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
Cortez²	1,325			511			240			8			16			550
Turquoise Ridge^2,4	688			285			140			4			—			259
Pueblo Viejo²	1,409			525			196			12			—			676
Loulo-Gounkoto²	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 Mara²	462			213			97			—			6			146
Other Mines²	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
Cortez²	1,589		442		386		16		19			726
Turquoise Ridge^2,4	331		178		28		—		(1		)	126
Pueblo Viejo²	1,333		547		185		21		1			579
Loulo-Gounkoto²	—		—		—		—		—			—
Kibali	—		—		—		—		—			—
Veladero	366		189		121		2		1			53
Porgera	269		170		42		—		1			56
North Mara²	423		202		62		—		12			147
Other Mines²	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).

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/amortization¹	(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 derivatives³	—			—
Income (loss) before income taxes⁴		$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				Revenue¹
	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 Expenditures¹
	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).