Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Newmont Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 1.73 1.64 1.28 1.19 1.35
Employee-related benefits 0.99 1.04 0.95 0.92 0.90
Income and mining taxes 0.16 0.52 0.95 1.59 0.41
Current finance lease and other financing obligations 0.21 0.25 0.26 0.26 0.25
Current debt 3.46 0.00 0.21 1.33 0.00
Reclamation and remediation liabilities 1.12 1.37 0.67 0.52 0.42
Accrued operating costs 0.85 0.96 0.50 0.69 0.53
Accrued capital expenditures 0.58 0.57 0.38 0.35 0.15
Stamp duty on Newcrest transaction 0.57 0.00 0.00 0.00 0.00
Accrued royalties 0.25 0.21 0.00 0.00 0.00
Payables to NGM 0.16 0.19 0.28 0.23 0.19
Silver streaming agreement 0.16 0.21 0.18 0.16 0.17
Other 0.57 0.65 0.89 0.91 0.75
Other current liabilities 4.26% 4.16% 2.89% 2.86% 2.20%
Current liabilities held for sale 0.00 0.00 0.00 0.00 0.86
Current liabilities 10.81% 7.60% 6.54% 8.14% 5.97%
Non-current debt 12.52 14.48 13.72 13.25 15.35
Non-current finance lease and other financing obligations 0.81 1.21 1.34 1.37 1.49
Reclamation and remediation liabilities 14.71 17.09 14.39 9.23 8.67
Deferred income tax liabilities 5.38 4.70 5.29 5.01 6.02
Employee-related benefits 1.18 0.89 1.08 1.19 1.12
Silver streaming agreement 1.40 2.15 2.24 2.40 2.65
Income and mining taxes 0.32 0.54 0.81 0.92 1.11
Norte Abierto deferred payments 0.02 0.24 0.25 0.30 0.39
Other 0.23 0.34 0.44 0.47 1.16
Other non-current liabilities 0.57% 1.12% 1.50% 1.69% 2.65%
Non-current liabilities 36.58% 41.64% 39.56% 34.13% 37.95%
Total liabilities 47.38% 49.24% 46.11% 42.28% 43.92%
Contingently redeemable noncontrolling interest 0.00 0.00 0.12 0.08 0.12
Common stock, $1.60 par value 3.34 3.32 3.15 3.11 3.25
Treasury stock -0.48 -0.62 -0.49 -0.41 -0.30
Additional paid-in capital 54.80 45.14 44.33 43.76 45.57
Accumulated other comprehensive income (loss) 0.03 0.08 -0.33 -0.52 -0.66
Retained earnings (accumulated deficit) -5.40 2.38 7.64 9.67 5.73
Total Newmont stockholders’ equity 52.30% 50.29% 54.29% 55.62% 53.58%
Noncontrolling interests 0.32 0.47 -0.52 2.02 2.38
Total equity 52.62% 50.76% 53.77% 57.64% 55.96%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure shows a gradual increase in the proportion of total liabilities relative to total equity from 2019 to 2023. Total liabilities rose from 43.92% of the total balance sheet in 2019 to a peak of 49.24% in 2022, before settling at 47.38% in 2023. Conversely, total equity decreased from 55.96% in 2019 to 52.62% in 2023, indicating a slight shift toward higher leverage over the five-year period.

Current Liabilities Trends
Current liabilities have experienced a significant upward trend, increasing from 5.97% in 2019 to 10.81% in 2023. This growth is primarily driven by a surge in current debt, which reached 3.46% in 2023 after being absent or negligible in previous years. Additionally, accounts payable grew from 1.35% to 1.73%, and other current liabilities expanded from 2.20% to 4.26%, suggesting an increase in short-term operational obligations.
Non-Current Liabilities and Environmental Obligations
Non-current liabilities peaked in 2022 at 41.64% before declining to 36.58% in 2023. A dominant factor in this segment is reclamation and remediation liabilities, which climbed sharply from 8.67% in 2019 to a peak of 17.09% in 2022, ending at 14.71% in 2023. This indicates a substantial increase in the relative weight of long-term environmental obligations. Non-current debt remained relatively stable, although it trended slightly downward from 15.35% in 2019 to 12.52% in 2023.
Equity Composition and Capital Changes
Total stockholders' equity reflects a significant internal shift. Additional paid-in capital saw a substantial increase in 2023, rising to 54.80% from 45.14% in 2022. This spike coincides with a sharp deterioration in retained earnings, which moved from a positive 5.73% in 2019 to an accumulated deficit of -5.40% by 2023. This pattern suggests a strategic shift in funding, potentially involving the issuance of new shares or complex corporate transactions to offset losses or fund acquisitions.
Specific Transactional Impacts
The appearance of stamp duty on the Newcrest transaction at 0.57% in 2023, combined with the aforementioned surge in additional paid-in capital and the increase in current debt, indicates a major corporate acquisition that fundamentally altered the balance sheet composition in the final year of the period.

Overall, the financial position is characterized by a growing reliance on short-term debt and a significant increase in long-term environmental liabilities, balanced by a large increase in paid-in capital despite a declining retained earnings balance.

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