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DEFERRED INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
Income Tax [Abstract] |
DEFERRED INCOME TAXES | DEFERRED INCOME TAXES Recognition and Measurement We record deferred income tax assets and liabilities where temporary differences exist between the carrying amounts of assets and liabilities in our balance sheet and their tax bases. The measurement and recognition of deferred income tax assets and liabilities takes into account: substantively enacted rates that will apply when temporary differences reverse; interpretations of relevant tax legislation; estimates of the tax bases of assets and liabilities; and the deductibility of expenditures for income tax purposes. In addition, the measurement and recognition of deferred tax assets takes into account tax planning strategies. We recognize the effect of changes in our assessment of these estimates and factors when they occur. Changes in deferred income tax assets and liabilities are allocated between net income, other comprehensive income, and goodwill based on the source of the change. Current income taxes of $239 million and deferred income taxes of $155 million have been provided on the undistributed earnings of certain foreign subsidiaries. Deferred income taxes have not been provided on the undistributed earnings of all other foreign subsidiaries for which we are able to control the timing of the remittance, and it is probable that there will be no remittance in the foreseeable future. These undistributed earnings amounted to $3,916 million as at December 31, 2017. Sources of Deferred Income Tax Assets and Liabilities
| As at December 31, 2017 |  | As at December 31, 2016 |
Deferred tax assets |  |
Tax loss carry forwards |  | $926 |  |  | $735 |
Environmental rehabilitation | 594 |  | 639 |
Property, plant and equipment | 175 |  | 273 |
Post-retirement benefit obligations and other employee benefits | 49 |  | 47 |
Accrued interest payable | 40 |  | 75 |
Other working capital | 23 |  | 54 |
Derivative instruments | 74 |  | 89 |
Other | 21 |  | 41 |
|  | $1,902 |  |  | $1,953 |
Deferred tax liabilities |  |
Property, plant and equipment | (1,571 | ) | (1,963 | )
Inventory | (507 | ) | (533 | )
|  | ($176 | ) |  | ($543 | )
Classification: |  |
Non-current assets |  | $1,069 |  |  | $977 |
Non-current liabilities | (1,245 | ) | (1,520 | )
|  | ($176 | ) |  | ($543 | )
The deferred tax asset of $1,069 million includes $1,064 million expected to be realized in more than one year. The deferred tax liability of $1,245 million includes $1,228 million expected to be realized in more than one year. Expiry Dates of Tax Losses
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022+ |  | No expiry date |  | Total |
Non-capital tax losses 1 |  |  |  |  |  |  |
Canada |  | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $2,093 |  |  | $— |  |  | $2,093 |
Argentina | — |  | — |  | — |  | 271 |  | — |  | — |  | 271 |
Barbados | 4,727 |  | 922 |  | 217 |  | 13 |  | 735 |  | — |  | 6,614 |
Chile | — |  | — |  | — |  | — |  | — |  | 1,052 |  | 1,052 |
Tanzania | — |  | — |  | — |  | — |  | — |  | 1,756 |  | 1,756 |
Zambia | 115 |  | — |  | — |  | 12 |  | 404 |  | — |  | 531 |
Other | 7 |  | — |  | — |  | — |  | — |  | 568 |  | 575 |
|  | $4,849 |  |  | $922 |  |  | $217 |  |  | $296 |  |  | $3,232 |  |  | $3,376 |  |  | $12,892 |
1 | Represents the gross amount of tax loss carry forwards translated at closing exchange rates at December 31, 2017.
The non-capital tax losses include $9,153 million of losses which are not recognized in deferred tax assets. Of these, $4,843 million expire in 2018, $922 million expire in 2019, $217 million expire in 2020, $296 million expire in 2021, $1,009 million expire in 2022 or later, and $1,866 million have no expiry date. Recognition of Deferred Tax Assets We recognize deferred tax assets taking into account the effects of local tax law. Deferred tax assets are fully recognized when we conclude that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors considered are:
• | Historic and expected future levels of taxable income;
• | Tax plans that affect whether tax assets can be realized; and
• | The nature, amount and expected timing of reversal of taxable temporary differences.
Levels of future income are mainly affected by: market gold, copper and silver prices; forecasted future costs and expenses to produce gold and copper reserves; quantities of proven and probable gold and copper reserves; market interest rates; and foreign currency exchange rates. If these factors or other circumstances change, we record an adjustment to the recognition of deferred tax assets to reflect our latest assessment of the amount of deferred tax assets that is probable will be realized. A deferred income tax asset totaling $661 million (December 31, 2016: $569 million) has been recorded in Canada. This deferred tax asset primarily arose from derivative realized losses, finance costs, and general and administrative expenses. A deferred tax asset totaling $98 million (December 31, 2016: $126 million) has been recorded in a foreign subsidiary. This deferred tax asset primarily arose from a realized loss on internal restructuring of subsidiary corporations. Projections of various sources of income support the conclusion that the realizability of these deferred tax assets is probable and consequently, we have fully recognized these deferred tax assets. Deferred Tax Assets Not Recognized
| As at December 31, 2017 |  | As at December 31, 2016 |
Australia |  | $158 |  |  | $162 |
Canada | 388 |  | 377 |
United States | — |  | 115 |
Chile | 993 |  | 890 |
Argentina | 515 |  | 599 |
Barbados | 66 |  | 66 |
Tanzania | 209 |  | 183 |
Zambia | 50 |  | 151 |
Saudi Arabia | 70 |  | 70 |
|  | $2,449 |  |  | $2,613 |
Deferred Tax Assets Not Recognized relate to: non-capital loss carry forwards of $690 million (2016: $638 million), capital loss carry forwards with no expiry date of $452 million (2016: $440 million), US AMT credits of $nil (2016: $113 million) and other deductible temporary differences with no expiry date of $1,307 million (2016: $1,422 million).
Source of Changes in Deferred Tax Balances
For the years ended December 31 | 2017 |  | 2016 |
Temporary differences |  |
Property, plant and equipment |  | $295 |  |  | ($297 | )
Environmental rehabilitation | (45 | ) | 79 |
Tax loss carry forwards | 191 |  | 259 |
Inventory | 26 |  | (94 | )
Derivatives | (16 | ) | (16 | )
Other | (84 | ) | 39 |
|  | $367 |  |  | ($30 | )
Intraperiod allocation to: |  |
Income from continuing operations before income taxes |  | ($106 | ) |  | ($8 | )
Cerro Casale disposition | 469 |  | — |
Veladero disposition | 16 |  | — |
OCI | (12 | ) | (22 | )
|  | $367 |  |  | ($30 | )
Income Tax Related Contingent Liabilities
| 2017 |  | 2016 |
At January 1 |  | $128 |  |  | $61 |
Net additions based on uncertain tax positions related to prior years | 178 |  | 70 |
Reductions for tax positions of prior years | — |  | (3 | )
At December 31 1 |  | $306 |  |  | $128 |
1 | If reversed, the total amount of $306 million would be recognized as a benefit to income taxes on the income statement, and therefore would impact the reported effective tax rate.
Tax Years Still Under Examination |
Canada | 2015-2017
United States | 2017
Dominican Republic | 2013-2017
Peru | 2009, 2011-2017
Chile | 2013-2017
Argentina | 2011-2017
Australia | 2013-2017
Papua New Guinea | 2006-2017
Saudi Arabia | 2007-2017
Tanzania | All years open
Zambia | 2010-2017

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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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