UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2018
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-31240
NEWMONT MINING CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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84-1611629 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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6363 South Fiddler’s Green Circle |
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Greenwood Village, Colorado |
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80111 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (303) 863-7414
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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(Do not check if a smaller reporting company.) |
Smaller reporting company |
☐ |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No
There were 533,398,733 shares of common stock outstanding on July 19, 2018.
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Condensed Consolidated Statements of Comprehensive Income (Loss) |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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NEWMONT MINING CORPORATION
SECOND QUARTER 2018 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Financial Results: |
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Sales |
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$ |
1,662 |
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$ |
1,875 |
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$ |
3,479 |
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$ |
3,565 |
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Gold |
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$ |
1,581 |
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$ |
1,799 |
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$ |
3,320 |
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$ |
3,418 |
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Copper |
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$ |
81 |
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$ |
76 |
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$ |
159 |
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$ |
147 |
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Costs applicable to sales (1) |
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$ |
965 |
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$ |
999 |
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$ |
1,994 |
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$ |
1,956 |
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Gold |
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$ |
919 |
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$ |
955 |
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$ |
1,901 |
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$ |
1,873 |
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Copper |
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$ |
46 |
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$ |
44 |
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$ |
93 |
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$ |
83 |
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Net income (loss) from continuing operations |
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$ |
280 |
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$ |
166 |
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$ |
449 |
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$ |
247 |
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Net income (loss) |
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$ |
298 |
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$ |
151 |
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$ |
489 |
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$ |
209 |
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Net income (loss) from continuing operations attributable to Newmont stockholders |
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$ |
274 |
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$ |
190 |
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$ |
444 |
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$ |
260 |
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Per common share, diluted: |
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Net income (loss) from continuing operations attributable to Newmont stockholders |
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$ |
0.51 |
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$ |
0.36 |
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$ |
0.83 |
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$ |
0.49 |
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Net income (loss) attributable to Newmont stockholders |
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$ |
0.54 |
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$ |
0.33 |
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$ |
0.90 |
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$ |
0.42 |
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Adjusted net income (loss) (2) |
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$ |
144 |
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$ |
248 |
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$ |
329 |
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$ |
384 |
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Adjusted net income (loss) per share, diluted (2) |
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$ |
0.26 |
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$ |
0.46 |
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$ |
0.61 |
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$ |
0.72 |
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Earnings before interest, taxes and depreciation and amortization (2) |
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$ |
633 |
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$ |
709 |
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$ |
1,270 |
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$ |
1,270 |
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Adjusted earnings before interest, taxes and depreciation and amortization (2) |
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$ |
545 |
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$ |
699 |
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$ |
1,189 |
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$ |
1,273 |
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Net cash provided by (used in) operating activities of continuing operations |
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$ |
667 |
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$ |
902 |
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Free Cash Flow (2) |
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$ |
178 |
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$ |
539 |
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Cash dividends declared per common share |
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$ |
0.14 |
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$ |
0.05 |
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$ |
0.28 |
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$ |
0.10 |
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Operating Results: |
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Consolidated gold ounces (thousands): |
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Produced |
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1,242 |
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1,440 |
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2,528 |
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2,767 |
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Sold |
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1,224 |
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1,439 |
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2,536 |
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2,767 |
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Attributable gold ounces (thousands): |
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Produced |
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1,162 |
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1,352 |
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2,371 |
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2,586 |
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Sold |
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1,147 |
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1,350 |
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2,378 |
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2,579 |
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Consolidated and attributable copper pounds (millions): |
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Produced |
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31 |
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31 |
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57 |
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60 |
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Sold |
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27 |
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32 |
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54 |
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58 |
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Average realized price: |
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Gold (per ounce) |
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$ |
1,292 |
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$ |
1,250 |
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$ |
1,310 |
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$ |
1,235 |
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Copper (per pound) |
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$ |
2.99 |
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$ |
2.46 |
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$ |
2.93 |
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$ |
2.56 |
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Consolidated costs applicable to sales: (1)(2) |
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Gold (per ounce) |
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$ |
751 |
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$ |
664 |
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$ |
750 |
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$ |
677 |
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Copper (per pound) |
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$ |
1.70 |
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$ |
1.38 |
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$ |
1.72 |
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$ |
1.43 |
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All-in sustaining costs: (2) |
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Gold (per ounce) |
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$ |
1,024 |
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$ |
883 |
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$ |
998 |
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$ |
891 |
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Copper (per pound) |
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$ |
2.05 |
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$ |
1.69 |
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$ |
2.06 |
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$ |
1.72 |
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(1) |
Excludes Depreciation and amortization and Reclamation and remediation. |
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(2) |
See “Non-GAAP Financial Measures” beginning on page 68. |
1
Second Quarter 2018 Highlights
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Net income (loss): Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $274 or $0.51 per diluted share, an increase of $84 from the prior-year quarter, primarily due to lower income taxes, a gain from the sale of the Company’s royalty portfolio in June 2018 and higher average realized prices, partially offset by lower production at CC&V, Boddington, Akyem and Twin Creeks. |
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Adjusted net income (loss): Delivered Adjusted net income (loss) of $144 or $0.26 per diluted share, a 43% decrease from the prior-year quarter (See “Non-GAAP Financial Measures” beginning on page 68). |
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Adjusted EBITDA: Generated $545 in Adjusted EBITDA, a 22% decrease from the prior-year quarter (See “Non-GAAP Financial Measures” beginning on page 68). |
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Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $667 for the six months ended June 30, 2018, a 26% decrease from the prior year, and free cash flow of $178 (See “Non-GAAP Financial Measures” beginning on page 68). |
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Portfolio improvements: Agreement to acquire 50% ownership interest in Galore Creek from NovaGold, partnering with Teck Resources Limited; completed Twin Underground and Northwest Exodus projects in Nevada; advanced the Akyem Underground project to prefeasibility study in Africa; welcomed Sumitomo Corporation as a new 5% partner at Yanacocha in Peru; and divested royalty portfolio forming a strategic partnership with Maverix Metals. |
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Attributable gold production: Decreased 14% to 1.16 million ounces primarily from lower grades at Carlin, Twin Creeks, Boddington and Akyem and a build of CC&V concentrate inventory to be processed in Nevada. |
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Financial strength: Ended the quarter with $3.1 billion cash on hand and net debt under $1.0 billion; an industry-leading balance sheet with investment-grade credit profile; and a quarterly dividend declared of $0.14 per share, an increase of 87% over the prior-year quarter. |
Our global project pipeline
Newmont’s capital-efficient project pipeline supports stable production with improving margins and mine life. Near-term development capital projects and those recently completed are presented below. Funding for Subika Underground, Ahafo Mill Expansion, Twin Underground, Quecher Main and Tanami Power projects has been approved and these projects are in execution.
Subika Underground, Africa. This project leverages existing infrastructure and an optimized approach to develop Ahafo’s most promising underground resource. First production was achieved in June 2017 with commercial production expected in the fourth quarter of 2018. The project is expected to have an average annual gold production of between 150,000 and 200,000 ounces per year for the first five years beginning in 2019 with an initial mine life of approximately 11 years. Development capital costs (excluding capitalized interest) since approval were $130, of which $24 related to the second quarter of 2018.
Ahafo Mill Expansion, Africa. This project is designed to maximize resource value by improving production margins and accelerating stockpile processing. The project also supports profitable development of Ahafo’s highly prospective underground resources. The expansion is expected to have an average annual gold production of between 75,000 and 100,000 ounces per year for the first five years beginning in 2020. Development capital costs (excluding capitalized interest) since approval were $83, of which $21 related to the second quarter of 2018. A tragic construction accident occurred in April which resulted in six fatalities. We continue to work with the government of Ghana for a safe restart in August. The delay will shift first gold into the second half of 2019, while commercial production remains in the second half of 2019.
Twin Underground, North America. This project is a portal mine beneath Twin Creek’s Vista surface mine with similar mineralization. First production was achieved in August 2017, and commercial production was declared in July 2018. The expansion will add between 30,000 and 40,000 ounces of gold per year between 2018 and 2022. The project was completed on schedule for $42.
Quecher Main, South America. This project will add oxide production at Yanacocha, leverage existing infrastructure and enable potential future growth at Yanacocha. First production is expected in late 2018 with commercial production in the second half of 2019. Quecher Main extends the life of the Yanacocha operation to 2027 with average annual gold production of about 200,000 ounces per year (on a consolidated basis) between 2020 and 2025. Development capital costs (excluding capitalized interest) since approval were $41, of which $20 related to the second quarter of 2018.
Tanami Power, Australia. This project will lower power costs beginning in 2019, mitigate fuel supply risk and reduce carbon emissions. The project includes a 450 kilometer natural gas pipeline to be constructed connecting the Tanami site to the Amadeus Gas Pipeline, and construction and operation of two on-site power stations. The gas supply, gas transmission and power purchase agreements are for a ten year term with options to extend.
We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.
2
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Sales (Note 4) |
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$ |
1,662 |
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$ |
1,875 |
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$ |
3,479 |
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$ |
3,565 |
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Costs and expenses: |
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Costs applicable to sales (1) |
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965 |
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999 |
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1,994 |
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1,956 |
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Depreciation and amortization |
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279 |
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310 |
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580 |
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610 |
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Reclamation and remediation (Note 5) |
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37 |
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43 |
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65 |
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72 |
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Exploration |
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54 |
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51 |
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94 |
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87 |
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Advanced projects, research and development |
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36 |
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32 |
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70 |
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58 |
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General and administrative |
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63 |
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58 |
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122 |
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113 |
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Other expense, net (Note 6) |
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13 |
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14 |
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24 |
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31 |
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1,447 |
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1,507 |
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2,949 |
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2,927 |
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Other income (expense): |
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Other income, net (Note 7) |
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139 |
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31 |
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160 |
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22 |
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Interest expense, net of capitalized interest |
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(49) |
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(64) |
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(102) |
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(131) |
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90 |
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(33) |
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58 |
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(109) |
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Income (loss) before income and mining tax and other items |
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305 |
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335 |
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588 |
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529 |
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Income and mining tax benefit (expense) (Note 8) |
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(18) |
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(166) |
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(123) |
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(277) |
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Equity income (loss) of affiliates |
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(7) |
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(3) |
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(16) |
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(5) |
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Net income (loss) from continuing operations |
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280 |
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166 |
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449 |
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247 |
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Net income (loss) from discontinued operations (Note 9) |
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18 |
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(15) |
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40 |
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(38) |
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Net income (loss) |
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298 |
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151 |
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489 |
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209 |
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Net loss (income) attributable to noncontrolling interests (Note 10) |
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(6) |
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24 |
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(5) |
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13 |
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Net income (loss) attributable to Newmont stockholders |
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$ |
292 |
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$ |
175 |
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$ |
484 |
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$ |
222 |
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Net income (loss) attributable to Newmont stockholders: |
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Continuing operations |
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$ |
274 |
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$ |
190 |
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$ |
444 |
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$ |
260 |
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Discontinued operations |
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18 |
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(15) |
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40 |
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(38) |
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$ |
292 |
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$ |
175 |
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$ |
484 |
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$ |
222 |
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Net income (loss) per common share (Note 11): |
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Basic: |
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Continuing operations |
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$ |
0.52 |
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$ |
0.36 |
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$ |
0.84 |
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$ |
0.49 |
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Discontinued operations |
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0.03 |
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(0.03) |
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0.07 |
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(0.07) |
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$ |
0.55 |
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$ |
0.33 |
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$ |
0.91 |
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$ |
0.42 |
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Diluted: |
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Continuing operations |
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$ |
0.51 |
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$ |
0.36 |
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$ |
0.83 |
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$ |
0.49 |
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Discontinued operations |
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0.03 |
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(0.03) |
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0.07 |
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(0.07) |
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$ |
0.54 |
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$ |
0.33 |
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$ |
0.90 |
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$ |
0.42 |
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Cash dividends declared per common share |
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$ |
0.14 |
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$ |
0.05 |
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$ |
0.28 |
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$ |
0.10 |
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(1) |
Excludes Depreciation and amortization and Reclamation and remediation. |
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
3
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Net income (loss) |
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$ |
298 |
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$ |
151 |
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$ |
489 |
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$ |
209 |
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Other comprehensive income (loss): |
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Change in marketable securities, net of tax of $-, $-, $- and $-, respectively |
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(1) |
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(4) |
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1 |
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(11) |
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Foreign currency translation adjustments |
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(1) |
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— |
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(4) |
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4 |
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Change in pension and other post-retirement benefits, net of tax of $(2), $(1), $(3) and $(5), respectively |
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4 |
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3 |
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9 |
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9 |
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Change in fair value of cash flow hedge instruments, net of tax of $(2), $(3), $(3) and $(7), respectively |
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5 |
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5 |
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9 |
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14 |
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Other comprehensive income (loss) |
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|
7 |
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|
4 |
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$ |
15 |
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$ |
16 |
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|
Comprehensive income (loss) |
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$ |
305 |
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$ |
155 |
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$ |
504 |
|
$ |
225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newmont stockholders |
|
$ |
299 |
|
$ |
179 |
|
$ |
499 |
|
$ |
238 |
|
|
Noncontrolling interests |
|
|
6 |
|
|
(24) |
|
|
5 |
|
|
(13) |
|
|
|
|
$ |
305 |
|
$ |
155 |
|
$ |
504 |
|
$ |
225 |
|
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
4
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
|
|
|
Six Months Ended June 30, |
|
||||
|
|
|
2018 |
|
2017 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
489 |
|
$ |
209 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
580 |
|
|
610 |
|
|
Stock-based compensation (Note 13) |
|
|
38 |
|
|
35 |
|
|
Reclamation and remediation |
|
|
61 |
|
|
68 |
|
|
Loss (income) from discontinued operations (Note 9) |
|
|
(40) |
|
|
38 |
|
|
Deferred income taxes |
|
|
(19) |
|
|
76 |
|
|
Gain on asset and investment sales, net |
|
|
(99) |
|
|
(16) |
|
|
Write-downs of inventory and stockpiles and ore on leach pads |
|
|
158 |
|
|
92 |
|
|
Other operating adjustments |
|
|
9 |
|
|
58 |
|
|
Net change in operating assets and liabilities (Note 23) |
|
|
(510) |
|
|
(268) |
|
|
Net cash provided by (used in) operating activities of continuing operations |
|
|
667 |
|
|
902 |
|
|
Net cash provided by (used in) operating activities of discontinued operations (1) |
|
|
(5) |
|
|
(9) |
|
|
Net cash provided by (used in) operating activities |
|
|
662 |
|
|
893 |
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and mine development |
|
|
(489) |
|
|
(363) |
|
|
Acquisitions, net |
|
|
(39) |
|
|
— |
|
|
Proceeds from sales of investments |
|
|
15 |
|
|
19 |
|
|
Purchases of investments |
|
|
(6) |
|
|
(113) |
|
|
Other |
|
|
2 |
|
|
17 |
|
|
Net cash provided by (used in) investing activities |
|
|
(517) |
|
|
(440) |
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Dividends paid to common stockholders |
|
|
(150) |
|
|
(54) |
|
|
Repurchase of common stock |
|
|
(70) |
|
|
— |
|
|
Distributions to noncontrolling interests |
|
|
(69) |
|
|
(80) |
|
|
Funding from noncontrolling interests |
|
|
52 |
|
|
46 |
|
|
Proceeds from sale of noncontrolling interests |
|
|
48 |
|
|
— |
|
|
Payments for withholding of employee taxes related to stock-based compensation |
|
|
(39) |
|
|
(13) |
|
|
Other |
|
|
(3) |
|
|
(6) |
|
|
Net cash provided by (used in) financing activities |
|
|
(231) |
|
|
(107) |
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(2) |
|
|
2 |
|
|
Net change in cash, cash equivalents and restricted cash |
|
|
(88) |
|
|
348 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
3,298 |
|
|
2,782 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
3,210 |
|
$ |
3,130 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,127 |
|
$ |
3,105 |
|
|
Restricted cash included in Other current assets |
|
|
1 |
|
|
2 |
|
|
Restricted cash included in Other noncurrent assets |
|
|
82 |
|
|
23 |
|
|
Total cash, cash equivalents and restricted cash |
|
$ |
3,210 |
|
$ |
3,130 |
|
|
(1) |
Net cash provided by (used in) operating activities of discontinued operations includes $(5) and $(6) related to the Holt royalty obligation and $- and $(3) related to closing costs for the sale of Batu Hijau, all of which were paid out of Cash and cash equivalents held for use for the six months ended June 30, 2018 and 2017, respectively. For additional information regarding the Company’s discontinued operations, see Note 9. |
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
5
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
|
|
|
At June 30, |
|
At December 31, |
|
||
|
|
|
2018 |
|
2017 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,127 |
|
$ |
3,259 |
|
|
Trade receivables (Note 4) |
|
|
133 |
|
|
124 |
|
|
Other accounts receivables |
|
|
101 |
|
|
113 |
|
|
Investments (Note 16) |
|
|
56 |
|
|
62 |
|
|
Inventories (Note 17) |
|
|
697 |
|
|
679 |
|
|
Stockpiles and ore on leach pads (Note 18) |
|
|
711 |
|
|
676 |
|
|
Other current assets |
|
|
142 |
|
|
153 |
|
|
Current assets |
|
|
4,967 |
|
|
5,066 |
|
|
Property, plant and mine development, net |
|
|
12,351 |
|
|
12,338 |
|
|
Investments (Note 16) |
|
|
353 |
|
|
280 |
|
|
Stockpiles and ore on leach pads (Note 18) |
|
|
1,837 |
|
|
1,848 |
|
|
Deferred income tax assets |
|
|
537 |
|
|
549 |
|
|
Other non-current assets |
|
|
610 |
|
|
565 |
|
|
Total assets |
|
$ |
20,655 |
|
$ |
20,646 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Lease and other financing obligations (Note 20) |
|
$ |
13 |
|
$ |
4 |
|
|
Accounts payable |
|
|
360 |
|
|
375 |
|
|
Employee-related benefits |
|
|
240 |
|
|
309 |
|
|
Income and mining taxes payable |
|
|
71 |
|
|
248 |
|
|
Other current liabilities (Note 21) |
|
|
396 |
|
|
462 |
|
|
Current liabilities |
|
|
1,080 |
|
|
1,398 |
|
|
Debt (Note 19) |
|
|
4,042 |
|
|
4,040 |
|
|
Lease and other financing obligations (Note 20) |
|
|
66 |
|
|
21 |
|
|
Reclamation and remediation liabilities (Note 5) |
|
|
2,369 |
|
|
2,345 |
|
|
Deferred income tax liabilities |
|
|
589 |
|
|
595 |
|
|
Employee-related benefits |
|
|
392 |
|
|
386 |
|
|
Other non-current liabilities (Note 21) |
|
|
284 |
|
|
342 |
|
|
Total liabilities |
|
|
8,822 |
|
|
9,127 |
|
|
|
|
|
|
|
|
|
|
|
Contingently redeemable noncontrolling interest (Note 10) |
|
|
48 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Common stock |
|
|
857 |
|
|
855 |
|
|
Treasury stock |
|
|
(69) |
|
|
(30) |
|
|
Additional paid-in capital |
|
|
9,595 |
|
|
9,592 |
|
|
Accumulated other comprehensive income (loss) (Note 22) |
|
|
(162) |
|
|
(292) |
|
|
Retained earnings |
|
|
592 |
|
|
410 |
|
|
Newmont stockholders' equity |
|
|
10,813 |
|
|
10,535 |
|
|
Noncontrolling interests |
|
|
972 |
|
|
984 |
|
|
Total equity |
|
|
11,785 |
|
|
11,519 |
|
|
Total liabilities and equity |
|
$ |
20,655 |
|
$ |
20,646 |
|
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
6
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Contingently |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
Other |
|
|
|
|
|
|
|
|
|
|
Redeemable |
|
|||
|
|
|
Common Stock |
|
Treasury Stock |
|
Paid-In |
|
Comprehensive |
|
Retained |
|
Noncontrolling |
|
Total |
|
Noncontrolling |
|
||||||||||||
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Income (Loss) |
|
Earnings |
|
Interests |
|
Equity |
|
Interest |
|
||||||||
|
|
|
(in millions) |
|
|
|
|
|||||||||||||||||||||||
|
Balance at December 31, 2017 |
|
534 |
|
$ |
855 |
|
(1) |
|
$ |
(30) |
|
$ |
9,592 |
|
$ |
(292) |
|
$ |
410 |
|
$ |
984 |
|
$ |
11,519 |
|
$ |
— |
|
|
Cumulative-effect adjustment of adopting ASU No. 2016-01 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
115 |
|
|
(115) |
|
|
— |
|
|
— |
|
|
— |
|
|
Net income (loss) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
484 |
|
|
5 |
|
|
489 |
|
|
— |
|
|
Other comprehensive income (loss) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
15 |
|
|
— |
|
|
— |
|
|
15 |
|
|
— |
|
|
Sale of noncontrolling interest |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
||||