9.	SEGMENT INFORMATION

Operating results of operating segments are reviewed by the Company’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segments and to assess their performance. The Company considers each individual mine site as operating segments for financial reporting purposes except as noted below.

Following the Company’s acquisition and divestitures, and the closure of Marlin in 2017, the Company reassessed its segments for financial reporting purposes. The Company concluded that Marlin and Los Filos are no longer operating segments and are included in Other; they were previously included in the Other mines operating segment. The Company’s 37.5% interest in Alumbrera, which was previously reported as Other associate, and Leagold are also presented in Other, because their financial results do not meet the quantitative threshold required for segment disclosure purposes. Prior periods’ results have been re-presented to reflect the current presentation.

Assets in Other also include the Company’s 100% interest in the Coffee Project, the Company’s 50% interests in the NuevaUnión and the Norte Abierto projects, corporate assets and the Company’s closed and inactive mines. Liabilities in Other include the Company’s $1.0 billion notes, $1.5 billion notes, $182 million of deferred payment obligation (note 7(a)), the revolving credit facility, asset retirement obligations for closed and inactive mines and certain income taxes payable.

Significant information relating to the Company’s reportable operating segments is summarized in the tables below:


	Revenues ^(a)(b)						Production costs						Depreciation and depletion						Earnings (loss) from operations, associates and joint venture ^(b)(c)(e)(g)						Expenditures on mining interests
Years Ended December 31	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Éléonore	$	377		$	346		$	251		$	243		$	137		$	146		$	(17	)	$	(43	)	$	109		$	94
Musselwhite		293			321			144			140			41			59			98			118			58			37
Porcupine		341			343			209			189			122			63			96			85			109			62
Red Lake		264			388			180			179			87			123			(900	)		64			80			100
Peñasquito		1,400			1,044			751			698			279			243			360			99			532			230
Cerro Negro		609			532			258			249			267			217			72			52			87			97
Pueblo Viejo ^(d)		569			607			199			185			39			35			888			387			46			40
Other^(d)		357			793			279			553			71			188			(126	)		(119	)		103			79

Attributable segment total		4,210			4,374			2,271			2,436			1,043			1,074			471			643			1,124			739

Excluding attributable amounts from associates and joint venture		(787	)		(864	)		(382	)		(370	)		(53	)		(50	)		(206	)		(274	)		(49	)		(43	)

Consolidated total	$	3,423		$	3,510		$	1,889		$	2,066		$	990		$	1,024		$	265		$	369		$	1,075		$	696

At December 31, 2017

Assets

Liabilities

Net Assets

Éléonore

2,735

273

2,462

Musselwhite

546

153

393

Porcupine

990

196

794

Red Lake

1,731

1,643

Peñasquito

8,370

3,089

5,281

Cerro Negro

3,285

531

2,754

Pueblo Viejo^(d)

1,746

—

1,746

Other^(d)

2,282

3,171

(889

)

Total

21,685

7,501

14,184


At December 31, 2016	Assets		Liabilities		Net Assets
Éléonore	$	2,759	$	356	$	2,403
Musselwhite		774		153		621
Porcupine		1,028		173		855
Red Lake		2,526		342		2,184
Peñasquito		8,011		3,033		4,978
Cerro Negro		3,536		738		2,798
Pueblo Viejo		1,123		—		1,123
Other		1,740		3,287		(1,547	)

Total	$	21,497	$	8,082	$	13,415

(a)

The Company’s principal product is gold bullion which is sold primarily in the London spot market. Concentrate produced at Peñasquito and Alumbrera, containing both gold and by-product metals, is sold to third party smelters and traders. The Company’s consolidated revenues (excluding attributable share of revenues from Pueblo Viejo and Alumbrera) for the years ended December 31 were derived from the following:


	2017				2016
Gold	$	2,527	74	%	$	2,861	81	%
Silver		364	11	%		384	11	%
Zinc		425	12	%		200	6	%
Lead		98	3	%		62	2	%
Copper		9	—	%		3	—	%

	$	3,423	100	%	$	3,510	100	%

Certain of the Company’s mines (including the Company’s associates) supplemented their gold revenues with the sale of other metals as shown in the table below:


Years Ended December 31		Peñasquito ⁽ⁱ⁾		Cerro Negro		Pueblo Viejo		Other
Gold	2017	$	598	$	552	$	541	$	142
	2016	$	552	$	477	$	582	$	263
Silver	2017		270		57		27		38
	2016		227		55		24		102
Zinc	2017		425		—		—		—
	2016		200		—		—		—
Lead	2017		98		—		—		—
	2016		62		—		—		—
Copper	2017		9		—		1		80
	2016		3		—		1		130
Molybdenum	2017		—		—		—		4
	2016		—		—		—		4

Total	2017	$	1,400	$	609	$	569	$	264
	2016	$	1,044	$	532	$	607	$	499

⁽ⁱ⁾	The Company has a long term agreement with Wheaton Precious Metals Corp. (“Wheaton”) to deliver 25% of silver produced from Peñasquito during its life of mine for a per ounce cash payment of $4.13 (2016—$4.09), subject to annual inflation adjustments.

(b)

Intersegment sales and transfers are eliminated in the above information reported to the Company’s CODM. For the year ended December 31, 2017, intersegment purchases included $541 million and $27 million, respectively, of gold and silver ounces purchased from Pueblo Viejo (2016 – $582 million and $24 million, respectively) and revenues related to the sale of these ounces to external third parties were $541 million and $27 million, respectively (2016 – $582 million and $24 million, respectively).

(c)	A reconciliation of attributable segment total earnings from operations, associates and joint venture to the Company’s earnings before taxes per the Consolidated Statements of Earnings is as follows:


	2017			2016
Attributable segment total earnings from operations, associates and joint venture	$	471		$	643
Adjustment to account for Pueblo Viejo, NuevaUnión, Leagold and Alumbrera on an equity method basis		(206	)		(274	)
Gain on derivatives, net ⁽ⁱ⁾		4			3
Gain on disposition of mining interest, net of transaction costs		42			—
Finance costs ⁽ⁱ⁾		(133	)		(137	)
Other income (expense), net ⁽ⁱ⁾		15			(13	)

Earnings before taxes	$	193		$	222

⁽ⁱ⁾

Arose from corporate activities that would primarily be allocated to Other except for $27 million (2016 – $27 million) of finance costs incurred during the year ended December 31, 2017, which would be allocated to the Peñasquito segment and gain on derivatives of $4 million (2016 – $3 million) which would be allocated primarily to the Peñasquito segment. Additionally, during the year ended December 31, 2017, the Company recognized a net foreign exchange of $23 million (2016 – $68 million) which would primarily be allocated to the Peñasquito and Cerro Negro segments.

(d)

The attributable segment information relating to Pueblo Viejo, NuevaUnión and Alumbrera, as reviewed by the CODM, is based on the Company’s proportionate share of profits and expenditures on mining interests. However, as required by IFRS, the Company’s investments in Pueblo Viejo, NuevaUnión and Alumbrera are accounted for in these consolidated financial statements using the equity method (note 20). Alumbrera and NuevaUnión are presented in Other.

(e)	During the year ended December 31, 2016, $22 million of corporate restructuring costs (note 11) were included in Other. There were no restructuring costs included in Other during the year ended December 31, 2017.

(f)	On February 15, 2017, the Company paid cash consideration of $65 million and recognized a $2 million loss on the acquisition of the 4% gold stream on the El Morro deposit, part of the Company’s NuevaUnión joint venture, from New Gold Inc. eliminating the Company’s obligation to New Gold Inc.

(g)	Earnings (loss) from operations, associates and joint venture includes $244 million of net impairment expense ($23 million reversal of impairment, net of tax recovery) recognized in respect of the Company’s mining interests (2016 – impairment reversal of $49 million) (note 21).