SEGMENTED INFORMATION

12 Months Ended

Dec. 31, 2021

SEGMENTED INFORMATION

SEGMENTED INFORMATION

19.   SEGMENTED INFORMATION

The Company operates primarily in the gold mining industry and its major product is gold. Its activities include gold production, acquisition, exploration and development of gold properties. The Company’s primary mining operations are in the United States, the Russian Federation, Brazil, Chile, Ghana and Mauritania.

The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments.

In order to determine reportable operating segments, management reviews various factors, including geographical location and managerial structure. It was determined by management that a reportable operating segment generally consists of an individual mining property managed by a single general manager and management team.

The Kupol segment includes the Kupol and Dvoinoye mines. These two mines have been aggregated into one reportable segment as they have integrated cost structures, due to the processing of Dvoinoye ore at the Kupol mill, and other shared infrastructure such as the purchasing function.

The Corporate and other segment includes corporate, shutdown and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Manh Choh, and Maricunga) and non-mining and other operations. These have been aggregated into one reportable segment.

Finance income, finance expense, and other income - net are managed on a consolidated basis and are not allocated to operating segments.

i.           Operating segments

The following tables set forth operating results by reportable segment for the following years:

									Non-operating
	Operating segments								segments (a)
			Round	Bald					Corporate and
Year ended December 31, 2021:	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	other (b),(c)	Total
Revenue
Metal sales	$	473.3	466.6	352.1	987.9	862.8	314.7	267.0	5.0	$	3,729.4
Cost of sales
Production cost of sales		267.2	235.9	177.5	412.1	306.2	123.6	201.6	2.0		1,726.1
Depreciation, depletion and amortization		109.8	65.2	195.9	180.6	70.5	136.9	73.0	9.0		840.9
Impairment charges and asset derecognition		—	—	144.5	—	—	—	—	—		144.5
Total cost of sales		377.0	301.1	517.9	592.7	376.7	260.5	274.6	11.0		2,711.5
Gross profit (loss)	$	96.3	165.5	(165.8)	395.2	486.1	54.2	(7.6)	(6.0)	$	1,017.9
Other operating expense		0.7	51.3	1.7	9.9	26.7	116.9	0.9	86.5		294.6
Exploration and business development		3.7	5.6	7.2	0.9	16.7	4.3	11.9	82.8		133.1
General and administrative		—	—	—	—	—	—	—	126.6		126.6
Operating earnings (loss)	$	91.9	108.6	(174.7)	384.4	442.7	(67.0)	(20.4)	(301.9)	$	463.6
Other income - net											79.2
Finance income											12.3
Finance expense											(85.7)
Earnings before tax										$	469.4

									Non-operating
	Operating segments								segments(a)
			Round	Bald					Corporate and
Year ended December 31, 2020:	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	other(b),(c)	Total
Revenue
Metal sales	$	422.9	565.5	330.5	960.7	904.6	718.0	295.1	16.1	$	4,213.4
Cost of sales
Production cost of sales		251.3	219.6	155.9	358.9	304.5	235.7	196.1	3.7		1,725.7
Depreciation, depletion and amortization		97.2	49.6	128.3	183.5	123.5	191.8	58.2	10.2		842.3
(Reversals of) impairment charges - net		—	—	—	—	27.8	(289.2)	(204.5)	(185.0)		(650.9)
Total cost of sales		348.5	269.2	284.2	542.4	455.8	138.3	49.8	(171.1)		1,917.1
Gross profit	$	74.4	296.3	46.3	418.3	448.8	579.7	245.3	187.2	$	2,296.3
Other operating expense (income)		2.6	3.9	5.2	11.3	32.5	73.4	(2.2)	59.8		186.5
Exploration and business development		4.8	5.6	6.5	—	5.8	2.0	9.4	58.4		92.5
General and administrative		—	—	—	—	—	—	—	117.9		117.9
Operating earnings (loss)	$	67.0	286.8	34.6	407.0	410.5	504.3	238.1	(48.9)	$	1,899.4
Other income - net											7.4
Finance income											4.3
Finance expense											(112.6)
Earnings before tax										$	1,798.5

									Non-operating
	Operating segments								segments(a)
			Round	Bald					Corporate and
	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	other(b)	Total
Property, plant and equipment at:
December 31, 2021	$	429.5	829.3	392.4	1,665.2	244.0	2,406.4	309.2	1,341.7	$	7,617.7
Total assets at:
December 31, 2021	$	749.8	1,074.4	586.5	2,016.6	752.3	2,911.5	406.7	1,930.3	$	10,428.1
Capital expenditures for year ended December 31, 2021 (d)	$	126.7	140.7	40.1	112.6	26.6	320.6	47.8	205.5	$	1,020.6

									Non-operating
	Operating segments								segments(a)
			Round	Bald					Corporate and
	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	other(b)	Total
Property, plant and equipment at:
December 31, 2020	$	488.7	774.6	635.7	1,718.8	271.2	2,277.3	332.7	1,154.5	$	7,653.5
Total assets at:
December 31, 2020	$	719.7	1,028.0	857.1	2,226.3	896.9	2,699.8	429.8	2,075.6	$	10,933.2
Capital expenditures for year ended December 31, 2020(d)	$	150.1	180.6	129.1	161.3	32.9	302.2	23.4	82.3	$	1,061.9

(a) Non-operating segments include development and pre-development properties.

(b) Corporate and other includes corporate, shutdown and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Manh Choh, and Maricunga).

(c) Corporate and other includes metal sales and operating losses of Maricunga of $5.0 million and $(17.8) million, respectively, for the year ended December 31, 2021 ($16.1 million and $(12.5) million, respectively, for the year ended December 31, 2020) as Maricunga continues to sell its remaining finished metals inventories after transitioning all processing activities to care and maintenance in 2019.

(d) Segment capital expenditures are presented on an accrual basis and include capitalized interest. Additions to property, plant and equipment in the consolidated statements of cash flows are presented on a cash basis.

ii.           Geographic segments

The following table shows metal sales and property, plant and equipment by geographic region:

	Metal sales				Property, plant and equipment
	Years ended December 31,				As at December 31,
	2021		2020		2021		2020
Geographic information (a)
United States	$	1,292.0	$	1,318.9	$	1,818.5	$	2,043.7
Russian Federation		862.8		904.6	$	616.1		604.0
Brazil		987.9		960.7		1,672.7		1,721.5
Chile		5.0		16.1		779.9		653.5
Mauritania		314.7		718.0		2,419.9		2,289.2
Ghana		267.0		295.1		310.6		341.6
Total	$	3,729.4	$	4,213.4	$	7,617.7	$	7,653.5

(a) Geographic location is determined based on location of the mining assets.

iii.        Significant customers

The following table represents sales to individual customers exceeding 10% of annual metal sales for the following periods:

			Round	Bald					Corporate
Year ended December 31, 2021:	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	and other (a)	Total
Customer
1	$	29.9	59.9	51.5	72.7	128.8	63.7	50.3	1.2		458.0
2		63.1	22.5	44.4	112.4	57.9	108.3	44.1	—		452.7
3		95.3	83.2	38.2	180.2	—	—	—	0.9		397.8
4		4.7	28.9	34.9	49.0	122.6	55.5	81.9	—		377.5
										$	1,686.0
% of total metal sales											45.2	%

(a) The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2021.

			Round	Bald					Corporate
Year ended December 31, 2020:	Fort Knox		Mountain	Mountain	Paracatu	Kupol	Tasiast	Chirano	and other (a)	Total
Customer
1	$	36.1	83.7	48.3	109.4	100.6	233.1	36.8	0.6		648.6
2		17.6	22.9	14.9	54.3	225.5	109.3	54.0	—		498.5
3		73.1	81.6	43.7	121.5	—	45.0	61.9	1.7		428.5
										$	1,575.6
% of total metal sales											37.4	%

(a) The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2020.

The Company is not economically dependent on a limited number of customers for the sale of its product as gold can be sold through numerous commodity market traders worldwide.