Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Newmont Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
United States	20)	47)	71)	35)	(2)
Foreign	610)	686)	1,136)	891)	500)
Current	630)	733)	1,207)	926)	498)
United States	(62)	(236)	(5)	(72)	340)
Foreign	(42)	(42)	(104)	(150)	(6)
Deferred	(104)	(278)	(109)	(222)	334)
Income and mining tax expense	526)	455)	1,098)	704)	832)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Newmont Corp. current decreased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Newmont Corp. deferred decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income and mining tax expense	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Newmont Corp. income and mining tax expense decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Newmont Corp., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Percentage depletion	4.00%	90.00%	-7.00%	-2.00%	-1.00%
Change in valuation allowance on deferred tax assets	-18.00%	-569.00%	38.00%	6.00%	-8.00%
Rate differential for foreign earnings indefinitely reinvested	7.00%	-151.00%	10.00%	8.00%	4.00%
Mining and other taxes, net of associated federal benefit	-4.00%	-231.00%	15.00%	5.00%	2.00%
Uncertain tax positions	1.00%	261.00%	9.00%	-1.00%	2.00%
Goodwill write-downs	-25.00%	-482.00%	0.00%	0.00%	0.00%
Expiration of U.S. capital losses and foreign tax credits	-10.00%	-61.00%	14.00%	0.00%	1.00%
Transactions	0.00%	100.00%	0.00%	-11.00%	0.00%
Other	-2.00%	130.00%	-1.00%	-4.00%	2.00%
Income and mining tax effective tax rate	-26.00%	-892.00%	99.00%	22.00%	23.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Income and mining tax effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Newmont Corp. income and mining tax effective tax rate decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Newmont Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Property, plant and mine development	746)	887)	928)	996)	1,001)
Inventory	320)	94)	87)	62)	71)
Reclamation and remediation	2,362)	1,702)	1,500)	892)	771)
Net operating losses, capital losses and tax credits	2,655)	1,978)	1,908)	1,843)	1,683)
Investment in partnerships and subsidiaries	—)	—)	26)	340)	31)
Employee-related benefits	97)	75)	146)	162)	123)
Derivative instruments and unrealized loss on investments	69)	54)	74)	25)	85)
Foreign Exchange and Financing Obligations	86)	67)	62)	82)	159)
Silver Streaming Agreement	332)	246)	311)	349)	396)
Other	643)	202)	124)	112)	224)
Deferred income tax assets, before valuation allowances	7,310)	5,305)	5,166)	4,863)	4,544)
Valuation allowances	(4,652)	(3,994)	(3,791)	(3,418)	(3,112)
Deferred income tax assets	2,658)	1,311)	1,375)	1,445)	1,432)
Property, plant and mine development	(4,425)	(2,176)	(2,409)	(2,303)	(2,629)
Inventory	(160)	(62)	(58)	(110)	(100)
Investment in partnerships and subsidiaries	(579)	(615)	(730)	(726)	(508)
Other	(213)	(94)	(53)	(42)	(53)
Deferred income tax liabilities	(5,377)	(2,947)	(3,250)	(3,181)	(3,290)
Net deferred income tax assets (liabilities)	(2,719)	(1,636)	(1,875)	(1,736)	(1,858)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Deferred income tax assets, before valuation allowances	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Newmont Corp. deferred income tax assets, before valuation allowances increased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Newmont Corp. deferred income tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net deferred income tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Newmont Corp. net deferred income tax assets (liabilities) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Newmont Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred income tax assets	268)	173)	269)	337)	549)
	Deferred income tax liabilities	2,987)	1,809)	2,144)	2,073)	2,407)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Newmont Corp. deferred income tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Newmont Corp. deferred income tax liabilities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Newmont Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	55,506)	38,482)	40,564)	41,369)	39,974)
Less: Noncurrent deferred tax assets, net	268)	173)	269)	337)	549)
Total assets (adjusted)	55,238)	38,309)	40,295)	41,032)	39,425)
Adjustment to Total Liabilities
Total liabilities (as reported)	26,301)	18,949)	18,703)	17,490)	17,557)
Less: Noncurrent deferred tax liabilities, net	2,987)	1,809)	2,144)	2,073)	2,407)
Total liabilities (adjusted)	23,314)	17,140)	16,559)	15,417)	15,150)
Adjustment to Total Newmont Stockholders’ Equity
Total Newmont stockholders’ equity (as reported)	29,027)	19,354)	22,022)	23,008)	21,420)
Less: Net deferred tax assets (liabilities)	(2,719)	(1,636)	(1,875)	(1,736)	(1,858)
Total Newmont stockholders’ equity (adjusted)	31,746)	20,990)	23,897)	24,744)	23,278)
Adjustment to Net Income (loss) Attributable To Newmont Stockholders
Net income (loss) attributable to Newmont stockholders (as reported)	(2,494)	(429)	1,166)	2,829)	2,805)
Add: Deferred income tax expense (benefit)	(104)	(278)	(109)	(222)	334)
Net income (loss) attributable to Newmont stockholders (adjusted)	(2,598)	(707)	1,057)	2,607)	3,139)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Newmont Corp., Financial Data: Reported vs. Adjusted

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Newmont Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	-21.11%	-3.60%	9.54%	24.61%	28.80%
Adjusted net profit margin	-21.99%	-5.93%	8.65%	22.68%	32.23%
Total Asset Turnover
Reported total asset turnover	0.21	0.31	0.30	0.28	0.24
Adjusted total asset turnover	0.21	0.31	0.30	0.28	0.25
Financial Leverage
Reported financial leverage	1.91	1.99	1.84	1.80	1.87
Adjusted financial leverage	1.74	1.83	1.69	1.66	1.69
Return on Equity (ROE)
Reported ROE	-8.59%	-2.22%	5.29%	12.30%	13.10%
Adjusted ROE	-8.18%	-3.37%	4.42%	10.54%	13.48%
Return on Assets (ROA)
Reported ROA	-4.49%	-1.11%	2.87%	6.84%	7.02%
Adjusted ROA	-4.70%	-1.85%	2.62%	6.35%	7.96%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Newmont Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Newmont Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Newmont Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Newmont Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Newmont Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Newmont Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Sales	11,812)	11,915)	12,222)	11,497)	9,740)
Profitability Ratio
Net profit margin¹	-21.11%	-3.60%	9.54%	24.61%	28.80%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Newmont stockholders	(2,598)	(707)	1,057)	2,607)	3,139)
Sales	11,812)	11,915)	12,222)	11,497)	9,740)
Profitability Ratio
Adjusted net profit margin²	-21.99%	-5.93%	8.65%	22.68%	32.23%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Newmont stockholders ÷ Sales
= 100 × -2,494 ÷ 11,812 = -21.11%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Newmont stockholders ÷ Sales
= 100 × -2,598 ÷ 11,812 = -21.99%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Newmont Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Sales	11,812)	11,915)	12,222)	11,497)	9,740)
Total assets	55,506)	38,482)	40,564)	41,369)	39,974)
Activity Ratio
Total asset turnover¹	0.21	0.31	0.30	0.28	0.24
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales	11,812)	11,915)	12,222)	11,497)	9,740)
Adjusted total assets	55,238)	38,309)	40,295)	41,032)	39,425)
Activity Ratio
Adjusted total asset turnover²	0.21	0.31	0.30	0.28	0.25

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Sales ÷ Total assets
= 11,812 ÷ 55,506 = 0.21

² Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 11,812 ÷ 55,238 = 0.21

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Newmont Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	55,506)	38,482)	40,564)	41,369)	39,974)
Total Newmont stockholders’ equity	29,027)	19,354)	22,022)	23,008)	21,420)
Solvency Ratio
Financial leverage¹	1.91	1.99	1.84	1.80	1.87
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	55,238)	38,309)	40,295)	41,032)	39,425)
Adjusted total Newmont stockholders’ equity	31,746)	20,990)	23,897)	24,744)	23,278)
Solvency Ratio
Adjusted financial leverage²	1.74	1.83	1.69	1.66	1.69

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Newmont stockholders’ equity
= 55,506 ÷ 29,027 = 1.91

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Newmont stockholders’ equity
= 55,238 ÷ 31,746 = 1.74

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Newmont Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Total Newmont stockholders’ equity	29,027)	19,354)	22,022)	23,008)	21,420)
Profitability Ratio
ROE¹	-8.59%	-2.22%	5.29%	12.30%	13.10%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Newmont stockholders	(2,598)	(707)	1,057)	2,607)	3,139)
Adjusted total Newmont stockholders’ equity	31,746)	20,990)	23,897)	24,744)	23,278)
Profitability Ratio
Adjusted ROE²	-8.18%	-3.37%	4.42%	10.54%	13.48%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to Newmont stockholders ÷ Total Newmont stockholders’ equity
= 100 × -2,494 ÷ 29,027 = -8.59%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Newmont stockholders ÷ Adjusted total Newmont stockholders’ equity
= 100 × -2,598 ÷ 31,746 = -8.18%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Newmont Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Total assets	55,506)	38,482)	40,564)	41,369)	39,974)
Profitability Ratio
ROA¹	-4.49%	-1.11%	2.87%	6.84%	7.02%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Newmont stockholders	(2,598)	(707)	1,057)	2,607)	3,139)
Adjusted total assets	55,238)	38,309)	40,295)	41,032)	39,425)
Profitability Ratio
Adjusted ROA²	-4.70%	-1.85%	2.62%	6.35%	7.96%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to Newmont stockholders ÷ Total assets
= 100 × -2,494 ÷ 55,506 = -4.49%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Newmont stockholders ÷ Adjusted total assets
= 100 × -2,598 ÷ 55,238 = -4.70%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Newmont Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Newmont Corp. (NYSE:NEM)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Newmont Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Newmont Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)