Newmont Corp., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current finance lease and other financing obligations	114)	96)	106)	106)	100)
Current debt	1,923)	—)	87)	551)	—)
Non-current debt	6,951)	5,571)	5,565)	5,480)	6,138)
Non-current finance lease and other financing obligations	448)	465)	544)	565)	596)
Total debt, finance lease and other financing obligations (carrying amount)	9,436)	6,132)	6,302)	6,702)	6,834)

Download chart

Debt item	Description	The company
Total debt, finance lease and other financing obligations (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Newmont Corp. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Debt	8,975)
Finance lease and other financing obligations	562)
Total debt, finance lease and other financing obligations (fair value)	9,537)
Financial Ratio
Debt, fair value to carrying amount ratio	1.01

Weighted-average interest rate on debt and finance leases: 4.44%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.80%	645)	18)
3.25%	597)	19)
2.25%	872)	20)
2.60%	868)	23)
5.88%	654)	38)
6.25%	986)	62)
5.75%	535)	31)
4.88%	991)	48)
5.45%	462)	25)
4.20%	438)	18)
6.39%	562)	36)
Total	7,610)	338)
4.44%

¹ US$ in millions

² Weighted-average interest rate = 100 × 338 ÷ 7,610 = 4.44%

Newmont Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, net of capitalized interest	243)	227)	274)	308)	301)
Capitalized interest	89)	69)	38)	24)	26)
Interest costs incurred	332)	296)	312)	332)	327)

Download chart

Debt item	Description	The company
Interest expense, net of capitalized interest	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Newmont Corp. interest expense, net of capitalized interest decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Newmont Corp. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Newmont Corp. interest costs incurred decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Add: Net income attributable to noncontrolling interest	27)	60)	(933)	(38)	79)
Less: Net income (loss) from discontinued operations	27)	30)	57)	163)	(72)
Add: Income tax expense	526)	455)	1,098)	704)	832)
Add: Interest expense, net of capitalized interest	243)	227)	274)	308)	301)
Earnings before interest and tax (EBIT)	(1,725)	283)	1,548)	3,640)	4,089)

Interest costs incurred	332)	296)	312)	332)	327)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	-7.10	1.25	5.65	11.82	13.58
Adjusted interest coverage ratio (with capitalized interest)²	-5.20	0.96	4.96	10.96	12.50

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
= -1,725 ÷ 243 = -7.10

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= -1,725 ÷ 332 = -5.20

Download chart

Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Newmont Corp. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Newmont Corp. (NYSE:NEM)

Analysis of Debt