SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure of operating segments [line items]

Disclosure of entity's operating segments [text block]

Consolidated Statement of Income Information



				Cost of Sales
For the three months ended June 30, 2019	Revenue			Direct mining, royalties and community relations			Depreciation			Exploration, evaluation and project expenses		Other expenses (income)¹			Segment income (loss)
Cortez		$368			$137			$65			$2		$6			$158
Goldstrike	235			150			53			2		(3		)	33
Turquoise Ridge	110			48			9			1		(1		)	53
Pueblo Viejo²	314			141			47			3		1			122
Loulo-Gounkoto²	243			110			87			2		3			41
Kibali	125			51			31			—		—			43
Veladero	100			57			31			1		(1		)	12
Acacia²	189			97			35			—		21			36
Other Mines^2,3,4	504			339			132			4		9			20
Reportable segment income		$2,188			$1,130			$490			$15		$35			$518
Share of equity investees	(125		)	(51		)	(31		)	—		—			(43		)
Segment income		$2,063			$1,079			$459			$15		$35			$475

Consolidated Statement of Income Information



			Cost of Sales
For the three months ended June 30, 2018	Revenue		Direct mining, royalties and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)¹		Segment income (loss)
Cortez		$371		$100		$85		$3		$4		$179
Goldstrike	214		138		54		5		3		14
Turquoise Ridge	75		40		7		—		—		28
Pueblo Viejo²	297		134		43		4		1		115
Loulo-Gounkoto²	—		—		—		—		—		—
Kibali	—		—		—		—		—		—
Veladero	111		47		34		2		1		27
Acacia²	176		95		23		—		25		33
Other Mines^2,3,4	468		292		74		5		4		93
Reportable segment income		$1,712		$846		$320		$19		$38		$489
Share of equity investees	—		—		—		—		—		—
Segment income		$1,712		$846		$320		$19		$38		$489

Consolidated Statement of Income Information



				Cost of Sales
For the six months ended June 30, 2019	Revenue			Direct mining, royalties and community relations			Depreciation			Exploration, evaluation and project expenses		Other expenses (income)¹			Segment income (loss)
Cortez		$707			$250			$129			$4		$11			$313
Goldstrike	546			310			119			4		(3		)	116
Turquoise Ridge	210			87			15			1		—			107
Pueblo Viejo²	640			258			93			6		2			281
Loulo-Gounkoto²	453			220			146			4		6			77
Kibali	242			103			87			—		(1		)	53
Veladero	191			108			61			1		(1		)	22
Acacia²	327			189			60			—		41			37
Other Mines^2,3,4	1,082			713			261			8		19			81
Reportable segment income		$4,398			$2,238			$971			$28		$74			$1,087
Share of equity investees	(242		)	(103		)	(87		)	—		1			(53		)
Segment income		$4,156			$2,135			$884			$28		$75			$1,034

Consolidated Statement of Income Information



			Cost of Sales
For the six months ended June 30, 2018	Revenue		Direct mining, royalties and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)¹		Segment income (loss)
Cortez		$734		$199		$172		$5		$7		$351
Goldstrike	465		282		115		5		1		62
Turquoise Ridge	159		78		14		—		—		67
Pueblo Viejo²	653		260		84		8		1		300
Loulo-Gounkoto²	—		—		—		—		—		—
Kibali	—		—		—		—		—		—
Veladero	212		92		65		2		1		52
Acacia	333		181		47		—		1		104
Other Mines^2,3,4	946		579		140		8		26		193
Reportable segment income		$3,502		$1,671		$637		$28		$37		$1,129
Share of equity investees	—		—		—		—		—		—
Segment income		$3,502		$1,671		$637		$28		$37		$1,129


¹	Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019, accretion expense was $12 million (2018: $13 million) and for the six months ended June 30, 2019, accretion expense was $26 million (2018: $25 million).

Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2019 for Pueblo Viejo $122 million, $74 million, $47 million (2018: $119 million, $70 million, $48 million), Loulo-Gounkoto $49 million, $39 million, $9 million (2018: $nil, $nil, $nil), Acacia $68 million, $48 million, $12 million (2018: $63 million, $42 million, $11 million), and Tongon $9 million, $10 million, $1 million (2018: $nil, $nil, $nil) and for the six months ended June 30, 2019 for Pueblo Viejo $250 million, $139 million, $108 million (2018: $257 million, $136 million, $118 million), Loulo-Gounkoto $91 million, $73 million, $16 million (2018: $nil, $nil, $nil), Acacia $118 million, $90 million, $13 million (2018: $120 million, $82 million, $37 million) and Tongon $18 million, $21 million, $(3) million (2018: $nil, $nil, $nil).


³	Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million (2018: $30 million) and for the six months ended June 30, 2019 of $71 million (2018: $62 million).


⁴	Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses (2018: $6 million losses) and for the six months ended June 30, 2019 of $14 million gains (2018: $29 million losses).

Reconciliation of Segment Income to Income Before Income Taxes



	For the three months ended June 30						For the six months ended June 30
	2019			2018			2019			2018
Segment income		$475			$489			$1,034			$1,129
Other cost of sales/amortization¹	(7		)	(10		)	(16		)	(20		)
Exploration, evaluation and project expenses not attributable to segments	(83		)	(78		)	(144		)	(142		)
General and administrative expenses	(59		)	(93		)	(113		)	(141		)
Other income (expense) not attributable to segments	16			(9		)	15			(28		)
Impairment charges not attributable to segments	(12		)	(59		)	(15		)	(61		)
(Gain) loss on currency translation	6			(75		)	(16		)	(90		)
Closed mine rehabilitation	(16		)	(9		)	(41		)	—
Income from equity investees	50			10			78			26
Finance costs, net (includes non-segment accretion)	(106		)	(127		)	(212		)	(243		)
Gain on non-hedge derivatives²	—			1			1			3
Income before income taxes		$264			$40			$571			$433


¹	Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $nil losses (2018: $1 million losses) and for the six months ended June 30, 2019 of $nil losses (2018: $2 million losses).


²	Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $nil losses (2018: $nil losses) and for the six months ended June 30, 2019 of $1 million gains (2018: $nil losses).

Capital Expenditures Information



	Segment capital expenditures¹
	For the three months ended June 30					For the six months ended June 30
	2019			2018		2019			2018
Cortez		$88			$87		$165			$158
Goldstrike	64			55		119			118
Turquoise Ridge	21			14		47			27
Pueblo Viejo	26			33		58			71
Loulo-Gounkoto	39			—		89			—
Kibali	10			—		20			—
Veladero	19			33		48			64
Acacia	17			25		33			51
Other Mines	113			68		223			123
Reportable segment total		$397			$315		$802			$612
Other items not allocated to segments	6			26		49			60
Total		$403			$341		$851			$672
Share of equity investees		($10	)		$—		($20	)		$—
Total		$393			$341		$831			$672

Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended June 30, 2019, cash expenditures were $379 million (2018: $313 million) and the increase in accrued expenditures was $14 million (2018: $28 million increase). For the six months ended June 30, 2019, cash expenditures were $753 million (2018: $639 million) and the increase in accrued expenditures was $78 million (2018: $33 million increase).

SEGMENT INFORMATION

Starting in the first quarter of 2019, management reviews the operating results and assesses performance of our operations in Nevada at an individual minesite level; therefore our Cortez and Goldstrike minesites, previously presented as Barrick Nevada, have been presented separately. Prior period figures have been restated to reflect this disaggregation. Barrick’s business is organized into seventeen minesites, one publicly traded company and two projects. Barrick’s Chief Operating Decision Maker (“CODM”), reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, Company and/or project level. Upon completion of the Merger, Mark Bristow, as President and Chief Executive Officer, assumed this role. Each individual minesite and the Pascua-Lama project, with the exception of Acacia, are operating segments for financial reporting purposes. Following the merger with Randgold, we re-evaluated our reportable operating segments and no longer report on our interests in the following non-core properties: Lagunas Norte and Pascua-Lama. Our presentation of our reportable operating segments consists of seven gold mines (Cortez, Goldstrike, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali and Veladero) and Acacia. The remaining operating segments, including our remaining gold mines, copper mines and projects, have been grouped into an “other” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

Consolidated Statement of Income Information



				Cost of Sales
For the three months ended June 30, 2019	Revenue			Direct mining, royalties and community relations			Depreciation			Exploration, evaluation and project expenses		Other expenses (income)¹			Segment income (loss)
Cortez		$368			$137			$65			$2		$6			$158
Goldstrike	235			150			53			2		(3		)	33
Turquoise Ridge	110			48			9			1		(1		)	53
Pueblo Viejo²	314			141			47			3		1			122
Loulo-Gounkoto²	243			110			87			2		3			41
Kibali	125			51			31			—		—			43
Veladero	100			57			31			1		(1		)	12
Acacia²	189			97			35			—		21			36
Other Mines^2,3,4	504			339			132			4		9			20
Reportable segment income		$2,188			$1,130			$490			$15		$35			$518
Share of equity investees	(125		)	(51		)	(31		)	—		—			(43		)
Segment income		$2,063			$1,079			$459			$15		$35			$475

Consolidated Statement of Income Information



			Cost of Sales
For the three months ended June 30, 2018	Revenue		Direct mining, royalties and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)¹		Segment income (loss)
Cortez		$371		$100		$85		$3		$4		$179
Goldstrike	214		138		54		5		3		14
Turquoise Ridge	75		40		7		—		—		28
Pueblo Viejo²	297		134		43		4		1		115
Loulo-Gounkoto²	—		—		—		—		—		—
Kibali	—		—		—		—		—		—
Veladero	111		47		34		2		1		27
Acacia²	176		95		23		—		25		33
Other Mines^2,3,4	468		292		74		5		4		93
Reportable segment income		$1,712		$846		$320		$19		$38		$489
Share of equity investees	—		—		—		—		—		—
Segment income		$1,712		$846		$320		$19		$38		$489

Consolidated Statement of Income Information



				Cost of Sales
For the six months ended June 30, 2019	Revenue			Direct mining, royalties and community relations			Depreciation			Exploration, evaluation and project expenses		Other expenses (income)¹			Segment income (loss)
Cortez		$707			$250			$129			$4		$11			$313
Goldstrike	546			310			119			4		(3		)	116
Turquoise Ridge	210			87			15			1		—			107
Pueblo Viejo²	640			258			93			6		2			281
Loulo-Gounkoto²	453			220			146			4		6			77
Kibali	242			103			87			—		(1		)	53
Veladero	191			108			61			1		(1		)	22
Acacia²	327			189			60			—		41			37
Other Mines^2,3,4	1,082			713			261			8		19			81
Reportable segment income		$4,398			$2,238			$971			$28		$74			$1,087
Share of equity investees	(242		)	(103		)	(87		)	—		1			(53		)
Segment income		$4,156			$2,135			$884			$28		$75			$1,034

Consolidated Statement of Income Information



			Cost of Sales
For the six months ended June 30, 2018	Revenue		Direct mining, royalties and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)¹		Segment income (loss)
Cortez		$734		$199		$172		$5		$7		$351
Goldstrike	465		282		115		5		1		62
Turquoise Ridge	159		78		14		—		—		67
Pueblo Viejo²	653		260		84		8		1		300
Loulo-Gounkoto²	—		—		—		—		—		—
Kibali	—		—		—		—		—		—
Veladero	212		92		65		2		1		52
Acacia	333		181		47		—		1		104
Other Mines^2,3,4	946		579		140		8		26		193
Reportable segment income		$3,502		$1,671		$637		$28		$37		$1,129
Share of equity investees	—		—		—		—		—		—
Segment income		$3,502		$1,671		$637		$28		$37		$1,129


¹	Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019, accretion expense was $12 million (2018: $13 million) and for the six months ended June 30, 2019, accretion expense was $26 million (2018: $25 million).


³	Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million (2018: $30 million) and for the six months ended June 30, 2019 of $71 million (2018: $62 million).


⁴	Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses (2018: $6 million losses) and for the six months ended June 30, 2019 of $14 million gains (2018: $29 million losses).

Reconciliation of Segment Income to Income Before Income Taxes



	For the three months ended June 30						For the six months ended June 30
	2019			2018			2019			2018
Segment income		$475			$489			$1,034			$1,129
Other cost of sales/amortization¹	(7		)	(10		)	(16		)	(20		)
Exploration, evaluation and project expenses not attributable to segments	(83		)	(78		)	(144		)	(142		)
General and administrative expenses	(59		)	(93		)	(113		)	(141		)
Other income (expense) not attributable to segments	16			(9		)	15			(28		)
Impairment charges not attributable to segments	(12		)	(59		)	(15		)	(61		)
(Gain) loss on currency translation	6			(75		)	(16		)	(90		)
Closed mine rehabilitation	(16		)	(9		)	(41		)	—
Income from equity investees	50			10			78			26
Finance costs, net (includes non-segment accretion)	(106		)	(127		)	(212		)	(243		)
Gain on non-hedge derivatives²	—			1			1			3
Income before income taxes		$264			$40			$571			$433


¹	Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $nil losses (2018: $1 million losses) and for the six months ended June 30, 2019 of $nil losses (2018: $2 million losses).


²	Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $nil losses (2018: $nil losses) and for the six months ended June 30, 2019 of $1 million gains (2018: $nil losses).

Capital Expenditures Information



	Segment capital expenditures¹
	For the three months ended June 30					For the six months ended June 30
	2019			2018		2019			2018
Cortez		$88			$87		$165			$158
Goldstrike	64			55		119			118
Turquoise Ridge	21			14		47			27
Pueblo Viejo	26			33		58			71
Loulo-Gounkoto	39			—		89			—
Kibali	10			—		20			—
Veladero	19			33		48			64
Acacia	17			25		33			51
Other Mines	113			68		223			123
Reportable segment total		$397			$315		$802			$612
Other items not allocated to segments	6			26		49			60
Total		$403			$341		$851			$672
Share of equity investees		($10	)		$—		($20	)		$—
Total		$393			$341		$831			$672

Purchase Commitments

At June 30, 2019, we had purchase obligations for supplies and consumables of $1,803 million (December 31, 2018: $1,972 million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $108 million at June 30, 2019 (December 31, 2018: $82 million).