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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2019
Operating Segments [Abstract] |
SEGMENT INFORMATION | 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. Barrick’s business is organized into nineteen minesites and two projects. Barrick’s 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, has assumed this role. Each individual minesite and the Pascua-Lama project are operating segments for financial reporting purposes. Following the Merger and the Nevada Gold Mines and Acacia transactions, 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 nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, Porgera and North Mara). 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. Prior period figures have been restated to reflect this disaggregation. Consolidated Statements of Income Information
|  | Cost of Sales |  |  |
For the year ended December 31, 2019 | Revenue |  | Direct mining, royalties and community relations |  | Depreciation |  | Exploration, evaluation and project expenses |  | Other expenses (income)1 |  | Segment income (loss) |
Carlin 2,3 |  | $1,862 |  |  | $998 |  |  | $312 |  |  | $17 |  |  | $4 |  |  | $531 |
Cortez 2 | 1,325 |  | 511 |  | 240 |  | 8 |  | 16 |  | 550 |
Turquoise Ridge 2,4 | 688 |  | 285 |  | 140 |  | 4 |  | — |  | 259 |
Pueblo Viejo 2 | 1,409 |  | 525 |  | 196 |  | 12 |  | — |  | 676 |
Loulo-Gounkoto 2 | 1,007 |  | 456 |  | 295 |  | 12 |  | 6 |  | 238 |
Kibali | 505 |  | 207 |  | 196 |  | 3 |  | (9 | ) | 108 |
Veladero | 386 |  | 208 |  | 115 |  | 3 |  | 3 |  | 57 |
Porgera | 403 |  | 242 |  | 42 |  | 2 |  | 4 |  | 113 |
North Mara 2 | 462 |  | 213 |  | 97 |  | — |  | 6 |  | 146 |
Other Mines 2 | 2,175 |  | 1,426 |  | 554 |  | 19 |  | 46 |  | 130 |
Reportable segment income |  | $10,222 |  |  | $5,071 |  |  | $2,187 |  |  | $80 |  |  | $76 |  |  | $2,808 |
Share of equity investee | (505 | ) | (207 | ) | (196 | ) | (3 | ) | 9 |  | (108 | )
Segment income |  | $9,717 |  |  | $4,864 |  |  | $1,991 |  |  | $77 |  |  | $85 |  |  | $2,700 |
Consolidated Statements of Income Information
|  | Cost of Sales |  |  |
For the year ended December 31, 2018 | Revenue |  | Direct mining, royalties and community relations |  | Depreciation |  | Exploration, evaluation and project expenses |  | Other expenses (income)1 |  | Segment income (loss) |
Carlin 2,3 |  | $1,066 |  |  | $624 |  |  | $262 |  |  | $19 |  |  | ($5 | ) |  | $166 |
Cortez 2 | 1,589 |  | 442 |  | 386 |  | 16 |  | 19 |  | 726 |
Turquoise Ridge 2,4 | 331 |  | 178 |  | 28 |  | — |  | (1 | ) | 126 |
Pueblo Viejo 2 | 1,333 |  | 547 |  | 185 |  | 21 |  | 1 |  | 579 |
Loulo-Gounkoto 2 | — |  | — |  | — |  | — |  | — |  | — |
Kibali | — |  | — |  | — |  | — |  | — |  | — |
Veladero | 366 |  | 189 |  | 121 |  | 2 |  | 1 |  | 53 |
Porgera | 269 |  | 170 |  | 42 |  | — |  | 1 |  | 56 |
North Mara 2 | 423 |  | 202 |  | 62 |  | — |  | 12 |  | 147 |
Other Mines 2 | 1,866 |  | 1,401 |  | 334 |  | 14 |  | 69 |  | 48 |
Reportable segment income |  | $7,243 |  |  | $3,753 |  |  | $1,420 |  |  | $72 |  |  | $97 |  |  | $1,901 |
Share of equity investee | — |  | — |  | — |  | — |  | — |  | — |
Segment income |  | $7,243 |  |  | $3,753 |  |  | $1,420 |  |  | $72 |  |  | $97 |  |  | $1,901 |
1 | Includes accretion expense, which is included with finance costs in the consolidated statements of income. For the year ended December 31, 2019, accretion expense was $53 million (2018: $53 million).
2 | Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for the year ended December 31, 2019, for Pueblo Viejo, $566 million, $286 million, $274 million (2018: $535 million, $289 million, $237 million), Nevada Gold Mines, $1,049 million, $704 million, $329 million (2018:$nil, $nil, $nil), Tanzania mines, $169 million, $125 million, $31 million (2018: $240 million, $163 million, $61 million), Loulo-Gounkoto $201 million, $150 million, $48 million (2018: $nil, $nil, $nil) and Tongon $39 million, $41 million, $(2) million (2018: $nil, $nil, $nil).
3 | On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin mines were contributed to Nevada Gold Mines and are now operated as one segment referred to as Carlin. As a result, the amounts presented represent Goldstrike (including South Arturo) up until June 30, 2019, and the combined results of Carlin (including Goldstrike) thereafter including non-controlling interest. Refer to note 4.
4 | Barrick owned 75% of Turquoise Ridge up until June 30, 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was accounted for as a joint operation and proportionately consolidated. On July 1, 2019, Barrick's 75% interest in Turquoise Ridge and Newmont's Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines and are now operated as one segment referred to as Turquoise Ridge. The figures presented in this table are based on our 75% interest in Turquoise Ridge until June 30, 2019 and the combined results of Turquoise Ridge (including Twin Creeks) thereafter including non-controlling interest. Refer to note 4.
Reconciliation of Segment Income to Income from Continuing Operations Before Income Taxes
For the years ended December 31 | 2019 |  | 2018 |
Segment income |  | $2,700 |  |  | $1,901 |
Other cost of sales/amortization 1 | (56 | ) | (47 | )
Exploration, evaluation and project expenses not attributable to segments | (265 | ) | (311 | )
General and administrative expenses | (212 | ) | (265 | )
Other (expense) income not attributable to segments | 3,132 |  | (46 | )
Impairment reversals (charges) | 1,423 |  | (900 | )
Loss on currency translation | (109 | ) | (136 | )
Closed mine rehabilitation | (5 | ) | 13 |
Income from equity investees | 165 |  | 46 |
Finance costs, net (includes non-segment accretion)2 | (416 | ) | (492 | )
Gain on non-hedge derivatives 3 | — |  | — |
Income (loss) before income taxes 4 |  | $6,357 |  |  | ($237 | )
1 | Includes realized hedge losses of $nil (2018: $4 million losses).
2 | Includes debt extinguishment losses of $3 million (2018: $29 million losses).
3 | Includes unrealized non-hedge losses of $nil (2018: $1 million losses).
4 | Includes non-controlling interest portion of revenues, cost of sales and non-segment income (loss) for the year ended December 31, 2019, for Tanzania, $nil, $nil, $(17) million (2018: $nil, $1 million, $2 million) and Nevada Gold Mines, $nil, $6 million, $1 million (2018: $nil, $nil, $nil).
Geographic Information
| Non-current assets | Revenue 1
| As at December 31, 2019 |  | As at December 31, 2018 |  | 2019 |  | 2018 |
United States |  | $16,514 |  |  | $6,857 |  |  | $4,190 |  |  | $3,025 |
Mali | 4,662 |  | — |  | 1,007 |  | — |
Dominican Republic | 4,303 |  | 3,468 |  | 1,409 |  | 1,334 |
Democratic Republic of Congo | 3,218 |  | — |  | — |  | — |
Chile | 2,158 |  | 2,679 |  | — |  | — |
Zambia | 1,705 |  | 735 |  | 393 |  | 502 |
Argentina | 1,571 |  | 1,723 |  | 386 |  | 366 |
Tanzania | 1,009 |  | 1,059 |  | 671 |  | 664 |
Canada | 490 |  | 368 |  | 305 |  | 226 |
Côte d'Ivoire | 424 |  | — |  | 384 |  | — |
Saudi Arabia | 368 |  | 408 |  | — |  | — |
Papua New Guinea | 361 |  | 348 |  | 403 |  | 269 |
Peru | 170 |  | 145 |  | 279 |  | 449 |
Australia | — |  | 396 |  | 290 |  | 408 |
Unallocated | 552 |  | 467 |  | — |  | — |
Total |  | $37,505 |  |  | $18,653 |  |  | $9,717 |  |  | $7,243 |
1 | Presented based on the location from which the product originated.
Capital Expenditures Information
| Segment Capital Expenditures 1
| As at December 31, 2019 |  | As at December 31, 2018 |
Carlin |  | $303 |  |  | $195 |
Cortez | 327 |  | 349 |
Turquoise Ridge | 125 |  | 62 |
Pueblo Viejo | 107 |  | 145 |
Loulo-Gounkoto | 198 |  | — |
Kibali | 43 |  | — |
Veladero | 95 |  | 143 |
Porgera | 50 |  | 62 |
North Mara | 57 |  | 82 |
Other Mines | 384 |  | 284 |
Reportable segment total |  | $1,689 |  |  | $1,322 |
Other items not allocated to segments | 110 |  | 121 |
Total |  | $1,799 |  |  | $1,443 |
Share of equity investee | (43 | ) | — |
Total |  | $1,756 |  |  | $1,443 |
1 | 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. In 2019, cash expenditures were $1,701 million (2018: $1,400 million) and the increase in accrued expenditures was $55 million (2018: $43 million increase).

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