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DEFERRED INCOME TAXES | 12 Months Ended
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Dec. 31, 2018
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, equity and goodwill based on the source of the change. Current income taxes of $211 million and deferred income taxes of $47 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 $5,861 million as at December 31, 2018. Sources of Deferred Income Tax Assets and Liabilities
| As at December 31, 2018 |  | As at December 31, 2017 |
Deferred tax assets |  |
Tax loss carry forwards |  | $537 |  |  | $926 |
Alternative minimum tax (“AMT”) credits | 37 |  | — |
Environmental rehabilitation | 292 |  | 594 |
Property, plant and equipment | — |  | 175 |
Post-retirement benefit obligations and other employee benefits | 27 |  | 49 |
Accrued interest payable | 1 |  | 40 |
Other working capital | 32 |  | 23 |
Derivative instruments | — |  | 74 |
Other | 12 |  | 21 |
|  | $938 |  |  | $1,902 |
Deferred tax liabilities |  |
Property, plant and equipment | (1,412 | ) | (1,571 | )
Inventory | (503 | ) | (507 | )
|  | ($977 | ) |  | ($176 | )
Classification: |  |
Non-current assets |  | $259 |  |  | $1,069 |
Non-current liabilities | (1,236 | ) | (1,245 | )
|  | ($977 | ) |  | ($176 | )
The deferred tax asset of $259 million includes $242 million expected to be realized in more than one year. The deferred tax liability of $1,236 million includes $1,211 million expected to be realized in more than one year. Expiry Dates of Tax Losses
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023+ |  | No expiry date |  | Total |
Non-capital tax losses 1 |  |  |  |  |  |  |
Canada |  | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $2,305 |  |  | $— |  |  | $2,305 |
Argentina | — |  | — |  | 69 |  | — |  | — |  | — |  | 69 |
Barbados | 1,843 |  | 435 |  | 26 |  | 524 |  | 1,177 |  | — |  | 4,005 |
Chile | — |  | — |  | — |  | — |  | — |  | 1,141 |  | 1,141 |
Tanzania | — |  | — |  | — |  | — |  | — |  | 1,555 |  | 1,555 |
Zambia | — |  | — |  | 12 |  | 404 |  | — |  | — |  | 416 |
Other | — |  | — |  | — |  | — |  | — |  | 645 |  | 645 |
|  | $1,843 |  |  | $435 |  |  | $107 |  |  | $928 |  |  | $3,482 |  |  | $3,341 |  |  | $10,136 |
1 | Represents the gross amount of tax loss carry forwards translated at closing exchange rates at December 31, 2018.
The non-capital tax losses include $8,327 million of losses which are not recognized in deferred tax assets. Of these, $1,843 million expire in 2019, $435 million expire in 2020, $107 million expire in 2021, $590 million expire in 2022, $3,483 million expire in 2023 or later, and $1,869 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 tax asset totaling $83 million (December 31, 2017: $98 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 this deferred tax asset is probable and consequently, we have fully recognized this deferred tax asset. In the fourth quarter of 2018, the deferred tax assets in Canada and Peru were de-recognized. Refer to note 12 for further details. Deferred Tax Assets Not Recognized
| As at December 31, 2018 |  | As at December 31, 2017 |
Australia |  | $154 |  |  | $158 |
Canada | 1,087 |  | 388 |
Peru | 310 |  | — |
Chile | 1,028 |  | 993 |
Argentina | 174 |  | 515 |
Barbados | 40 |  | 66 |
Tanzania | 156 |  | 209 |
Zambia | 24 |  | 50 |
Saudi Arabia | 70 |  | 70 |
|  | $3,043 |  |  | $2,449 |
Deferred Tax Assets Not Recognized relate to: non-capital loss carry forwards of $1,134 million (2017: $690 million), capital loss carry forwards with no expiry date of $447 million (2017: $452 million), and other deductible temporary differences with no expiry date of $1,462 million (2017: $1,307 million).
Source of Changes in Deferred Tax Balances
For the years ended December 31 | 2018 |  | 2017 |
Temporary differences |  |
Property, plant and equipment |  | ($15 | ) |  | $295 |
Environmental rehabilitation | (302 | ) | (45 | )
Tax loss carry forwards | (389 | ) | 191 |
Inventory | 5 |  | 26 |
Derivatives | (74 | ) | (16 | )
Other | (26 | ) | (84 | )
|  | ($801 | ) |  | $367 |
Intraperiod allocation to: |  |
Income from continuing operations before income taxes |  | ($730 | ) |  | ($106 | )
Cerro Casale disposition | — |  | 469 |
Veladero disposition | — |  | 16 |
Income tax payable | (38 | ) | — |
Equity | (24 | ) | — |
OCI | (9 | ) | (12 | )
|  | ($801 | ) |  | $367 |
Income Tax Related Contingent Liabilities
| 2018 |  | 2017 |
At January 1 |  | $306 |  |  | $128 |
Net additions based on uncertain tax positions related to prior years | — |  | 178 |
At December 31 1 |  | $306 |  |  | $306 |
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 | 2015-2018
United States | 2018
Dominican Republic | 2015-2018
Peru | 2009, 2011-2013, 2015-2018
Chile | 2014-2018
Argentina | 2012-2018
Australia | 2014-2018
Papua New Guinea | 2006-2018
Saudi Arabia | 2007-2018
Tanzania | All years open
Zambia | 2010-2018

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- Definition Income Tax [Abstract] + References No definition available. + Details
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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 2018-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_10_e&doctype=Standard -URIDate 2018-03-16 + Details
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