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DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
At June 30,
2026		At December 31,
2025
Current derivative assets: (1)
Hedging instruments:
Foreign currency cash flow hedges$56 $60 
Cadia PPA cash flow hedge— 7 
56 67 
Contingent consideration assets20 20 
$76 $87 
Non-current derivative assets: (2)
Hedging instruments:
Cadia PPA cash flow hedge$107 $155 
Contingent consideration assets— 20 
$107 $175 
Current derivative liabilities: (3)
Hedging instruments:
Foreign currency cash flow hedges$5 $1 
Cadia PPA cash flow hedge2 — 
$7 $1 
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(1)Included in Other current assets.
(2)Included in Other non-current assets.
(3)Included in Other current liabilities.
Hedging Instruments
Hedging instruments consist of foreign currency cash flow hedges and the Cadia PPA. 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.
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, 2026:
AUD-denominated capital expendituresAUD-denominated operating expendituresCAD-denominated operating expenditures
Status:ActiveActiveActive
Amount entered into:A$1,734A$4,002C$1,088
Cash flow type:Capital expenditures for construction and developmentOperating expendituresOperating expenditures
Incurred in the periods of:October 2024 through December 2026October 2024 through December 2026October 2024 through December 2026
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 AustraliaBrucejack and Red Chris operating mines located in Canada
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 impacts earnings and is presented in the same statement of operations 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. Amounts related to capital expenditures recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Depreciation and amortization after the respective project reaches commercial production. Amounts related to operating expenditures recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Costs applicable to sales in the period 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 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 provides the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions.
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 impacts earnings and is presented in the same statement of operations 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. Amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Costs applicable to sales in the period in which the related hedged electricity is purchased, which began in July 2024.
The following table provides the losses (gains) reclassified to earnings from Accumulated other comprehensive income (loss) related to the Company's derivative instruments designated for hedging:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Gain) loss on cash flow hedges:
Foreign currency cash flow hedges (1)
$(20)$12 $(38)$34 
Cadia PPA cash flow hedge (2)
2 2 3 5 
Interest rate contracts (3)
— 2 2 3 
$(18)$16 $(33)$42 
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(1)As of June 30, 2026, a gain of $39 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, 2026, 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)As of June 30, 2026, amounts remaining in Accumulated other comprehensive income (loss) relate to the interest rate contracts on the 2042 Senior Notes with the related losses to be reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net of capitalized interest over the term of the notes. A loss of $3 is expected to be reclassified 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.