%
24.71% - 43.91%
Weighted-average volatility54.89%53.05%35.38%
Expected term (years)333
Weighted-average fair market value$77.00$65.41$59.24
v3.22.4
FAIR VALUE ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Fair Value at December 31, 2022
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$2,877 $2,877 $— $— 
Restricted cash67 67 — — 
Time deposits and other (Note 15)
846 — 846 — 
Trade receivables from provisional concentrate sales, net 364 — 364 — 
Long-lived assets (Note 6)
25 — — 25 
Marketable and other equity securities (Note 15)
260 250 10 — 
Restricted marketable debt securities (Note 15)
27 23 4 — 
Restricted other assets (Note 15)
8 8 — — 
Contingent consideration assets (Note 14)
188 — — 188 
Derivative assets (Note 14)
20 — 20 — 
$4,682 $3,225 $1,244 $213 
Liabilities:
Debt (2)
$5,136 $— $5,136 $— 
Contingent consideration liabilities (Note 14)
3 — — 3 
$5,139 $— $5,136 $3 
Fair Value at December 31, 2021
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$4,992 $4,992 $— $— 
Restricted cash101 101 — — 
Trade receivables from provisional concentrate sales, net 297 — 297 — 
Assets held for sale (Note 1)
68 — 68 — 
Marketable and other equity securities (Note 15) (3)
335 318 17 — 
Restricted marketable debt securities (Note 15)
35 28 7 — 
Restricted other assets (Note 15)
16 16 — — 
Contingent consideration assets (Note 14)
171 — — 171 
$6,015 $5,455 $389 $171 
Liabilities:
Debt (2)
$6,712 $— $6,712 $— 
Contingent consideration liabilities (Note 14)
5 — — 5 
Other6 — 6 — 
$6,723 $— $6,718 $5 
____________________________
(1)Cash and cash equivalents at December 31, 2022 include time deposits that have an original maturity of three months or less.
(2)Debt is carried at amortized cost. The outstanding carrying value was $5,571 and $5,652 at December 31, 2022 and December 31, 2021, respectively. The fair value measurement of debt was based on an independent third-party pricing source.
(3)Excludes certain investments accounted for under the measurement alternative.
Quantitative and qualitative information
The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2022 and December 31, 2021:
DescriptionAt December 31, 2022Valuation techniqueSignificant inputRange, point estimate or average
Long-lived assets$25 Income approach
Various (1)
Various (1)
Contingent consideration assets$188 
Monte Carlo (2)
Discount rate (3)
8.75 - 29.59
%
Contingent consideration liabilities$3 Discounted cash flow
Discount rate (3)
5.56 - 7.08
%
____________________________
(1)Refer to Note 6 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units.
(2)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(3)The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 11.86% and 6.07%, respectively. Various other inputs including, but not limited to, metal prices and production profiles were utilized in determining the fair value of the individual contingent consideration assets.
DescriptionAt December 31, 2021Valuation techniqueSignificant inputRange, point estimate or average
Contingent consideration assets$171 
Monte Carlo (1)
Discount rate (2)
4.48 - 5.88
%
Contingent consideration liabilities$5 Discounted cash flow
Discount rate (2)
2.48 - 3.35
%
____________________________
(1)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(2)The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities are 5.63% and 2.83%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were utilized in determining the fair value of the individual contingent consideration assets.
Changes in the fair value of the Company's Level 3 financial assets
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Contingent Consideration
Assets (1)
Total AssetsContingent Consideration LiabilitiesTotal Liabilities
Fair value at December 31, 2020$119 $119 $— $— 
Additions and settlements— — — — 
Revaluation52 52 5 5 
Fair value at December 31, 2021$171 $171 $5 $5 
Additions and settlements1 1 — — 
Revaluation16 16 (2)(2)
Fair value at December 31, 2022$188 $188 $3 $3 
____________________________
(1)In 2022, the (loss) gain recognized on revaluation of $(2) and $18 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2021, the gain recognized on revaluation is primarily included in Net income (loss) from discontinued operations.
Changes in the fair value of the Company's Level 3 financial liabilities
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Contingent Consideration
Assets (1)
Total AssetsContingent Consideration LiabilitiesTotal Liabilities
Fair value at December 31, 2020$119 $119 $— $— 
Additions and settlements— — — — 
Revaluation52 52 5 5 
Fair value at December 31, 2021$171 $171 $5 $5 
Additions and settlements1 1 — — 
Revaluation16 16 (2)(2)
Fair value at December 31, 2022$188 $188 $3 $3 
____________________________
(1)In 2022, the (loss) gain recognized on revaluation of $(2) and $18 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2021, the gain recognized on revaluation is primarily included in Net income (loss) from discontinued operations.
v3.22.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
At December 31,
20222021
Derivative Assets:
Foreign currency cash flow hedges, current (1)
$12 $— 
Foreign currency cash flow hedges, non-current (2)
8 — 
$20 $— 
____________________________
(1)Included in Other current assets in the Company’s Consolidated Balance Sheets.
(2)Included in Other non-current assets in the Company’s Consolidated Balance Sheets.
Derivative Instruments, Gain (Loss)
The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments:
Year Ended December 31,
202220212020
Loss (gain) on cash flow hedges:
Interest rate contracts (1)
$6 $8 $17 
Operating cash flow hedges (2)
— 1 2 
$6 $9 $19 
____________________________
(1)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated Other Comprehensive Income (Loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the years ended December 31, 2021 and December 31, 2020, $1 and $(8), respectively, was reclassified to Other income (loss), net as a result of the redemption and tender offers of the 2022 Senior Notes. Refer to Note 20 for additional information.
(2)Operating cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of operating costs primarily related to diesel price fluctuations. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings as diesel costs are incurred. The gains (losses) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
Derivatives Not Designated as Hedging Instruments
The Company had the following contingent consideration assets and liabilities at December 31, 2022 and 2021:
At December 31,
20222021
Contingent Consideration Assets: (1)
Batu Hijau and Elang (2)
$139 $121 
Red Lake (3)
39 42 
Maverix (4)
4 4 
Other6 4 
$188 $171 
Contingent Consideration Liabilities: (5)
Galore Creek$2 $3 
Other1 2 
$3 $5 
____________________________
(1)Included in Other non-current assets in the Company’s Consolidated Balance Sheets.
(2)Contingent consideration related to the sale of PT Newmont Nusa Tenggara in 2016. Refer to Note 1 for additional information.
(3)Refer to Note 8 for further information on the contingent consideration asset related to Red Lake.
(4)Refer to Note 15 for further information on the contingent consideration assets related to Maverix.
(5)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets.
v3.22.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments
At December 31,
20222021
Time deposits and other investments:
Time deposits and other (1)
$846 $— 
Marketable equity securities34 82 
$880 $82 
Non-current: 
Marketable and other equity securities (2)(3)
$226 $307 
Equity method investments: 
Pueblo Viejo Mine (40.0%)
$1,435 $1,320 
NuevaUnión Project (50.0%)
956 950 
Norte Abierto Project (50.0%)
518 505 
Maverix Metals Inc. (28.5%) (4)
143 160 
Other— 1 
3,052 2,936 
$3,278 $3,243 
Non-current restricted investments: (5)
Marketable debt securities$27 $35 
Other assets8 16 
$35 $51 
____________________________
(1)At December 31, 2022, Time deposits and other includes time deposits with an original maturity of more than three months but less than one year, entered into during 2022, of $829, related accrued interest of $9, and warrants expiring in June 2023 related to Maverix of $8, recorded in the Maverix equity method investment balance at December 31, 2021.
(2)Includes $62 related to the Company's ownership interest in MARA at December 31, 2021. During the fourth quarter of 2022, the Company sold its 18.75% ownership interest in MARA, which was accounted for under the measurement alternative. Refer to Note 8 for additional information.
(3)Includes equity interest held in QuestEx Gold & Copper Ltd. (“QuestEx”) at December 31, 2021. During the second quarter of 2022, Skeena Resources Limited ("Skeena") acquired all of the issued and outstanding shares of QuestEx. Concurrently, the Company purchased certain properties acquired by Skeena for total consideration of $20.
(4)In January 2023, Maverix was fully acquired by Triple Flag Precious Metals Corporation ("Triple Flag"). The Company's ownership interest in the newly combined company will be accounted for as a marketable equity security. Refer to "Maverix Metals, Inc." below for further information.
(5)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, refer to Note 5.
v3.22.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Summary of inventories
At December 31,
20222021
Materials and supplies$750 $669 
In-process123 132 
Concentrate47 58 
Precious metals59 71 
$979 $930 
v3.22.4
STOCKPILES AND ORE ON LEACH PADS (Tables)
 12 Months Ended
Dec. 31, 2022
STOCKPILES AND ORE ON LEACH PADS  
Stockpiles and ore on leach pads
At December 31, 2022At December 31, 2021
StockpilesOre on Leach PadsTotalStockpilesOre on Leach PadsTotal
Current$480 $294 $774 $491 $366 $857 
Non-current1,391 325 1,716 1,442 333 1,775 
Total$1,871 $619 $2,490 $1,933 $699 $2,632 
v3.22.4
PROPERTY, PLANT AND MINE DEVELOPMENT (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, plant and mine development
Depreciable
Life
(in years)		At December 31, 2022At December 31, 2021
CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Land $281 $— $281 $260 $— $260 
Facilities and equipment (1)
1-26
19,044 (11,392)7,652 18,829 (10,487)8,342 
Mine development 
1-38
6,413 (3,787)2,626 5,419 (3,133)2,286 
Mineral interests 
1-38
13,276 (2,973)10,303 13,296 (2,369)10,927 
Construction-in-progress 3,211 — 3,211 2,309 — 2,309 
$42,225 $(18,152)$24,073 $40,113 $(15,989)$24,124 
____________________________
(1)At December 31, 2022 and 2021, Facilities and equipment include finance lease right of use assets of $558 and $619, respectively.
Depreciable
Life
(in years)		At December 31, 2022At December 31, 2021
Mineral InterestsCostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Production stage 
1-38
$9,299 $(2,973)$6,326 $8,712 $(2,369)$6,343 
Development stage 
(1)
520 — 520 1,000 — 1,000 
Exploration stage 
(1)
3,457 — 3,457 3,584 — 3,584 
$13,276 $(2,973)$10,303 $13,296 $(2,369)$10,927 
____________________________
(1)These amounts are currently non-depreciable as these mineral interests have not reached production stage.
At December 31,
Construction-in-Progress20222021
North America (1)
$377 $231 
South America (2)
1,382 964 
Australia (3)
730 488 
Africa (4)
522 447 
Nevada (5)
149 138 
Corporate and Other51 41 
$3,211 $2,309 
____________________________
(1)Primarily relates to construction at Peñasquito and Porcupine at December 31, 2022 and 2021.
(2)Primarily relates to engineering and construction at Conga and the Sulfides project and other infrastructure at Yanacocha at December 31, 2022 and 2021. There have been no new costs capitalized during 2022 or 2021 for the Conga project in South America, reported in Other South America. In the third quarter of 2021, the Company reclassified the Conga mill assets, previously included within construction-in-progress with a carrying value of $593, as held for sale, included in Other current assets on the Consolidated Balance Sheet as of December 31, 2022. Refer to Note 1 for further information.
(3)Primarily relates to the Tanami Expansion 2 project and other infrastructure at Boddington at December 31, 2022 and 2021.
(4)Primarily relates to the Ahafo North project and other infrastructure at Ahafo and Akyem at December 31, 2022 and 2021.
(5)Primarily relates to infrastructure at NGM at December 31, 2022 and
v3.22.4
GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill by segment
Changes in the carrying amount of goodwill by reportable segment were as follows:
North AmericaSouth AmericaNevadaTotal
Balance at December 31, 2020$2,044 $459 $268 $2,771 
Balance at December 31, 2021$2,044 $459 $268 $2,771 
Impairment (1)
$(341)$(459)$— $(800)
Balance at December 31, 2022$1,703 $— $268 $1,971 
____________________________
(1)Impairment recognized for the year ended December 31, 2022 also represents accumulated impairment. Refer to Note 6 for further information.
v3.22.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of debt components, current and non-current
At December 31, 2022At December 31, 2021
CurrentNon-Current
Fair Value (1)
CurrentNon-Current
Fair Value (1)
$1,000 3.70% Senior Notes due March 2023
$— $— $— $87 $— $90 
$700 2.80% Senior Notes due October 2029
— 692 603 — 689 726 
$1,000 2.25% Senior Notes due October 2030
— 987 810 — 985 994 
$1,000 2.60% Senior Notes due July 2032
— 991 811 — 990 1,003 
$600 5.875% Senior Notes due April 2035
— 579 619 — 578 790 
$1,100 6.25% Senior Notes due October 2039
— 860 933 — 860 1,237 
$1,000 4.875% Senior Notes due March 2042
— 986 930 — 986 1,270 
$450 5.45% Senior Notes due June 2044
— 481 430 — 482 602 
Debt issuance costs on Corporate Revolving Credit Facilities— (5)— — (5)— 
$— $5,571 $5,136 $87 $5,565 $6,712 
____________________________
(1)The estimated fair value of these Senior Notes was determined by an independent third party pricing source and may or may not reflect the actual trading value of this debt.
Schedule of minimum debt repayments
Scheduled minimum debt repayments are as follows:
Year Ending December 31,
2023$— 
2024— 
2025— 
2026— 
2027— 
Thereafter5,624 
Total face value of debt5,624 
Unamortized premiums, discounts, and issuance costs(53)
Debt$5,571 
v3.22.4
LEASE AND OTHER FINANCING OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of lease cost
Total lease cost includes the following components:
Year Ended December 31,
20222021
Operating lease cost$28 $21 
Finance lease cost:
Amortization of ROU assets78 85 
Interest on lease liabilities34 36 
112 121 
Variable lease cost332 393 
Short-term lease cost25 36 
$497 $571 
Supplemental cash flow information
Supplemental cash flow information related to leases includes the following:
Year Ended December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases$23 $17 
Operating cash flows relating to finance leases$34 $36 
Financing cash flows relating to finance leases$66 $73 
Non-cash lease obligations arising from obtaining ROU assets:
Operating leases$16 $35 
Finance leases$20 $41 
Schedule of lease terms and discount rates
Information related to lease terms and discount rates is as follows:
Operating LeasesFinance Leases
Weighted average remaining lease term (years)810
Weighted average discount rate4.35 %5.73 %
Future minimum lease payments, operating leases
Future minimum lease payments under non-cancellable leases as of December 31, 2022, were as follows:
Operating
Leases (1)
Finance Leases
2023$26 $93 
202422 84 
202512 81 
202611 78 
202711 71 
Thereafter51 337 
Total future minimum lease payments133 744 
Less: Imputed interest(17)(183)
Total$116 $561 
____________________________
(1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
Future minimum lease payments, finance leases
Future minimum lease payments under non-cancellable leases as of December 31, 2022, were as follows:
Operating
Leases (1)
Finance Leases
2023$26 $93 
202422 84 
202512 81 
202611 78 
202711 71 
Thereafter51 337 
Total future minimum lease payments133 744 
Less: Imputed interest(17)(183)
Total$116 $561 
____________________________
(1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
v3.22.4
OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]  
Other liabilities
At December 31,
20222021
Other current liabilities:
Reclamation and remediation liabilities$526 $273 
Accrued operating costs (1)
370 201 
Accrued capital expenditures221 155 
Silver streaming agreement80 71 
Payables to NGM (2)
73 114 
Other (3)
329 359 
$1,599 $1,173 
Other non-current liabilities:
Income and mining taxes (4)
$206 $328 
Norte Abierto deferred payments (5)
94 102 
Other (6)
130 178 
$430 $608 
____________________________
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine in Australia.
(2)Payables to NGM at December 31, 2022 and December 31, 2021 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. The CC&V toll milling agreement with NGM expired on December 31, 2022. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets.
(3)Primarily consists of royalties, accrued interest on debt, and taxes other than income and mining taxes.
(4)Includes unrecognized tax benefits, including penalties and interest.
(5)Current portion of $26 and $22 for the years ended December 31, 2022 and December 31, 2021, respectively, is included in Other current liabilities on the Consolidated Balance Sheets.
(6)Primarily consists of the non-current portion of operating lease liabilities.
v3.22.4
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​ (Tables)
 12 Months Ended
Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Change in accumulated other comprehensive income (loss)
Unrealized Gain (Loss) on Marketable Debt SecuritiesForeign Currency Translation AdjustmentsPension and Other Post-retirement Benefit AdjustmentsUnrealized Gain (Loss) on Cash flow Hedge InstrumentsTotal
Balance at December 31, 2020$— $117 $(237)$(96)$(216)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications2 2 45 1 50 
(Gain) loss reclassified from accumulated other comprehensive income (loss)— — 26 7 33 
Other comprehensive income (loss)2 2 71 8 83 
Balance at December 31, 2021$2 $119 $(166)$(88)$(133)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications(3)7 32 14 50 
(Gain) loss reclassified from accumulated other comprehensive income (loss)— — 107 5 112 
Other comprehensive income (loss)(3)7 139 19 162 
Balance at December 31, 2022$(1)$126 $(27)$(69)$29 
Schedule of reclassifications out of accumulated other comprehensive income (loss)
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAmount Reclassified from Accumulated Other Comprehensive Income (Loss)Affected Line Item in the Consolidated Statements of Operations
Year Ended December 31,
202220212020
Marketable debt securities adjustments:
Sale of marketable securities$— $— $(5)Gain on asset and investment sales, net
Total before tax— — (5)
Tax— — — 
Net of tax$— $— $(5)
Pension and other post-retirement benefit adjustments:
Amortization$(1)$27 $28 Other income (loss), net
Settlement137 4 92 Other income (loss), net
Total before tax136 31 120 
Tax(29)(5)(25)
Net of tax$107 $26 $95 
Hedge instruments adjustments:
Interest rate contracts$6 $8 $17 Interest expense, net
Operating cash flow hedges— 1 2 Costs applicable to sales
Total before tax6 9 19 
Tax(1)(2)(3)
Net of tax$5 $7 $16 
Total reclassifications for the period, net of tax$112 $33 $106 
v3.22.4
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Increase (Decrease) in Operating Capital [Abstract]  
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:
Year Ended December 31,
202220212020
Decrease (increase) in operating assets:
Trade and other receivables $5 $142 $29 
Inventories, stockpiles and ore on leach pads (161)(136)(139)
Other assets (84)36 34 
Increase (decrease) in operating liabilities:
Accounts payable102 (11)(50)
Reclamation and remediation liabilities (247)(161)(101)
Accrued tax liabilities(343)(317)378 
Other accrued liabilities(113)(94)144 
$(841)$(541)$295 
v3.22.4
THE COMPANY (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2021
Feb. 24, 2022
Aug. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Apr. 30, 2021
Business Acquisition [Line Items]                      
Business combination, consideration transferred [1]       $ 15 $ 328 $ 0          
Other non-current liabilities       430 608            
Net income (loss) attributable to noncontrolling interest       60 (933) (38)          
Distributions to noncontrolling interests       191 200 197          
Net income (expense) from discontinued operations       30 57 163          
Discontinued operations, tax benefit (expense)       $ (4) (10) (44)          
Minera Yanacocha                      
Business Acquisition [Line Items]                      
Ownership interest (as a percent)       100.00%         95.00%    
Holt Property Royalty                      
Business Acquisition [Line Items]                      
Royalty obligation           0          
Royalties received       $ 22 13            
Royalty paid           (8)          
Use rights | Holt option                      
Business Acquisition [Line Items]                      
Purchase of option for mining and mineral rights     $ 75                
Minera Yanacocha                      
Business Acquisition [Line Items]                      
Net income (loss) attributable to noncontrolling interest       $ (1) $ 1,014 128          
Economic interest (as a percent)       100.00% 51.35%     100.00%      
Minera Yanacocha | Buenaventura                      
Business Acquisition [Line Items]                      
Distributions to noncontrolling interests   $ 300                  
Purchase of noncontrolling interest, contingent consideration   100                  
Primary Beneficiary | Merian Gold Project                      
Business Acquisition [Line Items]                      
Ownership interest held by parent (as a percent)       75.00%              
Net income (loss) attributable to noncontrolling interest       $ (59) $ (81) (90)          
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Conga Mill                      
Business Acquisition [Line Items]                      
Total consideration                   $ 68  
Loss on sale         571            
Other non-current liabilities       29              
Disposal Group, Disposed of by Sale, Not Discontinued Operations                      
Business Acquisition [Line Items]                      
Loss on sale       (35) (212) (677)          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Minera La Zanja                      
Business Acquisition [Line Items]                      
Loss on sale       45 $ 0 0          
Equity method investment, ownership percentage sold         46.94%            
Equity method investments       0              
Contribution paid upon sale of equity method investment   45                  
Loss on sale of equity method investment   $ 45                  
Discontinued Operations, Disposed of by Sale                      
Business Acquisition [Line Items]                      
Net income (expense) from discontinued operations       $ 30 $ 57 $ 163          
Buenaventura | Minera Yanacocha                      
Business Acquisition [Line Items]                      
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent)         43.65%            
Minera Yanacocha                      
Business Acquisition [Line Items]                      
Total shares repurchased (as a percent)         5.00%            
Minera Yanacocha | Summit Global Management II V B                      
Business Acquisition [Line Items]                      
Proceeds from sale of stock             $ 48        
Summit Global Management II V B | Minera Yanacocha                      
Business Acquisition [Line Items]                      
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent)       5.00%              
Goldcorp                      
Business Acquisition [Line Items]                      
Business acquisition, percentage of voting interests acquired 85.10%       85.10%            
Business combination, consideration transferred $ 326                    
Business combination, step acquisition, equity interest in acquiree, percentage 14.90%                   14.90%
Business combination, consideration transferred, including equity interest in acquiree held prior to combination $ 378                    
Non cash consideration 52                    
Property, plant and mine development 590                    
Deferred income tax liabilities $ 211                    
[1] Acquisitions, net for the year ended December 31, 2021 is primarily related to the asset acquisition of the remaining 85.1% of GT Gold. Refer to Note 1 for additional information.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risks and Uncertainties (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Risks and Uncertainties      
Assets received $ 38,482 $ 40,564 $ 41,369
Yanacocha Subsegment      
Risks and Uncertainties      
Property, plant and mine development, net 1,030    
Yanacocha Subsegment | Asset under Construction      
Risks and Uncertainties      
Property, plant and mine development, net 621    
Conga      
Risks and Uncertainties      
Assets received $ 900 $ 900  
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stockpiles and Ore on Leach Pads (Details)
 12 Months Ended
Dec. 31, 2022
Minimum  
Stockpiles, Ore on Leach Pads and Inventories  
Leach pad recovery rate 50.00%
Maximum  
Stockpiles, Ore on Leach Pads and Inventories  
Leach pad recovery rate 95.00%
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities (Note 22) Other non-current liabilities (Note 22)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and mine development, net Property, plant and mine development, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current lease and other financing obligations (Note 21) Current lease and other financing obligations (Note 21)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Lease and other financing obligations (Note 21) Lease and other financing obligations (Note 21)
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]      
Repurchase and retirement of common stock (in shares) 0.0 9.0 10.0
Repurchase of common stock $ 0 $ 525 $ 521
Withholding of employee taxes related to stock-based compensation (in shares) 0.6 0.6 1.0
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2022
Revenue recognition  
Dore' market standard for percentage of gold (as a percent) 99.95%
Minimum  
Revenue recognition  
Co-product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) 10.00%
Product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) 10.00%
Maximum  
Revenue recognition  
Co-product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) 20.00%
Product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) 20.00%
v3.22.4
SEGMENT INFORMATION - Additional Information (Details)
 12 Months Ended
Dec. 31, 2022
segment
Segment Reporting [Abstract]  
Number of operating segments 5
Number of reportable segments 5
Ownership interest (as a percent) 38.50%
v3.22.4
SEGMENT INFORMATION - Financial Information Table (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Information        
Sales   $ 11,915 $ 12,222 $ 11,497
Costs Applicable to Sales [1]   6,468 5,435 5,014
Depreciation and amortization   2,185 2,323 2,300
Advanced Projects, Research and Development and Exploration   460 363 309
Income (loss) before income and mining tax and other items   (51) 1,108 3,143
Total Assets   38,482 40,564 41,369
Capital Expenditures   2,190 1,693 1,339
Additional disclosures        
Increase (decrease) in accrued capital expenditures   59 11 37
Consolidated capital expenditures on a cash basis   2,131 1,653 1,302
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   6,468 5,435 5,014
Tanami        
Additional disclosures        
Accrued costs     29  
Corporate and Other        
Segment Information        
Sales   0 0 0
Depreciation and amortization   17 20 15
Advanced Projects, Research and Development and Exploration   163 118 84
Income (loss) before income and mining tax and other items   (821) (841) (474)
Total Assets   5,808 7,415 7,614
Capital Expenditures   24 28 49
Corporate and Other | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   0 0 0
North America | Operating Segments        
Segment Information        
Sales   3,722 4,270 3,548
Depreciation and amortization   804 911 840
Advanced Projects, Research and Development and Exploration   61 60 56
Income (loss) before income and mining tax and other items   (467) 1,222 783
Total Assets   10,509 11,355 11,683
Capital Expenditures   497 339 318
North America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   2,289 1,960 1,617
North America | Operating Segments | CC&V        
Segment Information        
Sales   333 396 478
Depreciation and amortization   71 66 80
Advanced Projects, Research and Development and Exploration   11 18 15
Income (loss) before income and mining tax and other items   (527) 64 129
Total Assets   286 777 755
Capital Expenditures   44 42 41
North America | Operating Segments | CC&V | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   241 238 245
North America | Operating Segments | Red Lake        
Segment Information        
Sales       67
Depreciation and amortization       2
Advanced Projects, Research and Development and Exploration       1
Income (loss) before income and mining tax and other items       20
Total Assets       0
Capital Expenditures       4
North America | Operating Segments | Red Lake | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales       45
North America | Operating Segments | Musselwhite Subsegment        
Segment Information        
Sales   305 277 180
Depreciation and amortization   79 80 62
Advanced Projects, Research and Development and Exploration   8 7 7
Income (loss) before income and mining tax and other items   23 30 (40)
Total Assets   1,294 1,317 1,324
Capital Expenditures   54 39 58
North America | Operating Segments | Musselwhite Subsegment | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   195 157 117
North America | Operating Segments | Porcupine        
Segment Information        
Sales   504 517 566
Depreciation and amortization   104 91 109
Advanced Projects, Research and Development and Exploration   14 17 17
Income (loss) before income and mining tax and other items   (329) 121 171
Total Assets   1,401 1,572 1,565
Capital Expenditures   152 68 43
North America | Operating Segments | Porcupine | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   281 269 244
North America | Operating Segments | Eleonore Subsegment        
Segment Information        
Sales   391 446 371
Depreciation and amortization   115 139 109
Advanced Projects, Research and Development and Exploration   5 5 5
Income (loss) before income and mining tax and other items   4 60 47
Total Assets   1,010 1,062 1,115
Capital Expenditures   60 46 43
North America | Operating Segments | Eleonore Subsegment | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   266 237 181
North America | Operating Segments | Penasquito Subsegment        
Segment Information        
Sales   2,189 2,634 1,886
Depreciation and amortization   427 521 451
Advanced Projects, Research and Development and Exploration   19 8 3
Income (loss) before income and mining tax and other items   403 979 544
Total Assets   6,430 6,561 6,824
Capital Expenditures   183 144 127
North America | Operating Segments | Penasquito Subsegment | Profit-Sharing Agreement        
Segment Information        
Costs Applicable to Sales $ 70      
North America | Operating Segments | Penasquito Subsegment | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   1,306 1,059 785
North America | Operating Segments | Penasquito - Gold        
Segment Information        
Sales   1,006 1,250 894
Depreciation and amortization   148 201 168
North America | Operating Segments | Penasquito - Gold | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   442 395 286
North America | Operating Segments | Penasquito - Silver        
Segment Information        
Sales   549 651 510
Depreciation and amortization   151 169 117
North America | Operating Segments | Penasquito - Silver | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   454 332 201
North America | Operating Segments | Penasquito - Lead        
Segment Information        
Sales   133 172 134
Depreciation and amortization   32 39 45
North America | Operating Segments | Penasquito - Lead | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   94 76 77
North America | Operating Segments | Penasquito - Zinc        
Segment Information        
Sales   501 561 348
Depreciation and amortization   96 112 121
North America | Operating Segments | Penasquito - Zinc | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   316 256 221
North America | Operating Segments | Other North America        
Segment Information        
Sales   0 0 0
Depreciation and amortization   8 14 27
Advanced Projects, Research and Development and Exploration   4 5 8
Income (loss) before income and mining tax and other items   (41) (32) (88)
Total Assets   88 66 100
Capital Expenditures   4 0 2
North America | Operating Segments | Other North America | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   0 0 0
South America | Operating Segments        
Segment Information        
Sales   1,682 1,731 1,819
Depreciation and amortization   327 351 371
Advanced Projects, Research and Development and Exploration   108 73 58
Income (loss) before income and mining tax and other items   (882) (1,788) 161
Total Assets   7,223 7,152 7,700
Capital Expenditures   630 328 204
South America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   965 801 839
South America | Operating Segments | Yanacocha        
Segment Information        
Sales   451 471 593
Depreciation and amortization   95 111 123
Advanced Projects, Research and Development and Exploration   22 18 12
Income (loss) before income and mining tax and other items   (612) (1,552) (165)
Total Assets   2,225 1,735 1,832
Capital Expenditures   439 171 111
South America | Operating Segments | Yanacocha | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   313 232 345
South America | Operating Segments | Merian Gold Project        
Segment Information        
Sales   723 780 822
Depreciation and amortization   80 98 102
Advanced Projects, Research and Development and Exploration   21 11 11
Income (loss) before income and mining tax and other items   249 328 375
Total Assets   923 952 993
Capital Expenditures   56 47 42
South America | Operating Segments | Merian Gold Project | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   369 326 328
South America | Operating Segments | Cerro Negro Subsegment        
Segment Information        
Sales   508 480 404
Depreciation and amortization   148 137 139
Advanced Projects, Research and Development and Exploration   25 9 4
Income (loss) before income and mining tax and other items   (451) 68 8
Total Assets   1,659 2,183 2,139
Capital Expenditures   132 108 49
South America | Operating Segments | Cerro Negro Subsegment | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   283 243 166
South America | Operating Segments | Other South America        
Segment Information        
Sales   0 0 0
Depreciation and amortization   4 5 7
Advanced Projects, Research and Development and Exploration   40 35 31
Income (loss) before income and mining tax and other items   (68) (632) (57)
Total Assets   2,416 2,282 2,736
Capital Expenditures   3 2 2
South America | Operating Segments | Other South America | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   0 0 0
Australia | Operating Segments        
Segment Information        
Sales   2,641 2,386 2,247
Depreciation and amortization   258 228 230
Advanced Projects, Research and Development and Exploration   53 48 35
Income (loss) before income and mining tax and other items   1,174 1,155 1,416
Total Assets   3,900 3,640 3,392
Capital Expenditures   425 485 380
Australia | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   1,161 1,028 937
Australia | Operating Segments | Boddington        
Segment Information        
Sales   1,763 1,507 1,376
Depreciation and amortization   152 122 121
Advanced Projects, Research and Development and Exploration   7 8 3
Income (loss) before income and mining tax and other items   779 627 526
Total Assets   2,264 2,261 2,238
Capital Expenditures   72 174 160
Australia | Operating Segments | Boddington | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   833 750 686
Australia | Operating Segments | Boddington - Gold        
Segment Information        
Sales   1,447 1,212 1,221
Depreciation and amortization   118 99 102
Australia | Operating Segments | Boddington - Gold | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   652 607 579
Australia | Operating Segments | Boddington - Copper        
Segment Information        
Sales   316 295 155
Depreciation and amortization   34 23 19
Australia | Operating Segments | Boddington - Copper | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   181 143 107
Australia | Operating Segments | Tanami        
Segment Information        
Sales   878 879 871
Depreciation and amortization   101 100 102
Advanced Projects, Research and Development and Exploration   28 24 16
Income (loss) before income and mining tax and other items   422 466 442
Total Assets   1,585 1,334 1,095
Capital Expenditures   343 304 212
Australia | Operating Segments | Tanami | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   328 278 251
Australia | Operating Segments | Other Australia        
Segment Information        
Sales   0 0 0
Depreciation and amortization   5 6 7
Advanced Projects, Research and Development and Exploration   18 16 16
Income (loss) before income and mining tax and other items   (27) 62 448
Total Assets   51 45 59
Capital Expenditures   10 7 8
Australia | Operating Segments | Other Australia | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   0 0 0
Africa | Operating Segments        
Segment Information        
Sales   1,772 1,544 1,524
Depreciation and amortization   308 263 265
Advanced Projects, Research and Development and Exploration   43 34 34
Income (loss) before income and mining tax and other items   511 542 557
Total Assets   3,623 3,418 3,227
Capital Expenditures   306 279 147
Africa | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   900 686 609
Africa | Operating Segments | Ahafo        
Segment Information        
Sales   1,023 864 853
Depreciation and amortization   167 143 145
Advanced Projects, Research and Development and Exploration   26 22 22
Income (loss) before income and mining tax and other items   267 269 278
Total Assets   2,619 2,425 2,224
Capital Expenditures   268 213 120
Africa | Operating Segments | Ahafo | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   566 425 375
Africa | Operating Segments | Akyem        
Segment Information        
Sales   749 680 671
Depreciation and amortization   141 120 120
Advanced Projects, Research and Development and Exploration   14 10 9
Income (loss) before income and mining tax and other items   257 284 291
Total Assets   998 990 1,000
Capital Expenditures   34 66 27
Africa | Operating Segments | Akyem | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   334 261 234
Africa | Operating Segments | Other Africa        
Segment Information        
Sales   0 0 0
Depreciation and amortization   0 0 0
Advanced Projects, Research and Development and Exploration   3 2 3
Income (loss) before income and mining tax and other items   (13) (11) (12)
Total Assets   6 3 3
Capital Expenditures   4 0 0
Africa | Operating Segments | Other Africa | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   0 0 0
Nevada | Operating Segments        
Segment Information        
Sales   2,098 2,291 2,359
Depreciation and amortization   471 550 579
Advanced Projects, Research and Development and Exploration   32 30 42
Income (loss) before income and mining tax and other items   434 818 700
Total Assets   7,419 7,584 7,753
Capital Expenditures   308 234 241
Nevada | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   1,153 960 1,012
Nevada | Operating Segments | Nevada Gold Mines        
Segment Information        
Sales   2,098 2,291 2,359
Depreciation and amortization   471 550 579
Advanced Projects, Research and Development and Exploration   32 30 42
Income (loss) before income and mining tax and other items   434 818 700
Total Assets   7,419 7,584 7,753
Capital Expenditures   308 234 241
Nevada | Operating Segments | Nevada Gold Mines | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense        
Segment Information        
Costs Applicable to Sales   $ 1,153 $ 960 $ 1,012
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.22.4
SEGMENT INFORMATION - Long-lived Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Segment Information    
Long-lived assets $ 25,887 $ 26,011
United States    
Segment Information    
Long-lived assets 6,928 7,462
Mexico    
Segment Information    
Long-lived assets 4,644 4,795
Canada    
Segment Information    
Long-lived assets 4,138 4,031
Australia    
Segment Information    
Long-lived assets 3,374 3,258
Ghana    
Segment Information    
Long-lived assets 2,586 2,517
Argentina    
Segment Information    
Long-lived assets 1,493 1,526
Peru    
Segment Information    
Long-lived assets 2,008 1,680
Suriname    
Segment Information    
Long-lived assets 712 742
Other    
Segment Information    
Long-lived assets $ 4 $ 0
v3.22.4
SALES - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SALES      
Sales $ 11,915 $ 12,222 $ 11,497
Gold Dore      
SALES      
Sales 8,357 8,490 8,534
Sales From Concentrate and Other Production      
SALES      
Sales 3,558 3,732 2,963
Operating Segments | North America      
SALES      
Sales 3,722 4,270 3,548
Operating Segments | North America | Gold Dore      
SALES      
Sales 1,638 1,829 1,746
Operating Segments | North America | Sales From Concentrate and Other Production      
SALES      
Sales 2,084 2,441 1,802
Operating Segments | North America | CC&V      
SALES      
Sales 333 396 478
Operating Segments | North America | CC&V | Gold Dore      
SALES      
Sales 328 382 478
Operating Segments | North America | CC&V | Sales From Concentrate and Other Production      
SALES      
Sales 5 14 0
Operating Segments | North America | Red Lake      
SALES      
Sales     67
Operating Segments | North America | Red Lake | Gold Dore      
SALES      
Sales     67
Operating Segments | North America | Red Lake | Sales From Concentrate and Other Production      
SALES      
Sales     0
Operating Segments | North America | Musselwhite Subsegment      
SALES      
Sales 305 277 180
Operating Segments | North America | Musselwhite Subsegment | Gold Dore      
SALES      
Sales 305 277 180
Operating Segments | North America | Musselwhite Subsegment | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | North America | Porcupine      
SALES      
Sales 504 517 566
Operating Segments | North America | Porcupine | Gold Dore      
SALES      
Sales 504 517 566
Operating Segments | North America | Porcupine | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | North America | Eleonore Subsegment      
SALES      
Sales 391 446 371
Operating Segments | North America | Eleonore Subsegment | Gold Dore      
SALES      
Sales 391 446 371
Operating Segments | North America | Eleonore Subsegment | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | North America | Penasquito Subsegment      
SALES      
Sales 2,189 2,634 1,886
Operating Segments | North America | Penasquito Subsegment | Gold Dore      
SALES      
Sales 110 207 84
Operating Segments | North America | Penasquito Subsegment | Sales From Concentrate and Other Production      
SALES      
Sales 2,079 2,427 1,802
Operating Segments | North America | Penasquito - Gold      
SALES      
Sales 1,006 1,250 894
Operating Segments | North America | Penasquito - Gold | Gold Dore      
SALES      
Sales 110 207 84
Operating Segments | North America | Penasquito - Gold | Sales From Concentrate and Other Production      
SALES      
Sales 896 1,043 810
Operating Segments | North America | Penasquito - Silver      
SALES      
Sales 549 651 510
Operating Segments | North America | Penasquito - Silver | Gold Dore      
SALES      
Sales 0 0 0
Operating Segments | North America | Penasquito - Silver | Sales From Concentrate and Other Production      
SALES      
Sales 549 651 510
Operating Segments | North America | Penasquito - Silver | Silver Streaming Agreement      
SALES      
Sales 73 79 67
Operating Segments | North America | Penasquito - Lead      
SALES      
Sales 133 172 134
Operating Segments | North America | Penasquito - Lead | Gold Dore      
SALES      
Sales 0 0 0
Operating Segments | North America | Penasquito - Lead | Sales From Concentrate and Other Production      
SALES      
Sales 133 172 134
Operating Segments | North America | Penasquito - Zinc      
SALES      
Sales 501 561 348
Operating Segments | North America | Penasquito - Zinc | Gold Dore      
SALES      
Sales 0 0 0
Operating Segments | North America | Penasquito - Zinc | Sales From Concentrate and Other Production      
SALES      
Sales 501 561 348
Operating Segments | South America      
SALES      
Sales 1,682 1,731 1,819
Operating Segments | South America | Gold Dore      
SALES      
Sales 1,677 1,711 1,818
Operating Segments | South America | Sales From Concentrate and Other Production      
SALES      
Sales 5 20 1
Operating Segments | South America | Yanacocha Subsegment      
SALES      
Sales 451 471 593
Operating Segments | South America | Yanacocha Subsegment | Gold Dore      
SALES      
Sales 446 451 592
Operating Segments | South America | Yanacocha Subsegment | Sales From Concentrate and Other Production      
SALES      
Sales 5 20 1
Operating Segments | South America | Merian Gold Project      
SALES      
Sales 723 780 822
Operating Segments | South America | Merian Gold Project | Gold Dore      
SALES      
Sales 723 780 822
Operating Segments | South America | Merian Gold Project | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | South America | Cerro Negro Subsegment      
SALES      
Sales 508 480 404
Operating Segments | South America | Cerro Negro Subsegment | Gold Dore      
SALES      
Sales 508 480 404
Operating Segments | South America | Cerro Negro Subsegment | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | Australia      
SALES      
Sales 2,641 2,386 2,247
Operating Segments | Australia | Gold Dore      
SALES      
Sales 1,244 1,190 1,161
Operating Segments | Australia | Sales From Concentrate and Other Production      
SALES      
Sales 1,397 1,196 1,086
Operating Segments | Australia | Boddington      
SALES      
Sales 1,763 1,507 1,376
Operating Segments | Australia | Boddington | Gold Dore      
SALES      
Sales 366 311 290
Operating Segments | Australia | Boddington | Sales From Concentrate and Other Production      
SALES      
Sales 1,397 1,196 1,086
Operating Segments | Australia | Boddington - Gold      
SALES      
Sales 1,447 1,212 1,221
Operating Segments | Australia | Boddington - Gold | Gold Dore      
SALES      
Sales 366 311 290
Operating Segments | Australia | Boddington - Gold | Sales From Concentrate and Other Production      
SALES      
Sales 1,081 901 931
Operating Segments | Australia | Boddington - Copper      
SALES      
Sales 316 295 155
Operating Segments | Australia | Boddington - Copper | Gold Dore      
SALES      
Sales 0 0 0
Operating Segments | Australia | Boddington - Copper | Sales From Concentrate and Other Production      
SALES      
Sales 316 295 155
Operating Segments | Australia | Tanami      
SALES      
Sales 878 879 871
Operating Segments | Australia | Tanami | Gold Dore      
SALES      
Sales 878 879 871
Operating Segments | Australia | Tanami | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | Africa      
SALES      
Sales 1,772 1,544 1,524
Operating Segments | Africa | Gold Dore      
SALES      
Sales 1,772 1,544 1,524
Operating Segments | Africa | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | Africa | Ahafo      
SALES      
Sales 1,023 864 853
Operating Segments | Africa | Ahafo | Gold Dore      
SALES      
Sales 1,023 864 853
Operating Segments | Africa | Ahafo | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | Africa | Akyem      
SALES      
Sales 749 680 671
Operating Segments | Africa | Akyem | Gold Dore      
SALES      
Sales 749 680 671
Operating Segments | Africa | Akyem | Sales From Concentrate and Other Production      
SALES      
Sales 0 0 0
Operating Segments | Nevada      
SALES      
Sales 2,098 2,291 2,359
Operating Segments | Nevada | Gold Dore      
SALES      
Sales 2,026 2,216 2,285
Operating Segments | Nevada | Sales From Concentrate and Other Production      
SALES      
Sales 72 75 74
Operating Segments | Nevada | Nevada Gold Mines      
SALES      
Sales 2,098 2,291 2,359
Operating Segments | Nevada | Nevada Gold Mines | Gold Dore      
SALES      
Sales 2,026 2,216 2,285
Operating Segments | Nevada | Nevada Gold Mines | Sales From Concentrate and Other Production      
SALES      
Sales 72 75 74
Eliminations | Nevada | Nevada Gold Mines      
SALES      
Sales $ 2,022 $ 2,212 $ 2,293
v3.22.4
SALES - Trade Receivables and Provisional Sales (Details)
oz in Thousands, lb in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
lb
oz
$ / lb
$ / oz
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Revenue from Contract with Customer [Abstract]      
Increase (decrease) to sales from revenue recognized due to changes in final pricing | $ $ (34) $ 32 $ 80
Gold      
Disaggregation of Revenue [Line Items]      
Sales subject to final pricing (in ounces or pounds) | oz 159    
Sales subject to final pricing (in dollars per ounce or pound) | $ / oz 1,817    
Copper      
Disaggregation of Revenue [Line Items]      
Sales subject to final pricing (in ounces or pounds) | lb 37    
Sales subject to final pricing (in dollars per ounce or pound) | $ / lb 3.80    
Silver      
Disaggregation of Revenue [Line Items]      
Sales subject to final pricing (in ounces or pounds) | oz 4,000    
Sales subject to final pricing (in dollars per ounce or pound) | $ / oz 23.86    
Lead      
Disaggregation of Revenue [Line Items]      
Sales subject to final pricing (in ounces or pounds) | lb 26    
Sales subject to final pricing (in dollars per ounce or pound) | $ / lb 1.05    
Zinc      
Disaggregation of Revenue [Line Items]      
Sales subject to final pricing (in ounces or pounds) | lb 74    
Sales subject to final pricing (in dollars per ounce or pound) | $ / lb 1.35    
v3.22.4
SALES - Silver Streaming Agreement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Streaming agreement, percentage of sales 25.00%    
Inflation adjustment (as a percent) 1.65%    
Sales $ 11,915 $ 12,222 $ 11,497
Liability related to streaming agreement 908 981  
Operating Segments | North America      
Disaggregation of Revenue [Line Items]      
Sales 3,722 4,270 3,548
Operating Segments | North America | Penasquito - Silver      
Disaggregation of Revenue [Line Items]      
Sales 549 651 510
Operating Segments | Silver Streaming Agreement | North America | Penasquito - Silver      
Disaggregation of Revenue [Line Items]      
Sales $ 73 $ 79 $ 67
v3.22.4
SALES - Revenues by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Sales $ 11,915 $ 12,222 $ 11,497
Operating Segments | North America      
Disaggregation of Revenue [Line Items]      
Sales 3,722 4,270 3,548
Operating Segments | North America | Penasquito - Silver      
Disaggregation of Revenue [Line Items]      
Sales 549 651 510
Operating Segments | Silver Streaming Agreement | North America | Penasquito - Silver      
Disaggregation of Revenue [Line Items]      
Sales 73 79 67
United Kingdom      
Disaggregation of Revenue [Line Items]      
Sales 8,309 8,404 8,489
South Korea      
Disaggregation of Revenue [Line Items]      
Sales 1,426 1,665 1,317
Mexico      
Disaggregation of Revenue [Line Items]      
Sales 604 642 277
Japan      
Disaggregation of Revenue [Line Items]      
Sales 442 386 244
Philippines      
Disaggregation of Revenue [Line Items]      
Sales 340 264 242
Germany      
Disaggregation of Revenue [Line Items]      
Sales 308 282 277
United States      
Disaggregation of Revenue [Line Items]      
Sales 24 62 97
Switzerland      
Disaggregation of Revenue [Line Items]      
Sales 0 275 243
Other      
Disaggregation of Revenue [Line Items]      
Sales $ 462 $ 242 $ 311
v3.22.4
SALES - Revenue by Major Customer (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Concentration Risk [Line Items]      
Sales $ 11,915 $ 12,222 $ 11,497
Sales Revenue, Product Line | JPMorgan Chase | Customers | Gold      
Concentration Risk [Line Items]      
Sales $ 1,503 $ 2,002 $ 2,775
Concentration risk percentage (as a percent) 13.00% 17.00% 24.00%
Sales Revenue, Product Line | Standard Chartered | Customers | Gold      
Concentration Risk [Line Items]      
Sales $ 4,179 $ 4,634 $ 2,737
Concentration risk percentage (as a percent) 35.00% 38.00% 24.00%
v3.22.4
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclamation and remediation      
Reclamation accretion $ 173 $ 125  
Remediation accretion 6 6  
Reclamation and remediation expense [1] 6,468 5,435 $ 5,014
Reclamation and remediation      
Reclamation and remediation      
Reclamation adjustments and other 646 1,633 180
Reclamation accretion 173 125 134
Reclamation expense 819 1,758 314
Remediation adjustments and other 96 82 46
Remediation accretion 6 6 6
Remediation expense 102 88 52
Reclamation and remediation expense $ 921 $ 1,846 $ 366
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.22.4
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Reclamation    
Balance at beginning of period $ 5,768 $ 3,719
Additions, changes in estimates and other 981 2,045
Acquisitions and divestitures   (3)
Payments, net (191) (118)
Accretion expense 173 125
Balance at end of period 6,731 5,768
Reclamation    
Balance at beginning of period 344 313
Additions, changes in estimates and other 79 67
Acquisitions and divestitures   1
Payments, net (56) (43)
Accretion expense 6 6
Balance at end of period 373 344
Total    
Balance at beginning of period 6,112 4,032
Additions, changes in estimates and other 1,060 2,112
Acquisitions and divestitures   (2)
Payments, net (247) (161)
Accretion expense 179 131
Balance at end of period $ 7,104 6,112
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current, Other non-current liabilities (Note 22)  
Minera Yanacocha    
Reclamation    
Balance at beginning of period $ 3,250  
Balance at end of period $ 3,722 $ 3,250
v3.22.4
RECLAMATION AND REMEDIATION - Liability Classifications (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Environmental Exit Cost [Line Items]      
Reclamation liabilities, current $ 482 $ 213  
Reclamation liabilities, non-current 6,249 5,555  
Total reclamation liabilities 6,731 5,768 $ 3,719
Remediation liabilities, current 44 60  
Remediation liabilities, non-current 329 284  
Total remediation liabilities 373 344 313
Reclamation and remediation liabilities, current 526 273  
Reclamation and remediation liabilities, non-current 6,578 5,839  
Reclamation and remediation liabilities 7,104 6,112 $ 4,032
Minera Yanacocha      
Environmental Exit Cost [Line Items]      
Total reclamation liabilities $ 3,722 $ 3,250  
v3.22.4
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Noncurrent Assets      
Reclamation and remediation      
Asset retirement obligation restricted assets $ 62 $ 49  
Equity Securities | Other Noncurrent Assets      
Reclamation and remediation      
Asset retirement obligation restricted assets $ 35 51  
Maximum      
Reclamation and remediation      
Loss accrual possible shortfall (as a percent) 34.00%    
Minimum      
Reclamation and remediation      
Loss accrual possible shortfall (as a percent) 0.00%    
Yanacocha      
Reclamation and remediation      
Reclamation adjustments and other $ 529 $ 1,554 $ 152
Con Mine      
Reclamation and remediation      
Remediation adjustments and other     27
Porcupine      
Reclamation and remediation      
Reclamation adjustments and other $ 91   $ 16
v3.22.4
IMPAIRMENT CHARGES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Impairment of long-lived and other assets      
Impairment of long-lived and other assets $ 520 $ 25 $ 49
Impairment of goodwill 800    
Impairment, total 1,320 25 49
North America      
Impairment of long-lived and other assets      
Impairment of goodwill 341    
South America      
Impairment of long-lived and other assets      
Impairment of goodwill 459    
Nevada      
Impairment of long-lived and other assets      
Impairment of goodwill 0    
Operating Segments | North America      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 515 5 25
Impairment of goodwill 341    
Impairment, total 856 5 25
Operating Segments | South America      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 1 5 5
Impairment of goodwill 459    
Impairment, total 460 5 5
Operating Segments | Australia      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 2 3 2
Impairment of goodwill 0    
Impairment, total 2 3 2
Operating Segments | Africa      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 1 3 7
Impairment of goodwill 0    
Impairment, total 1 3 7
Operating Segments | Nevada      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 1 0 8
Impairment of goodwill 0    
Impairment, total 1 0 8
Corporate and Other      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 0 9 2
Impairment of goodwill 0    
Impairment, total $ 0 $ 9 $ 2
v3.22.4
IMPAIRMENT CHARGES - Additional Information (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / oz
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Impairment of long-lived and other assets      
Impairment of long-lived and other assets $ 520,000,000 $ 25,000,000 $ 49,000,000
Property, plant and mine development, net 24,073,000,000 24,124,000,000  
Impairment of goodwill 800,000,000    
Recurring      
Impairment of long-lived and other assets      
Long-lived assets $ 25,000,000    
Valuation, Income Approach | Measurement Input, Short-Term Gold Price      
Impairment of long-lived and other assets      
Long-lived and other assets, measurement input | $ / oz 1,750    
Valuation, Income Approach | Measurement Input, Long-Term Gold Price      
Impairment of long-lived and other assets      
Long-lived and other assets, measurement input | $ / oz 1,600    
North America      
Impairment of long-lived and other assets      
Impairment of goodwill $ 341,000,000    
North America | Valuation, Income Approach | Discount rate      
Impairment of long-lived and other assets      
Long-lived and other assets, measurement input 0.0675    
North America | CC&V      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets $ 511,000,000    
Property, plant and mine development, net $ 25,000,000    
North America | Canada | Valuation, Income Approach | Discount rate      
Impairment of long-lived and other assets      
Long-lived and other assets, measurement input 0.0450    
North America | Porcupine      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets $ 0    
South America      
Impairment of long-lived and other assets      
Impairment of goodwill $ 459,000,000    
South America | Valuation, Income Approach | Discount rate      
Impairment of long-lived and other assets      
Long-lived and other assets, measurement input 0.14    
South America | Cerro Negro Subsegment      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets $ 0    
Operating Segments | North America      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 515,000,000 5,000,000 25,000,000
Impairment of goodwill 341,000,000    
Operating Segments | South America      
Impairment of long-lived and other assets      
Impairment of long-lived and other assets 1,000,000 $ 5,000,000 $ 5,000,000
Impairment of goodwill $ 459,000,000    
v3.22.4
OTHER EXPENSE, NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Income And Expense [Line Items]      
COVID-19 specific costs $ 38 $ 87 $ 92
Settlement costs 22 11 58
Restructuring and severance 4 11 18
Care and maintenance costs 0 8 178
Other 18 26 15
Other expense, net 82 143 384
Goldcorp      
Other Income And Expense [Line Items]      
transaction, integration, and implementation costs $ 0 $ 0 $ 23
v3.22.4
OTHER EXPENSE, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Income And Expense [Line Items]      
Amount distributed from Newmont Global Community Support Fund $ 3 $ 3 $ 11
Tanami Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization   $ 3  
Musselwhite Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization     7
Eleonore Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization     16
Penasquito Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization     28
Yanacocha Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization     7
Cerro Negro Subsegment      
Other Income And Expense [Line Items]      
Depreciation and amortization     $ 30
v3.22.4
GAIN ON ASSET AND INVESTMENT SALES, NET -Schedule of Gain on Asset and Investment Sales, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gain (Loss) On Sale Of Other Assets [Line Items]      
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Disposition of Assets    
Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net $ 35 $ 212 $ 677
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Alumbrera mine/MARA      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 61 0 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Kalgoorlie      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 0 83 493
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lone Tree      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 0 79 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | T M A C      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 0 42 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Continental      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 0 0 91
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Royalty interests      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 9 0 75
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Red Lake      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 0 0 9
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net 10 8 3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Minera La Zanja      
Gain (Loss) On Sale Of Other Assets [Line Items]      
Gain on asset and investment sales, net $ (45) $ 0 $ 0
v3.22.4
GAIN ON ASSET AND INVESTMENT SALES, NET - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 04, 2020
Jan. 02, 2020
Nov. 30, 2022
Dec. 31, 2021
Dec. 31, 2020
Mar. 31, 2021
Nov. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Oct. 14, 2021
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Maximum contingent consideration         $ 171       $ 188 $ 171    
Other-than-temporary impairment charge                     $ 93  
Financial liabilities, fair value         5 $ 0     3 5 0  
Holt Royalty Obligation                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Financial liabilities, fair value         42       39 42    
South Arturo | NGM                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Business acquisition, percentage of voting interests acquired                       0.40%
Maximum contingent consideration                       $ 50
Business combination, step acquisition, equity interest in acquiree, percentage                       38.50%
Disposal Group, Disposed of by Sale, Not Discontinued Operations                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Gain on sale                 35 212 677  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Kalgoorlie                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Gain on sale                 0 83 493  
Percentage interest sold (as a percent)     50.00%                  
Proceeds from sale     $ 800   $ 95     $ 70        
Proceeds allocated to purchaser rights option     $ 25                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lone Tree                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Gain on sale                 0 79 0  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Red Lake                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Gain on sale                 0 0 9  
Proceeds from sale $ 375                      
Maximum contingent consideration 100                      
Total consideration 429                      
Consideration, working capital $ 15                      
Contingent consideration, period 15 years                      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Alumbrera mine/MARA                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Sale of stock, consideration received       $ 125                
Sale of stock, contingent deferred payment       $ 30                
Sale of stock, contingent deferred payment annual interest capping percentage       6000000.00%                
Sale of stock, maximum contingent deferred payment       $ 50                
Gain on sale                 $ 61 $ 0 $ 6  
Alumbrera Mine                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Ownership interest (as a percent)           37.50%         37.50%  
Gain on sale of equity method investment           $ 6            
MARA Investment                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Ownership percentage (as a percent)       18.75%   18.75%         18.75%  
Continental Gold Inc                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Cash proceeds on sale   $ 253                    
T M A C                        
Gain (Loss) On Sale Of Other Assets [Line Items]                        
Equity method investments             $ 13          
Other-than-temporary impairment charge             $ 55          
v3.22.4
OTHER INCOME (LOSS), NET - Components of Other (Loss), Net (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]      
Pension settlements $ (137,000,000) $ (4,000,000) $ (92,000,000)
Interest 78,000,000 18,000,000 24,000,000
Change in fair value of investments (46,000,000) (135,000,000) 252,000,000
Foreign currency exchange, net (5,000,000) 23,000,000 (73,000,000)
Charges from debt extinguishment   (11,000,000) (77,000,000)
Impairment of investments 0 (1,000,000) (93,000,000)
Other 48,000,000 23,000,000 27,000,000
Other income (loss), net (62,000,000) $ (87,000,000) (32,000,000)
Other-than-temporary impairment charge     93,000,000
2022 and 2023 Senior Notes | Senior Notes      
Schedule of Equity Method Investments [Line Items]      
Charges from debt extinguishment $ 0   $ (69,000,000)
v3.22.4
OTHER INCOME (LOSS), NET - Additional information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Loss on extinguishment of debt   $ 11,000,000 $ 77,000,000
Interest rate contracts      
Debt Instrument [Line Items]      
Loss on extinguishment of debt     8,000,000
2022 and 2023 Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Loss on extinguishment of debt $ 0   $ 69,000,000
v3.22.4
INCOME AND MINING TAXES - Tax benefit (expense) - Current vs Deferred (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current:      
Current: United States $ (47) $ (71) $ (35)
Current: Foreign (686) (1,136) (891)
Current income taxes (733) (1,207) (926)
Deferred:      
Deferred: United States 236 5 72
Deferred: Foreign 42 104 150
Deferred income taxes 278 109 222
Income and mining tax benefit (expense) $ (455) $ (1,098) $ (704)
v3.22.4
INCOME AND MINING TAXES - Domestic Vs Foreign (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income (loss) before income and mining tax and other items      
United States $ (566) $ 247 $ 631
Foreign 515 861 2,512
​Income (loss) before income and mining tax and other items $ (51) $ 1,108 $ 3,143
v3.22.4
INCOME AND MINING TAXES - Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciling item, percentage        
U.S. Federal statutory tax rate   21.00% 21.00% 21.00%
Percentage depletion   90.00% (7.00%) (2.00%)
Change in valuation allowance on deferred tax assets   (569.00%) 38.00% 6.00%
Rate differential for foreign earnings indefinitely reinvested   (151.00%) 10.00% 8.00%
Mining and other taxes (net of associated federal benefit)   (231.00%) 15.00% 5.00%
Uncertain tax positions   261.00% 9.00% (1.00%)
Goodwill write-downs   (482.00%) 0.00% 0.00%
Expiration of U.S. capital losses and foreign tax credits   (61.00%) 14.00% 0.00%
Transactions   100.00% 0.00% (11.00%)
Other   130.00% (1.00%) (4.00%)
Income and mining tax benefit (expense)   (892.00%) 99.00% 22.00%
Reconciling item, amount        
Income (loss) before income and mining tax and other items   $ (51) $ 1,108 $ 3,143
U.S. Federal statutory tax rate   11 (233) (660)
Percentage depletion   46 71 77
Change in valuation allowance on deferred tax assets   (290) (419) (186)
Rate differential for foreign earnings indefinitely reinvested   (77) (108) (268)
Mining and other taxes (net of associated federal benefit)   (118) (173) (151)
Uncertain tax positions   133 (99) 21
Goodwill write-downs   (246) 0 0
Expiration of U.S. capital losses and foreign tax credits   (31) (152) 0
Transactions   51 5 353
Other   66 10 110
Income and mining tax benefit (expense)   (455) (1,098) (704)
Income Tax Contingency [Line Items]        
Income tax expense (benefit)   $ 455 $ 1,098 $ 704
Deferred tax asset, valuation allowance, release $ 29      
Uncertain tax positions   261.00% 9.00% (1.00%)
Mexican Tax Authority        
Reconciling item, amount        
Income and mining tax benefit (expense) 125      
Income Tax Contingency [Line Items]        
Income tax expense (benefit) (125)      
Unrecognized tax benefits, period increase (decrease) $ 95      
v3.22.4
INCOME AND MINING TAXES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Expiration of capital loss carryforwards   $ 0 $ 152 $ 0
Increase (decrease) in valuation allowance   261    
Operating loss carryforwards   1,963 2,020  
Tax credit carryforwards   615 669  
Operating loss carryforwards not subject to expiration   649 586  
Unrecognized tax benefits affecting effective tax rate   219 335 369
Unrecognized tax benefits, interest and penalties   77 138  
Interest and penalties for unrecognized tax benefits accrued (released) during the period   61 8 $ 20
Minimum        
Operating Loss Carryforwards [Line Items]        
Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change   60    
Maximum        
Operating Loss Carryforwards [Line Items]        
Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change   100    
Other        
Operating Loss Carryforwards [Line Items]        
Valuation allowance, deductions reflected in other components of the financial statements   58    
Operating loss carryforwards   266    
Canada | Investment Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforwards   152 159  
Tax credit carryforward, not subject to expiration   64    
Expiration Year, 2042 | Canada        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards subject to expiration   888    
Expiration Year, 2042 | Canada | Investment Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward, subject to expiration   9    
Expiration Year, 2032 | Mexico        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards subject to expiration   160    
Expiration Year, 2029 | United States | Foreign Tax Credits        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward, subject to expiration   463 $ 510  
Expiration Year, 2036 | Canada | Investment Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward, subject to expiration   $ 78    
Australian Taxation Office ("ATO")        
Operating Loss Carryforwards [Line Items]        
Potential interest disputed $ 85      
Amount paid to preserve right to contest conclusions of ATO $ 24      
v3.22.4
INCOME AND MINING TAXES - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred income tax assets:    
Property, plant and mine development $ 887 $ 928
Inventory 94 87
Reclamation and remediation 1,702 1,500
Net operating losses, capital losses and tax credits  1,978 1,908
Investment in partnerships and subsidiaries  0 26
Employee-related benefits 75 146
Derivative instruments and unrealized loss on investments 54 74
Foreign Exchange and Financing Obligations 67 62
Silver Streaming Agreement 246 311
Other 202 124
Deferred tax assets gross 5,305 5,166
Valuation allowances (3,994) (3,791)
Deferred tax assets net 1,311 1,375
Deferred income tax liabilities:    
Property, plant and mine development (2,176) (2,409)
Inventory (62) (58)
Investment in partnerships and subsidiaries  (615) (730)
Other (94) (53)
Deferred tax liabilities (2,947) (3,250)
Net deferred income tax assets (liabilities) $ (1,636) $ (1,875)
v3.22.4
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation Of Unrecognized Tax Benefits      
Total amount of gross unrecognized tax benefits at beginning of year $ 245 $ 237 $ 326
Additions for tax positions of prior years   36  
Reductions for tax positions of prior years (1)   (33)
Additions for tax positions of current year  0 0 4
Reductions due to settlements with taxing authorities  (53) (26) (58)
Reductions due to lapse of statute of limitations  (1) (2) (2)
Total amount of gross unrecognized tax benefits at end of year $ 190 $ 245 $ 237
v3.22.4
EMPLOYEE-RELATED BENEFITS - Current and Long-Term Employee-Related Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current:    
Accrued payroll and withholding taxes  $ 310 $ 339
Workers’ participation and other bonuses 56 18
Other post-retirement benefit plans  6 6
Accrued severance  4 2
Employee pension benefits  3 4
Other employee-related payables  20 17
Employee-related benefits, current 399 386
Non-current:    
Accrued severance 208 278
Other post-retirement benefit plans  60 78
Employee pension benefits  38 45
Other employee-related payables  36 38
Employee-related benefits, non-current $ 342 $ 439
v3.22.4
EMPLOYEE-RELATED BENEFITS - Benefit Obligations and Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Change in benefit obligation:      
Actuarial loss (gain) $ (197) $ (38)  
Change in fair value of assets:      
Fair value of assets at beginning of year 1,014    
Fair value of assets at end of year 311 1,014  
Other non-current assets 756 686  
Employee-related benefits, current (399) (386)  
Employee-related benefits, non-current (342) (439)  
Pension Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of year 1,040 1,117  
Service cost 15 15 $ 17
Interest cost 19 30 36
Actuarial loss (gain) (178) (32)  
Settlement payments (557) (13)  
Foreign currency exchange (gain) loss (3) 0  
Benefits paid (25) (77)  
Projected benefit obligation at end of year 311 1,040 1,117
Accumulated benefit obligation 294 1,017  
Change in fair value of assets:      
Fair value of assets at beginning of year 1,014 986  
Actual return (loss) on plan assets (125) 77  
Employer contributions 7 41  
Foreign currency exchange (gain) loss (3) 0  
Settlement payments (557) (13)  
Benefits paid (25) (77)  
Fair value of assets at end of year 311 1,014 986
(Unfunded) funded status, net: 0 (26)  
Other non-current assets 41 23  
Employee-related benefits, current (3) (4)  
Employee-related benefits, non-current (38) (45)  
Pension Benefits | Unfunded Plan      
Change in benefit obligation:      
Benefit obligation at beginning of year 50    
Projected benefit obligation at end of year 42 50  
Accumulated benefit obligation 37 43  
Change in fair value of assets:      
Fair value of assets at beginning of year 1    
Fair value of assets at end of year 1 1  
Other Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of year 84 90  
Service cost 1 1 1
Interest cost 3 3 3
Actuarial loss (gain) (19) (6)  
Settlement payments 0 0  
Foreign currency exchange (gain) loss 0 0  
Benefits paid (3) (4)  
Projected benefit obligation at end of year 66 84 90
Accumulated benefit obligation 66 84  
Change in fair value of assets:      
Fair value of assets at beginning of year 0 0  
Actual return (loss) on plan assets 0 0  
Employer contributions 3 4  
Foreign currency exchange (gain) loss 0 0  
Settlement payments 0 0  
Benefits paid (3) (4)  
Fair value of assets at end of year 0 0 $ 0
(Unfunded) funded status, net: (66) (84)  
Other non-current assets 0 0  
Employee-related benefits, current (6) (6)  
Employee-related benefits, non-current $ (60) $ (78)  
v3.22.4
EMPLOYEE-RELATED BENEFITS - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
USD ($)
calculation
plan
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pension and other post-retirement costs, net        
Actuarial gain (loss)   $ 197 $ 38  
Pension settlements   (137) $ (4) $ (92)
Pension obligations transferred   527    
Non-cash settlement loss   $ 130    
Period for look-back of average actual return on plan assets (in years)   34 years    
Defined benefit plan, net periodic benefit cost, actual long term return on assets   7.54%    
Final Average Pay, number of years included in calculation (in years)   5 years    
United States | Qualified Plan        
Pension and other post-retirement costs, net        
Number of plans | plan   1    
Percentage of employee contributions matched   100.00%    
Maximum employer match, as a percentage of eligible earnings   6.00%    
Additional employer match, as percentage of eligible earnings, non-union   5.00%    
United States | Non-qualified plan        
Pension and other post-retirement costs, net        
Number of plans | plan   1    
Pension Benefits        
Pension and other post-retirement costs, net        
Discount rate (as a percent)   5.63% 3.06%  
Actuarial gain (loss)   $ 178 $ 32  
Pension settlements   $ (137) $ (4) $ (92)
Expected return on plan assets    6.75% 6.75% 6.75%
Number of calculation methods for salaried U.S. employees | calculation   2    
Pension Benefits | Forecast        
Pension and other post-retirement costs, net        
Expected return on plan assets  6.50%      
Other Benefits        
Pension and other post-retirement costs, net        
Actuarial gain (loss)   $ 19 $ 6  
Pension settlements   $ 0 $ 0 $ 0
Defined benefit plan, health care cost trend rate assumed, next fiscal year   6.50%    
Defined benefit plan, ultimate health care cost trend rate   5.00%    
v3.22.4
EMPLOYEE-RELATED BENEFITS - Net Pension Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated other comprehensive income (loss):        
Total equity $ 19,533 $ 21,813 $ 23,845 $ 22,370
Pension Benefits | Net pension and other benefits included in AOCI        
Accumulated other comprehensive income (loss):        
Net actuarial gain (loss) (76) (240)    
Prior service credit 12 17    
Accumulated other comprehensive income (loss) before tax (64) (223)    
Less: Income taxes 13 46    
Total equity (51) (177)    
Other Benefits | Net pension and other benefits included in AOCI        
Accumulated other comprehensive income (loss):        
Net actuarial gain (loss) 29 11    
Prior service credit 1 2    
Accumulated other comprehensive income (loss) before tax 30 13    
Less: Income taxes (6) (2)    
Total equity $ 24 $ 11    
v3.22.4
EMPLOYEE-RELATED BENEFITS - Net Periodic Pension Costs and Components Recognized in OCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension benefit cost (income), net      
Settlement cost $ 137 $ 4 $ 92
Pension Benefits      
Pension benefit cost (income), net      
Service cost  15 15 17
Interest cost  19 30 36
Expected return on plan assets  (35) (59) (61)
Amortization, net 2 29 29
Net periodic benefit cost (income) 1 15 21
Settlement cost 137 4 92
Total benefit cost (income) 138 19 113
Components recognized in Other comprehensive income (loss)      
Net loss (gain) (20) (48) 60
Amortization, net (2) (29) (29)
Settlements (137) (4) (92)
Total recognized in other comprehensive income (loss) (159) (81) (61)
Total benefit cost (credit) and other comprehensive income (loss) (21) (62) 52
Other Benefits      
Pension benefit cost (income), net      
Service cost  1 1 1
Interest cost  3 3 3
Expected return on plan assets  0 0 0
Amortization, net (3) (2) (1)
Net periodic benefit cost (income) 1 2 3
Settlement cost 0 0 0
Total benefit cost (income) 1 2 3
Components recognized in Other comprehensive income (loss)      
Net loss (gain) (20) (5) 4
Amortization, net 3 2 1
Settlements 0 0 0
Total recognized in other comprehensive income (loss) (17) (3) 5
Total benefit cost (credit) and other comprehensive income (loss) $ (16) $ (1) $ 8
v3.22.4
EMPLOYEE-RELATED BENEFITS - Significant Assumptions (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 25, 2022
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Benefits          
Pension and other post-retirement costs, net          
Discount rate (1) 3.03% 4.09%   2.77% 3.49%
Expected return on plan assets      6.75% 6.75% 6.75%
Other Benefits          
Pension and other post-retirement costs, net          
Discount rate (1)     3.03% 2.70% 3.49%
v3.22.4
EMPLOYEE-RELATED BENEFITS - Asset Allocation (Details) - Pension Benefits
Dec. 31, 2022
U.S. equity investments   
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 11.00%
Actual asset allocation (as a percent) 10.00%
International equity investments   
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 12.00%
Actual asset allocation (as a percent) 12.00%
World equity fund (U.S. and International equity investments)  
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 20.00%
Actual asset allocation (as a percent) 19.00%
High yield fixed income investments  
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 4.00%
Actual asset allocation (as a percent) 4.00%
Fixed income investments   
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 45.00%
Actual asset allocation (as a percent) 44.00%
Cash equivalents  
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 0.00%
Actual asset allocation (as a percent) 1.00%
Other  
Pension and other post-retirement costs, net  
Target asset allocation (as a percent) 8.00%
Actual asset allocation (as a percent) 10.00%
v3.22.4
EMPLOYEE-RELATED BENEFITS - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension and other post-retirement costs, net      
Fair value of assets $ 311 $ 1,014  
Pension Benefits      
Pension and other post-retirement costs, net      
Fair value of assets 311 1,014 $ 986
Pension Benefits | Cash and cash equivalents       
Pension and other post-retirement costs, net      
Fair value of assets 3 4  
Pension Benefits | Commingled funds       
Pension and other post-retirement costs, net      
Fair value of assets $ 308 $ 1,010  
v3.22.4
EMPLOYEE-RELATED BENEFITS - Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Pension Benefits  
Pension and other post-retirement costs, net  
Benefit payments expected to be paid to pension plan participants in 2023 $ 17
Benefit payments expected to be paid to pension plan participants in 2024 18
Benefit payments expected to be paid to pension plan participants in 2025 18
Benefit payments expected to be paid to pension plan participants in 2026 21
Benefit payments expected to be paid to pension plan participants in 2027 22
Benefit payments expected to be paid to pension plan participants in 2028 through 2032 125
Other Benefits  
Pension and other post-retirement costs, net  
Benefit payments expected to be paid to pension plan participants in 2023 6
Benefit payments expected to be paid to pension plan participants in 2024 6
Benefit payments expected to be paid to pension plan participants in 2025 6
Benefit payments expected to be paid to pension plan participants in 2026 6
Benefit payments expected to be paid to pension plan participants in 2027 6
Benefit payments expected to be paid to pension plan participants in 2028 through 2032 $ 27
v3.22.4
STOCK-BASED COMPENSATION - General Information (Details) - $ / shares
 12 Months Ended
Apr. 18, 2019
Dec. 31, 2022
Dec. 31, 2019
Dec. 31, 2017
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares authorized for future stock incentive plan awards (in shares)   22,721,107      
Restricted stock units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock award vesting period (in years)     1 year 3 years  
Performance leveraged stock units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock award performance period (in years)   3 years      
Newmont Employee Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of instruments exchanged (in shares) 1,200,000        
Goldcorp Employee Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Options outstanding (in shares)   47,047     313,855
Options outstanding, weighted average exercise price (in dollars per share)   $ 46.33     $ 56.61
Stock options exercised (in shares)   254,125      
Stock options expired (in shares)   12,683      
Stock options expired, weighted average exercise price (in dollars per share)   $ 61.97      
Stock options exercised, weighted average exercise price (in dollars per share)   $ 58.25      
Number of instruments exchanged (in shares) 3,600,000        
Options outstanding - weighted average remaining contractual life (in years)   2 months 12 days      
v3.22.4
STOCK-BASED COMPENSATION - Assumptions Using Monte Carlo Valuation Model (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Risk-free interest rate 1.61% 0.22% 1.21%
Volatility range, minimum 31.78% 31.41% 24.71%
Volatility range, maximum 81.77% 76.72% 43.91%
Weighted-average volatility 54.89% 53.05% 35.38%
Expected term (years) 3 years 3 years 3 years
Weighted-average fair market value (in dollars per share) $ 77.00 $ 65.41 $ 59.24
v3.22.4
STOCK-BASED COMPENSATION - Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other information      
Excess tax benefits $ 5 $ 3 $ 1
Restricted stock units      
Number of Shares      
Non-vested at beginning of year (in shares) 1,791,994    
Granted (in shares) 1,061,330    
Vested (in shares) (981,184)    
Forfeited (in shares) (172,404)    
Non-vested at end of year (in shares) 1,699,736 1,791,994  
Weighted Average Grant-Date Fair Value      
Nonvested at beginning of year (in dollars per share) $ 51.06    
Granted (in dollars per share) 60.88    
Vested (in dollars per share) 47.76    
Forfeited (in dollars per share) 61.27    
Nonvested at end of year (in dollars per share) $ 58.07 $ 51.06  
Other information      
Total intrinsic value, vested shares (in dollars) $ 62 $ 72 81
Performance leveraged stock units      
Number of Shares      
Non-vested at beginning of year (in shares) 1,343,953    
Granted (in shares) 772,062    
Vested (in shares) (705,160)    
Forfeited (in shares) (209,099)    
Non-vested at end of year (in shares) 1,201,756 1,343,953  
Weighted Average Grant-Date Fair Value      
Nonvested at beginning of year (in dollars per share) $ 55.91    
Granted (in dollars per share) 64.06    
Vested (in dollars per share) 42.34    
Forfeited (in dollars per share) 67.78    
Nonvested at end of year (in dollars per share) $ 67.05 $ 55.91  
Other information      
Total intrinsic value, vested shares (in dollars) $ 47 $ 21 $ 42
v3.22.4
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Unrecognized compensation      
Unrecognized compensation cost expected to be recognized on a weighted-average basis, period (in years) 2 years    
Stock-based compensation:      
Stock-based compensation $ 76 $ 72 $ 84
Restricted stock units      
Unrecognized compensation      
Unrecognized compensation cost related to unvested stock 52    
Stock-based compensation:      
Stock-based compensation 49 47 51
Performance leveraged stock units      
Unrecognized compensation      
Unrecognized compensation cost related to unvested stock 31    
Stock-based compensation:      
Stock-based compensation 24 25 21
Other      
Stock-based compensation:      
Stock-based compensation $ 3 $ 0 $ 12
v3.22.4
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Liabilities:    
Contingent consideration liabilities $ 3 $ 5
Carrying value    
Liabilities:    
Debt 5,571 5,652
Level 3    
Assets:    
Long-lived assets 25  
Contingent consideration assets 188 171
Liabilities:    
Contingent consideration liabilities 3 5
Recurring    
Assets:    
Cash and cash equivalents 2,877 4,992
Restricted cash 67 101
Time deposits and other 846  
Long-lived assets 25  
Assets held for sale   68
Contingent consideration assets 188 171
Derivative assets 20  
Total assets 4,682 6,015
Liabilities:    
Debt 5,136 6,712
Contingent consideration liabilities 3 5
Other   6
Total liabilities 5,139 6,723
Recurring | Level 1    
Assets:    
Cash and cash equivalents 2,877 4,992
Restricted cash 67 101
Time deposits and other 0  
Long-lived assets 0  
Assets held for sale   0
Contingent consideration assets 0 0
Derivative assets 0  
Total assets 3,225 5,455
Liabilities:    
Debt 0 0
Contingent consideration liabilities 0 0
Other   0
Total liabilities 0 0
Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Time deposits and other 846  
Long-lived assets 0  
Assets held for sale   68
Contingent consideration assets 0 0
Derivative assets 20  
Total assets 1,244 389
Liabilities:    
Debt 5,136 6,712
Contingent consideration liabilities 0 0
Other   6
Total liabilities 5,136 6,718
Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Time deposits and other 0  
Long-lived assets 25  
Assets held for sale   0
Contingent consideration assets 188 171
Derivative assets 0  
Total assets 213 171
Liabilities:    
Debt 0 0
Contingent consideration liabilities 3 5
Other   0
Total liabilities 3 5
Recurring | Trade receivables from provisional concentrate sales, net     
Assets:    
Trade receivables from provisional concentrate sales, net  364 297
Recurring | Trade receivables from provisional concentrate sales, net  | Level 1    
Assets:    
Trade receivables from provisional concentrate sales, net  0 0
Recurring | Trade receivables from provisional concentrate sales, net  | Level 2    
Assets:    
Trade receivables from provisional concentrate sales, net  364 297
Recurring | Trade receivables from provisional concentrate sales, net  | Level 3    
Assets:    
Trade receivables from provisional concentrate sales, net  0 0
Recurring | Equity Securities    
Assets:    
Marketable and other equity securities 260 335
Recurring | Equity Securities | Level 1    
Assets:    
Marketable and other equity securities 250 318
Recurring | Equity Securities | Level 2    
Assets:    
Marketable and other equity securities 10 17
Recurring | Equity Securities | Level 3    
Assets:    
Marketable and other equity securities 0 0
Recurring | Marketable debt securities    
Assets:    
Restricted investments 27 35
Recurring | Marketable debt securities | Level 1    
Assets:    
Restricted investments 23 28
Recurring | Marketable debt securities | Level 2    
Assets:    
Restricted investments 4 7
Recurring | Marketable debt securities | Level 3    
Assets:    
Restricted investments 0 0
Recurring | Other assets    
Assets:    
Restricted investments 8 16
Recurring | Other assets | Level 1    
Assets:    
Restricted investments 8 16
Recurring | Other assets | Level 2    
Assets:    
Restricted investments 0 0
Recurring | Other assets | Level 3    
Assets:    
Restricted investments $ 0 $ 0
v3.22.4
FAIR VALUE ACCOUNTING - Additional Information (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Carrying value and Fair value      
Goodwill balance $ 1,971,000,000 $ 2,771,000,000 $ 2,771,000,000
North America      
Carrying value and Fair value      
Goodwill balance 1,703,000,000 2,044,000,000 2,044,000,000
South America      
Carrying value and Fair value      
Goodwill balance 0 $ 459,000,000 $ 459,000,000
Porcupine | North America      
Carrying value and Fair value      
Goodwill balance 0    
Cerro Negro Subsegment | South America      
Carrying value and Fair value      
Goodwill balance $ 0    
v3.22.4
FAIR VALUE ACCOUNTING - Quantitative Information (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration liabilities $ 3 $ 5
Recurring    
Quantitative and Qualitative Information - Unobservable Inputs    
Long-lived assets 25  
Contingent consideration assets 188 171
Contingent consideration liabilities 3 5
Level 3    
Quantitative and Qualitative Information - Unobservable Inputs    
Long-lived assets 25  
Contingent consideration assets 188 171
Contingent consideration liabilities 3 5
Level 3 | Recurring    
Quantitative and Qualitative Information - Unobservable Inputs    
Long-lived assets 25  
Contingent consideration assets 188 171
Contingent consideration liabilities $ 3 $ 5
Level 3 | Monte Carlo | Minimum | Discount rate    
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration asset, measurement input (as a percent) 0.0875  
Level 3 | Monte Carlo | Maximum | Discount rate    
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration asset, measurement input (as a percent) 0.2959  
Level 3 | Discounted cash flow | Minimum | Discount rate    
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration asset, measurement input (as a percent)   0.0448
Contingent consideration liability, measurement input (as a percent) 0.0556 0.0248
Level 3 | Discounted cash flow | Maximum | Discount rate    
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration asset, measurement input (as a percent)   0.0588
Contingent consideration liability, measurement input (as a percent) 0.0708 0.0335
Level 3 | Discounted cash flow | Weighted Average | Discount rate    
Quantitative and Qualitative Information - Unobservable Inputs    
Contingent consideration asset, measurement input (as a percent) 0.1186 0.0563
Contingent consideration liability, measurement input (as a percent) 0.0607 0.0283
v3.22.4
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Summary of changes in Level 3 financial assets    
Balance at beginning of period, assets $ 171 $ 119
Additions and settlements 1 0
Revaluation 16 52
Balance at end of period, assets 188 171
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities 5 0
Additions and settlements 0  
Revaluation (2) 5
Balance at end of period, liabilities 3 5
Other income, net    
Summary of changes in Level 3 financial assets    
Revaluation $ (2)  
Summary of changes in Level 3 financial liabilities    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense)  
Net income (loss) from discontinued operations    
Summary of changes in Level 3 financial assets    
Revaluation $ 18  
Summary of changes in Level 3 financial liabilities    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net income (loss) from discontinued operations (Note 1)  
Contingent Consideration Liability    
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities $ 5 0
Additions and settlements 0 0
Revaluation (2) 5
Balance at end of period, liabilities 3 5
Holt Royalty Obligation    
Summary of changes in Level 3 financial liabilities    
Balance at beginning of period, liabilities 42  
Additions and settlements   0
Balance at end of period, liabilities 39 42
Contingent Consideration Assets    
Summary of changes in Level 3 financial assets    
Balance at beginning of period, assets 171 119
Additions and settlements 1 0
Revaluation 16 52
Balance at end of period, assets $ 188 171
Marketable debt securities    
Summary of changes in Level 3 financial assets    
Additions and settlements   $ 0
v3.22.4
DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Millions
Oct. 31, 2022
AUD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative notional amount $ 574
v3.22.4
DERIVATIVE INSTRUMENTS - Fair Values of Instruments Designated as Hedges (Details) - Operating cash flow hedges - Designated Hedge - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivative contracts    
Derivative assets $ 20 $ 0
Other Current Assets    
Derivative contracts    
Derivative assets 12 0
Other Noncurrent Assets    
Derivative contracts    
Derivative assets $ 8 $ 0
v3.22.4
DERIVATIVE INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative contracts      
Gain (loss) on derivatives $ 6 $ 9 $ 19
Interest Rate Contract      
Derivative contracts      
Gain (loss) on derivatives 6 8 17
Other comprehensive income (loss), gain (loss) reclassified, before tax   1 (8)
Operating Cash Flow Hedging      
Derivative contracts      
Gain (loss) on derivatives $ 0 $ 1 $ 2
v3.22.4
DERIVATIVE INSTRUMENTS - Contingent Consideration (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivative contracts    
Contingent consideration, assets $ 188 $ 171
Contingent consideration liabilities 3 5
Batu Hijau and Elang    
Derivative contracts    
Contingent consideration, assets 139 121
Red Lake    
Derivative contracts    
Contingent consideration, assets 39 42
Maerix    
Derivative contracts    
Contingent consideration, assets 4 4
Other Counterparty    
Derivative contracts    
Contingent consideration, assets 6 4
Contingent consideration liabilities 1 2
Galore Creek    
Derivative contracts    
Contingent consideration liabilities $ 2 $ 3
v3.22.4
INVESTMENTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Nov. 30, 2022
Dec. 31, 2021
Dec. 31, 2020
Investments        
Total equity method investments $ 3,278   $ 3,243  
Non-current restricted investments 35   51  
Time deposit maturities, next rolling 12 months 829      
Interest receivable 9      
Skeena        
Investments        
Payments to acquire property, plant, and equipment $ 20      
Pueblo Viejo Mine        
Investments        
Ownership interest (as a percent) 40.00%      
Interest receivable $ 8   3  
Nueva Union Project        
Investments        
Ownership interest (as a percent) 50.00%      
Norte Abierto Project        
Investments        
Ownership interest (as a percent) 50.00%      
Maverix Metals Inc.        
Investments        
Ownership interest (as a percent) 28.50%      
MARA Investment        
Investments        
Ownership percentage (as a percent)   18.75%   18.75%
Marketable debt securities        
Investments        
Non-current restricted investments $ 27   35  
Other assets        
Investments        
Non-current restricted investments 8   16  
Warrants | Maverix Metals Inc.        
Investments        
Marketable and other equity securities 8      
Investments - current        
Investments        
Time deposits and other investments 846   0  
Marketable equity securities, current 34   82  
Short-term investments 880   82  
Investments - current | MARA Investment        
Investments        
Marketable equity securities, current 62      
Investments - noncurrent        
Investments        
Marketable and other equity securities, noncurrent 226   307  
Equity method investments 3,052   2,936  
Total equity method investments 3,278   3,243  
Investments - noncurrent | Pueblo Viejo Mine        
Investments        
Equity method investments 1,435   1,320  
Investments - noncurrent | Nueva Union Project        
Investments        
Equity method investments 956   950  
Investments - noncurrent | Norte Abierto Project        
Investments        
Equity method investments 518   505  
Investments - noncurrent | Maverix Metals Inc.        
Investments        
Equity method investments 143   160  
Investments - noncurrent | Other        
Investments        
Equity method investments $ 0   $ 1  
v3.22.4
INVESTMENTS - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2023
Oct. 31, 2022
Nov. 30, 2020
Apr. 30, 2012
Jun. 30, 2009
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2019
Investments acquired                  
Equity income (loss) of affiliates           $ 107 $ 166 $ 189  
Interest receivable           9      
Maximum contingent consideration           188 171    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Royalty interests                  
Investments acquired                  
Carrying value               0  
Total consideration               75  
Proceeds from sale               15  
Consideration, equity interest               $ 60  
Consideration, equity interest (in shares)               12  
Consideration, equity interest, share price (in dollars per share)               $ 5.02  
Maximum contingent consideration               $ 15  
Pueblo Viejo Revolving Facility                  
Investments acquired                  
Line of credit facility maximum borrowing capacity                 $ 70
Credit facility, amount outstanding           0 0    
Pueblo Viejo Revolving Facility | London Interbank Offered Rate (LIBOR)                  
Investments acquired                  
Margin added to base rate (as a percent)                 2.09%
Pueblo Viejo Revolving Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Investments acquired                  
Margin added to base rate (as a percent)   2.24%              
Pueblo Viejo Mine                  
Investments acquired                  
Equity income (loss) of affiliates           102 166 $ 193  
Amount by which investment carrying value is lower than underlying net assets           $ 251      
Funds advanced to equity method investee       $ 300 $ 400        
Loan term (in years)       12 years 15 years        
Base rate, as percentage of LIBOR (as a percent)     95.00% 95.00% 95.00%        
Margin added to base rate (as a percent)       2.95% 2.95%        
Agreed funding to equity method investment, including other owner's amount     $ 1,300            
Agreed funding to equity method investment     $ 520            
Ownership interest (as a percent)           40.00%      
Base rate, as a percentage of SOFR (as a percent)   95.00%              
Share of loans included in investment           $ 356 260    
Interest receivable           8 3    
Purchases           530 616    
Due to (from) related party           0 0    
Pueblo Viejo Mine | London Interbank Offered Rate (LIBOR)                  
Investments acquired                  
Margin added to base rate (as a percent)     4.00%            
Pueblo Viejo Mine | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Investments acquired                  
Margin added to base rate (as a percent)   4.25%              
Pueblo Viejo Mine | Investment Tranche One                  
Investments acquired                  
Agreed funding to equity method investment, including other owner's amount     $ 800            
Pueblo Viejo Mine | Investment Tranche Two                  
Investments acquired                  
Agreed funding to equity method investment, including other owner's amount     $ 500            
Nueva Union Project                  
Investments acquired                  
Amount by which investment carrying value is lower than underlying net assets           $ 67      
Ownership interest (as a percent)           50.00%      
Norte Abierto Project                  
Investments acquired                  
Amount by which investment carrying value is lower than underlying net assets           $ 209      
Ownership interest (as a percent)           50.00%      
Norte Abierto Project | Barrick Gold Corporation | Other current liabilities                  
Investments acquired                  
Deferred payments to joint venture partner           $ 26 22    
Norte Abierto Project | Barrick Gold Corporation | Other non-current liabilities                  
Investments acquired                  
Deferred payments to joint venture partner           $ 94 $ 102    
Maverix Metals Inc.                  
Investments acquired                  
Ownership interest (as a percent)           28.50%      
Maverix Metals Inc. | Subsequent event                  
Investments acquired                  
Ownership interest (as a percent) 28.50%                
Gain (loss) on disposition of stock in subsidiary or equity method investee $ 65                
Triple Flag | Subsequent event                  
Investments acquired                  
Ownership interest (as a percent) 7.50%                
v3.22.4
INVENTORIES - Summary of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Inventory, net    
Materials and supplies $ 750 $ 669
In-process 123 132
Concentrate 47 58
Precious metals 59 71
Total inventories $ 979 $ 930
v3.22.4
STOCKPILES AND ORE ON LEACH PADS - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads $ 774 $ 857
Non-current stockpiles and ore on leach pads 1,716 1,775
Stockpiles and ore on leach pads 2,490 2,632
Stockpiles    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 480 491
Non-current stockpiles and ore on leach pads 1,391 1,442
Stockpiles and ore on leach pads 1,871 1,933
Ore on Leach Pads    
Stockpiles And Ore On Leach Pads    
Current stockpiles and ore on leach pads 294 366
Non-current stockpiles and ore on leach pads 325 333
Stockpiles and ore on leach pads $ 619 $ 699
v3.22.4
STOCKPILES AND ORE ON LEACH PADS - Write-downs (Details) - Stockpiles and ore on leach pads - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Yanacocha Subsegment      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads $ 49 $ 25 $ 24
CC&V      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 45 21  
Nevada Gold Mines      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 71 18 40
Akyem      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 28    
Merian Mine      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 4    
Ahafo      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 12    
Costs applicable to sales      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads 156 45 42
Depreciation and amortization      
Stockpiles And Ore On Leach Pads      
Write-downs of inventory and stockpiles and ore on leach pads $ 53 $ 19 $ 22
v3.22.4
PROPERTY, PLANT AND MINE DEVELOPMENT (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment    
Cost, including finance lease right of use assets $ 42,225 $ 40,113
Accumulated depreciation, including finance lease right of use assets (18,152) (15,989)
Net Book Value, including finance lease right of use assets 24,073 24,124
Finance lease right of use assets $ 558 619
Minimum    
Property, Plant and Equipment    
Depreciable Life (in years) 1 year  
Maximum    
Property, Plant and Equipment    
Depreciable Life (in years) 38 years  
Land     
Property, Plant and Equipment    
Cost $ 281 260
Net Book Value 281 260
Facilities and equipment    
Property, Plant and Equipment    
Cost, including finance lease right of use assets 19,044 18,829
Accumulated depreciation, including finance lease right of use assets (11,392) (10,487)
Net Book Value, including finance lease right of use assets $ 7,652 8,342
Facilities and equipment | Minimum    
Property, Plant and Equipment    
Depreciable Life (in years) 1 year  
Facilities and equipment | Maximum    
Property, Plant and Equipment    
Depreciable Life (in years) 26 years  
Mine development     
Property, Plant and Equipment    
Cost $ 6,413 5,419
Accumulated depreciation (3,787) (3,133)
Net Book Value $ 2,626 2,286
Mine development  | Minimum    
Property, Plant and Equipment    
Depreciable Life (in years) 1 year  
Mine development  | Maximum    
Property, Plant and Equipment    
Depreciable Life (in years) 38 years  
Mineral interests     
Property, Plant and Equipment    
Cost $ 13,276 13,296
Accumulated depreciation (2,973) (2,369)
Net Book Value 10,303 10,927
Mineral interests, Cost 13,276 13,296
Mineral interests Accumulated Depreciation (2,973) (2,369)
Mineral interests Net Book Value $ 10,303 10,927
Mineral interests  | Minimum    
Property, Plant and Equipment    
Depreciable Life (in years) 1 year  
Mineral interests  | Maximum    
Property, Plant and Equipment    
Depreciable Life (in years) 38 years  
Construction-in-progress     
Property, Plant and Equipment    
Cost $ 3,211 2,309
Net Book Value 3,211 2,309
Production stage     
Property, Plant and Equipment    
Mineral interests, Cost 9,299 8,712
Mineral interests Accumulated Depreciation (2,973) (2,369)
Mineral interests Net Book Value 6,326 6,343
Development stage     
Property, Plant and Equipment    
Mineral interests, Cost 520 1,000
Mineral interests Net Book Value 520 1,000
Exploration stage     
Property, Plant and Equipment    
Mineral interests, Cost 3,457 3,584
Mineral interests Net Book Value $ 3,457 $ 3,584
v3.22.4
PROPERTY, PLANT AND MINE DEVELOPMENT - Construction-in-progress (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Property, Plant And Mine Development    
Construction-in-progress $ 3,211 $ 2,309
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Conga Mill    
Property, Plant And Mine Development    
Assets carrying value included in property, plant and mine development, net 593  
Corporate and Other    
Property, Plant And Mine Development    
Construction-in-progress 51 41
North America | Operating Segments    
Property, Plant And Mine Development    
Construction-in-progress 377 231
South America | Operating Segments    
Property, Plant And Mine Development    
Construction-in-progress 1,382 964
Australia | Operating Segments    
Property, Plant And Mine Development    
Construction-in-progress 730 488
Africa | Operating Segments    
Property, Plant And Mine Development    
Construction-in-progress 522 447
Nevada | Operating Segments    
Property, Plant And Mine Development    
Construction-in-progress $ 149 $ 138
v3.22.4
GOODWILL (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2020
Goodwill [Roll Forward]    
Goodwill balance $ 2,771  
Goodwill balance 1,971  
Impairment (800)  
Goodwill balance 1,971 $ 2,771
North America    
Goodwill [Roll Forward]    
Goodwill balance 2,044  
Goodwill balance 1,703  
Impairment (341)  
Goodwill balance 1,703 2,044
South America    
Goodwill [Roll Forward]    
Goodwill balance 459  
Goodwill balance 0  
Impairment (459)  
Goodwill balance 0 459
Nevada    
Goodwill [Roll Forward]    
Goodwill balance 268  
Goodwill balance 268  
Impairment 0  
Goodwill balance $ 268 $ 268
v3.22.4
DEBT - Long-term Debt (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Apr. 30, 2021
Mar. 31, 2020
Jan. 01, 2020
Sep. 30, 2019
Mar. 31, 2012
Sep. 30, 2009
Mar. 31, 2005
Debt                  
Current $ 0 $ 87,000,000              
Non-Current 5,571,000,000 5,565,000,000              
Fair Value 5,136,000,000 6,712,000,000              
2021 Senior Notes, net                  
Debt                  
Debt instrument principal amount     $ 550,000,000            
Debt instrument, interest rate (as a percent)     3.625%            
2023 Senior Notes, net                  
Debt                  
Debt instrument principal amount 1,000,000,000                
Debt instrument, interest rate (as a percent)         3.70%        
Current 0 87,000,000              
Non-Current 0 0              
Fair Value 0 90,000,000              
2029 Senior Notes, net                  
Debt                  
Debt instrument principal amount           $ 700,000,000      
Debt instrument, interest rate (as a percent)           2.80%      
Current 0 0              
Non-Current 692,000,000 689,000,000              
Fair Value 603,000,000 726,000,000              
2030 Senior Notes, net                  
Debt                  
Debt instrument principal amount       $ 1,000,000,000          
Debt instrument, interest rate (as a percent)       2.25%          
Current 0 0              
Non-Current 987,000,000 985,000,000              
Fair Value 810,000,000 994,000,000              
2032 Senior Notes, net                  
Debt                  
Debt instrument principal amount   $ 1,000,000,000              
Debt instrument, interest rate (as a percent)   2.60%              
Current 0 $ 0              
Non-Current 991,000,000 990,000,000              
Fair Value 811,000,000 1,003,000,000              
2035 Senior Notes, net                  
Debt                  
Debt instrument principal amount                 $ 600,000,000
Debt instrument, interest rate (as a percent)                 5.875%
Current 0 0              
Non-Current 579,000,000 578,000,000              
Fair Value 619,000,000 790,000,000              
2039 Senior Notes, net                  
Debt                  
Debt instrument principal amount               $ 1,100,000,000  
Debt instrument, interest rate (as a percent)               6.25%  
Current 0 0              
Non-Current 860,000,000 860,000,000              
Fair Value 933,000,000 1,237,000,000              
2042 Senior Notes, net                  
Debt                  
Debt instrument principal amount             $ 1,000,000,000    
Debt instrument, interest rate (as a percent)             4.875%    
Current 0 0              
Non-Current 986,000,000 986,000,000              
Fair Value 930,000,000 1,270,000,000              
2044 Senior Notes, net                  
Debt                  
Debt instrument principal amount 450,000,000                
Debt instrument, interest rate (as a percent)         5.45%        
Current 0 0              
Non-Current 481,000,000 482,000,000              
Fair Value 430,000,000 602,000,000              
Corporate Revolving Credit Facilities                  
Debt                  
Debt issuance costs $ (5,000,000) $ (5,000,000)              
v3.22.4
DEBT - Maturities of long term debt (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Scheduled minimum debt repayments  
2023 $ 0
2024 0
2025 0
2026 0
2027 0
Thereafter 5,624
Total face value of debt 5,624
Unamortized premiums, discounts, and issuance costs (53)
Net carrying amount $ 5,571
v3.22.4
DEBT - Corporate Revolving Credit Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Apr. 04, 2019
Debt      
Letters of credit, guarantees for reclamation obligations $ 1,872,000,000 $ 1,927,000,000  
Goldcorp      
Debt      
Letters of credit outstanding 995,000,000 1,044,000,000  
Letters of credit, guarantees for reclamation obligations $ 848,000,000 886,000,000  
Corporate Revolving Credit Facilities      
Debt      
Line of credit facility maximum borrowing capacity     $ 3,000,000,000
Maximum rate adjustment resulting from ESG scores 0.05%    
Credit facility, amount outstanding $ 0    
Letter of Credit      
Debt      
Letters of credit outstanding $ 0 $ 0  
v3.22.4
DEBT - 2021, 2023, 2044 Senior Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Apr. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jan. 01, 2020
Debt Instrument [Line Items]            
Debt payments     $ 89,000,000 $ 1,382,000,000 $ 1,160,000,000  
2021 Senior Notes, net            
Debt Instrument [Line Items]            
Debt instrument, interest rate (as a percent)   3.625%        
Debt payments   $ 557,000,000        
Debt instrument principal amount   $ 550,000,000        
Goldcorp Note 3.70 Percent Due 2023            
Debt Instrument [Line Items]            
Debt instrument principal amount           $ 810,000,000
Amount of debt repurchased $ 90,000,000     4,000,000 99,000,000  
Debt instrument, principal payment 87,000,000          
New Newmont Note 3.70 Percent Due 2023            
Debt Instrument [Line Items]            
Debt instrument principal amount           $ 190,000,000
Amount of debt repurchased 246,000,000     $ 89,000,000 $ 487,000,000  
Debt instrument, principal payment $ 234,000,000          
v3.22.4
DEBT - 2022 and 2042 Senior Notes, 2029 Senior Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2019
Mar. 31, 2012
Debt            
Proceeds from issuance of debt, net (Note 20)   $ 0 $ 992,000,000 $ 985,000,000    
2022 Senior Notes, net            
Debt            
Amount of debt repurchased $ 496,000,000   $ 496,000,000 $ 500,000,000    
Debt instrument, principal payment $ 492,000,000          
2042 Senior Notes, net            
Debt            
Debt instrument principal amount           $ 1,000,000,000
Debt instrument, interest rate (as a percent)           4.875%
2029 Senior Notes, net            
Debt            
Debt instrument principal amount         $ 700,000,000  
Debt instrument, interest rate (as a percent)         2.80%  
v3.22.4
DEBT - 2030 and 2032 Senior Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]          
Proceeds from issuance of debt, net (Note 20)     $ 0 $ 992,000,000 $ 985,000,000
2030 Senior Notes | Senior Notes          
Debt Instrument [Line Items]          
Proceeds from issuance of debt, net (Note 20)   $ 985,000,000      
2032 Senior Notes, net          
Debt Instrument [Line Items]          
Debt instrument principal amount $ 1,000,000,000     $ 1,000,000,000  
Proceeds from issuance of debt, net (Note 20) $ 992,000,000        
Debt instrument, interest rate (as a percent) 2.60%     2.60%  
Maximum rate adjustment resulting from sustainability objectives 0.60%        
v3.22.4
DEBT - 2035 Senior Notes and Other Activity (Details) - 2035 Senior Notes, net
Mar. 31, 2005
USD ($)
Debt  
Debt instrument principal amount $ 600,000,000
Debt instrument, interest rate (as a percent) 5.875%
v3.22.4
DEBT - 2039 Senior Notes (Details) - 2039 Senior Notes, net
Sep. 30, 2009
USD ($)
Debt  
Debt instrument principal amount $ 1,100,000,000
Debt instrument, interest rate (as a percent) 6.25%
v3.22.4
DEBT - Debt Covenants (Details)
Dec. 31, 2022
Corporate Revolving Credit Facilities  
Debt Instrument [Line Items]  
Debt to capitalization ratio, maximum allowed under covenant (as a percent) 0.6250
v3.22.4
LEASE AND OTHER FINANCING OBLIGATIONS - Parameters and lease cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lessee, Finance Lease, Description [Abstract]      
Renewal term (in years) 15 years    
Termination period (in years) 1 year    
Lease, Cost [Abstract]      
Operating lease cost $ 28 $ 21  
Amortization of ROU assets 78 85  
Interest on lease liabilities 34 36  
Finance lease cost, total 112 121  
Variable lease cost 332 393  
Short-term lease cost 25 36  
Lease cost, Total 497 571  
Operating cash flows relating to operating leases 23 17  
Operating cash flows relating to finance leases 34 36  
Financing cash flows relating to finance leases 66 73 $ 66
Operating lease obligations arising from obtaining ROU assets 16 35  
Finance lease obligations arising from obtaining ROU assets $ 20 $ 41  
Operating leases, weighted average remaining lease term (in years) 8 years    
Finance leases, weighted average remaining lease term (in years) 10 years    
Operating leases, weighted average discount rate (as a percent) 4.35%    
Finance leases, weighted average discount rate (as a percent) 5.73%    
Minimum      
Lessee, Finance Lease, Description [Abstract]      
Remaining lease term (in years) 1 year    
Lease, Cost [Abstract]      
Financing leases not yet commenced, lease terms (in years) 2 years    
Maximum      
Lessee, Finance Lease, Description [Abstract]      
Remaining lease term (in years) 36 years    
v3.22.4
LEASE AND OTHER FINANCING OBLIGATIONS - Maturities (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Operating Leases  
2023 $ 26
2024 22
2025 12
2026 11
2027 11
Thereafter 51
Total future minimum lease payments 133
Less: Imputed interest (17)
Operating lease liability 116
Finance Leases  
2023 93
2024 84
2025 81
2026 78
2027 71
Thereafter 337
Total future minimum lease payments 744
Less: Imputed interest (183)
Finance lease liability $ 561
v3.22.4
LEASE AND OTHER FINANCING OBLIGATIONS - Additional information (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Leases [Abstract]  
Financing leases not yet commenced, ROU assets $ 9
Financing leases not yet commenced, lease liabilities $ 9
v3.22.4
OTHER LIABILITIES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Other current liabilities:    
Reclamation and remediation liabilities $ 526 $ 273
Accrued operating costs 370 201
Accrued capital expenditures 221 155
Silver streaming agreement 80 71
Payables to joint NGM 73 114
Other 329 359
Other current liabilities 1,599 1,173
Other non-current liabilities:    
Income and mining taxes 206 328
Norte Abierto deferred payments 94 102
Other 130 178
Other long-term liabilities, total $ 430 $ 608
Nevada Gold Mines    
Other non-current liabilities:    
Ownership interest (as a percent) 38.50% 38.50%
Norte Abierto Project    
Other non-current liabilities:    
Ownership interest (as a percent) 50.00%  
Norte Abierto Project | Barrick Gold Corporation | Other current liabilities    
Other non-current liabilities:    
Deferred payments to joint venture partner $ 26 $ 22
Barrick Gold Corporation | Nevada Gold Mines    
Other non-current liabilities:    
Ownership interest (as a percent) 61.50% 61.50%
v3.22.4
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​​ - Components of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period $ 21,813 $ 23,845 $ 22,370
Gain (loss) in other comprehensive income (loss) before reclassifications 50 50  
(Gain) loss reclassified from accumulated other comprehensive income (loss) 112 33  
Other comprehensive income (loss) 162 83 49
Balance at end of period 19,533 21,813 23,845
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (133) (216) (265)
Other comprehensive income (loss) 162 83 49
Balance at end of period 29 (133) (216)
Unrealized Gain (Loss) on Marketable Debt Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period 2 0  
Gain (loss) in other comprehensive income (loss) before reclassifications (3) 2  
(Gain) loss reclassified from accumulated other comprehensive income (loss) 0 0  
Other comprehensive income (loss) (3) 2  
Balance at end of period (1) 2 0
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period 119 117  
Gain (loss) in other comprehensive income (loss) before reclassifications 7 2  
(Gain) loss reclassified from accumulated other comprehensive income (loss) 0 0  
Other comprehensive income (loss) 7 2  
Balance at end of period 126 119 117
Pension and Other Post-retirement Benefit Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (166) (237)  
Gain (loss) in other comprehensive income (loss) before reclassifications 32 45  
(Gain) loss reclassified from accumulated other comprehensive income (loss) 107 26  
Other comprehensive income (loss) 139 71  
Balance at end of period (27) (166) (237)
Unrealized Gain (Loss) on Cash flow Hedge Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (88) (96)  
Gain (loss) in other comprehensive income (loss) before reclassifications 14 1  
(Gain) loss reclassified from accumulated other comprehensive income (loss) 5 7  
Other comprehensive income (loss) 19 8  
Balance at end of period $ (69) $ (88) $ (96)
v3.22.4
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​ - Reclassifications (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Other income, net $ 62 $ 87 $ 32
Interest expense, net 227 274 308
Total before tax 51 (1,108) (3,143)
Costs applicable to sales [1] 6,468 5,435 5,014
Tax (455) (1,098) (704)
Net of tax 369 (233) (2,791)
Reclassification Out of Accumulated Other Comprehensive Income      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Net of tax 112 33 106
Reclassification Out of Accumulated Other Comprehensive Income | Marketable debt securities adjustments:      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Other income, net 0 0 (5)
Total before tax 0 0 (5)
Tax 0 0 0
Net of tax 0 0 (5)
Reclassification Out of Accumulated Other Comprehensive Income | Pension and other post-retirement benefit adjustments:      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Total before tax 136 31 120
Tax (29) (5) (25)
Net of tax 107 26 95
Reclassification Out of Accumulated Other Comprehensive Income | Amortization      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Other income, net (1) 27 28
Reclassification Out of Accumulated Other Comprehensive Income | Settlement      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Other income, net 137 4 92
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments:      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Total before tax 6 9 19
Tax (1) (2) (3)
Net of tax 5 7 16
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Interest rate contracts      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Interest expense, net 6 8 17
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Operating cash flow hedges      
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)      
Costs applicable to sales $ 0 $ 1 $ 2
[1] Excludes Depreciation and amortization and Reclamation and remediation.
v3.22.4
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Decrease (increase) in operating assets:      
Trade and other receivables  $ 5 $ 142 $ 29
Inventories, stockpiles and ore on leach pads  (161) (136) (139)
Other assets  (84) 36 34
Increase (decrease) in operating liabilities:      
Accounts payable 102 (11) (50)
Reclamation and remediation liabilities  (247) (161) (101)
Accrued tax liabilities (343) (317) 378
Other accrued liabilities (113) (94) 144
Net change in operating assets and liabilities $ (841) $ (541) $ 295
v3.22.4
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
plant
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2022
Loss contingencies        
Number of operating water treatment plants | plant 5      
Number of water treatment plants to be constructed | plant 2      
Environmental remediation obligations $ 373 $ 344 $ 313  
Yanacocha        
Loss contingencies        
Reclamation adjustments and other 529 $ 1,554 $ 152  
CC&V        
Loss contingencies        
Environmental remediation obligations 20      
Midnite mine and Dawn mill sites        
Loss contingencies        
Environmental remediation obligations $ 188      
Percentage assumed for environmental loss contingencies 100.00%      
Minera Yanacocha        
Loss contingencies        
Percent ownership held by Newmont (as a percent) 100.00% 51.35%   100.00%
Increase in asset retirement obligation $ 511      
Reclamation expense for producing areas $ (18)      
CC&V        
Loss contingencies        
Percent ownership held by Newmont (as a percent) 100.00%      
Dawn Mining Company        
Loss contingencies        
Percent ownership held by Newmont (as a percent) 58.19%      
v3.22.4
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Yanacocha (Details)
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Minera Yanacocha      
Loss contingencies      
Percent ownership held by Newmont (as a percent) 100.00% 100.00% 51.35%
v3.22.4
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details)
$ in Millions
 1 Months Ended
Aug. 16, 2021
USD ($)
Dec. 24, 2018
plaintiff
co-defendant
Feb. 26, 2014
USD ($)
Sep. 24, 2012
USD ($)
Apr. 08, 2008
Aug. 31, 2020
USD ($)
Dec. 31, 2022
Sep. 30, 2007
Holt option | Use rights                
Loss contingencies                
Purchase of option for mining and mineral rights           $ 75    
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited                
Loss contingencies                
Economic interest (as a percent)             100.00%  
Pending Litigation | Labrador                
Loss contingencies                
Uranium mining moratorium term (in years)         3 years      
NWG New York Case | Pending Litigation                
Loss contingencies                
Damages sought       $ 750        
NWG Ontario Complaint | Pending Litigation                
Loss contingencies                
Damages sought     $ 1,200          
Ghana Parliament Cases                
Loss contingencies                
Loss contingency number of plaintiffs | plaintiff   2            
Number of codefendants | co-defendant   33            
Kirkland Royalty Matter | Pending Litigation                
Loss contingencies                
Damages sought $ 350              
Jacob Safra | NWG Investments Inc                
Loss contingencies                
Economic interest (as a percent)               100.00%
NWG Investments Inc | NewWest Gold                
Loss contingencies                
Economic interest (as a percent)               86.00%
Fronteer | Aurora                
Loss contingencies                
Economic interest (as a percent)               47.00%
v3.22.4
COMMITMENTS AND CONTINGENCIES - Other Commitments and Contingencies (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other commitments    
Letters of credit surety bonds and bank guarantees, outstanding $ 1,872 $ 1,927
Deferred payments 3 5
Galore Creek    
Other commitments    
Deferred payments 75  
Norte Abierto Project    
Other commitments    
Deferred payments $ 120 $ 124
v3.22.4
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance of Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS      
Balance at beginning of year $ 3,791 $ 3,418 $ 3,112
Additions due to acquisition of Goldcorp 0 0 86
Additions to deferred income tax expense 370 769 372
Reduction of deferred income tax expense (109) (350) (186)
Re-classification to Assets Held for Sale 0 0 0
Reductions reflected in other components of the financial statements (58) (46)  
Additions reflected in other components of the financial statements     34
Balance at end of year $ 3,994 $ 3,791 $ 3,418
v3.22.4
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-13 [Member]