Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Newmont Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	(2,467)	(369)	233)	2,791)	2,884)
Depreciation and amortization	2,108)	2,185)	2,323)	2,300)	1,960)
Impairment charges	1,891)	1,320)	25)	49)	5)
Loss on assets held for sale	—)	—)	571)	—)	—)
Gain on formation of Nevada Gold Mines	—)	—)	—)	—)	(2,390)
Net (income) loss from discontinued operations	(27)	(30)	(57)	(163)	72)
Reclamation and remediation	1,506)	892)	1,827)	353)	258)
(Gain) loss on asset and investment sales, net	197)	(35)	(212)	(677)	(30)
Deferred income taxes	(104)	(278)	(109)	(222)	334)
Stock-based compensation	80)	73)	72)	72)	97)
Change in fair value of investments	47)	46)	135)	(252)	(166)
Charges from pension settlement	9)	137)	4)	92)	—)
Other non-cash adjustments	27)	98)	(5)	252)	161)
Trade and other receivables	(240)	5)	142)	29)	(193)
Inventories, stockpiles and ore on leach pads	(187)	(161)	(136)	(139)	(132)
Other assets	50)	(84)	36)	34)	29)
(Increase) decrease in operating assets	(377)	(240)	42)	(76)	(296)
Accounts payable	(42)	102)	(11)	(50)	144)
Reclamation and remediation liabilities	(275)	(247)	(161)	(101)	(102)
Accrued tax liabilities	(197)	(343)	(317)	378)	47)
Other accrued liabilities	378)	(113)	(94)	144)	(102)
Increase (decrease) in operating liabilities	(136)	(601)	(583)	371)	(13)
Net change in operating assets and liabilities	(513)	(841)	(541)	295)	(309)
Adjustments	5,221)	3,567)	4,033)	2,099)	(8)
Net cash provided by operating activities	2,754)	3,198)	4,266)	4,890)	2,876)
Additions to property, plant and mine development	(2,666)	(2,131)	(1,653)	(1,302)	(1,463)
Maturities of investments	1,363)	93)	—)	—)	—)
Acquisitions, net	668)	(15)	(328)	—)	127)
Purchases of investments	(551)	(940)	(59)	(37)	(112)
Proceeds from sales of investments	234)	171)	194)	307)	67)
Contributions to equity method investees	(108)	(194)	(150)	(60)	(28)
Return of investment from equity method investees	36)	62)	18)	58)	132)
Proceeds from sales of mining operations and other assets, net	—)	16)	84)	1,156)	30)
Other	22)	(45)	26)	44)	21)
Net cash (used in) provided by investing activities	(1,002)	(2,983)	(1,868)	166)	(1,226)
Dividends paid to common stockholders	(1,415)	(1,746)	(1,757)	(834)	(889)
Distributions to noncontrolling interests	(150)	(191)	(200)	(197)	(186)
Funding from noncontrolling interests	138)	117)	100)	112)	93)
Payments on finance lease and other financing obligations	(67)	(66)	(73)	(66)	(55)
Payments for Norte Abierto deferred payment obligation	(64)	(8)	(26)	—)	—)
Payments for withholding of employee taxes related to stock-based compensation	(25)	(39)	(32)	(48)	(50)
Acquisition of noncontrolling interests	—)	(348)	—)	—)	—)
Repayment of debt	—)	(89)	(1,382)	(1,160)	(1,876)
Proceeds from issuance of debt, net	—)	—)	992)	985)	690)
Repurchases of common stock	—)	—)	(525)	(521)	(479)
Other	(20)	14)	(55)	49)	(25)
Net cash used in financing activities	(1,603)	(2,356)	(2,958)	(1,680)	(2,777)
Net cash provided by (used in) operating activities of discontinued operations	9)	22)	13)	(8)	(10)
Net cash used in investing activities of discontinued operations	—)	—)	—)	(75)	—)
Net cash provided by (used in) discontinued operations	9)	22)	13)	(83)	(10)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(30)	(8)	6)	(3)
Net change in cash, cash equivalents and restricted cash	156)	(2,149)	(555)	3,299)	(1,140)
Cash, cash equivalents and restricted cash at beginning of period	2,944)	5,093)	5,648)	2,349)	3,489)
Cash, cash equivalents and restricted cash at end of period	3,100)	2,944)	5,093)	5,648)	2,349)

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 financial data over the five-year period presents several notable trends and shifts in key metrics and cash flow components.

Profitability: Net income showed a significant decline from a positive $2,884 million in 2019 to a loss of $2,467 million by 2023, with losses noted in the last three years. This deterioration indicates increasing operational or external challenges impacting profitability.; Depreciation and amortization steadily increased from $1,960 million in 2019 to a peak in 2021 at $2,323 million, followed by a slight decrease to $2,108 million in 2023, suggesting stable asset base usage but possible impairments.; Impairment charges were low initially but surged substantially in 2022 and 2023, reaching $1,891 million, which likely contributed significantly to the net loss in these years.; Reclamation and remediation expenses fluctuated, peaking at $1,827 million in 2021, decreasing in 2022, and rising again in 2023, reflecting ongoing environmental or site restoration obligations.
Operating Activities: Net cash provided by operating activities increased sharply in 2020, reaching $4,890 million, before gradually declining to $2,754 million in 2023. Despite the decline in net income, operational cash flow remained positive, which may indicate effective cash management or non-cash adjustments.; Adjustments related to non-cash items rose markedly over the period, from negative figures in 2019 to a high of $5,221 million in 2023, reinforcing the impact of impairments and other non-cash charges.; Working capital changes showed volatility, with significant decreases in operating assets and liabilities in 2022 and 2023, contributing to tightening liquidity in operations.
Investing Activities: Capital expenditures increased consistently, with additions to property, plant, and mine development escalating from $1,463 million in 2019 to $2,666 million in 2023, indicating ongoing investment in asset growth or maintenance.; Net cash used in investing activities was negative in most years except 2020, reflecting heavy investments and some disinvestment with fluctuations in acquisitions and sales of assets and investments.; Purchases of investments peaked in 2022 at $940 million and reduced to $551 million in 2023, while maturities and proceeds from sales of investments varied, highlighting active portfolio management.
Financing Activities: Net cash used in financing activities decreased from $2,777 million in 2019 to $1,603 million in 2023, driven by lower dividends, decreased debt repayments, and fluctuating issuance of debt.; Dividends paid decreased over time from $889 million in 2019 to $1,415 million in 2023, with a peak payout in 2021 and 2022, suggesting a commitment to shareholder returns despite net losses.; Debt repayments occurred mainly in the earlier years, with sharp reductions by 2022 and none reported in 2023, possibly reflecting refinancing strategies or liquidity preservation.; Stock repurchases ceased after 2021, which may be a strategic move to conserve cash amid operational difficulties.
Liquidity and Cash Position: Cash and cash equivalents showed major fluctuations, increasing significantly in 2020 but declining sharply in 2022 before a slight recovery in 2023. This pattern indicates variable liquidity conditions possibly affected by capital expenditures and operational cash flows.; The net change in cash was negative in most years except 2020 and 2023, where it showed some improvement. Such volatility underlines challenges in maintaining stable cash reserves during this period.
Other Observations: Discontinued operations contributed marginally as indicated by small cash flows and income contributions.; Exchange rate effects were minor but slightly negative in recent years, adding modest pressure on cash balances.

Overall, the data reflects a transition from strong profitability and cash flow in 2019 and 2020 towards operational challenges, evidenced by net losses, higher impairment charges, and increased capital expenditures. The company maintained positive operating cash flows despite losses, suggesting disciplined operational cash management, though investing and financing cash flows indicate significant capital deployment and financing adjustments. Liquidity experienced stress in 2022 with some recovery in 2023. Strategic moves such as reducing stock repurchases and moderating debt repayments align with a cautious financial posture amid a challenging operating environment.

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Newmont Corp. (NYSE:NEM)

Cash Flow Statement