DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]


	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 liabilities	2		2
	$	12	$	138

Non-current derivative liabilities: (5)
Contingent consideration liabilities	$	5	$	5

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(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.

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 expenditures

AUD-denominated operating expenditures

CAD-denominated operating expenditures

AUD-denominated capital expenditures

Status:

Active

Matured (1)

Amount entered into: (2)

A$1,488

A$3,294

C$905

A$574

Cash flow type:

Capital expenditures for construction and development

Operating expenditures

Capital expenditures for construction and development

Incurred in the periods of:

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

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(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.

Schedule of Derivative Assets at Fair Value

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.

Derivative Instruments, Gain (Loss)

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,
	2025		2024		2025		2024
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.

Derivatives Not Designated as Hedging Instruments

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.