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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2020
Operating Segments [Abstract] |
SEGMENT INFORMATION | 5 > SEGMENT INFORMATION Barrick’s business is organized into eighteen minesites and one project. Barrick’s Chief Operating Decision Maker ("CODM") (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, Company and/or project level. Each individual minesite and the Pascua-Lama project are operating segments for financial reporting purposes. Our presentation of our reportable operating segments consists of nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, Porgera and North Mara). The remaining operating segments, including our copper mines, remaining gold mines and project, 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. Prior period figures have been restated to reflect the changes made to our reportable operating segments in the prior year. Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |  |
For the three months ended June 30, 2020 | Revenue | Direct mining, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin2 | $654 |  | $325 |  | $70 |  | $7 |  | $6 |  | $246 |  |  |
Cortez2 | 368 |  | 131 |  | 56 |  | 3 |  | — |  | 178 |  |  |
Turquoise Ridge2 | 218 |  | 96 |  | 40 |  | 4 |  | — |  | 78 |  |  |
Pueblo Viejo2 | 335 |  | 124 |  | 54 |  | 2 |  | (2) |  | 157 |  |  |
Loulo-Gounkoto2 | 340 |  | 126 |  | 74 |  | 4 |  | 2 |  | 134 |  |  |
Kibali | 164 |  | 59 |  | 42 |  | 1 |  | (2) |  | 64 |  |  |
Veladero | 62 |  | 30 |  | 13 |  | — |  | 3 |  | 16 |  |  |
Porgera | 39 |  | 20 |  | 6 |  | — |  | 26 |  | (13) |  |  |
North Mara2 | 139 |  | 59 |  | 25 |  | — |  | 2 |  | 53 |  |  |
Other Mines2,3 | 900 |  | 420 |  | 218 |  | 3 |  | 23 |  | 236 |  |  |
Reportable segment total | $3,219 |  | $1,390 |  | $598 |  | $24 |  | $58 |  | $1,149 |  |  |
Share of equity investees | (164) |  | (59) |  | (42) |  | (1) |  | 2 |  | (64) |  |  |
Segment total | $3,055 |  | $1,331 |  | $556 |  | $23 |  | $60 |  | $1,085 |  |  |
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) |  |
Carlin2 | $235 |  | $150 |  | $53 |  | $2 |  | ($3) |  | $33 |  |  |
Cortez2 | 368 |  | 137 |  | 65 |  | 2 |  | 6 |  | 158 |  |  |
Turquoise Ridge2 | 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 |  |  |
Porgera | 83 |  | 57 |  | 8 |  | 1 |  | 1 |  | 16 |  |  |
North Mara2 | 135 |  | 56 |  | 25 |  | — |  | 5 |  | 49 |  |  |
Other Mines2,3 | 475 |  | 322 |  | 133 |  | 3 |  | 16 |  | 1 |  |  |
Reportable segment total | $2,188 |  | $1,129 |  | $489 |  | $15 |  | $27 |  | $528 |  |  |
Share of equity investees | (125) |  | (51) |  | (31) |  | — |  | — |  | (43) |  |  |
Segment total | $2,063 |  | $1,078 |  | $458 |  | $15 |  | $27 |  | $485 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |  |
For the six months ended June 30, 2020 | Revenue | Direct mining, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin2 | $1,316 |  | $649 |  | $150 |  | $10 |  | $12 |  | $495 |  |  |
Cortez2 | 698 |  | 259 |  | 110 |  | 5 |  | 2 |  | 322 |  |  |
Turquoise Ridge2 | 444 |  | 192 |  | 91 |  | 5 |  | 2 |  | 154 |  |  |
Pueblo Viejo2 | 709 |  | 256 |  | 107 |  | 5 |  | — |  | 341 |  |  |
Loulo-Gounkoto2 | 583 |  | 220 |  | 133 |  | 6 |  | 5 |  | 219 |  |  |
Kibali | 304 |  | 111 |  | 83 |  | 2 |  | (4) |  | 112 |  |  |
Veladero | 152 |  | 75 |  | 35 |  | — |  | 2 |  | 40 |  |  |
Porgera | 140 |  | 80 |  | 16 |  | 1 |  | 27 |  | 16 |  |  |
North Mara2 | 271 |  | 113 |  | 50 |  | — |  | (3) |  | 111 |  |  |
Other Mines2,3 | 1,463 |  | 740 |  | 378 |  | 7 |  | 37 |  | 301 |  |  |
Reportable segment total | $6,080 |  | $2,695 |  | $1,153 |  | $41 |  | $80 |  | $2,111 |  |  |
Share of equity investees | (304) |  | (111) |  | (83) |  | (2) |  | 4 |  | (112) |  |  |
Segment total | $5,776 |  | $2,584 |  | $1,070 |  | $39 |  | $84 |  | $1,999 |  |  |
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) |  |
Carlin2 | $546 |  | $310 |  | $119 |  | $4 |  | ($3) |  | $116 |  |  |
Cortez2 | 707 |  | 250 |  | 129 |  | 4 |  | 11 |  | 313 |  |  |
Turquoise Ridge2 | 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 |  |  |
Porgera | 169 |  | 114 |  | 19 |  | 1 |  | 1 |  | 34 |  |  |
North Mara2 | 223 |  | 108 |  | 45 |  | — |  | 7 |  | 63 |  |  |
Other Mines2,3 | 1,017 |  | 679 |  | 256 |  | 7 |  | 35 |  | 40 |  |  |
Reportable segment total | $4,398 |  | $2,237 |  | $970 |  | $28 |  | $57 |  | $1,106 |  |  |
Share of equity investees | (242) |  | (103) |  | (87) |  | — |  | 1 |  | (53) |  |  |
Segment total | $4,156 |  | $2,134 |  | $883 |  | $28 |  | $58 |  | $1,053 |  |  |
1Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2020, accretion expense was $6 million (2019: $13 million) and for the six months ended June 30, 2020, accretion expense was $18 million (2019: $26 million). 2Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2020 for Nevada Gold Mines $577 million, $342 million, $224 million (2019: $nil, $nil, $nil), Pueblo Viejo $134 million, $70 million, $65 million (2019: $122 million, $74 million, $47 million), Loulo-Gounkoto $68 million, $40 million, $27 million (2019: $49 million, $39 million, $9 million), North Mara, Bulyanhulu and Buzwagi $52 million, $32 million, $18 million (2019: $68 million, $48 million, $15 million), and Tongon $13 million, $11 million, $4 million (2019: $9 million, $10 million, $(1) million) and for the six months ended June 30, 2020 for Nevada Gold Mines $1,113 million, $672 million, $424 million (2019: $nil, $nil, $nil), Pueblo Viejo $292 million, $144 million, $147 million (2019: $250 million, $139 million, $108 million), Loulo-Gounkoto $117 million, $71 million, $44 million (2019: $91 million, $73 million, $16 million), North Mara, Bulyanhulu and Buzwagi $83 million, $54 million, $26 million (2019: $118 million, $90 million, $19 million) and Tongon $24 million, $20 million, $5 million (2019: $18 million, $21 million, $(3) million). 3Includes provisional pricing adjustments for the three months ended June 30, 2020 of $31 million gains (2019: $8 million losses) and for the six months ended June 30, 2020 of $7 million gains (2019: $14 million gains). Reconciliation of Segment Income to Income Before Income Taxes
| For the three months ended June 30 |  | For the six months ended June 30 |
| 2020 | 2019 | 2020 | 2019
Segment income | $1,085 |  | $485 |  | $1,999 |  | $1,053 |
Other cost of sales/amortization | (13) |  | (9) |  | (22) |  | (18) |
Exploration, evaluation and project expenses not attributable to segments | (55) |  | (83) |  | (110) |  | (144) |
General and administrative expenses | (71) |  | (59) |  | (111) |  | (113) |
Other income (expense) not attributable to segments | (31) |  | 7 |  | 23 |  | (2) |
Impairment reversals (charges) | (23) |  | (12) |  | 313 |  | (15) |
Gain (loss) on currency translation | (2) |  | 6 |  | (18) |  | (16) |
Closed mine rehabilitation | (7) |  | (16) |  | (97) |  | (41) |
Income from equity investees | 61 |  | 50 |  | 115 |  | 78 |
Finance costs, net (includes non-segment accretion) | (76) |  | (105) |  | (168) |  | (212) |
Gain on non-hedge derivatives | 12 |  | — |  | 5 |  | 1 |
Income before income taxes1 | $880 |  | $264 |  | $1,929 |  | $571 |
1Includes non-controlling interest portion of revenues, cost of sales and non-segment income for the three months ended June 30, 2020 for Acacia, $nil, $nil, $nil (2019: $nil, $nil,$(3) million) and Nevada Gold Mines, $nil, $2 million, $(9) million (2019: $nil, $nil, $nil) and for the six months ended June 30, 2020 for Acacia, $nil, $nil, $nil (2019: $nil, $nil, $(6) million) and Nevada Gold Mines, $nil, $2 million, $(9) million (2019: $nil $nil, $nil). Capital Expenditures Information
| Segment capital expenditures1 |  |  |
| For the three months ended June 30 |  | For the six months ended June 30 |
| 2020 | 2019 | 2020 | 2019
Carlin | $103 |  | $64 |  | $196 |  | $119 |
Cortez | 91 |  | 88 |  | 178 |  | 165 |
Turquoise Ridge | 23 |  | 21 |  | 53 |  | 47 |
Pueblo Viejo | 32 |  | 26 |  | 60 |  | 58 |
Loulo-Gounkoto | 70 |  | 39 |  | 109 |  | 89 |
Kibali | 16 |  | 10 |  | 31 |  | 20 |
Veladero | 16 |  | 19 |  | 42 |  | 48 |
Porgera | 3 |  | 20 |  | 11 |  | 29 |
North Mara | 21 |  | 15 |  | 36 |  | 28 |
Other Mines | 94 |  | 82 |  | 155 |  | 197 |
Reportable segment total | $469 |  | $384 |  | $871 |  | $800 |
Other items not allocated to segments | 57 |  | 19 |  | 91 |  | 51 |
Total | $526 |  | $403 |  | $962 |  | $851 |
Share of equity investees | (16) |  | (10) |  | (31) |  | (20) |
Total | $510 |  | $393 |  | $931 |  | $831 |
1Segment 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, 2020, cash expenditures were $509 million (2019: $379 million) and the increase in accrued expenditures was $1 million (2019: $14 million increase). For the six months ended June 30, 2020, cash expenditures were $960 million (2019: $753 million) and the decrease in accrued expenditures was $29 million (2019: $78 million increase). Purchase Commitments At June 30, 2020, we had purchase obligations for supplies and consumables of $1,484 million (December 31, 2019: $1,681 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $206 million at June 30, 2020 (December 31, 2019: $383 million).

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