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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2021
Operating Segments [Abstract] |
SEGMENT INFORMATION | 5 n 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, 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, North Mara and Bulyanhulu). Starting in the first quarter of 2021, Goldrush was included as part of Cortez as the CODM began reviewing the operating results and assessing performance on a combined level. The remaining operating segments, including our remaining gold mines, copper 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 current year. Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the three months ended June 30, 2021 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $572 |  | $267 |  | $59 |  | $7 |  | ($8) |  | $247 |  |  |
Cortez 2 | 328 |  | 143 |  | 66 |  | 2 |  | 1 |  | 116 |  |  |
Turquoise Ridge 2 | 235 |  | 98 |  | 48 |  | — |  | — |  | 89 |  |  |
Pueblo Viejo 2 | 369 |  | 122 |  | 55 |  | 1 |  | 9 |  | 182 |  |  |
Loulo-Gounkoto 2 | 329 |  | 110 |  | 69 |  | 5 |  | 6 |  | 139 |  |  |
Kibali | 169 |  | 60 |  | 36 |  | 1 |  | 2 |  | 70 |  |  |
Veladero | 91 |  | 40 |  | 20 |  | — |  | 2 |  | 29 |  |  |
North Mara 2 | 144 |  | 65 |  | 12 |  | — |  | 1 |  | 66 |  |  |
Bulyanhulu 2 | 82 |  | 38 |  | 13 |  | — |  | 1 |  | 30 |  |  |
Other Mines 2 | 719 |  | 305 |  | 146 |  | 3 |  | 16 |  | 249 |  |  |
Reportable segment total | $3,038 |  | $1,248 |  | $524 |  | $19 |  | $30 |  | $1,217 |  |  |
Share of equity investees | (169) |  | (60) |  | (36) |  | (1) |  | (2) |  | (70) |  |  |
Segment total | $2,869 |  | $1,188 |  | $488 |  | $18 |  | $28 |  | $1,147 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the three months ended June 30, 2020 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $654 |  | $325 |  | $70 |  | $7 |  | $6 |  | $246 |  |  |
Cortez 2 | 368 |  | 131 |  | 56 |  | 3 |  | — |  | 178 |  |  |
Turquoise Ridge 2 | 218 |  | 96 |  | 40 |  | 4 |  | — |  | 78 |  |  |
Pueblo Viejo 2 | 335 |  | 124 |  | 54 |  | 2 |  | (2) |  | 157 |  |  |
Loulo-Gounkoto 2 | 340 |  | 126 |  | 74 |  | 4 |  | 2 |  | 134 |  |  |
Kibali | 164 |  | 59 |  | 42 |  | 1 |  | (2) |  | 64 |  |  |
Veladero | 62 |  | 30 |  | 13 |  | — |  | 3 |  | 16 |  |  |
North Mara 2 | 139 |  | 59 |  | 25 |  | — |  | 2 |  | 53 |  |  |
Bulyanhulu 2 | 67 |  | 37 |  | 23 |  | — |  | 7 |  | — |  |  |
Other Mines 2 | 825 |  | 381 |  | 197 |  | 3 |  | 34 |  | 210 |  |  |
Reportable segment total | $3,172 |  | $1,368 |  | $594 |  | $24 |  | $50 |  | $1,136 |  |  |
Share of equity investees | (164) |  | (59) |  | (42) |  | (1) |  | 2 |  | (64) |  |  |
Segment total | $3,008 |  | $1,309 |  | $552 |  | $23 |  | $52 |  | $1,072 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the six months ended June 30, 2021 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $1,235 |  | $555 |  | $127 |  | $10 |  | ($9) |  | $552 |  |  |
Cortez 2 | 620 |  | 286 |  | 130 |  | 5 |  | 2 |  | 197 |  |  |
Turquoise Ridge 2 | 504 |  | 198 |  | 99 |  | — |  | — |  | 207 |  |  |
Pueblo Viejo 2 | 789 |  | 252 |  | 116 |  | 2 |  | 10 |  | 409 |  |  |
Loulo-Gounkoto 2 | 666 |  | 225 |  | 138 |  | 9 |  | 14 |  | 280 |  |  |
Kibali | 323 |  | 120 |  | 68 |  | 1 |  | 1 |  | 133 |  |  |
Veladero | 148 |  | 64 |  | 31 |  | — |  | 2 |  | 51 |  |  |
North Mara 2 | 263 |  | 121 |  | 27 |  | — |  | 2 |  | 113 |  |  |
Bulyanhulu 2 | 132 |  | 66 |  | 25 |  | — |  | 2 |  | 39 |  |  |
Other Mines 2 | 1,406 |  | 604 |  | 288 |  | 6 |  | 31 |  | 477 |  |  |
Reportable segment total | $6,086 |  | $2,491 |  | $1,049 |  | $33 |  | $55 |  | $2,458 |  |  |
Share of equity investees | (323) |  | (120) |  | (68) |  | (1) |  | (1) |  | (133) |  |  |
Segment total | $5,763 |  | $2,371 |  | $981 |  | $32 |  | $54 |  | $2,325 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the six months ended June 30, 2020 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $1,316 |  | $649 |  | $150 |  | $10 |  | $12 |  | $495 |  |  |
Cortez 2 | 698 |  | 259 |  | 110 |  | 5 |  | 2 |  | 322 |  |  |
Turquoise Ridge 2 | 444 |  | 192 |  | 91 |  | 5 |  | 2 |  | 154 |  |  |
Pueblo Viejo 2 | 709 |  | 256 |  | 107 |  | 5 |  | — |  | 341 |  |  |
Loulo-Gounkoto 2 | 583 |  | 220 |  | 133 |  | 6 |  | 5 |  | 219 |  |  |
Kibali | 304 |  | 111 |  | 83 |  | 2 |  | (4) |  | 112 |  |  |
Veladero | 152 |  | 75 |  | 35 |  | — |  | 2 |  | 40 |  |  |
North Mara 2 | 271 |  | 113 |  | 50 |  | — |  | (3) |  | 111 |  |  |
Bulyanhulu 2 | 81 |  | 43 |  | 31 |  | — |  | 19 |  | (12) |  |  |
Other Mines 2 | 1,435 |  | 733 |  | 354 |  | 7 |  | 33 |  | 308 |  |  |
Reportable segment total | $5,993 |  | $2,651 |  | $1,144 |  | $40 |  | $68 |  | $2,090 |  |  |
Share of equity investees | (304) |  | (111) |  | (83) |  | (2) |  | 4 |  | (112) |  |  |
Segment total | $5,689 |  | $2,540 |  | $1,061 |  | $38 |  | $72 |  | $1,978 |  |  |
1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2021, accretion expense was $8 million (2020: $4 million) and for the six months ended June 30, 2021, accretion expense was $13 million (2020: $12 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2021 for Nevada Gold Mines $541 million, $314 million, $224 million (2020: $577 million, $342 million, $224 million), Pueblo Viejo $147 million, $70 million, $73 million (2020: $134 million, $70 million, $65 million), Loulo-Gounkoto $66 million, $36 million, $28 million (2020: $68 million, $40 million, $27 million), North Mara, Bulyanhulu and Buzwagi $42 million, $25 million, $18 million (2020: $52 million, $32 million, $18 million), and Tongon $10 million, $8 million, $2 million (2020: $13 million, $11 million, $4 million) and for the six months ended June 30, 2021 for Nevada Gold Mines $1,098 million, $632 million, $460 million (2020: $1,113 million, $672 million, $424 million), Pueblo Viejo $321 million, $146 million, $171 million (2020: $292 million, $144 million, $147 million), Loulo-Gounkoto $133 million, $73 million, $56 million (2020: $117 million, $71 million, $44 million), North Mara, Bulyanhulu and Buzwagi $74 million, $48 million, $26 million (2020: $83 million, $54 million, $26 million) and Tongon $20 million, $16 million, $3 million (2020: $24 million, $20 million, $5 million), respectively. Reconciliation of Segment Income to Income Before Income Taxes
| For the three months ended June 30 | For the six months ended June 30
| 2021 | 2020 | 2021 | 2020
Segment income | $1,147 |  | $1,072 |  | $2,325 |  | $1,978 |
Other revenue | 24 |  | 47 |  | 86 |  | 87 |
Other cost of sales/amortization | (28) |  | (39) |  | (64) |  | (75) |
Exploration, evaluation and project expenses not attributable to segments | (59) |  | (55) |  | (106) |  | (111) |
General and administrative expenses | (47) |  | (71) |  | (85) |  | (111) |
Other income not attributable to segments | (4) |  | (37) |  | (3) |  | 17 |
Impairment reversals (charges) | (2) |  | (23) |  | 87 |  | 313 |
Loss on currency translation | (7) |  | (2) |  | (11) |  | (18) |
Closed mine rehabilitation | (6) |  | (7) |  | (29) |  | (97) |
Income from equity investees | 104 |  | 61 |  | 207 |  | 115 |
Finance costs, net (includes non-segment accretion) | (83) |  | (78) |  | (165) |  | (174) |
Gain (loss) on non-hedge derivatives | (2) |  | 12 |  | (1) |  | 5 |
Income before income taxes | $1,037 |  | $880 |  | $2,241 |  | $1,929 |
Capital Expenditures Information
| Segment capital expenditures 1
| For the three months ended June 30 | For the six months ended June 30
| 2021 | 2020 | 2021 | 2020
Carlin | $141 |  | $103 |  | $233 |  | $196 |
Cortez | 70 |  | 123 |  | 132 |  | 225 |
Turquoise Ridge | 39 |  | 23 |  | 72 |  | 53 |
Pueblo Viejo | 143 |  | 32 |  | 244 |  | 60 |
Loulo-Gounkoto | 88 |  | 70 |  | 158 |  | 109 |
Kibali | 20 |  | 16 |  | 31 |  | 31 |
Veladero | 43 |  | 16 |  | 83 |  | 42 |
North Mara | 19 |  | 21 |  | 37 |  | 36 |
Bulyanhulu | 18 |  | 9 |  | 33 |  | 13 |
Other Mines | 76 |  | 87 |  | 150 |  | 152 |
Reportable segment total | $657 |  | $500 |  | $1,173 |  | $917 |
Other items not allocated to segments | 35 |  | 26 |  | 59 |  | 45 |
Total | $692 |  | $526 |  | $1,232 |  | $962 |
Share of equity investees | (20) |  | (16) |  | (31) |  | (31) |
Total | $672 |  | $510 |  | $1,201 |  | $931 |
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. For the three months ended June 30, 2021, cash expenditures were $658 million (2020: $509 million) and the increase in accrued expenditures was $14 million (2020: $1 million increase). For the six months ended June 30, 2021, cash expenditures were $1,197 million (2020: $960 million) and the increase in accrued expenditures was $4 million (2020: $29 million decrease). Purchase Commitments At June 30, 2021, we had purchase obligations for supplies and consumables of $1,655 million (December 31, 2020: $1,882 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $186 million at June 30, 2021 (December 31, 2020: $223 million).

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