Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Newmont Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity declined from 8.69% in Q1 2019 to a low around 4.92% in Q1 2020, before rebounding to 10.81% by Q1 2024, indicating fluctuating short-term obligations with a notable increase in the most recent periods. "Other current liabilities" exhibited relative stability around 2-3%, with a significant jump up to 4.26% in late 2023, suggesting a buildup of other liabilities within current obligations.
- Debt and Financing Obligations
- Non-current debt maintained a generally stable proportion, fluctuating between approximately 12% and 16%, with a slight increase in the latest quarter to 16.14%. Current debt fluctuated more widely, with notable lows near 0.22% in early 2020 and peaks above 3% in early 2019 and 2024. Finance lease and other financing obligations remained consistent at around 0.2% to 1.5%, with a declining trend in non-current finance lease liabilities moving from 1.28% in early 2019 down to 0.79% by Q1 2024.
- Reclamation and Remediation Liabilities
- These liabilities demonstrated an overall upward trend from approximately 8.5% in early 2019 to a peak of 17.63% in Q4 2023, before decreasing to 12.02% in Q1 2024. This rise reflects growing recognition of environmental remediation duties, which represent a significant portion of long-term liabilities.
- Tax and Employee-Related Liabilities
- Income and mining taxes payable showed variability, with a spike to 1.59% in Q4 2020, followed by a general decline to around 0.25% by Q1 2024. Employee-related benefits fluctuated moderately between 0.6% and 1.2%, without a clear trend, suggesting relatively stable personnel-related obligations within total liabilities and equity.
- Equity Components
- Total stockholders’ equity accounted for over half of total liabilities and equity, fluctuating between approximately 50% and 59%. Additional paid-in capital displayed an increasing trend from 46.13% in Q1 2019 to 55% in Q1 2024, highlighting increased capital contributions or retained earnings reinvestment over time. Retained earnings demonstrated significant volatility, moving from a slight negative in Q2 2019 to a peak above 10% in 2021, and dropping again to negative territory by early 2024, indicating variability in cumulative profitability and dividend policy impacts.
- Other Equity Items
- Treasury stock as a negative equity component deepened from around -0.3% to nearly -0.7% during 2019-2023, with a partial reversal near -0.5% in early 2024, reflecting share repurchases followed by potential share issuances or adjustment. The accumulated other comprehensive income/loss improved from roughly -1.3% in 2019 to near neutral or slightly positive by the end of 2023, evidencing reduced net losses or increased gains in this category.
- Overall Leverage and Capital Structure
- Total liabilities remained steady around 40-50% of total liabilities and equity, indicating moderate leverage. A slight increase occurred toward late 2022 and 2023, corresponding with elevated reclamation liabilities and current liabilities increases. Total equity consistently comprised the majority, emphasizing a solid equity base supporting the company's financial structure.
- Notable Observations
- There is evidence of cyclical fluctuations in current debt and liabilities, potentially reflecting operational cash flow cycles or financing strategies. The consistent increase in additional paid-in capital alongside volatile retained earnings suggests active management of capital resources. Environmental liabilities have grown substantially over the period but showed signs of reduction in the most recent quarter, possibly due to remediation activities or changes in accounting estimates.