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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Financial Instruments [Abstract] |
Cash and equivalents |
| As at December 31, 2017 |  | As at December 31, 2016 |
Cash deposits |  | $662 |  |  | $1,009 |
Term deposits | 427 |  | 654 |
Money market investments | 1,145 |  | 726 |
|  | $2,234 |  |  | $2,389 |
Debt and interest |
| Closing balance December 31, 2016 |  | Proceeds | Repayments | Amortization and other 2 |  | Closing balance December 31, 2017 |
4.4%/5.7% notes 3,9 |  | $1,467 |  |  | $— |  |  | $— |  |  | $1 |  |  | $1,468 |
3.85%/5.25% notes | 1,078 |  | — |  | — |  | 1 |  | 1,079 |
5.80% notes 4,9 | 395 |  | — |  | — |  | — |  | 395 |
6.35% notes 5,9 | 593 |  | — |  | — |  | — |  | 593 |
Other fixed rate notes 6,9 | 1,607 |  | — |  | (279 | ) | (2 | ) | 1,326 |
Project financing | 400 |  | — |  | (423 | ) | 23 |  | — |
Capital leases 7 | 114 |  | — |  | (68 | ) | — |  | 46 |
Other debt obligations | 609 |  | — |  | (4 | ) | (2 | ) | 603 |
4.10%/5.75% notes 8,9 | 1,569 |  | — |  | (731 | ) | 4 |  | 842 |
Acacia credit facility 10 | 99 |  | — |  | (28 | ) | — |  | 71 |
|  | $7,931 |  |  | $— |  |  | ($1,533 | ) |  | $25 |  |  | $6,423 |
Less: current portion 11 | (143 | ) | — |  | — |  | — |  | (59 | )
|  | $7,788 |  |  | $— |  |  | ($1,533 | ) |  | $25 |  |  | $6,364 |
| Closing balance December 31, 2015 |  | Proceeds |  | Repayments |  | Amortization and other 2 |  | Closing balance December 31, 2016 |
4.4%/5.7% notes 3,9 |  | $2,182 |  |  | $— |  |  | ($721 | ) |  | $6 |  |  | $1,467 |
3.85%/5.25% notes | 1,077 |  | — |  | — |  | 1 |  | 1,078 |
5.80% notes 4,9 | 395 |  | — |  | — |  | — |  | 395 |
6.35% notes 5,9 | 592 |  | — |  | — |  | 1 |  | 593 |
Other fixed rate notes 6,9 | 2,451 |  | — |  | (848 | ) | 4 |  | 1,607 |
Project financing | 646 |  | — |  | (254 | ) | 8 |  | 400 |
Capital leases 7 | 153 |  | 2 |  | (41 | ) | — |  | 114 |
Other debt obligations | 654 |  | 3 |  | (46 | ) | (2 | ) | 609 |
2.5%/4.10%/5.75% notes 8,9 | 1,690 |  | — |  | (123 | ) | 2 |  | 1,569 |
Acacia credit facility 10 | 128 |  | — |  | (29 | ) | — |  | 99 |
|  | $9,968 |  |  | $5 |  |  | ($2,062 | ) |  | $20 |  |  | $7,931 |
Less: current portion 11 | (203 | ) | — |  | — |  | — |  | (143 | )
|  | $9,765 |  |  | $5 |  |  | ($2,062 | ) |  | $20 |  |  | $7,788 |
1 | The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow Barrick, at its option, to redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon the occurrence of certain specified changes in tax legislation.
2 | Amortization of debt premium/discount and increases (decreases) in capital leases.
3 | Consists of $1.5 billion (2016: $1.5 billion) in conjunction with our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”). This consists of $629 million (2016: $629 million) of BNAF notes due 2021 and $850 million (2016: $850 million) of BNAF notes due 2041.
4 | Consists of $400 million (2016: $400 million) of 5.80% notes which mature in 2034.
5 | Consists of $600 million (2016: $600 million) of 6.35% notes which mature in 2036.
6 | Consists of $1.3 billion (2016: $1.6 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance Pty Ltd. (“BPDAF”). This consists of $248 million (2016: $248 million) of BPDAF notes due 2020, $250 million (2016: $250 million) of BNAF notes due 2038 and $850 million (2016: $850 million) of BPDAF notes due 2039.
7 | Consists primarily of capital leases at Pascua-Lama, $13 million and Lagunas Norte, $27 million (2016: $50 million and $56 million, respectively).
8 | Consists of $850 million (2016: $1.6 billion) in conjunction with our wholly-owned subsidiary BNAF.
9 | We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”), and Barrick (HMC) Mining (“BHMC”) notes and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which will rank equally with our other unsecured and unsubordinated obligations.
10 | Consists of an export credit backed term loan facility.
11 | The current portion of long-term debt consists of project financing ($nil; 2016: $72 million), other debt obligations ($4 million; 2016: $5 million), capital leases ($27 million; 2016: $38 million) and Acacia credit facility ($28 million; 2016: $28 million).
| 2017 |  | 2016
For the years ended December 31 | Interest cost |  | Effective rate 1 |  |  | Interest cost |  | Effective rate 1 |
4.4%/5.7% notes |  | $77 |  | 5.23 | % |  |  | $104 |  | 5.09 | %
3.85%/5.25% notes | 53 |  | 4.87 | % |  | 53 |  | 4.87 | %
5.80% notes | 23 |  | 5.85 | % |  | 23 |  | 5.85 | %
6.35% notes | 38 |  | 6.41 | % |  | 38 |  | 6.41 | %
Other fixed rate notes | 93 |  | 6.38 | % |  | 128 |  | 6.75 | %
Project financing | 14 |  | 7.04 | % |  | 33 |  | 6.23 | %
Capital leases | 3 |  | 3.60 | % |  | 5 |  | 4.02 | %
Other debt obligations | 31 |  | 6.55 | % |  | 36 |  | 6.09 | %
4.10%/5.75% notes | 72 |  | 5.12 | % |  | 82 |  | 4.98 | %
Acacia credit facility | 6 |  | 3.59 | % |  | 7 |  | 3.59 | %
Deposits on Pascua-Lama silver sale agreement (note 29) | 66 |  | 8.37 | % |  | 63 |  | 8.37 | %
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) | 35 |  | 6.14 | % |  | 37 |  | 6.34 | %
|  | $511 |  |  |  |  | $609 |  |
1 | The effective rate includes the stated interest rate under the debt agreement, amortization of debt issue costs and debt discount/premium and the impact of interest rate contracts designated in a hedging relationship with debt.
Scheduled debt repayments |
| Issuer | Maturity Year | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 and thereafter |  | Total |
4.95% notes 3 | BPDAF | 2020 |  | $— |  |  | $— |  |  | $248 |  |  | $— |  |  | $— |  |  | $— |  |  | $248 |
7.31% notes 2 | BGC | 2021 | — |  | — |  | — |  | 7 |  | — |  | — |  | 7 |
4.40% notes | BNAF | 2021 | — |  | — |  | — |  | 629 |  | — |  | — |  | 629 |
3.85% notes | BGC | 2022 | — |  | — |  | — |  | — |  | 337 |  | — |  | 337 |
7.73% notes 2 | BGC | 2025 | — |  | — |  | — |  | — |  | — |  | 7 |  | 7 |
7.70% notes 2 | BGC | 2025 | — |  | — |  | — |  | — |  | — |  | 5 |  | 5 |
7.37% notes 2 | BGC | 2026 | — |  | — |  | — |  | — |  | — |  | 32 |  | 32 |
8.05% notes 2 | BGC | 2026 | — |  | — |  | — |  | — |  | — |  | 15 |  | 15 |
6.38% notes 2 | BGC | 2033 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |
5.80% notes | BGC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |
5.80% notes | BGFC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |
6.45% notes 2 | BGC | 2035 | — |  | — |  | — |  | — |  | — |  | 300 |  | 300 |
6.35% notes | BHMC | 2036 | — |  | — |  | — |  | — |  | — |  | 600 |  | 600 |
7.50% notes 3 | BNAF | 2038 | — |  | — |  | — |  | — |  | — |  | 250 |  | 250 |
5.95% notes 3 | BPDAF | 2039 | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |
5.70% notes | BNAF | 2041 | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |
5.25% notes | BGC | 2042 | — |  | — |  | — |  | — |  | — |  | 750 |  | 750 |
5.75% notes | BNAF | 2043 | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |
Other debt obligations 2 |  |  | 4 |  | 5 |  | — |  | — |  | — |  | — |  | 9 |
Acacia credit facility |  |  | 28 |  | 28 |  | 15 |  | — |  | — |  | — |  | 71 |
|  |  |  | $32 |  |  | $33 |  |  | $263 |  |  | $636 |  |  | $337 |  |  | $5,109 |  |  | $6,410 |
Minimum annual payments under capital leases |  |  |  | $27 |  |  | $11 |  |  | $4 |  |  | $1 |  |  | $1 |  |  | $2 |  |  | $46 |
1 | This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet.
2 | Included in Other debt obligations in the Long-Term Debt table.
3 | Included in Other fixed rate notes in the Long-Term Debt table.
Market risks | In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to:
Item |  | Impacted by
● Sales |  | ● Prices of gold, silver and copper
o By-product credits |  | o Prices of silver, copper and gold
● Cost of sales |  |
o Consumption of diesel fuel, propane, natural gas, and electricity |  | o Prices of diesel fuel, propane, natural gas, and electricity
o Non-US dollar expenditures |  | o Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, EUR, PGK, TZS, ZAR, and ZMW
● General and administration, exploration and evaluation costs |  | ● Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, GBP, PGK, TZS, ZAR, and ZMW
● Capital expenditures |  |
o Non-US dollar capital expenditures |  | o Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, EUR, GBP, PGK, and ZAR
o Consumption of steel |  | o Price of steel
● Interest earned on cash and equivalents |  | ● US dollar interest rates
● Interest paid on fixed-rate borrowings |  | ● US dollar interest rates
Derivative assets and liabilities |
| 2017 | 2016
At January 1 |  | ($76 | ) |  | ($263 | )
Derivatives cash (inflow) outflow |  |
Operating activities | 62 |  | 156 |
Change in fair value of: |  |
Non-hedge derivatives | 4 |  | 6 |
Cash flow hedges: |  |
Effective portion | (19 | ) | 25 |
Ineffective portion | 5 |  | — |
Excluded from effectiveness changes | (5 | ) | — |
At December 31 |  | ($29 | ) |  | ($76 | )
Classification: |  |
Other current assets |  | $2 |  |  | $1 |
Other long-term assets | 1 |  | 1 |
Other current liabilities | (30 | ) | (50 | )
Other long-term obligations | (2 | ) | (28 | )
|  | ($29 | ) |  | ($76 | )
| Notional Amount by Term to Maturity | Accounting Classification by Notional Amount |
| Within 1 year | 2 to 3 years | 4 to 5 years | Total | Cash flow hedge | Non-Hedge | Fair value (USD)
US dollar interest rate contracts (US$ millions) |  |  |  |  |  |  |
Total receive - float swap positions |  | $28 |  |  | $43 |  |  | $— |  |  | $71 |  |  | $71 |  |  | $— |  |  | $1 |
Currency contracts |  |  |  |  |  |  |
A$:US$ contracts (A$ millions) | 21 |  | — |  | — |  | 21 |  | — |  | 21 |  | — |
C$:US$ contracts (C$ millions) | 8 |  | — |  | — |  | 8 |  | — |  | 8 |  | — |
PGK:US$ contracts (PGK millions) | 32 |  | — |  | — |  | 32 |  | — |  | 32 |  | — |
Commodity contracts |  |  |  |  |  |  |
Gold collar sell contracts (thousands of ounces) | 105 |  | — |  | — |  | 105 |  | — |  | 105 |  | 2 |
Copper bought floor contracts (millions of pounds) | 60 |  | — |  | — |  | 60 |  | 60 |  | — |  | (8 | )
Fuel contracts (thousands of barrels)1 | 1,244 |  | 42 |  | — |  | 1,286 |  | 840 |  | 446 |  | (24 | )
1 | Fuel contracts represent a combination of WTI swaps and Brent options. These derivatives hedge physical supply contracts based on the price of fuel across our operating mine sites plus a spread. WTI represents West Texas Intermediate and Brent represents Brent Crude Oil.
| Asset Derivatives | Liability Derivatives
| Balance Sheet Classification | Fair Value as at Dec. 31, 2017 |  | Fair Value as at Dec. 31, 2016 |  | Balance Sheet Classification | Fair Value as at Dec. 31, 2017 |  | Fair Value as at Dec. 31, 2016 |
Derivatives designated as hedging instruments |  |  |  |  |  |
US dollar interest rate contracts | Other assets |  | $1 |  |  | $1 |  | Other liabilities |  | $— |  |  | $— |
Commodity contracts | Other assets | — |  | — |  | Other liabilities | 25 |  | 71 |
Total derivatives classified as hedging instruments |  |  | $1 |  |  | $1 |  |  |  | $25 |  |  | $71 |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts | Other assets |  | $2 |  |  | $1 |  | Other liabilities |  | $7 |  |  | $7 |
Total derivatives not designated as hedging instruments |  |  | $2 |  |  | $1 |  |  |  | $7 |  |  | $7 |
Total derivatives |  |  | $3 |  |  | $2 |  |  |  | $32 |  |  | $78 |
Cash flow hedge gains (losses) |
| Commodity price hedges | Currency hedges | Interest rate hedges |
| Gold/Silver |  | Copper |  | Fuel |  | Operating costs |  | General and administrative costs |  | Capital expenditures |  | Long-term debt |  | Total |
At January 1, 2016 |  | $14 |  |  | $— |  |  | ($102 | ) |  | ($30 | ) |  | $— |  |  | $— |  |  | ($22 | ) |  | ($140 | )
Effective portion of change in fair value of hedging instruments | — |  | — |  | 23 |  | 2 |  | — |  | — |  | — |  | 25 |
Transfers to earnings: |  |  |  |  |  |  |  |
On recording hedged items in earnings/PP&E 1 | (5 | ) | — |  | 47 |  | 28 |  | — |  | — |  | 2 |  | 72 |
At December 31, 2016 |  | $9 |  |  | $— |  |  | ($32 | ) |  | $— |  |  | $— |  |  | $— |  |  | ($20 | ) |  | ($43 | )
Effective portion of change in fair value of hedging instruments | — |  | (11 | ) | (8 | ) | — |  | — |  | — |  | — |  | (19 | )
Transfers to earnings: |  |  |  |  |  |  |  |
On recording hedged items in earnings/PP&E 1 | (7 | ) | 4 |  | 27 |  | — |  | — |  | — |  | 3 |  | 27 |
Hedge ineffectiveness due to changes in original forecasted transaction | — |  | — |  | 5 |  | — |  | — |  | — |  | — |  | 5 |
At December 31, 2017 |  | $2 |  |  | ($7 | ) |  | ($8 | ) |  | $— |  |  | $— |  |  | $— |  |  | ($17 | ) |  | ($30 | )
Hedge gains/losses classified within | Gold/Silver sales |  | Copper sales |  | Cost of sales |  | Cost of sales |  | General and administrative costs |  | Property, plant, and equipment |  | Interest expense |  | Total |
Portion of hedge gain (loss) expected to affect 2018 earnings 2 |  | $2 |  |  | ($7 | ) |  | ($8 | ) |  | $— |  |  | $— |  |  | $— |  |  | ($1 | ) |  | ($14 | )
1 | Realized gains (losses) on qualifying currency hedges of capital expenditures are transferred from OCI to PP&E on settlement.
2 | Based on the fair value of hedge contracts at December 31, 2017.
Derivatives in cash flow hedging relationships | Amount of gain (loss) recognized in OCI | Location of gain (loss) transferred from OCI into income/PP&E (effective portion) | Amount of gain (loss) transferred from OCI into income (effective portion) | Location of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)
| 2017 |  | 2016 |  |  | 2017 |  | 2016 |  |  | 2017 |  | 2016 |
Interest rate contracts |  | ($1 | ) |  | $— |  | Finance income/ finance costs |  | ($3 | ) |  | ($2 | ) | Gain (loss) on non-hedge derivatives |  | $— |  |  | $— |
Foreign exchange contracts | — |  | 2 |  | Cost of sales/general and administrative costs/PP&E | — |  | (28 | ) | Gain (loss) on non-hedge derivatives | — |  | — |
Commodity contracts | (18 | ) | 23 |  | Revenue/cost of sales | (24 | ) | (42 | ) | Gain (loss) on non-hedge derivatives | (5 | ) | — |
Total |  | ($19 | ) |  | $25 |  |  |  | ($27 | ) |  | ($72 | ) |  |  | ($5 | ) |  | $— |
Gains (losses) on non-hedge derivatives |
For the years ended December 31 | 2017 | 2016
Commodity contracts |  |
Gold |  | $4 |  |  | $2 |
Silver 1 | 7 |  | 6 |
Copper | (1 | ) | — |
Fuel | — |  | 5 |
Currency Contracts | 1 |  | (1 | )
|  | $11 |  |  | $12 |
Hedge ineffectiveness | (5 | ) | — |
|  | $6 |  |  | $12 |
1 | Relates to the amortization of crystallized OCI.

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