Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations consist primarily of rehabilitation and restoration costs, landfill capping costs, decommissioning costs, and closure and post-closure costs. Activity related to asset retirement obligations was as follows:


	Year Ended December 31,
	2022		2021
Balance, January 1	$	149	$	166
Additions	3		5
Accretion expense	12		12
Remeasurement/translation	(7)		(9)
Changes in estimates, including cost and timing of cash flows	7		(15)
Settlements/payments	(3)		(10)
Other acquisition and divestiture related	—		—
Balance, December 31	$	161	$	149


	December 31,
	2022		2021
Asset retirement obligations were classified as follows:
Current portion included in “Accrued liabilities”	$	8	$	10
Noncurrent portion included in “Asset retirement obligations”	153		139
Asset retirement obligations	$	161	$	149

We used the following assumptions in determining asset retirement obligations at December 31, 2022: inflation rates between 1.5% - 4.3% per year; credit adjusted risk-free interest rates between 5.8% -20.6%; the life of mines between 1-24 years and the useful life of assets between 6-31 years.

Environmental Rehabilitation Trust

In accordance with applicable regulations, we have established an environmental rehabilitation trust for the prospecting and mining operations in South Africa, which receives, holds, and invests funds for the rehabilitation or management of asset retirement obligations. The trustees of the fund are appointed by us and consist of sufficiently qualified employees capable of

fulfilling their fiduciary duties. At December 31, 2022 and 2021, the environmental rehabilitation trust assets were $12 million and $12 million, respectively, which were recorded in “Other long-term assets” in the Consolidated Balance Sheets.