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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2022
Operating segments [Abstract] |
Segment Information | 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). 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. Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the three months ended June 30, 2022 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $748 |  | $371 |  | $80 |  | $5 |  | $3 |  | $289 |  |  |
Cortez 2 | 284 |  | 131 |  | 48 |  | 4 |  | 1 |  | 100 |  |  |
Turquoise Ridge 2 | 232 |  | 117 |  | 44 |  | 4 |  | — |  | 67 |  |  |
Pueblo Viejo 2 | 318 |  | 136 |  | 60 |  | 12 |  | 4 |  | 106 |  |  |
Loulo-Gounkoto 2 | 331 |  | 129 |  | 64 |  | 1 |  | 5 |  | 132 |  |  |
Kibali | 145 |  | 57 |  | 33 |  | 1 |  | 5 |  | 49 |  |  |
Veladero | 119 |  | 55 |  | 31 |  | 1 |  | (1) |  | 33 |  |  |
North Mara 2 | 149 |  | 60 |  | 23 |  | 1 |  | (1) |  | 66 |  |  |
Bulyanhulu 2 | 118 |  | 57 |  | 14 |  | — |  | 5 |  | 42 |  |  |
Other Mines 2 | 521 |  | 312 |  | 110 |  | 4 |  | 18 |  | 77 |  |  |
Reportable segment total | $2,965 |  | $1,425 |  | $507 |  | $33 |  | $39 |  | $961 |  |  |
Share of equity investees | (145) |  | (57) |  | (33) |  | (1) |  | (5) |  | (49) |  |  |
Segment total | $2,820 |  | $1,368 |  | $474 |  | $32 |  | $34 |  | $912 |  |  |
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 six months ended June 30, 2022 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $1,455 |  | $681 |  | $149 |  | $7 |  | ($18) |  | $636 |  |  |
Cortez 2 | 648 |  | 283 |  | 110 |  | 6 |  | 1 |  | 248 |  |  |
Turquoise Ridge 2 | 427 |  | 224 |  | 86 |  | 4 |  | 1 |  | 112 |  |  |
Pueblo Viejo 2 | 656 |  | 265 |  | 118 |  | 14 |  | 5 |  | 254 |  |  |
Loulo-Gounkoto 2 | 653 |  | 252 |  | 127 |  | 3 |  | 7 |  | 264 |  |  |
Kibali | 282 |  | 112 |  | 61 |  | 4 |  | 15 |  | 90 |  |  |
Veladero | 195 |  | 90 |  | 50 |  | 1 |  | — |  | 54 |  |  |
North Mara 2 | 280 |  | 110 |  | 33 |  | 2 |  | — |  | 135 |  |  |
Bulyanhulu 2 | 249 |  | 119 |  | 31 |  | — |  | 6 |  | 93 |  |  |
Other Mines 2 | 1,125 |  | 620 |  | 223 |  | 7 |  | 35 |  | 240 |  |  |
Reportable segment total | $5,970 |  | $2,756 |  | $988 |  | $48 |  | $52 |  | $2,126 |  |  |
Share of equity investees | (282) |  | (112) |  | (61) |  | (4) |  | (15) |  | (90) |  |  |
Segment total | $5,688 |  | $2,644 |  | $927 |  | $44 |  | $37 |  | $2,036 |  |  |
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 |  |  |
1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2022, accretion expense was $9 million (2021: $8 million) and for the six months ended June 30, 2022, accretion expense was $16 million (2021: $13 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2022 for Nevada Gold Mines $549 million, $354 million, $189 million (2021: $541 million, $314 million, $224 million), Pueblo Viejo $130 million, $78 million, $47 million (2021: $147 million, $70 million, $73 million), Loulo-Gounkoto $67 million, $39 million, $27 million (2021: $66 million, $36 million, $28 million), North Mara, Bulyanhulu and Buzwagi $43 million, $25 million, $17 million (2021: $42 million, $25 million, $18 million), and Tongon $9 million, $9 million, $(1) million (2021: $10 million, $8 million, $2 million) and for the six months ended June 30, 2022 for Nevada Gold Mines $1,105 million, $687 million, $417 million (2021: $1,098 million, $632 million, $460 million), Pueblo Viejo $265 million, $153 million, $106 million (2021: $321 million, $146 million, $171 million), Loulo-Gounkoto $131 million, $76 million, $54 million (2021: $133 million, $73 million, $56 million), North Mara, Bulyanhulu and Buzwagi $85 million, $47 million, $36 million (2021: $74 million, $48 million, $26 million) and Tongon $17 million, $18 million, $(2) million (2021: $20 million, $16 million, $3 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
| 2022 | 2021 | 2022 | 2021
Segment income | $912 |  | $1,147 |  | $2,036 |  | $2,325 |
Other revenue | 39 |  | 24 |  | 24 |  | 86 |
Other cost of sales/amortization | (8) |  | (28) |  | (18) |  | (64) |
Exploration, evaluation and project expenses not attributable to segments | (68) |  | (59) |  | (123) |  | (106) |
General and administrative expenses | (30) |  | (47) |  | (84) |  | (85) |
Other income (loss) not attributable to segments | 23 |  | (4) |  | 23 |  | (3) |
Impairment (charges) reversals | (3) |  | (2) |  | (5) |  | 87 |
Loss on currency translation | (6) |  | (7) |  | (9) |  | (11) |
Closed mine rehabilitation | 128 |  | (6) |  | 125 |  | (29) |
Income from equity investees | 89 |  | 104 |  | 188 |  | 207 |
Finance costs, net (includes non-segment accretion) | (80) |  | (83) |  | (161) |  | (165) |
Gain (loss) on non-hedge derivatives | — |  | (2) |  | 7 |  | (1) |
Income before income taxes | $996 |  | $1,037 |  | $2,003 |  | $2,241 |
Capital Expenditures Information
| Segment capital expenditures 1
| For the three months ended June 30 | For the six months ended June 30
| 2022 | 2021 | 2022 | 2021
Carlin | $130 |  | $141 |  | $247 |  | $233 |
Cortez | 126 |  | 70 |  | 219 |  | 132 |
Turquoise Ridge | 44 |  | 39 |  | 86 |  | 72 |
Pueblo Viejo | 150 |  | 143 |  | 294 |  | 244 |
Loulo-Gounkoto | 82 |  | 88 |  | 144 |  | 158 |
Kibali | 21 |  | 20 |  | 38 |  | 31 |
Veladero | 45 |  | 43 |  | 83 |  | 83 |
North Mara | 35 |  | 19 |  | 57 |  | 37 |
Bulyanhulu | 23 |  | 18 |  | 35 |  | 33 |
Other Mines | 100 |  | 76 |  | 177 |  | 150 |
Reportable segment total | $756 |  | $657 |  | $1,380 |  | $1,173 |
Other items not allocated to segments | 29 |  | 35 |  | 63 |  | 59 |
Total | $785 |  | $692 |  | $1,443 |  | $1,232 |
Share of equity investees | (21) |  | (20) |  | (38) |  | (31) |
Total | $764 |  | $672 |  | $1,405 |  | $1,201 |
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, 2022, cash expenditures were $755 million (2021: $658 million) and the increase in accrued expenditures was $9 million (2021: $14 million increase). For the six months ended June 30, 2022, cash expenditures were $1,366 million (2021: $1,197 million) and the increase in accrued expenditures was $39 million (2021: $4 million increase). Purchase Commitments At June 30, 2022, we had purchase obligations for supplies and consumables of $1,817 million (December 31, 2021: $1,718 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $570 million at June 30, 2022 (December 31, 2021: $443 million).

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