v3.25.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
At June 30,
2025		At December 31,
2024
Current derivative assets: (1)
Hedging instruments$35 $— 
Contingent consideration assets (2)
13 — 
$48 $— 
Non-current derivative assets: (3)
Contingent consideration assets (2)
$283 $47 
Hedging instruments
160 95 
$443 $142 
Current derivative liabilities: (4)
Hedging instruments$10 $136 
Contingent consideration liabilities2 2 
$12 $138 
Non-current derivative liabilities: (5)
Contingent consideration liabilities$5 $5 
____________________________
(1)Included in Other current assets.
(2)At June 30, 2025, includes contingent consideration assets acquired through the sales of certain reportable segments. Refer to Note 3 for further information.
(3)Included in Derivative assets.
(4)Included in Other current liabilities.
(5)Included in Other non-current liabilities.
Hedging Instruments
Hedging instruments consist of foreign currency cash flow hedges and the Cadia PPA.
Foreign Currency Cash Flow Hedges
The Company has implemented various hedge programs in which fixed forward contracts have been entered into to mitigate variability in the USD-functional cash flows associated with specific expenditures. These fixed forward contracts have been designated as foreign currency cash flow hedges for the related forecasted expenditures and were transacted for risk management purposes. Refer to the table below for a summary of these programs at June 30, 2025:
AUD-denominated capital expendituresAUD-denominated operating expendituresCAD-denominated operating expenditures
AUD-denominated capital expenditures
Status:
Active
ActiveActive
Matured (1)
Amount entered into: (2)
A$1,488A$3,294C$905A$574
Cash flow type:
Capital expenditures for construction and development
Operating expenditures
Operating expendituresCapital expenditures for construction and development
Incurred in the periods of:
October 2024 through December 2026
October 2024 through December 2026
October 2024 through December 2026
2023 through 2024
Related to:
Tanami Expansion 2 project; Cadia PC1-2 and PC2-3 ("Cadia Panel Caves"); and Cadia Tailings Project ("Cadia Tails")
Boddington, Tanami, and Cadia operating mines located in Australia
Brucejack and Red Chris operating mines located in Canada
Tanami Expansion 2 project
____________________________
(1)The hedge program matured in 2024 and a gain of $7 remains in Accumulated other comprehensive income (loss) as of June 30, 2025.
(2)In July 2025, the Company entered into an additional A$—, A$177, and C$32 relating to the programs, respectively.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to earnings during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to capital expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Depreciation and amortization after the respective project reaches commercial production. For the foreign currency cash flow hedges related to operating expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Costs applicable to sales in the month that the operating expenditures are incurred.
Cadia PPA
The Cadia PPA is a 15-year renewable power purchase agreement acquired by the Company through the Newcrest transaction. The Company has designated the Cadia PPA as a cash flow hedge to mitigate the variability in cash flows related to approximately 40 percent of forecasted purchases of power at the Cadia mine for a 15-year period beginning in July 2024. Additionally, the Cadia PPA will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts in Accumulated other comprehensive income (loss) will be reclassified to earnings immediately. For the Cadia PPA cash flow hedge, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Costs applicable to sales the period in which the related hedged electricity is purchased, which began in July 2024.
The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
At June 30,
2025		At December 31,
2024
Hedging instrument assets:
Foreign currency cash flow hedges, current (1)
$30 $— 
Cadia PPA cash flow hedge, current (1)
5 — 
Cadia PPA cash flow hedge, non-current (2)
137 95 
Foreign currency cash flow hedges, non-current (2)
23 — 
$195 $95 
Hedging instrument liabilities:
Foreign currency cash flow hedges, current (3)
$10 $135 
Cadia PPA cash flow hedge, current (3)
— 1 
$10 $136 
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(1)Included in Other current assets.
(2)Included in Derivative assets.
(3)Included in Other current liabilities.
The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Loss (gain) on cash flow hedges:
Foreign currency cash flow hedges (1)
$12 $— $34 $— 
Cadia PPA cash flow hedge (2)
2 — 5 — 
Interest rate contracts (3)
2 7 3 8 
$16 $7 $42 $8 
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(1)As of June 30, 2025, a gain of $15 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months. The actual amounts that will be reclassified to earnings will vary due to future foreign currency exchange rates.
(2)As of June 30, 2025, a loss of $10 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months, which includes amounts related to the initial fair value that are reclassified from Accumulated other comprehensive income (loss) to earnings on a systematic basis over the 15-year term. The actual amounts that will be reclassified to earnings will vary due to future power prices and power generation volumes.
(3)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net of capitalized interest over the term of the respective hedged notes. As of June 30, 2025, a loss of $4 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months. The actual amounts that will be reclassified to earnings could vary upon repurchase or exchange of the related long-term debt prior to maturity.
Contingent Consideration Assets and Liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon meeting certain milestones. These contingent consideration assets and liabilities are accounted for at fair value and consist of financial instruments that meet the definition of a derivative but are not designated for hedge accounting under ASC 815. Refer to Note 10 for further information regarding the fair value of the contingent consideration assets and liabilities.
The Company had the following contingent consideration assets and liabilities:
At June 30,
2025		At December 31,
2024
Contingent consideration assets: (1)
CC&V (2)
$141 $— 
Akyem (2)
84 — 
Red Lake
39 36 
Musselwhite (2)
21 — 
Other
11 11 
$296 $47 
Contingent consideration liabilities: (3)
$7 $7 
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(1)Included in Derivative assets.
(2)Acquired as part of the divestitures incurred in 2025. Refer to Note 3 for further information.
(3)At June 30, 2025 and December 31, 2024, $2 and $5 is included in Other current liabilities and Other non-current liabilities, respectively.