XML 187 R38.htm IDEA: XBRL DOCUMENT
v3.20.1

DEFERRED INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2019
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 $33 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 $16,470 million as at December 31, 2019. Sources of Deferred Income Tax Assets and Liabilities
| As at December 31, 2019 |  | As at December 31, 2018 |
Deferred tax assets |  |
Tax loss carry forwards |  | $511 |  |  | $537 |
Alternative minimum tax (“AMT”) and other tax credits | 28 |  | 37 |
Environmental rehabilitation | 329 |  | 292 |
Post-retirement benefit obligations and other employee benefits | 24 |  | 27 |
Accrued interest payable | — |  | 1 |
Other working capital | 75 |  | 32 |
Other | 11 |  | 12 |
|  | $978 |  |  | $938 |
Deferred tax liabilities |  |
Property, plant and equipment | (3,263 | ) | (1,412 | )
Inventory | (545 | ) | (503 | )
Accrued interest payable | (26 | ) | — |
|  | ($2,856 | ) |  | ($977 | )
Classification: |  |
Non-current assets |  | $235 |  |  | $259 |
Non-current liabilities | (3,091 | ) | (1,236 | )
|  | ($2,856 | ) |  | ($977 | )
The deferred tax asset of $235 million includes $218 million expected to be realized in more than one year. The deferred tax liability of $3,091 million is expected to be realized in more than one year. Expiry Dates of Tax Losses
| 2020 | 2021 | 2022 | 2023 | 2024+ |  | No expiry date |  | Total |
Non-capital tax losses 1 |  |  |  |  |  |  |
Argentina |  | $— |  |  | $50 |  |  | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $50 |
Barbados | — |  | — |  | — |  | 440 |  | 1,252 |  | — |  | 1,692 |
Canada | — |  | — |  | — |  | — |  | 2,371 |  | — |  | 2,371 |
Chile | — |  | — |  | — |  | — |  | — |  | 992 |  | 992 |
Tanzania | — |  | — |  | — |  | — |  | — |  | 1,566 |  | 1,566 |
Zambia | 12 |  | 259 |  | — |  | — |  | — |  | — |  | 271 |
Other | — |  | — |  | — |  | — |  | — |  | 694 |  | 694 |
|  | $12 |  |  | $309 |  |  | $— |  |  | $440 |  |  | $3,623 |  |  | $3,252 |  |  | $7,636 |
1 | Represents the gross amount of tax loss carry forwards translated at closing exchange rates at December 31, 2019.
The non-capital tax losses include $6,037 million of losses which are not recognized in deferred tax assets. Of these, $128 million expire in 2021, $440 million expire in 2023, $3,623 million expire in 2024 or later, and $1,846 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 $53 million (December 31, 2018: $83 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 derecognized. Refer to note 12 for further details. Deferred Tax Assets Not Recognized
| As at December 31, 2019 |  | As at December 31, 2018 |
Argentina |  | $103 |  |  | $174 |
Australia | 15 |  | 154 |
Barbados | 17 |  | 40 |
Canada | 1,097 |  | 1,087 |
Chile | 1,074 |  | 1,028 |
Côte d'Ivoire | 5 |  | — |
Dominican Republic | — |  | — |
Mali | 8 |  | — |
Peru | 329 |  | 310 |
Saudi Arabia | 70 |  | 70 |
Tanzania | 156 |  | 156 |
United States | 1 |  | — |
Zambia | — |  | 24 |
|  | $2,875 |  |  | $3,043 |
Deferred Tax Assets Not Recognized relate to: non-capital loss carry forwards of $1,058 million (2018: $1,134 million), capital loss carry forwards with no expiry date of $331 million (2018: $447 million), and other deductible temporary differences with no expiry date of $1,486 million (2018: $1,462 million).
Source of Changes in Deferred Tax Balances
For the years ended December 31 | 2019 |  | 2018 |
Temporary differences |  |
Property, plant and equipment |  | ($1,851 | ) |  | ($15 | )
Environmental rehabilitation | 37 |  | (302 | )
Tax loss carry forwards | (27 | ) | (389 | )
AMT credits | (10 | ) | — |
Inventory | (42 | ) | 5 |
Derivatives | — |  | (74 | )
Other | 14 |  | (26 | )
|  | ($1,879 | ) |  | ($801 | )
Intraperiod allocation to: |  |
Income from continuing operations before income taxes |  | ($1,073 | ) |  | ($730 | )
Allocation to PPA | (799 | ) | — |
Sale of 50% interest in Kalgoorlie | 12 |  | — |
Income tax payable | (16 | ) | (38 | )
Equity | — |  | (24 | )
Other comprehensive income | (3 | ) | (9 | )
|  | ($1,879 | ) |  | ($801 | )
Income Tax Related Contingent Liabilities
| 2019 |  | 2018 |
At January 1 |  | $306 |  |  | $306 |
Net additions based on uncertain tax positions related to prior years | 21 |  | — |
At December 31 1 |  | $327 |  |  | $306 |
1 | If reversed, the total amount of $327 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 |
Argentina | 2010-2011, 2013-2019
Australia | 2015-2019
Canada | 2015-2019
Chile | 2015-2019
Côte d'Ivoire | 2018-2019
Democratic Republic of Congo | 2019
Dominican Republic | 2015-2019
Mali | 2017-2019
Papua New Guinea | 2006-2019
Peru | 2013-2019
Saudi Arabia | 2007-2019
Tanzania | 2018-2019
United States | 2019
Zambia | 2018-2019

X
- Definition Income Tax [Abstract] + References No definition available. + Details
Name: | abx_IncomeTaxAbstract
Namespace Prefix: | abx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | ifrs-full_DisclosureOfDeferredTaxesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration