NEWMONT Corp DE
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Operating activities: | |||
| Net income (loss) | $3,381 | $(2,467) | $(369) |
| Adjustments: | |||
| Depreciation and amortization | 2,576 | 2,108 | 2,185 |
| Impairment charges (Note 7) | 78 | 1,891 | 1,320 |
| Loss on assets held for sale (Note 3) | 1,114 | — | — |
| Net loss (income) from discontinued operations (Note 1) | (68) | (27) | (30) |
| Reclamation and remediation | 302 | 1,506 | 892 |
| Stock-based compensation (Note 12) | 89 | 80 | 73 |
| Deferred income taxes (Note 10) | 80 | (104) | (278) |
| Change in fair value of investments and options (Note 9) | (62) | 47 | 46 |
| (Gain) loss on asset and investment sales (Note 9) | (35) | 197 | (35) |
| Pension settlements (Note 11) | 1 | 9 | 137 |
| Other non-cash adjustments | (113) | 27 | 98 |
| Net change in operating assets and liabilities (Note 24) | (1,025) | (513) | (841) |
| Net cash provided by (used in) operating activities of continuing operations | 6,318 | 2,754 | 3,198 |
| Net cash provided by (used in) operating activities of discontinued operations (Note 1) | 45 | 9 | 22 |
| Net cash provided by (used in) operating activities | 6,363 | 2,763 | 3,220 |
| Investing activities: | |||
| Additions to property, plant and mine development | (3,402) | (2,666) | (2,131) |
| Proceeds from sales of mining operations and other assets, net | 560 | — | 16 |
| Contributions to equity method investees | (96) | (108) | (194) |
| Purchases of investments | (66) | (551) | (940) |
| Return of investment from equity method investees | 56 | 36 | 62 |
| Maturities of investments | 28 | 1,363 | 93 |
| Proceeds from sales of investments | 21 | 234 | 171 |
| Acquisitions, net (1) | — | 668 | (15) |
| Other | 44 | 22 | (45) |
| Net cash provided by (used in) investing activities of continuing operations | (2,855) | (1,002) | (2,983) |
| Net cash provided by (used in) investing activities of discontinued operations (Note 1) | 153 | — | — |
| Net cash provided by (used in) investing activities | (2,702) | (1,002) | (2,983) |
| Financing activities: | |||
| Repayment of debt | (3,860) | — | (89) |
| Proceeds from issuance of debt, net (Note 20) | 3,476 | — | — |
| Repurchases of common stock (Note 2) | (1,246) | — | — |
| Dividends paid to common stockholders | (1,145) | (1,415) | (1,746) |
| Distributions to noncontrolling interests | (161) | (150) | (191) |
| Funding from noncontrolling interests | 115 | 138 | 117 |
| Payments on lease and other financing obligations (Note 21) | (87) | (67) | (66) |
| Payments for withholding of employee taxes related to stock-based compensation | (14) | (25) | (39) |
| Acquisition of noncontrolling interests (Note 1) | — | — | (348) |
| Other | (31) | (84) | 6 |
| Net cash provided by (used in) financing activities | (2,953) | (1,603) | (2,356) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (20) | (2) | (30) |
| Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale | 688 | 156 | (2,149) |
| Less: Cash and restricted cash reclassified to assets held for sale (2) | (138) | — | — |
| Net change in cash, cash equivalents and restricted cash | 550 | 156 | (2,149) |
| Cash, cash equivalents and restricted cash at beginning of period | 3,100 | 2,944 | 5,093 |
| Cash, cash equivalents and restricted cash at end of period | $3,650 | $3,100 | $2,944 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $3,619 | $3,002 | $2,877 |
| Restricted cash included in Other current assets | 1 | 11 | 1 |
| Restricted cash included in Other non-current assets | 30 | 87 | 66 |
| Total cash, cash equivalents and restricted cash | $3,650 | $3,100 | $2,944 |
| Supplemental cash flow information: | |||
| Income and mining taxes paid, net of refunds | $966 | $794 | $1,122 |
| Interest paid, net of amounts capitalized | $317 | $228 | $172 |
(1)Acquisitions, net is primarily related to the cash acquired in the Newcrest transaction for the year ended December 31, 2023. Refer to Note 1 for additional information.
(2)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, at December 31, 2024 the related assets, including $45 of Cash and cash equivalents and $93 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale. Refer to Note 3 for additional information.
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