DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | BROOKFIELD ASSET MANAGEMENT INC. |
Entity Central Index Key | 0001001085 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Class A Limited Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 1,510,635,291 |
Class B Limited Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 85,120 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 9,933 | $ 6,778 |
Other financial assets | 17,730 | 12,468 |
Accounts receivable and other | 18,928 | 18,469 |
Inventory | 10,360 | 10,272 |
Assets classified as held for sale | 5,917 | 3,502 |
Equity accounted investments | 41,327 | 40,698 |
Investment properties | 96,782 | 96,686 |
Property, plant and equipment | 100,009 | 89,264 |
Intangible assets | 24,658 | 27,710 |
Goodwill | 14,714 | 14,550 |
Deferred income tax assets | 3,338 | 3,572 |
Total assets | 343,696 | 323,969 |
Financial liabilities | 193,217 | 184,231 |
Liabilities and Equity | ||
Accounts payable and other | 50,682 | 43,077 |
Liabilities associated with assets classified as held for sale | 2,359 | 1,690 |
Non-recourse borrowings of managed entities | 139,324 | 136,292 |
Corporate borrowings | 9,077 | 7,083 |
Property-specific borrowings | 128,556 | 127,869 |
Subsidiary borrowings | 10,768 | 8,423 |
Deferred income tax liabilities | 15,913 | 14,849 |
Subsidiary equity obligations | 3,699 | 4,132 |
Equity [abstract] | ||
Equity | 122,642 | 116,846 |
Total liabilities and equity | 343,696 | 323,969 |
Corporate borrowings | ||
Assets | ||
Financial liabilities | 9,077 | 7,083 |
Subsidiary equity obligations | ||
Assets | ||
Financial liabilities | 3,699 | 4,132 |
Non-controlling interests | ||
Equity [abstract] | ||
Equity | 86,804 | 81,833 |
Preferred shares | Preferred equity | ||
Equity [abstract] | ||
Equity | 4,145 | 4,145 |
Preferred shares | Non-controlling interests | ||
Equity [abstract] | ||
Equity | 5,889 | 5,276 |
Common shares | Non-controlling interests | ||
Equity [abstract] | ||
Equity | 80,915 | 76,557 |
Common shares | Common equity | ||
Equity [abstract] | ||
Equity | $ 31,693 | $ 30,868 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | ||
Revenue | $ 62,752 | $ 67,826 |
Direct costs | 47,386 | 52,728 |
Other income and gains | 785 | 1,285 |
Equity accounted (loss) income | (79) | |
Expenses | ||
Interest | (7,213) | (7,227) |
Corporate costs | (101) | (98) |
Fair value changes | (1,423) | (831) |
Depreciation and amortization | (5,791) | (4,876) |
Tax expense (income) | (837) | (495) |
Net income | 707 | 5,354 |
Net (loss) income attributable to: | ||
Shareholders | (134) | 2,807 |
Non-controlling interests | 841 | 2,547 |
Net income | $ 707 | $ 5,354 |
Net (loss) income per share: | ||
Diluted | $ (0.12) | $ 1.73 |
Basic | $ (0.12) | $ 1.78 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | ||
Revenue | $ 62,752 | $ 67,826 |
Net income | 707 | 5,354 |
Items that may be reclassified to net income | ||
Financial contracts and power sale agreements | (218) | (52) |
Marketable securities | 285 | 75 |
Equity accounted investments | (82) | (37) |
Foreign currency translation | (1,294) | (403) |
Income taxes | (38) | (15) |
Other comprehensive income that may be reclassified to net income | (1,347) | (432) |
Items that will not be reclassified to net income | ||
Revaluations of property, plant and equipment | 4,794 | 3,328 |
Revaluation of pension obligations | (298) | (149) |
Equity accounted investments | 36 | 354 |
Marketable securities | 316 | 299 |
Income taxes | (1,188) | (688) |
Other comprehensive income that will not be reclassified to net income | 3,660 | 3,144 |
Other comprehensive income | 2,313 | 2,712 |
Comprehensive income | 3,020 | 8,066 |
Attributable to: | ||
Net income attributable to shareholders | (134) | 2,807 |
Other comprehensive income | 818 | 524 |
Comprehensive income | 684 | 3,331 |
Net income | 841 | 2,547 |
Comprehensive income | 2,336 | 4,735 |
Direct costs | 47,386 | 52,728 |
Other income and gains | 785 | 1,285 |
Consolidated equity accounted income (loss) | (79) | |
Interest expense | 7,213 | 7,227 |
Corporate Costs | 101 | 98 |
Fair value changes | (1,423) | (831) |
Depreciation and amortisation expense | 5,791 | 4,876 |
Tax expense (income) | $ 837 | $ 495 |
Diluted | $ (0.12) | $ 1.73 |
Basic | $ (0.12) | $ 1.78 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Retained Earnings | Non-controlling interests | Common sharesCommon Share Capital | Common sharesContributed Surplus | Common sharesRetained Earnings | Common sharesOwnership Changes1 | Common sharesRevaluation Surplus | Common sharesCurrency Translation | Common sharesOther Reserves2 | Common sharesCommon equity | Common sharesNon-controlling interests | Preferred sharesPreferred equity | Preferred sharesNon-controlling interests |
Other items | ||||||||||||||
Equity | Previously stated | $ 97,150 | $ 67,335 | $ 4,457 | $ 271 | $ 14,244 | $ 645 | $ 7,556 | $ (1,833) | $ 307 | $ 25,647 | $ 4,168 | |||
Beginning balance (Previously stated) at Dec. 31, 2018 | 97,150 | 67,335 | 4,457 | 271 | 14,244 | 645 | 7,556 | (1,833) | 307 | 25,647 | 4,168 | |||
Changes in period: | ||||||||||||||
Net income attributable to shareholders | 2,807 | $ 2,807 | 2,807 | |||||||||||
Non-controlling interests | 2,547 | 2,547 | ||||||||||||
Net income | 5,354 | |||||||||||||
Other comprehensive income | 2,712 | |||||||||||||
Other comprehensive income | 2,188 | |||||||||||||
Other comprehensive income | 524 | 591 | (190) | 123 | 524 | |||||||||
Comprehensive income | 8,066 | |||||||||||||
Comprehensive income, attributable to non-controlling interests | 4,735 | 4,735 | ||||||||||||
Comprehensive income, attributable to owners of parent | 3,331 | 2,807 | 591 | (190) | 123 | 3,331 | ||||||||
Dividends recognised as distributions to non-controlling interests | 8,568 | 8,568 | ||||||||||||
Dividends recognised as distributions to owners | 620 | 620 | 620 | |||||||||||
Shareholder distributions | ||||||||||||||
Preferred equity | (152) | (152) | (152) | |||||||||||
Non-controlling interests | (8,568) | (8,568) | ||||||||||||
Other items | ||||||||||||||
Issue of equity | 19,090 | 16,636 | 2,848 | (40) | (331) | 2,477 | (23) | |||||||
Share-based compensation | (13) | 55 | (68) | (13) | ||||||||||
Ownership changes | 1,893 | 1,695 | 146 | 365 | (271) | 6 | (48) | 198 | ||||||
Total change in period | 19,696 | 14,498 | 2,848 | 15 | 1,782 | 365 | 320 | (184) | 75 | 5,221 | (23) | |||
Ending balance (Previously stated) at Dec. 31, 2019 | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | 4,145 | |||
Ending balance at Dec. 31, 2019 | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | $ 76,557 | 4,145 | $ 5,276 | |
Other items | ||||||||||||||
Shareholders | 2,807 | 2,807 | 2,807 | |||||||||||
Common equity | (620) | (620) | (620) | |||||||||||
Net income | 5,354 | |||||||||||||
Shareholders | 2,807 | 2,807 | 2,807 | |||||||||||
Non-controlling interests | 2,547 | 2,547 | ||||||||||||
Other comprehensive income | 524 | 591 | (190) | 123 | 524 | |||||||||
Other comprehensive income | 2,712 | |||||||||||||
Other comprehensive income | 2,188 | |||||||||||||
Dividends paid, other shares | 152 | 152 | 152 | |||||||||||
Dividends recognised as distributions to owners | 620 | 620 | 620 | |||||||||||
Dividends recognised as distributions to non-controlling interests | 8,568 | 8,568 | ||||||||||||
Issue of equity | 19,090 | 16,636 | 2,848 | (40) | (331) | 2,477 | (23) | |||||||
Share-based compensation | (13) | 55 | (68) | (13) | ||||||||||
Ownership changes | 1,893 | 1,695 | 146 | 365 | (271) | 6 | (48) | 198 | ||||||
Increase (decrease) in equity | 19,696 | 14,498 | 2,848 | 15 | 1,782 | 365 | 320 | (184) | 75 | 5,221 | (23) | |||
Equity | Previously stated | 97,150 | 67,335 | 4,457 | 286 | 16,026 | 645 | 7,556 | (1,833) | 307 | 25,647 | 4,168 | |||
Equity | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | 76,557 | 4,145 | 5,276 | |
Equity | Previously stated | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | 4,145 | |||
Equity | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | 76,557 | 4,145 | 5,276 | |
Net income attributable to shareholders | (134) | (134) | (134) | |||||||||||
Non-controlling interests | 841 | 841 | ||||||||||||
Net income | 707 | |||||||||||||
Other comprehensive income | 2,313 | |||||||||||||
Other comprehensive income | 1,495 | |||||||||||||
Other comprehensive income | 818 | 1,005 | (332) | 145 | 818 | |||||||||
Comprehensive income | 3,020 | |||||||||||||
Comprehensive income, attributable to non-controlling interests | 2,336 | 2,336 | ||||||||||||
Comprehensive income, attributable to owners of parent | 684 | (134) | 1,005 | (332) | 145 | 684 | ||||||||
Dividends recognised as distributions to non-controlling interests | 6,493 | |||||||||||||
Dividends recognised as distributions to owners | 726 | 726 | 726 | |||||||||||
Preferred equity | (141) | (141) | (141) | |||||||||||
Non-controlling interests | (6,493) | |||||||||||||
Issue of equity | 12,449 | 12,719 | 63 | (60) | (273) | (270) | ||||||||
Share-based compensation | 36 | 59 | (23) | 36 | ||||||||||
Ownership changes | (2,349) | (3,591) | 449 | 1,681 | (1,351) | 216 | 247 | 1,242 | ||||||
Total change in period | 5,796 | 4,971 | 63 | (1) | (848) | 1,681 | (346) | (116) | 392 | 825 | 0 | |||
Ending balance at Dec. 31, 2020 | 122,642 | 86,804 | 7,368 | 285 | 15,178 | 2,691 | 7,530 | (2,133) | 774 | 31,693 | 80,915 | 4,145 | 5,889 | |
Other items | ||||||||||||||
Shareholders | (134) | (134) | (134) | |||||||||||
Common equity | (726) | (726) | (726) | |||||||||||
Net income | 707 | |||||||||||||
Shareholders | (134) | $ (134) | (134) | |||||||||||
Non-controlling interests | 841 | 841 | ||||||||||||
Other comprehensive income | 818 | 1,005 | (332) | 145 | 818 | |||||||||
Other comprehensive income | 2,313 | |||||||||||||
Other comprehensive income | 1,495 | |||||||||||||
Dividends paid, other shares | 141 | 141 | 141 | |||||||||||
Dividends recognised as distributions to owners | 726 | 726 | 726 | |||||||||||
Dividends recognised as distributions to non-controlling interests | 6,493 | |||||||||||||
Issue of equity | 12,449 | 12,719 | 63 | (60) | (273) | (270) | ||||||||
Share-based compensation | 36 | 59 | (23) | 36 | ||||||||||
Ownership changes | (2,349) | (3,591) | 449 | 1,681 | (1,351) | 216 | 247 | 1,242 | ||||||
Increase (decrease) in equity | 5,796 | 4,971 | 63 | (1) | (848) | 1,681 | (346) | (116) | 392 | 825 | 0 | |||
Equity | Previously stated | 116,846 | 81,833 | 7,305 | 286 | 16,026 | 1,010 | 7,876 | (2,017) | 382 | 30,868 | 4,145 | |||
Equity | 122,642 | 81,833 | 7,305 | 286 | 15,178 | 1,010 | 7,876 | (2,017) | 382 | 31,693 | 76,557 | 4,145 | 5,276 | |
Equity | $ 122,642 | $ 86,804 | $ 7,368 | $ 285 | $ 15,178 | $ 2,691 | $ 7,530 | $ (2,133) | $ 774 | $ 31,693 | $ 80,915 | $ 4,145 | $ 5,889 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net income | $ 707 | $ 5,354 |
Other income and gains | (785) | (1,285) |
Share of undistributed equity accounted earnings | 1,347 | (1,654) |
Fair value changes | 1,423 | 831 |
Depreciation and amortization | 5,791 | 4,876 |
Deferred income taxes | 81 | (475) |
Investments in residential inventory | 51 | (319) |
Net change in non-cash working capital balances | (274) | (1,000) |
Cash flows from (used in) operating activities | 8,341 | 6,328 |
Financing activities | ||
Corporate borrowings arranged | 2,216 | 992 |
Corporate borrowings repaid | (251) | (450) |
Non-recourse borrowings arranged | 37,594 | 64,576 |
Non-recourse borrowings repaid | (33,496) | (42,215) |
Non-recourse credit facilities, net | (1,705) | (926) |
Subsidiary equity obligations issued | 231 | 212 |
Subsidiary equity obligations redeemed | (246) | (45) |
Capital provided from non-controlling interests | 16,312 | 19,447 |
Capital repaid to non-controlling interests | (3,593) | (2,811) |
Repayment of lease liability | (602) | (424) |
Distributions to non-controlling interests | (6,493) | (8,568) |
Distributions to shareholders | (867) | (772) |
Cash flows from (used in) financing activities | 8,698 | 28,746 |
Acquisitions | ||
Investment properties | (5,111) | (6,921) |
Property, plant and equipment | (4,012) | (3,053) |
Equity accounted investments | (3,733) | (5,534) |
Financial assets and other | (25,536) | (10,830) |
Acquisition of subsidiaries | (3,453) | (31,088) |
Dispositions | ||
Investment properties | 2,266 | 5,239 |
Property, plant and equipment | 125 | 140 |
Equity accounted investments | 215 | 1,725 |
Financial assets and other | 22,557 | 10,850 |
Disposition of subsidiaries | 3,415 | 2,336 |
Restricted cash and deposits | (606) | 462 |
Cash flows from (used in) investing activities | (13,873) | (36,674) |
Cash and cash equivalents | ||
Change in cash and cash equivalents | 3,166 | (1,600) |
Net change in cash classified within assets held for sale | 23 | (7) |
Foreign exchange revaluation | (34) | (5) |
Balance, beginning of year | 6,778 | 8,390 |
Balance, end of year | 9,933 | 6,778 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | 1,101 | 504 |
Interest paid | 6,583 | 6,323 |
Preferred shares | ||
Financing activities | ||
Equity redeemed | 0 | (16) |
Common shares | ||
Financing activities | ||
Equity issued | 17 | 13 |
Equity redeemed | $ (419) | $ (267) |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Management Commentary Explanatory [Abstract] | |
CORPORATE INFORMATION | ORGANIZATION AND CAPITAL MANAGEMENT Organization Brookfield Asset Management Inc. (the “Corporation”) is a global alternative asset management company. References in these financial statements to “Brookfield,” “us,” “we,” “our” or “the company” refer to the Corporation and its direct and indirect subsidiaries and consolidated entities. The company owns and operates assets with a focus on real estate, renewable power, infrastructure, private equity and credit. The Corporation is listed on the New York and Toronto stock exchanges under the symbols BAM and BAM.A, respectively. The Corporation was formed by articles of amalgamation under the Business Corporations Act (Ontario) and is registered in Ontario, Canada. The registered office of the Corporation is Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, M5J 2T3. Capital Management The company utilizes the Corporation’s Capital to manage the business in a number of ways, including operating performance, value creation, credit metrics and capital efficiency. The performance of the Corporation’s Capital is closely tracked and monitored by the company’s key management personnel and evaluated relative to management’s objectives. The primary goal of the company is to earn a 12-15% return compounded over the long-term while always maintaining excess capital to support ongoing operations. The Corporation’s Capital consists of the capital invested in its asset management activities, including investments in entities that it manages, its corporate investments that are held outside of managed entities and its net working capital. The Corporation’s Capital is funded with common equity, preferred equity and corporate borrowings issued by the Corporation. As at December 31, 2020, the Corporation’s Capital totaled $45.1 billion (2019 – $42.1 billion), and is computed as follows: AS AT DEC. 31 2020 2019 Cash and cash equivalents $ 1,283 $ 807 Other financial assets 3,809 2,722 Common equity in managed investments 33,732 33,839 Other assets and liabilities of the Corporation 6,321 4,728 Corporation’s Capital $ 45,145 $ 42,096 Corporation’s Capital is comprised of the following: Common equity $ 31,693 $ 30,868 Preferred shares 4,145 4,145 Non-controlling interest 230 — Corporate borrowings 9,077 7,083 $ 45,145 $ 42,096 The Corporation generates returns on its capital through management fees and performance revenues earned as an asset manager, as well as distributions or dividends earned from its capital invested in managed entities, and through performance of the Corporation’s financial asset investments. Prudent levels of corporate borrowings and preferred equity are utilized to enhance returns to shareholders’ common equity. A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2020 is as follows: AS AT DEC. 31, 2020 The Corporation Managed Investments Elimination Total Consolidated Cash and cash equivalents $ 1,283 $ 8,650 $ — $ 9,933 Other financial assets 3,809 13,921 — 17,730 Accounts receivable and other 1 3,632 17,401 (2,105) 18,928 Inventory 2 10,358 — 10,360 Assets classified as held for sale — 5,917 — 5,917 Equity accounted investments 5,361 35,966 — 41,327 Investment properties 17 96,765 — 96,782 Property, plant and equipment 122 99,887 — 100,009 Intangible assets 285 24,373 — 24,658 Goodwill 368 14,346 — 14,714 Deferred income tax assets 2,159 1,179 — 3,338 Accounts payable and other 1 (5,134) (47,653) 2,105 (50,682) Liabilities associated with assets classified as held for sale — (2,359) — (2,359) Deferred income tax liabilities (414) (15,499) — (15,913) Subsidiary equity obligations (77) (3,622) — (3,699) Total 11,413 259,630 — 271,043 Common equity in managed investments 2 33,732 — (33,732) — Corporation’s Capital 45,145 259,630 (33,732) 271,043 Less: Corporate borrowings 9,077 — — 9,077 Non-recourse borrowings of managed entities — 139,324 — 139,324 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 86,574 — 86,804 Common equity $ 31,693 $ 33,732 $ (33,732) $ 31,693 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $2.1 billion and $2.1 billion respectively, between entities within the Corporation and its managed investments. 2. Represents the value of the Corporation’s managed investments. Common equity in managed investments is a measure routinely evaluated by our company’s key management personnel and represents the net equity in our consolidated financial statements outside of our corporate and asset management segments, excluding non-controlling interests. This measure is equal to the sum of the common equity in our real estate, infrastructure, renewable power, private equity and residential operating segments. A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2019 is as follows: AS AT DEC. 31, 2019 The Corporation Managed Investments Elimination Total Consolidated Cash and cash equivalents $ 807 $ 5,971 $ — $ 6,778 Other financial assets 2,722 9,746 — 12,468 Accounts receivable and other 1 1,629 17,002 (162) 18,469 Inventory — 10,272 — 10,272 Assets classified as held for sale — 3,502 — 3,502 Equity accounted investments 5,281 35,417 — 40,698 Investment properties — 96,686 — 96,686 Property, plant and equipment 79 89,185 — 89,264 Intangible assets 124 27,586 — 27,710 Goodwill 328 14,222 — 14,550 Deferred income tax assets 2,477 1,095 — 3,572 Accounts payable and other 1 (4,870) (38,369) 162 (43,077) Liabilities associated with assets classified as held for sale — (1,690) — (1,690) Deferred income tax liabilities (279) (14,570) — (14,849) Subsidiary equity obligations (41) (4,091) — (4,132) Total 8,257 251,964 — 260,221 Common equity in managed investments 2 33,839 — (33,839) — Corporation’s Capital 42,096 251,964 (33,839) 260,221 Less: Corporate borrowings 7,083 — — 7,083 Non-recourse borrowings of managed entities — 136,292 — 136,292 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests — 81,833 — 81,833 Common equity $ 30,868 $ 33,839 $ (33,839) $ 30,868 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $162 million and $162 million respectively, between entities within the Corporation and its managed investments. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were authorized for issuance by the Board of Directors of the company on March 23, 2021. b) Future Changes in Accounting Standards i. Insurance Contracts In May 2017, the IASB published IFRS 17, Insurance Contracts (“IFRS 17”), which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 will replace IFRS 4, Insurance Contracts , and will be applied retrospectively. In June 2020, the IASB proposed an amendment to IFRS 17 providing a one-year deferral on the effective date of the standard to January 1, 2023. IFRS 17 requires insurance contract liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. The company is currently assessing the impact of IFRS 17 on its operations. ii. Interest Rate Benchmark Reform On August 27, 2020, the IASB published Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Phase II Amendments”), effective January 1, 2021, with early adoption permitted. The Phase II Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The Phase II Amendments primarily relate to the modification of financial assets, financial liabilities and lease liabilities where the basis for determining the contractual cash flows changes as a result of IBOR reform, allowing for prospective application of the applicable benchmark interest rate and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The company is progressing through its assessment and the transition plan to address the impact and effect changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, interest rate caps, and updating hedge designations. The adoption is not expected to have a significant impact on our company’s financial reporting. c) Basis of Presentation The consolidated financial statements are prepared on a going concern basis. i. Subsidiaries The consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company exercises control. Control exists when the company is able to exercise power over the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. Subsidiaries are consolidated from the date control is obtained and continue to be consolidated until the date when control is lost. The company includes 100% of its subsidiaries’ revenues and expenses in the Consolidated Statements of Operations and 100% of its subsidiaries’ assets and liabilities on the Consolidated Balance Sheets, with non-controlling interests in the equity of the company’s subsidiaries included within the company’s equity. All intercompany balances, transactions, unrealized gains and losses are eliminated in full. The company continually reassesses whether or not it controls an investee, particularly if facts and circumstances indicate there is a change to one or more of the control criteria previously mentioned. In certain circumstances when the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights are sufficient to give it control of an investee. Certain of the company’s subsidiaries are subject to profit sharing arrangements, such as carried interest, between the company and the non-controlling equity holders, whereby the company is entitled to a participation in profits, as determined under the agreements. The attribution of net income amongst equity holders in these subsidiaries reflects the impact of these profit sharing arrangements when the attribution of profits as determined in the agreement is no longer subject to adjustment based on future events and correspondingly reduces non-controlling interests ’ attributable share of those profits. Gains or losses resulting from changes in the company’s ownership interest of a subsidiary that do not result in a loss of control are accounted for as equity transactions and are recorded within ownership changes as a component of equity. When we dispose of all or part of a subsidiary resulting in a loss of control, the difference between the carrying value of what is sold and the proceeds from disposition is recognized within other income and gains in the Consolidated Statements of Operations. Refer to Note 2(q) for an explanation of the company’s accounting policy for business combinations and to Note 4 for additional information on subsidiaries of the company with significant non-controlling interests. ii. Associates and Joint Ventures Associates are entities over which the company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The company accounts for associates and joint ventures using the equity method of accounting within equity accounted investments on the Consolidated Balance Sheets. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the company records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the company’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the company’s interest in an associate or joint venture is adjusted for the company’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for indicators of impairment at each balance sheet date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(l). iii. Joint Operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, related to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require unanimous consent of parties sharing control. The company recognizes only its assets, liabilities and share of the results of operations of the joint operation. The assets, liabilities and results of joint operations are included within the respective line items of the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. d) Foreign Currency Translation The U.S. dollar is the functional and presentation currency of the company. Each of the company’s subsidiaries, associates, joint ventures and joint operations determines its own functional currency and items included in the consolidated financial statements of each subsidiary, associate, joint venture and joint operation are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are accumulated as a component of equity. On the disposal of a foreign operation, or the loss of control, joint control or significant influence, the component of accumulated other comprehensive income relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. Foreign currency denominated monetary assets and liabilities of the company are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains or losses on transactions which hedge these items are also included in net income. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and highly liquid short-term investments with original maturities of three months or less. f) Related Party Transactions In the normal course of operations, the company enters into various transactions on market terms with related parties. The majority of transactions with related parties are between consolidated entities and eliminate on consolidation. The company and its subsidiaries may also transact with entities over which the company has significant influence or joint control. Amounts owed to and by associates and joint ventures are not eliminated on consolidation. The company’s subsidiaries with significant non-controlling interests are described in Note 4 and its associates and joint ventures are described in Note 10. In addition to our subsidiaries and equity accounted investments, we consider key management personnel, the Board of Directors and material shareholders to be related parties. See additional details in Note 27. g) Operating Assets i. Investment Properties The company uses the fair value method to account for real estate classified as investment properties. A property is determined to be an investment property when it is principally held either to earn rental income or for capital appreciation, or both. Investment properties also include properties that are under development or redevelopment for future use as investment property. Investment properties are initially measured at cost including transaction costs , or at fair value if acquired in a business combination . Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in net income during the period in which they arise. Fair values are completed by undertaking one of two accepted approaches: (i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 net operating income, typically used for our office, retail and logistics assets; or (ii) undertaking a direct capitalization approach for certain of our LP investments and directly held multifamily assets whereby a capitalization rate is applied to estimated stabilized annual net operating income. The future cash flows of each property are based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting current conditions, less future cash outflows relating to such current and future leases. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are carried at cost. ii. Property, Plant and Equipment The company uses the revaluation method of accounting for certain classes of property, plant and equipment as well as certain assets which are under development for future use as PP&E. PP&E measured using the revaluation method is initially measured at cost , or at fair value if acquired in a business combination, and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed on an annual basis at the end of each fiscal year, commencing in the first year subsequent to the date of acquisition, unless there is an indication that assets are impaired. Where the carrying amount of an asset increases as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity in revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset decreases, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Depreciation of an asset commences when it is available for use. On loss of control or partial disposition of an asset measured using the revaluation method, all accumulated revaluation surplus or the portion disposed of, respectively, is transferred into retained earnings or ownership changes, respectively. PP&E held in our Private Equity segment, which include leasehold improvements, are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Land is carried at cost whereas finite-life assets such as buildings and equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a systematic basis over the assets’ useful life. Depreciation methods and useful lives are reassessed at least annually regardless of the measurement method used. Renewable Power Renewable power generally determines the fair value of its PP&E by using a 20-year discounted cash flow model for the majority of its assets. This model incorporates future cash flows from long-term power purchase agreements that are in place where it is determined that the power purchase agreements are linked specifically to the related power generating assets. The model also includes estimates of future electricity prices, anticipated long-term average generation, estimated operating and capital expenditures, and assumptions about future inflation rates and discount rates by geographical location. Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: (YEARS) Useful Lives Dams Up to 115 Penstocks Up to 60 Powerhouses Up to 115 Hydroelectric generating units Up to 115 Wind generating units Up to 30 Solar generating units Up to 35 Gas-fired cogenerating (“Cogeneration”) units Up to 40 Other assets Up to 60 Cost is allocated to the significant components of power generating assets and each component is depreciated separately. The depreciation of PP&E in our Brazilian renewable power operations is based on the duration of the authorization or the useful life of a concession. The weighted-average remaining duration at December 31, 2020 is 32 years (2019 – 32 years). Land rights are included as part of the concession or authorization and are subject to depreciation. Infrastructure Utilities, tran sport, midstream and data assets within our infrastructure operations as well as assets under development classified as PP&E on the Consolidated Balance Sheets are accounted for using the revaluation method. The company determines the fair value of its utilities, transport, midstream and data assets using discounted cash flow analyses, which include estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Valuations are performed internally on an annual basis. Discount rates are selected for each asset, giving consideration to the volatility and geography of its revenue streams. Depreciation on utilities, transport, midstream and data assets i s calculated on a straight-line or declining balance basis over the estimated service lives of the components of the assets, which are as follows: (YEARS) Useful Lives Buildings Up to 75 Transmission stations, towers and related fixtures Up to 40 Leasehold improvements Up to 50 Plant and equipment Up to 40 Network systems Up to 65 Track Up to 40 District energy systems Up to 50 Pipelines Up to 20 Gas storage assets Up to 50 The fair value and the estimated remaining service lives are reassessed annually. Public service concessions that provide the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as intangible assets. In our sustainable resources operations, land used in the production of standing timber, as well as bridges and roads used in sustainable resources production, are accounted for using the revaluation method and included in PP&E. Bridges, roads and equipment are depreciated over their useful lives, generally 3 to 30 years. Real Estate – Hospitality Assets Hospitality operating assets within our real estate operations are classified as PP&E and are accounted for using the revaluation method. The company determines the fair value for these assets by using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value of hospitality properties are also reviewed in reference to each hospitality asset’s enterprise value which is determined using a discounted cash flow model. Depreciation on hospitality assets is calculated on a straight-line basis over the estimated useful lives of each component of the asset as follows: (YEARS) Useful Lives Building and building improvements 5 to 50 + Land improvements 15 Furniture, fixtures and equipment 2 to 15 Private Equity The company accounts for its private equity PP&E using the cost model. Costs include expenditures that are directly attributable to the acquisition of the asset. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the following asset classes as follows: On a straight-line basis (YEARS) Useful Lives Buildings Up to 50 Leasehold improvements Up to 40 Machinery and equipment Up to 20 Vessels Up to 35 Not on a straight-line basis Useful Lives Oil and gas related equipment Units of production iii. Inventory Private Equity Fuel inventories within our Private Equity segment are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the Consolidated Statements of Operations through direct costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. Real Estate Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, which includes pre-development expenditures and capitalized borrowing costs and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. Homes and other properties held for sale, which include properties subject to sale agreements, are recorded at the lower of cost and net realizable value in inventory. Costs are allocated to the salable acreage of each project or subdivision in proportion to the anticipated revenue. Residential Development Inventories consist of land held for development, land under development, homes under construction, completed homes and model homes. In addition to direct land acquisitions, land development and improvement costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction or development. Indirect costs are allocated to homes or lots based on the number of units in a community. Land and housing assets are recorded at the lower of cost and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. h) Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset or liability’s anticipated life. Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Refer to the investment properties and revaluation of PP&E explanations for the approach taken to determine the fair value of these operating assets. Further information on fair value measurements is available in Notes 6, 7, 11 and 12. i) Accounts Receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less an allowance for expected credit losses for uncollectability. j) Intangible Assets Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within depreciation and amortization in the Consolidated Statements of Operations. Certain of the company’s intangible assets have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income. Infrastructure Intangible assets within our Infrastructure segment primarily consist of conservancy rights, service concession arrangements, customer order backlogs, track access rights, operating network agreements and customer contracts and relationships. Concession arrangements, accounted for as intangible assets under IFRIC 12, Service Concession Arrangements (“IFRIC 12”), were mostly acquired through acquisitions of gas transmission, electricity transmission and toll road businesses and are amortized on a straight-line basis over the term of the arrangement. The intangible assets at the Brazilian regulated gas transmission operation and Brazilian electricity transmission operation relate to concession contracts, and are amortized on a straight-line basis over the life of the contractual agreement. The intangible assets at the Chilean, Indian and Peruvian toll roads relate to the right to operate a road and charge users a specified tariff for a contractual length of time and is amortized over the life of the contractual arrangement with an average of 13, 16 and 22 years remaining, respectively. Refer to Note 13 of the consolidated financial statements for additional information on these concession arrangements. The intangible assets at our residential infrastructure operation are comprised of contractual customer relationships, customer contracts, proprietary technology and brands. The contractual customer relationships and customer contracts represent ongoing economic benefits from leasing customers and annuity-based management agreements. Proprietary technology is recognized for the development of new metering technology, which allows the business to generate revenue through its sub-metering business. Brands represent the intrinsic value customers place on the operation’s various brand names. Private Equity Our private equity operations include intangible assets across a number of operating companies. The majority are finite life intangible assets that are amortized on a straight-line basis over the following useful lives: (YEARS) Useful Lives Water and sewage concession agreements Up to 40 Brand names Up to 20 Computer software Up to 10 Customer relationships Up to 30 Value of insurance contracts acquired Up to 15 Patents and trademarks Up to 40 Proprietary technology Up to 20 Product development costs Up to 5 Distribution networks Up to 25 Loyalty program Up to 15 Real Estate Intangible assets in our Real Estate segment are primarily trademarks associated with hospitality assets. These trademarks have indefinite lives. k) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company identifies cash-generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. l) Impairment of Long-Lived Assets At each balance sheet date or more often if events or circumstances indicate there may be impairment, the company assesses whether its assets, other than those measured at fair value with changes in value recorded in net income, have any indication of impairment. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal and the discounted future cash flows generated from use and eventual disposal from an asset or cash-generating unit, is less than their carrying value. Impairment losses are recorded as fair value changes within the Consolidated Statements of Operations. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. m) Subsidiary Equity Obligations Subsidiary equity obligations include subsidiary preferred equity units, subsidiary preferred shares and capital securities as well as limited-life funds and redeemable fund units. Subsidiary preferred equity units and capital securities are preferred shares that may be settled by a variable number of common equity units upon their conversion by the holders or the company. These instruments, as well as the related accrued distributions, are classified as liabilities at amortized cost on the Consolidated Balance Sheets. Dividends or yield distributions on these instruments are recorded as interest expense. To the extent conversion features are not closely related to the underlying liability the instruments are bifurcated into debt and equity components. Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life. Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice. Limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within subsidiary equity obligations on the Consolidated Balance Sheets. Changes in the fair value are recorded in net income in the period of the change. n) Revenue from Contracts with Customers IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), specifies how and when revenue should be recognized and requires disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts. Where available, the company has elected the practical expedient available under IFRS 15 for measuring progress toward complete satisfaction of performance obligation and for disclosure requirements of remaining |
PROPERTY, PLANT AND EQUIPMENT | Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: (YEARS) Useful Lives Dams Up to 115 Penstocks Up to 60 Powerhouses Up to 115 Hydroelectric generating units Up to 115 Wind generating units Up to 30 Solar generating units Up to 35 Gas-fired cogenerating (“Cogeneration”) units Up to 40 Other assets Up to 60 Depreciation on utilities, transport, midstream and data assets i s calculated on a straight-line or declining balance basis over the estimated service lives of the components of the assets, which are as follows: (YEARS) Useful Lives Buildings Up to 75 Transmission stations, towers and related fixtures Up to 40 Leasehold improvements Up to 50 Plant and equipment Up to 40 Network systems Up to 65 Track Up to 40 District energy systems Up to 50 Pipelines Up to 20 Gas storage assets Up to 50 Depreciation on hospitality assets is calculated on a straight-line basis over the estimated useful lives of each component of the asset as follows: (YEARS) Useful Lives Building and building improvements 5 to 50 + Land improvements 15 Furniture, fixtures and equipment 2 to 15 On a straight-line basis (YEARS) Useful Lives Buildings Up to 50 Leasehold improvements Up to 40 Machinery and equipment Up to 20 Vessels Up to 35 Not on a straight-line basis Useful Lives Oil and gas related equipment Units of production The company’s property, plant and equipment relates to the operating segments as shown below: Renewable Power (a) Infrastructure (b) Real Estate (c) Private Equity and Other (d) Total AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Costs $ 28,838 $ 27,820 $ 31,212 $ 22,454 $ 9,251 $ 9,890 $ 18,770 $ 17,269 $ 88,071 $ 77,433 Accumulated fair value changes 24,238 20,465 4,626 3,777 393 1,366 (873) (643) 28,384 24,965 Accumulated depreciation (7,870) (6,690) (3,671) (2,459) (1,212) (1,527) (3,693) (2,458) (16,446) (13,134) Total 1 $ 45,206 $ 41,595 $ 32,167 $ 23,772 $ 8,432 $ 9,729 $ 14,204 $ 14,168 $ 100,009 $ 89,264 1. As at December 31, 2020, the total includes $3.9 billion (December 31, 2019 – $3.7 billion) of property, plant and equipment leased to third parties as operating leases. Our ROU PP&E assets include $4.1 billion (December 31, 2019 – $2.2 billion) in our Infrastructure segment, $856 million (December 31, 2019 – $796 million) in our Real Estate segment, $393 million (December 31, 2019 – $1.1 billion) in our Renewable Power segment and $1.3 billion (December 31, 2019 – $1.3 billion) in Private Equity and other segments, totaling $6.7 billion (December 31, 2019 – $5.4 billion) of ROU assets. Renewable Power, Infrastructure and Real Estate segments carry property, plant and equipment assets at fair value, classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs when determining fair value. Private Equity and other segments carry property, plant and equipment assets at amortized cost. The carrying amount that would have been recognized had our assets been accounted for under the cost model is $59.0 billion ( 2019 – $51.7 billion) . As at December 31, 2020, $80.2 billion (2019 – $66.3 billion) of property, plant and equipment, at cost, were pledged as collateral for the property debt at their respective properties. a) Renewable Power Our renewable power property, plant and equipment consists of the following: Hydroelectric Wind Solar and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 14,074 $ 13,843 $ 8,459 $ 7,968 $ 5,287 $ 4,297 $ 27,820 $ 26,108 Changes in basis of accounting — 83 — 321 — 3 — 407 Additions, net of disposals and assets reclassified as held for sale 425 162 (9) (342) 284 280 700 100 Acquisitions through business combinations — — — 566 661 742 661 1,308 Foreign currency translation (600) (14) (52) (54) 309 (35) (343) (103) Cost, end of year 13,899 14,074 8,398 8,459 6,541 5,287 28,838 27,820 Accumulated fair value changes, beginning of year 16,927 15,416 2,588 2,079 950 765 20,465 18,260 Fair value changes 3,221 1,369 402 669 530 195 4,153 2,233 Dispositions and assets reclassified as held for sale — — — (126) — (35) — (161) Foreign currency translation (283) 142 (82) (34) (15) 25 (380) 133 Accumulated fair value changes, end of year 19,865 16,927 2,908 2,588 1,465 950 24,238 20,465 Accumulated depreciation, beginning of year (4,412) (3,879) (1,781) (1,358) (497) (260) (6,690) (5,497) Depreciation expenses (517) (532) (546) (502) (302) (245) (1,365) (1,279) Dispositions and assets reclassified as held for sale 17 7 25 101 9 9 51 117 Foreign currency translation 181 (8) 9 (22) (56) (1) 134 (31) Accumulated depreciation, end of year (4,731) (4,412) (2,293) (1,781) (846) (497) (7,870) (6,690) Balance, end of year $ 29,033 $ 26,589 $ 9,013 $ 9,266 $ 7,160 $ 5,740 $ 45,206 $ 41,595 The following table presents our renewable power property, plant and equipment measured at fair value by geography: AS AT DEC. 31 (MILLIONS) 2020 2019 North America $ 28,044 $ 25,617 Colombia 8,150 7,353 Europe 4,912 3,770 Brazil 3,005 3,575 Other 1 1,095 1,280 $ 45,206 $ 41,595 1. Other refers primarily to China, India and Chile in both 2020 and 2019. Renewable power assets are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2020. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of renewable power assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows – primarily impacted by future electricity price assumptions • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Terminal values are included in the valuation of hydroelectric assets in the U.S., Canada and Colombia. For the hydroelectric assets in Brazil, cash flows have been included based on the duration of the authorization or useful life of a concession asset without consideration of potential renewal value. The weighted-average remaining duration as at December 31, 2020, which includes a one-time 30-year renewal for applicable hydroelectric assets completed in the current year, is 32 years (2019 – 32 years). Consequently, there is no terminal value attributed to the hydroelectric assets in Brazil. Key assumptions on contracted generation and future power pricing are summarized below: Total Generation Contracted under Power Purchase Agreements Power Prices from Long-Term Power Purchase Agreements (weighted average) Estimates of Future Electricity Prices (weighted average) AS AT DEC. 31, 2020 (MILLIONS) 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years North America (prices in US$/MWh) 43 % 13 % 96 90 65 117 Brazil (prices in R$/MWh) 70 % 30 % 306 396 245 328 Colombia (prices in COP$/MWh) 27 % — % 220,000 N/A 265,000 384,000 Europe (prices in €/MWh) 87 % 56 % 167 255 68 54 The company’s estimate of future renewable power pricing is based on management’s estimate of the cost of securing new energy from renewable sources to meet future demand between 2023 and 2035 (2019 – between 2023 and 2035), which will maintain system reliability and provide adequate levels of reserve generation. b) Infrastructure Our infrastructure property, plant and equipment consists of the following: Utilities Transport Midstream Data Sustainable Resources and Other Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 8,654 $ 6,248 $ 8,309 $ 2,495 $ 3,971 $ 2,443 $ 1,131 $ 444 $ 389 $ 429 $ 22,454 $ 12,059 Changes in basis of accounting — 110 — 356 — 108 — 633 — — — 1,207 Additions, net of disposals and assets reclassified as held for sale 550 34 146 171 277 136 51 (43) (16) (25) 1,008 273 Acquisitions through business combinations — 2,135 — 5,283 — 1,197 7,334 95 — — 7,334 8,710 Foreign currency translation 102 127 243 4 73 87 77 2 (79) (15) 416 205 Cost, end of year 9,306 8,654 8,698 8,309 4,321 3,971 8,593 1,131 294 389 31,212 22,454 Accumulated fair value changes, beginning of year 2,187 2,002 857 810 317 221 — — 416 447 3,777 3,480 Disposition and assets reclassified as held for sale — (416) — — — — — — — (37) — (453) Fair value changes 652 572 113 45 21 92 — — 6 6 792 715 Foreign currency translation 78 29 77 2 — 4 — — (98) — 57 35 Accumulated fair value changes, end of year 2,917 2,187 1,047 857 338 317 — — 324 416 4,626 3,777 Accumulated depreciation, beginning of year (1,172) (985) (950) (744) (208) (120) (88) — (41) (40) (2,459) (1,889) Depreciation expenses (419) (415) (498) (178) (141) (84) (189) (87) (10) (10) (1,257) (774) Dispositions and assets reclassified as held for sale 12 247 134 (25) — 3 17 — 7 7 170 232 Foreign currency translation (34) (19) (90) (3) (7) (7) (3) (1) 9 2 (125) (28) Accumulated depreciation, end of year (1,613) (1,172) (1,404) (950) (356) (208) (263) (88) (35) (41) (3,671) (2,459) Balance, end of year $ 10,610 $ 9,669 $ 8,341 $ 8,216 $ 4,303 $ 4,080 $ 8,330 $ 1,043 $ 583 $ 764 $ 32,167 $ 23,772 Infrastructure’s PP&E assets are accounted for under the revaluation model, and the most recent date of revaluation was December 31, 2020. The company’s utilities assets consist of regulated transmission and regulated distribution networks, which are operated primarily under regulated rate base arrangements. In the company’s transport operations, the PP&E assets consist of railroads, toll roads and ports. PP&E assets in the midstream operations are comprised of energy transmission, distribution and storage and district energy assets. Data PP&E include mainly telecommunications towers, fiber optic networks and data storage assets. PP&E within our sustainable resource operations include standing timber, land, roads and other agricultural assets. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport, midstream, data and sustainable resources assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization multiple • Increases (decreases) in terminal capitalization multiple increases (decreases) fair value • Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 c) Real Estate Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 9,890 $ 7,713 $ 1,366 $ 1,045 $ (1,527) $ (1,106) $ 9,729 $ 7,652 Changes in basis of accounting (1,895) 769 (681) — 786 — (1,790) 769 Additions/(dispositions) 1 , net of assets reclassified as held for sale 1,023 514 (135) (2) 27 37 915 549 Acquisitions through business combinations — 785 — — — — — 785 Foreign currency translation 233 109 2 — (41) (15) 194 94 Fair value changes — — (159) 323 — — (159) 323 Depreciation expenses — — — — (457) (443) (457) (443) Balance, end of year $ 9,251 $ 9,890 $ 393 $ 1,366 $ (1,212) $ (1,527) $ 8,432 $ 9,729 1. For accumulated depreciation, (additions)/dispositions. The company’s real estate PP&E assets include hospitality assets accounted for under the revaluation model, with the most recent revaluation as at December 31, 2020. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of real estate assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. d) Private Equity Private equity and other PP&E includes assets owned by the company’s private equity and residential development operations. These assets are accounted for under the cost model, which requires the assets to be carried at cost less accumulated depreciation and any accumulated impairment losses. The following table presents the changes to the carrying value of the company’s property, plant and equipment assets included in these operations: Cost Accumulated Impairment Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 17,269 $ 9,027 $ (643) $ (434) $ (2,458) $ (1,472) $ 14,168 $ 7,121 Changes in basis of accounting — 1,032 — — — — — 1,032 Additions/(dispositions) 1 , net of assets reclassified as held for sale 874 477 57 — 290 332 1,221 809 Acquisitions through business combinations 84 6,650 — — — — 84 6,650 Foreign currency translation 543 83 (3) (13) (61) (44) 479 26 Depreciation expenses — — — — (1,464) (1,274) (1,464) (1,274) Impairment charges — — (284) (196) — — (284) (196) Balance, end of year $ 18,770 $ 17,269 $ (873) $ (643) $ (3,693) $ (2,458) $ 14,204 $ 14,168 1. For accumulated depreciation, (additions)/dispositions. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION | SEGMENT INFORMATION a) Operating Segments Our operations are organized into our asset management and corporate segments, in addition to five operating business groups which collectively represent seven operating segments for internal and external reporting purposes. We use our common equity by segment to evaluate capital allocation decisions and measure performance using funds from operations (“FFO”). Our operating segments are as follows: The Corporation: i. Asset management operations include managing our long-term private funds, perpetual strategies and public securities on behalf of our investors and ourselves, as well as our share of the asset management activities of Oaktree Capital Management (“Oaktree”). We generate contractual base management fees for these activities as well as incentive distributions and performance income, including performance fees, transaction fees and carried interest. ii. Corporate activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are incurred on behalf of our operating segments and allocated to each operating segment based on an internal pricing framework. Managed investments: iii. Real estate operations include the ownership, operation and development of core office, core retail, LP investments and other properties. iv. Renewable power operations include the ownership, operation and development of hydroelectric, wind, solar and energy transition power generating facilities. v. Infrastructure operations include the ownership, operation and development of utilities, transport, midstream, data and sustainable resource assets. vi. Private equity operations include a broad range of industries, and are mostly focused on business services, infrastructure services and industrials. vii. Residential development operations consist of homebuilding, condominium development and land development. b) Segment Financial Measures FFO is a key measure of our financial performance and our segment measure of profit and loss. It is utilized by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis. We define FFO as net income excluding fair value changes, depreciation and amortization and deferred income taxes, net of non-controlling interests. When determining FFO, we include our proportionate share of the FFO from equity accounted investments on a fully diluted basis. FFO also includes realized disposition gains and losses, which are gains or losses arising from transactions during the reporting period, adjusted to include associated fair value changes and revaluation surplus recorded in prior periods, taxes payable or receivable in connection with those transactions and amounts that are recorded directly in equity, such as ownership changes. We use FFO to assess our performance as an asset manager and as an investor in our assets. FFO from our Asset Management segment includes fees, net of the associated costs, that we earn from managing capital in our listed affiliates, private funds and public securities accounts. We are also eligible to earn incentive payments in the form of incentive distributions, performance fees or carried interest. As an investor in our assets, our FFO represents the company’s share of revenues less costs incurred within our operations, which include interest expenses and other costs. Specifically, it includes the impact of contracts that we enter into to generate revenues, including power sales agreements, contracts that our operating businesses enter into such as leases and take or pay contracts and sales of inventory. FFO includes the impact of changes in leverage or the cost of that financial leverage and other costs incurred to operate our business. We use realized disposition gains and losses within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period FFO, and believe it is useful to investors to better understand variances between reporting periods. We exclude depreciation and amortization from FFO as we believe that the value of most of our assets typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. In addition, the depreciated cost base of our assets is reflected in the ultimate realized disposition gain or loss on disposal. As noted above, unrealized fair value changes are excluded from FFO until the period in which the asset is sold. We also exclude deferred income taxes from FFO because the vast majority of the company’s deferred income tax assets and liabilities are a result of the revaluation of our assets under IFRS. Our definition of FFO may differ from the definition used by other organizations, as well as the definition of FFO used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. The key differences between our definition of FFO and the determination of FFO by REALPAC and/or NAREIT are that we include the following: realized disposition gains or losses and cash taxes payable or receivable on those gains or losses, if any; foreign exchange gains or losses on monetary items not forming part of our net investment in foreign operations; and foreign exchange gains or losses on the sale of an investment in a foreign operation. We do not use FFO as a measure of cash generated from our operations. We illustrate how we derive FFO for each operating segment and reconcile total FFO to net income in Note 3(c)(v) of the consolidated financial statements. Segment Balance Sheet Information We use common equity by segment as our measure of segment assets when reviewing our deconsolidated balance sheet because it is utilized by our Chief Operating Decision Maker for capital allocation decisions. Segment Allocation and Measurement Segment measures include amounts earned from consolidated entities that are eliminated on consolidation. The principal adjustment is to include asset management revenues charged to consolidated entities as revenues within the company’s Asset Management segment with the corresponding expense recorded as corporate costs within the relevant segment. These amounts are based on the in-place terms of the asset management contracts between the consolidated entities. Inter-segment revenues are determined under terms that approximate market value. The company allocates the costs of shared functions that would otherwise be included within its Corporate Activities segment, such as information technology and internal audit, pursuant to formal policies. c) Reportable Segment Measures AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Note External revenues $ 246 $ 872 $ 8,851 $ 4,085 $ 9,294 $ 37,161 $ 2,243 $ 62,752 Inter-segment and other revenues 1 3,278 (1) 32 — 7 614 — 3,930 i Segmented revenues 3,524 871 8,883 4,085 9,301 37,775 2,243 66,682 FFO from equity accounted investments 1 277 (17) 765 116 1,329 600 21 3,091 ii Interest expense — (388) (3,117) (885) (1,224) (1,573) (29) (7,216) iii Current income taxes — (67) (82) (66) (247) (286) (8) (756) iv Funds from operations 1 1,776 (86) 876 1,044 569 935 66 5,180 v Common equity 4,947 (6,986) 19,331 5,154 2,552 3,965 2,730 31,693 Equity accounted investments 4,530 830 21,024 1,444 10,530 2,623 346 41,327 Additions to non-current assets 2 64 234 10,117 1,677 11,200 3,535 45 26,872 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at approximately 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2020, $1.2 billion of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Note External revenues $ 271 $ 508 $ 10,442 $ 3,959 $ 7,091 $ 43,099 $ 2,456 $ 67,826 Inter-segment revenues 2,343 (49) 33 15 2 479 — 2,823 i Segmented revenues 1 2,614 459 10,475 3,974 7,093 43,578 2,456 70,649 FFO from equity accounted investments 43 14 1,049 74 1,100 320 41 2,641 ii Interest expense — (349) (3,469) (923) (937) (1,536) (66) (7,280) iii Current income taxes — (114) (165) (73) (255) (326) (37) (970) iv Funds from operations 1 1,597 (359) 1,185 333 464 844 125 4,189 v Common equity 4,927 (7,897) 18,781 5,320 2,792 4,086 2,859 30,868 Equity accounted investments 4,599 681 22,314 1,154 8,972 2,596 382 40,698 Additions to non-current assets 2 4,654 617 17,915 2,207 17,352 19,825 88 62,658 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at approximately 61%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2019, $231 million of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. i. Inter-Segment Revenues For the year ended December 31, 2020, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and Oaktree totaling $3.3 billion (2019 – $2.3 billion), revenues earned on construction projects between consolidated entities totaling $610 million (2019 – $450 million), and other revenues totaling a net income of $42 million (2019 – $30 million). Inter-segment revenues are eliminated on consolidation to arrive at the company’s consolidated revenues. ii. FFO from Equity Accounted Investments The company determines FFO from its equity accounted investments by applying the same methodology utilized in adjusting net income of consolidated entities. The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Consolidated equity accounted (loss) income $ (79) $ 2,498 Non-FFO items from equity accounted investments 1 3,170 143 FFO from equity accounted investments $ 3,091 $ 2,641 1. Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments. iii. Interest Expense For the year ended December 31, 2020, the adjustment to interest expense consists of interest on loans between consolidated entities totaling $8 million (2019 – $53 million) that is eliminated on consolidation, along with the associated revenue. iv. Current Income Taxes Current income taxes are included in FFO but are aggregated with deferred income taxes in income tax expense on the company’s Consolidated Statements of Operations. The following table reconciles consolidated income taxes to current and deferred income taxes: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ (756) $ (970) Deferred income tax (expense) recovery (81) 475 Income tax expense $ (837) $ (495) iv. v. Reconciliation of Net Income to Total FFO The following table reconciles net income to total FFO: FOR THE YEARS ENDED DEC. 31 (MILLIONS) Note 2020 2019 Net income $ 707 $ 5,354 Financial statement components not included in FFO Equity accounted fair value changes and other non-FFO items 3,170 143 Fair value changes 1,423 831 Depreciation and amortization 5,791 4,876 Deferred income taxes 81 (475) Realized disposition gains in fair value changes or equity vi 1,554 621 Non-controlling interests in FFO (7,546) (7,161) Total FFO $ 5,180 $ 4,189 vi. Realized Disposition Gains Realized disposition gains include gains and losses recorded in net income arising from transactions during the current period, adjusted to include fair value changes and revaluation surplus recorded in prior periods in connection with the assets sold. Realized disposition gains also include amounts that are recorded directly in equity as changes in ownership, as opposed to net income, because they result from a change in ownership of a consolidated entity. The realized disposition gains recorded in fair value changes, revaluation surplus or directly in equity were $1.6 billion for the year ended December 31, 2020 (2019 – $621 million), of which $499 million relates to prior periods (2019 – $284 million), $1.1 billion has been recorded directly in equity as changes in ownership (2019 – $258 million) and a loss of $29 million has been recorded in fair value changes (2019 – gain of $79 million). d) Geographic Allocation The company’s revenues by location of operations are as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 U.S. $ 18,048 $ 16,584 Canada 5,906 6,202 U.K. 16,032 21,847 Brazil 3,323 4,099 Europe 6,191 6,285 Australia 5,528 5,522 India 1,284 803 Colombia 1,762 2,095 Other Asia 2,388 1,599 Other 2,290 2,790 $ 62,752 $ 67,826 The company’s consolidated assets by location are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 U.S. $ 159,684 $ 149,687 Canada 36,403 35,840 U.K. 31,598 30,184 Brazil 20,675 24,354 Europe 22,267 19,404 Australia 22,000 22,971 India 21,438 9,089 Colombia 10,919 10,819 Other Asia 9,343 8,379 Other 9,369 13,242 $ 343,696 $ 323,969 |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES | SUBSIDIARIES The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2020 2019 Brookfield Property Partners L.P. (“BPY”) Bermuda 38.3 % 44.8 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 49.3 % 39.5 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 71.5 % 70.4 % Brookfield Business Partners L.P. (“BBU”) Bermuda 36.5 % 37.3 % 1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”). The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020: TSX NYSE Nasdaq BPY BPY.UN N/A BPY BEP BEP.UN BEP N/A BIP BIP.UN BIP N/A BBU BBU.UN BBU N/A The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2020 2019 BPY $ 25,986 $ 29,165 BEP 17,194 13,321 BIP 19,753 20,036 BBU 9,162 8,664 Individually immaterial subsidiaries with non-controlling interests 14,709 10,647 $ 86,804 $ 81,833 All publicly listed entities are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations: BPY BEP BIP BBU AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Current assets $ 5,009 $ 3,289 $ 1,742 $ 1,474 $ 3,711 $ 5,841 $ 14,493 $ 12,795 Non-current assets 102,942 108,354 47,980 34,217 57,620 50,467 40,253 38,956 Current liabilities (18,220) (12,466) (2,876) (1,678) (5,524) (5,439) (12,133) (11,024) Non-current liabilities (48,208) (54,242) (25,079) (15,882) (34,134) (28,692) (31,276) (29,674) Non-controlling interests (25,986) (29,165) (17,194) (13,321) (19,753) (20,036) (9,162) (8,664) Equity attributable to Brookfield $ 15,537 $ 15,770 $ 4,573 $ 4,810 $ 1,920 $ 2,141 $ 2,175 $ 2,389 Revenues $ 6,593 $ 8,203 $ 3,810 $ 2,980 $ 8,885 $ 6,597 $ 37,635 $ 43,032 Net income (loss) attributable to: Non-controlling interests $ (673) $ 2,091 $ 162 $ 348 $ 863 $ 636 $ 686 $ 353 Shareholders (1,385) 1,066 (207) (75) 41 14 (106) 81 $ (2,058) $ 3,157 $ (45) $ 273 $ 904 $ 650 $ 580 $ 434 Other comprehensive income (loss) attributable to: Non-controlling interests $ 153 $ 234 $ 1,621 $ 1,179 $ (82) $ 486 $ 25 $ (159) Shareholders 261 89 653 546 20 104 47 (39) $ 414 $ 323 $ 2,274 $ 1,725 $ (62) $ 590 $ 72 $ (198) The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows: BPY BEP BIP BBU FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cash flows from (used in): Operating activities $ 1,332 $ 624 $ 1,296 $ 1,212 $ 2,530 $ 2,143 $ 4,205 $ 2,163 Financing activities (215) (892) (792) (1,010) 2,126 9,542 (1,077) 15,925 Investing activities (99) (1,611) (426) (251) (4,609) (11,372) (2,334) (17,939) Distributions paid to non-controlling interests in common equity $ 528 $ 576 $ 323 $ 254 $ 642 $ 628 $ 13 $ 13 |
Disclosure of non-controlling interests [text block] | The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020: TSX NYSE Nasdaq BPY BPY.UN N/A BPY BEP BEP.UN BEP N/A BIP BIP.UN BIP N/A BBU BBU.UN BBU N/A The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2020 2019 BPY $ 25,986 $ 29,165 BEP 17,194 13,321 BIP 19,753 20,036 BBU 9,162 8,664 Individually immaterial subsidiaries with non-controlling interests 14,709 10,647 $ 86,804 $ 81,833 |
Disclosure of interests in subsidiaries [text block] | The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2020 2019 Brookfield Property Partners L.P. (“BPY”) Bermuda 38.3 % 44.8 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 49.3 % 39.5 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 71.5 % 70.4 % Brookfield Business Partners L.P. (“BBU”) Bermuda 36.5 % 37.3 % 1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”). The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other Subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 626 $ 280 $ — $ 28 $ — $ — $ 2 $ 163 $ 70,385 $ (8,732) $ 62,752 Net income attributable to shareholders (134) 73 — — — — 1 91 6,368 (6,533) (134) Total assets 73,898 7,207 — 600 — — 233 4,280 350,687 (93,209) 343,696 Total liabilities 38,060 5,547 — 596 — — 3 2,690 206,877 (32,719) 221,054 Non-controlling interests – preferred equity — — — — — — 230 — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 104 $ 148 $ — $ — $ — $ — $ — $ 105 $ 73,310 $ (5,841) $ 67,826 Net income attributable to shareholders 2,807 40 — — — — — 85 3,493 (3,618) 2,807 Total assets 70,976 5,389 — — — — — 3,520 331,698 (87,614) 323,969 Total liabilities 35,963 3,994 — — — — — 2,239 195,586 (30,659) 207,123 Non-controlling interests – preferred equity — — — — — — — — — — — 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K. and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
ACQUISITIONS OF CONSOLIDATED EN
ACQUISITIONS OF CONSOLIDATED ENTITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES a) Completed During 2020 The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2020 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis: (MILLIONS) Private Equity Infrastructure Real Estate, Renewable Power and Other Total Cash and cash equivalents $ 105 $ — $ 38 $ 143 Accounts receivable and other 1,441 408 76 1,925 Inventory 12 — 55 67 Property, plant and equipment 84 7,334 661 8,079 Intangible assets 27 532 66 625 Goodwill 63 27 55 145 Deferred income tax assets 31 — 15 46 Total assets 1,763 8,301 966 11,030 Less: Accounts payable and other (55) (2,518) (227) (2,800) Non-recourse borrowings (1,016) (2,356) (470) (3,842) Deferred income tax liabilities — (22) (12) (34) Non-controlling interests 1 (227) — (47) (274) (1,298) (4,896) (756) (6,950) Net assets acquired $ 465 $ 3,405 $ 210 $ 4,080 Consideration 2 $ 465 $ 3,405 $ 210 $ 4,080 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Brookfield recorded $621 million of revenue and $10 million of net income in 2020 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $1.6 billion and $25 million to total revenue and net losses, respectively. The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2020. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. Private Equity Infrastructure (MILLIONS) IndoStar Summit DigiTel Cash and cash equivalents $ 78 $ — Accounts receivable and other 1,391 408 Property, plant and equipment 9 7,334 Intangible assets 20 532 Goodwill 21 27 Deferred income tax assets 28 — Total assets 1,547 8,301 Less: Accounts payable and other (30) (2,518) Non-recourse borrowings (1,003) (2,356) Deferred income tax liabilities — (22) Non-controlling interests 1 (219) — (1,252) (4,896) Net assets acquired $ 295 $ 3,405 Consideration 2 $ 295 $ 3,405 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Private Equity During 2020, a subsidiary of the company, together with institutional partners, acquired a 57% ownership interest in IndoStar, an Indian financing company focused on commercial vehicle lending and affordable home finance. The transaction was accounted for as a business combination achieved in stages on May 27, July 8 and 9, 2020. The subsidiary’s previously held investment in IndoStar was remeasured to fair value prior to the acquisition of additional interests. The fair value approximated carrying value and no cumulative gain or loss arising from changes in the fair value of the investment was recognized. Total consideration of $295 million was comprised of an existing equity interest of $276 million and $19 million of cash on hand. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $175 million and $37 million, respectively. Infrastructure On August 31, 2020, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in an Indian telecom tower operation for a total of approximately $3.4 billion. Consideration paid was funded fully by cash on hand. Goodwill in the amount of $27 million was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $1.1 billion and $9 million, respectively. b) Completed During 2019 The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2019. No material changes were made to those allocations disclosed in the 2019 consolidated financial statements: (MILLIONS) Private Equity Infrastructure Real Estate Renewable Power and Other Total Cash and cash equivalents $ 344 $ 94 $ 31 $ 6 $ 475 Accounts receivable and other 6,706 553 114 110 7,483 Assets classified as held for sale — 1,584 — — 1,584 Inventory 2,230 74 46 13 2,363 Equity accounted investments 847 48 — — 895 Investment properties — 211 3,458 — 3,669 Property, plant and equipment 6,650 8,710 785 1,308 17,453 Intangible assets 7,057 3,248 28 — 10,333 Goodwill 3,479 2,644 2 — 6,125 Deferred income tax assets 363 46 — — 409 Total assets 27,676 17,212 4,464 1,437 50,789 Less: Accounts payable and other (5,025) (2,425) (2,394) (101) (9,945) Non-recourse borrowings (1,084) (1,980) (537) (319) (3,920) Deferred income tax liabilities (1,142) (1,248) — (36) (2,426) Non-controlling interests 1 (1,749) (828) (88) — (2,665) (9,000) (6,481) (3,019) (456) (18,956) Net assets acquired $ 18,676 $ 10,731 $ 1,445 $ 981 $ 31,833 Consideration 2 $ 18,672 $ 10,731 $ 1,445 $ 981 $ 31,829 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Brookfield recorded $7.6 billion of revenue and $635 million of net losses in 2019 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $14.7 billion and $189 million to total revenue and net income, respectively. The difference in our net losses since acquisition date compared to net income had we held our investments since January 1 primarily relate to the timing of acquisitions during the year as those with large contributors to net income were purchased in late 2019. In addition, our post-acquisition margins were reduced from the step-up in inventory costs resulting from purchase price allocations as well as restructuring costs in certain of our acquisitions. The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2019 . No material changes were made to those allocations disclosed in the 2019 consolidated financial statements . Private Equity Infrastructure Real Estate Renewable Power (MILLIONS) Clarios Healthscope Genworth East-West Pipeline Genesee & Wyoming NorthRiver Aveo Group Arcadia Cash and cash equivalents $ 11 $ 25 $ 253 $ — $ 67 $ 2 $ 27 $ 3 Accounts receivable and other 1,503 196 4,796 66 461 — 92 31 Assets classified as held for sale — — — — 1,584 — — — Inventory 1,775 41 — 28 43 3 43 7 Equity accounted investments 838 9 — — 48 — — — Investment properties — — — — — — 3,458 — Property, plant and equipment 3,582 2,590 10 2,134 5,283 1,198 95 759 Intangible assets 6,420 280 243 295 1,992 74 2 — Goodwill 1,894 1,548 — — 2,042 218 — — Deferred income tax assets 181 136 — — 5 41 — — Total assets 16,204 4,825 5,302 2,523 11,525 1,536 3,717 800 Less: Accounts payable and other (1,998) (691) (1,954) (66) (2,071) (218) (2,368) (65) Non-recourse borrowings — — (342) — (1,567) — (537) — Deferred income tax liabilities (967) (79) (49) — (1,111) — — — Non-controlling interests 1 (469) — (1,279) (578) (250) — (88) — (3,434) (770) (3,624) (644) (4,999) (218) (2,993) (65) Net assets acquired $ 12,770 $ 4,055 $ 1,678 $ 1,879 $ 6,526 $ 1,318 $ 724 $ 735 Consideration 2 $ 12,770 $ 4,055 $ 1,674 $ 1,879 $ 6,526 $ 1,318 $ 724 $ 735 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Private Equity On April 30, 2019, a subsidiary of the company, along with institutional partners, acquired a 100% interest in Clarios, a global automotive battery business, for total consideration of $12.8 billion. Total consideration paid was funded with $2.9 billion of cash on hand, with $9.9 billion funded through non-recourse borrowings raised concurrently on closing. The acquisition resulted in recognition of $1.9 billion of goodwill, which is largely reflective of potential to innovate and grow the business. Approximately $20 million of the goodwill recognized is deductible for tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $8.3 billion and $74 million, respectively. On June 6, 2019, a subsidiary of the company, along with institutional partners, acquired a 100% interest in Healthscope Limited, an Australian private healthcare provider, for a total consideration of $4.1 billion. Total consideration paid was funded with $1.2 billion of cash on hand, with $2.9 billion funded through non-recourse borrowings raised concurrently on closing. The acquisition resulted in recognition of $1.5 billion of goodwill, which is largely reflective of potential growth from integration of the operations. None of the goodwill recognized is deductible for tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $1.6 billion and $81 million, respectively. On December 12, 2019, a subsidiary of the company, along with institutional partners, acquired a 57% interest in Genworth, a Canadian mortgage insurance services business, for total consideration of $1.7 billion, which was funded with cash on hand. The acquisition generated a bargain purchase gain of $4 million. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $677 million and $321 million, respectively. Infrastructure On March 22, 2019, a subsidiary of the company, along with institutional partners, acquired a 100% interest in East-West Pipeline Limited, an Indian natural gas pipeline business, for total consideration of $1.9 billion. Consideration paid was funded with $959 million of cash on hand and the remainder funded through non-recourse borrowings raised concurrently on closing. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $359 million and $65 million, respectively. On December 30, 2019, a subsidiary of the company, along with institutional partners, acquired a 100% interest in Genesee & Wyoming Inc., a short-haul rail operator in North America, for a total consideration of $6.5 billion. Consideration paid funded with $5.4 billion of cash on hand and the remainder funded through non-recourse borrowings raised concurrently on closing. The acquisition resulted in recognition of $2.0 billion of goodwill, which is largely reflective of potential growth prospects and strong market position. None of the goodwill recognized is deductible for tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $2.3 billion and $235 million, respectively. On December 31, 2019, a subsidiary of the company, along with institutional partners, acquired a 100% interest in NorthRiver Midstream Inc., the federally regulated portion of Enbridge Inc.’s Canadian natural gas midstream business to be operated alongside the provincial assets acquired in 2018, for a total consideration of $1.3 billion. Consideration paid funded with $861 million of cash on hand and the remainder funded through non-recourse borrowings raised concurrently on closing. The acquisition resulted in recognition of $218 million of goodwill, which is largely reflective of potential growth prospects and strong market position. The goodwill recognized is deductible for tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $271 million and $121 million, respectively. Real Estate On November 29, 2019, a subsidiary of the company, along with institutional partners, acquired an 84% interest in Aveo Group, a real estate company that develops, owns and operates a portfolio of retirement homes in Australia, for total consideration of $724 million. Consideration paid funded with $658 million of cash on hand and the remainder funded through non-recourse borrowings raised concurrently on closing. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $174 million and $4 million, respectively. Renewable Power On September 26, 2019, a subsidiary of the company acquired a 100% interest in Arcadia, a distributed generation portfolio of renewable energy facilities in the U.S., for total consideration of $735 million funded by non-recourse borrowings raised concurrently on closing. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $67 million and $22 million, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of financial instruments [text block] | FAIR VALUE OF FINANCIAL INSTRUMENTS a) Financial Instruments Classification The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019: AS AT DEC. 31, 2020 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 9,933 $ 9,933 Other financial assets Government bonds 356 2,295 — 2,651 Corporate bonds 1,094 2,148 357 3,599 Fixed income securities and other 1,079 1,191 — 2,270 Common shares and warrants 3,287 3,227 — 6,514 Loans and notes receivable 2 110 — 2,586 2,696 5,926 8,861 2,943 17,730 Accounts receivable and other 3 1,766 — 11,906 13,672 $ 7,692 $ 8,861 $ 24,782 $ 41,335 Financial liabilities Corporate borrowings $ — $ — $ 9,077 $ 9,077 Non-recourse borrowings of managed entities Property-specific borrowings — — 128,556 128,556 Subsidiary borrowings — — 10,768 10,768 — — 139,324 139,324 Accounts payable and other 2 5,889 — 35,228 41,117 Subsidiary equity obligations 1,457 — 2,242 3,699 $ 7,346 $ — $ 185,871 $ 193,217 1. Financial assets include $9.7 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $888 million included in accounts receivable and other and $2.4 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2019 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 6,778 $ 6,778 Other financial assets Government bonds 156 2,247 — 2,403 Corporate bonds 1,118 1,839 310 3,267 Fixed income securities and other 1,131 619 — 1,750 Common shares and warrants 1,791 1,398 — 3,189 Loans and notes receivable 2 55 — 1,804 1,859 4,251 6,103 2,114 12,468 Accounts receivable and other 3 1,957 — 12,078 14,035 $ 6,208 $ 6,103 $ 20,970 $ 33,281 Financial liabilities Corporate borrowings $ — $ — $ 7,083 $ 7,083 Non-recourse borrowings of managed entities Property-specific borrowings — — 127,869 127,869 Subsidiary borrowings — — 8,423 8,423 — — 136,292 136,292 Accounts payable and other 2 4,528 — 32,196 36,724 Subsidiary equity obligations 1,896 — 2,236 4,132 $ 6,424 $ — $ 177,807 $ 184,231 1. Financial assets include $7.0 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $950 million included in accounts receivable and other and $1.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. Gains or losses arising from changes in the fair value through profit or loss (“FVTPL”) financial assets are presented in the Consolidated Statements of Operations in the period in which they arise. Dividends from FVTPL and fair value through other comprehensive income (“FVTOCI”) financial assets are recognized in the Consolidated Statements of Operations when the company’s right to receive payment is established. Interest on FVTOCI financial assets is calculated using the effective interest method and reported in our Consolidated Statements of Operations. FVTOCI debt and equity securities are recorded on the balance sheet at fair value with changes in fair value recorded through other comprehensive income. As at December 31, 2020 , the unrealized gains and losses relating to the fair value of FVTOCI securities amounted to $916 million (2019 – $479 million) and $322 million (2019 – $108 million), respectively. During the year ended December 31, 2020 , $7 million (2019 – $3 million) of net deferred losses previously recognized in accumulated other comprehensive income were reclassified to net income as a result of the disposition or impairment of certain of our FVTOCI financial assets that are not equity instruments. Included in cash and cash equivalents is $8.2 billion (2019 – $5.7 billion) of cash and $1.8 billion (2019 – $1.1 billion) of short-term deposits as at December 31, 2020 . b) Carrying and Fair Value The following table lists the company’s financial instruments by their respective classification as at December 31, 2020 and December 31, 2019: 2020 2019 AS AT DEC. 31 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 9,933 $ 9,933 $ 6,778 $ 6,778 Other financial assets Government bonds 2,651 2,651 2,403 2,403 Corporate bonds 3,599 3,599 3,267 3,267 Fixed income securities and other 2,270 2,270 1,750 1,750 Common shares and warrants 6,514 6,514 3,189 3,189 Loans and notes receivable 2,696 2,696 1,859 1,859 17,730 17,730 12,468 12,468 Accounts receivable and other 13,672 13,672 14,035 14,035 $ 41,335 $ 41,335 $ 33,281 $ 33,281 Financial liabilities Corporate borrowings $ 9,077 $ 10,540 $ 7,083 $ 7,933 Non-recourse borrowings of managed entities Property-specific borrowings 128,556 131,099 127,869 129,728 Subsidiary borrowings 10,768 11,085 8,423 8,632 139,324 142,184 136,292 138,360 Accounts payable and other 41,117 41,117 36,724 36,724 Subsidiary equity obligations 3,699 3,699 4,132 4,139 $ 193,217 $ 197,540 $ 184,231 $ 187,156 The current and non-current balances of other financial assets are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 5,483 $ 3,605 Non-current 12,247 8,863 Total $ 17,730 $ 12,468 c) Fair Value Hierarchy Levels The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 7 $ 2,644 $ — $ — $ 2,403 $ — Corporate bonds 192 2,764 286 — 2,682 275 Fixed income securities and other 867 912 491 419 851 480 Common shares and warrants 4,548 577 1,389 1,966 421 802 Loans and notes receivables — 42 68 — 51 4 Accounts receivable and other 50 1,581 135 1 1,737 219 $ 5,664 $ 8,520 $ 2,369 $ 2,386 $ 8,145 $ 1,780 Financial liabilities Accounts payable and other $ 75 $ 5,090 $ 724 $ 93 $ 3,749 $ 686 Subsidiary equity obligations — 77 1,380 — 40 1,856 $ 75 $ 5,167 $ 2,104 $ 93 $ 3,789 $ 2,542 During the year ended December 31, 2020 and 2019, there were no transfers between Level 1, 2 or 3. Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques and Key Inputs Derivative assets/Derivative liabilities (accounts receivable/accounts payable) $ 1,581 / Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate (5,090) Other financial assets 6,939 Valuation models based on observable market data Redeemable fund units (subsidiary equity obligations) (77) Aggregated market prices of underlying investments Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities) include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2020 and 2019 : 2020 2019 AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial Financial Financial Financial Balance, beginning of year $ 1,780 $ 2,542 $ 795 $ 2,299 Fair value changes in net income (92) (111) 278 (27) Fair value changes in other comprehensive income 1 15 4 (10) 6 Additions, net of disposals 666 (331) 717 264 Balance, end of year $ 2,369 $ 2,104 $ 1,780 $ 2,542 1. Includes foreign currency translation. The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31, 2020 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Corporate borrowings $ 10,443 $ 97 $ — $ 7,841 $ 92 $ — Property-specific borrowings 3,406 57,927 69,766 6,467 52,386 70,875 Subsidiary borrowings 7,825 3 3,257 6,111 299 2,222 Subsidiary equity obligations — 73 2,169 — 73 2,170 Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows. d) Hedging Activities The company uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest, currency, credit and other market risks. Derivative financial instruments are recorded at fair value. For certain derivatives which are used to manage exposures, the company determines whether hedge accounting can be applied. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. i. Cash Flow Hedges The company uses the following cash flow hedges: energy derivative contracts to hedge the sale of power; interest rate swaps to hedge the variability in cash flows or future cash flows related to a variable rate asset or liability; and equity derivatives to hedge long-term compensation arrangements. For the year ended December 31, 2020, pre-tax net unrealized losses of $479 million (2019 – losses of $89 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2020, there was an unrealized derivative liability balance of $689 million relating to derivative contracts designated as cash flow hedges (2019 – $210 million). ii. Net Investment Hedges The company uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2020, unrealized pre-tax net losses of $182 million (2019 – gains of $433 million) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2020, there was an unrealized derivative liability balance of $868 million relating to derivative contracts designated as net investment hedges (2019 – asset balance of $551 million). e) Netting of Financial Instruments Financial assets and liabilities are offset with the net amount reported in the Consolidated Balance Sheets where the company currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The company enters into derivative transactions under International Swaps and Derivatives Association (“ISDA”) master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day are aggregated into a single net amount that is payable by one party to the other. The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements: Accounts Receivable and Other Accounts Payable and Other AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Gross amounts of financial instruments before netting $ 2,195 $ 2,380 $ 4,379 $ 2,853 Gross amounts of financial instruments set-off in Consolidated Balance Sheets (429) (423) (351) (366) Net amount of financial instruments in Consolidated Balance Sheets $ 1,766 $ 1,957 $ 4,028 $ 2,487 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS a) Financial Instruments Classification The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019: AS AT DEC. 31, 2020 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 9,933 $ 9,933 Other financial assets Government bonds 356 2,295 — 2,651 Corporate bonds 1,094 2,148 357 3,599 Fixed income securities and other 1,079 1,191 — 2,270 Common shares and warrants 3,287 3,227 — 6,514 Loans and notes receivable 2 110 — 2,586 2,696 5,926 8,861 2,943 17,730 Accounts receivable and other 3 1,766 — 11,906 13,672 $ 7,692 $ 8,861 $ 24,782 $ 41,335 Financial liabilities Corporate borrowings $ — $ — $ 9,077 $ 9,077 Non-recourse borrowings of managed entities Property-specific borrowings — — 128,556 128,556 Subsidiary borrowings — — 10,768 10,768 — — 139,324 139,324 Accounts payable and other 2 5,889 — 35,228 41,117 Subsidiary equity obligations 1,457 — 2,242 3,699 $ 7,346 $ — $ 185,871 $ 193,217 1. Financial assets include $9.7 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $888 million included in accounts receivable and other and $2.4 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2019 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 6,778 $ 6,778 Other financial assets Government bonds 156 2,247 — 2,403 Corporate bonds 1,118 1,839 310 3,267 Fixed income securities and other 1,131 619 — 1,750 Common shares and warrants 1,791 1,398 — 3,189 Loans and notes receivable 2 55 — 1,804 1,859 4,251 6,103 2,114 12,468 Accounts receivable and other 3 1,957 — 12,078 14,035 $ 6,208 $ 6,103 $ 20,970 $ 33,281 Financial liabilities Corporate borrowings $ — $ — $ 7,083 $ 7,083 Non-recourse borrowings of managed entities Property-specific borrowings — — 127,869 127,869 Subsidiary borrowings — — 8,423 8,423 — — 136,292 136,292 Accounts payable and other 2 4,528 — 32,196 36,724 Subsidiary equity obligations 1,896 — 2,236 4,132 $ 6,424 $ — $ 177,807 $ 184,231 1. Financial assets include $7.0 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $950 million included in accounts receivable and other and $1.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. Gains or losses arising from changes in the fair value through profit or loss (“FVTPL”) financial assets are presented in the Consolidated Statements of Operations in the period in which they arise. Dividends from FVTPL and fair value through other comprehensive income (“FVTOCI”) financial assets are recognized in the Consolidated Statements of Operations when the company’s right to receive payment is established. Interest on FVTOCI financial assets is calculated using the effective interest method and reported in our Consolidated Statements of Operations. FVTOCI debt and equity securities are recorded on the balance sheet at fair value with changes in fair value recorded through other comprehensive income. As at December 31, 2020 , the unrealized gains and losses relating to the fair value of FVTOCI securities amounted to $916 million (2019 – $479 million) and $322 million (2019 – $108 million), respectively. During the year ended December 31, 2020 , $7 million (2019 – $3 million) of net deferred losses previously recognized in accumulated other comprehensive income were reclassified to net income as a result of the disposition or impairment of certain of our FVTOCI financial assets that are not equity instruments. Included in cash and cash equivalents is $8.2 billion (2019 – $5.7 billion) of cash and $1.8 billion (2019 – $1.1 billion) of short-term deposits as at December 31, 2020 . b) Carrying and Fair Value The following table lists the company’s financial instruments by their respective classification as at December 31, 2020 and December 31, 2019: 2020 2019 AS AT DEC. 31 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 9,933 $ 9,933 $ 6,778 $ 6,778 Other financial assets Government bonds 2,651 2,651 2,403 2,403 Corporate bonds 3,599 3,599 3,267 3,267 Fixed income securities and other 2,270 2,270 1,750 1,750 Common shares and warrants 6,514 6,514 3,189 3,189 Loans and notes receivable 2,696 2,696 1,859 1,859 17,730 17,730 12,468 12,468 Accounts receivable and other 13,672 13,672 14,035 14,035 $ 41,335 $ 41,335 $ 33,281 $ 33,281 Financial liabilities Corporate borrowings $ 9,077 $ 10,540 $ 7,083 $ 7,933 Non-recourse borrowings of managed entities Property-specific borrowings 128,556 131,099 127,869 129,728 Subsidiary borrowings 10,768 11,085 8,423 8,632 139,324 142,184 136,292 138,360 Accounts payable and other 41,117 41,117 36,724 36,724 Subsidiary equity obligations 3,699 3,699 4,132 4,139 $ 193,217 $ 197,540 $ 184,231 $ 187,156 The current and non-current balances of other financial assets are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 5,483 $ 3,605 Non-current 12,247 8,863 Total $ 17,730 $ 12,468 c) Fair Value Hierarchy Levels The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 7 $ 2,644 $ — $ — $ 2,403 $ — Corporate bonds 192 2,764 286 — 2,682 275 Fixed income securities and other 867 912 491 419 851 480 Common shares and warrants 4,548 577 1,389 1,966 421 802 Loans and notes receivables — 42 68 — 51 4 Accounts receivable and other 50 1,581 135 1 1,737 219 $ 5,664 $ 8,520 $ 2,369 $ 2,386 $ 8,145 $ 1,780 Financial liabilities Accounts payable and other $ 75 $ 5,090 $ 724 $ 93 $ 3,749 $ 686 Subsidiary equity obligations — 77 1,380 — 40 1,856 $ 75 $ 5,167 $ 2,104 $ 93 $ 3,789 $ 2,542 During the year ended December 31, 2020 and 2019, there were no transfers between Level 1, 2 or 3. Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques and Key Inputs Derivative assets/Derivative liabilities (accounts receivable/accounts payable) $ 1,581 / Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate (5,090) Other financial assets 6,939 Valuation models based on observable market data Redeemable fund units (subsidiary equity obligations) (77) Aggregated market prices of underlying investments Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities) include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2020 and 2019 : 2020 2019 AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial Financial Financial Financial Balance, beginning of year $ 1,780 $ 2,542 $ 795 $ 2,299 Fair value changes in net income (92) (111) 278 (27) Fair value changes in other comprehensive income 1 15 4 (10) 6 Additions, net of disposals 666 (331) 717 264 Balance, end of year $ 2,369 $ 2,104 $ 1,780 $ 2,542 1. Includes foreign currency translation. The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31, 2020 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Corporate borrowings $ 10,443 $ 97 $ — $ 7,841 $ 92 $ — Property-specific borrowings 3,406 57,927 69,766 6,467 52,386 70,875 Subsidiary borrowings 7,825 3 3,257 6,111 299 2,222 Subsidiary equity obligations — 73 2,169 — 73 2,170 Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows. d) Hedging Activities The company uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest, currency, credit and other market risks. Derivative financial instruments are recorded at fair value. For certain derivatives which are used to manage exposures, the company determines whether hedge accounting can be applied. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. i. Cash Flow Hedges The company uses the following cash flow hedges: energy derivative contracts to hedge the sale of power; interest rate swaps to hedge the variability in cash flows or future cash flows related to a variable rate asset or liability; and equity derivatives to hedge long-term compensation arrangements. For the year ended December 31, 2020, pre-tax net unrealized losses of $479 million (2019 – losses of $89 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2020, there was an unrealized derivative liability balance of $689 million relating to derivative contracts designated as cash flow hedges (2019 – $210 million). ii. Net Investment Hedges The company uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2020, unrealized pre-tax net losses of $182 million (2019 – gains of $433 million) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2020, there was an unrealized derivative liability balance of $868 million relating to derivative contracts designated as net investment hedges (2019 – asset balance of $551 million). e) Netting of Financial Instruments Financial assets and liabilities are offset with the net amount reported in the Consolidated Balance Sheets where the company currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The company enters into derivative transactions under International Swaps and Derivatives Association (“ISDA”) master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day are aggregated into a single net amount that is payable by one party to the other. The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements: Accounts Receivable and Other Accounts Payable and Other AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Gross amounts of financial instruments before netting $ 2,195 $ 2,380 $ 4,379 $ 2,853 Gross amounts of financial instruments set-off in Consolidated Balance Sheets (429) (423) (351) (366) Net amount of financial instruments in Consolidated Balance Sheets $ 1,766 $ 1,957 $ 4,028 $ 2,487 |
ACCOUNTS RECEIVABLE AND OTHER
ACCOUNTS RECEIVABLE AND OTHER | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade and other receivables [text block] | ACCOUNTS RECEIVABLE AND OTHER AS AT DEC. 31 (MILLIONS) Note 2020 2019 Accounts receivable (a) $ 10,113 $ 11,129 Prepaid expenses and other assets (a) 6,335 5,636 Restricted cash (b) 2,395 1,595 Sustainable resources 85 109 Total $ 18,928 $ 18,469 The current and non-current balances of accounts receivable and other are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 14,187 $ 13,862 Non-current 4,741 4,607 Total $ 18,928 $ 18,469 a) Accounts Receivable and Other Assets Accounts receivable includes contract assets of $632 million (2019 – $682 million). Contract assets relate primarily to work-in-progress on our long-term construction services contracts for which customers have not yet been billed. b) Restricted Cash Restricted cash primarily relates to the financing arrangements including defeasement of debt obligations, debt service accounts and deposits held by the company’s insurance operations across our segments. c) Sustainable Resources Additions of $75 million is attributable to the plantation of soybeans throughout the year. Dispositions of $270 million in 2019 related to the sale of our investment in Acadian. No disposition incurred in 2020. The following table presents the change in the balance of timberlands and other agricultural assets: AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Balance, beginning of year $ 109 $ 333 Additions 75 77 Dispositions — (270) Fair value adjustments 2 12 Decrease due to harvest (61) (39) Foreign currency changes (40) (4) Balance, end of year $ 85 $ 109 The carrying values are based on external appraisals completed annually as at December 31. The appraisals utilize a combination of the discounted cash flow and sales comparison approaches to arrive at the estimated value. The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include: Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Disclosure of inventories [text block] | INVENTORY AS AT DEC. 31 (MILLIONS) 2020 2019 Residential properties under development $ 2,816 $ 3,007 Land held for development 2,015 1,781 Completed residential properties 743 998 Industrial products 2,611 2,816 Other 1 2,175 1,670 Total $ 10,360 $ 10,272 1. Other includes fuel inventory of $651 million (2019 – $690 million) and office developments of $581 million (2019 – $243 million). The current and non-current balances of inventory are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 6,337 $ 7,054 Non-current 4,023 3,218 Total $ 10,360 $ 10,272 During the year ended December 31, 2020, the company recognized $24.6 billion (2019 – $26.5 billion) of inventory relating to cost of goods sold and a $107 million expense of impaired inventory (2019 – $38 million). The carrying amount of inventory pledged as collateral at December 31, 2020 was $6.0 billion (2019 – $4.7 billion). |
HELD FOR SALE
HELD FOR SALE | 12 Months Ended |
Dec. 31, 2020 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
HELD FOR SALE | HELD FOR SALE The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2020 and 2019: AS AT DEC. 31 (MILLIONS) Real Estate Renewable Power Private Equity 2020 Total 2019 Total Assets Cash and cash equivalents $ 1 $ 5 $ — $ 6 $ 58 Accounts receivable and other 62 1 4 67 174 Equity accounted investments 208 — 1,325 1,533 413 Investment properties 4,224 — — 4,224 251 Property, plant and equipment — 51 31 82 1,730 Other long-term assets 5 — — 5 872 Deferred income tax assets — — — — 4 Assets classified as held for sale $ 4,500 $ 57 $ 1,360 $ 5,917 $ 3,502 Liabilities Accounts payable and other $ 115 $ 3 $ — $ 118 $ 223 Non-recourse borrowings of managed entities 2,230 4 — 2,234 1,071 Deferred income tax liabilities — 7 — 7 396 Liabilities associated with assets classified as held for sale $ 2,345 $ 14 $ — $ 2,359 $ 1,690 As at December 31, 2020, assets held for sale within our Real Estate segment include an office asset in Australia, a multifamily asset in the U.S., two malls in the U.S., a mall in Brazil and four triple net lease assets in the U.S. Assets held for sale within our Renewable Power segment include solar assets in Asia. Within our Private Equity segment, assets held for sale relate to Norbord. For the year ended December 31, 2020, we disposed of $6.7 billion and $2.6 billion of assets and liabilities held for sale, respectively. The majority of disposals relate to the sale of the Australian rail operation of Genesee & Wyoming, the pathology business at Healthscope, the Colombian regulated distribution business, and the wind portfolio in Ireland. |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest 1 Carrying Value AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Oaktree 62 % 61 % $ 5,317 $ 5,231 Real estate Associates LP investments and other 16 – 50% 30 – 90% 136 307 Joint ventures Core office 15 – 56% 14 – 56% 8,866 9,440 Core retail 22 – 68% 12 – 68% 9,684 10,555 LP investments and other 9 – 84% 18 – 80% 2,338 2,012 21,024 22,314 Infrastructure Associates Utilities 2 11 – 50% 11 – 50% 1,010 962 Transport 21 – 58% 26 – 58% 5,114 4,033 Data 45 – 50% 45 – 50% 3,209 2,920 Other 22 – 50% 22 – 50% 130 156 Joint ventures Midstream 50 % 50 % 841 716 Other 50 % 50 % 226 185 10,530 8,972 Private equity Associates Norbord — % 43 % — 1,185 Industrial operations 24 – 54% 24 – 54% 834 854 Other 14 – 70% 25 – 90% 1,789 557 2,623 2,596 Renewable power and other Renewable power associates 12 – 60% 14 – 60% 1,444 1,154 Other equity accounted investments 3 14 – 77% 16 – 85% 389 431 1,833 1,585 Total $ 41,327 $ 40,698 1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. The current and comparative period include a shareholder loan of $500 million receivable from our investment in associate in a U.S. gas pipeline business. 3. Carrying value of joint ventures in other equity accounted investments is $346 million (2019 – $383 million). The following tables presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) Oaktree Real Estate Infrastructure Private Equity Renewable Power and Other 2020 Total 2019 Total Balance, beginning of year $ 5,231 $ 22,314 $ 8,972 $ 2,596 $ 1,585 $ 40,698 $ 33,647 Additions, net of (disposals) 1 91 517 1,771 (49) 238 2,568 4,676 Acquisitions through business combinations — — — — — — 895 Share of net income (loss) 189 (933) 442 153 70 (79) 2,498 Distributions received (194) (726) (290) (75) (98) (1,383) (1,300) Share of other comprehensive income (loss) — (267) 165 25 31 (46) 317 Foreign currency translation and other — 119 (530) (27) 7 (431) (35) Balance, end of year $ 5,317 $ 21,024 $ 10,530 $ 2,623 $ 1,833 $ 41,327 $ 40,698 1. Includes assets sold, amounts reclassified to held for sale. Additions, net of disposals, of $2.6 billion during the year relate primarily to the acquisition of a $1.3 billion interest in BrandSafway in the first quarter of 2020, the acquisition of a $1.3 billion interest in Cheniere in the third quarter of 2020, and acquisitions within our real estate group. These acquisitions were partially offset by the reclassification of Norbord to held for sale as at December 31, 2020. The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures: 2020 2019 AS AT DEC. 31 (MILLIONS) Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Oaktree $ 2,253 $ 17,056 $ 2,146 $ 7,487 $ 1,497 $ 16,870 $ 1,172 $ 7,434 Real estate Associates LP investments and other 21 1,207 42 958 32 955 15 390 Joint ventures Core office 2,496 36,668 3,485 17,107 2,790 36,861 4,824 13,987 Core retail 1,230 33,082 673 13,721 992 35,726 615 14,334 LP investments and other 1,279 12,288 903 7,290 648 9,559 648 5,247 Infrastructure Associates Utilities 646 6,142 487 4,238 869 6,500 687 4,152 Transport 1,223 25,078 1,929 9,538 1,199 18,028 1,953 8,359 Data 841 13,308 1,263 6,081 912 11,636 1,042 4,908 Other 34 356 32 143 21 374 27 133 Joint ventures Midstream 161 6,157 230 3,945 154 5,455 249 3,927 Other 43 685 30 299 35 299 6 93 Private equity Associates Norbord — — — — 462 3,911 260 1,355 Industrial operations 1,096 736 505 222 1,038 743 485 256 Other 2,077 9,303 1,357 6,697 793 2,362 697 1,562 Renewable power and other Renewable power associates 1,355 7,492 635 3,307 539 5,967 535 2,530 Other equity accounted investments 210 790 67 178 1,022 — 118 113 $ 14,965 $ 170,348 $ 13,784 $ 81,211 $ 13,003 $ 155,246 $ 13,333 $ 68,780 Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions, and other contractual requirements. The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures: 2020 2019 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Revenue Net Income OCI Revenue Net Income OCI Oaktree $ 1,104 $ 158 $ (2) $ 295 $ 12 $ (6) Real estate Associates LP investments and other 99 (145) (941) 423 127 50 Joint ventures Core office 1,866 311 (113) 2,386 1,869 (105) Core retail 1,944 (1,471) — 2,430 2,114 — LP investments and other 945 (376) 5 714 23 — Infrastructure Associates Utilities 1,715 364 (205) 1,046 354 26 Transport 4,054 169 (1,451) 3,277 3 363 Data 2,245 293 374 1,447 (38) 57 Other 41 (23) (245) 55 (45) (210) Joint ventures Midstream 736 244 — 696 358 — Other 107 2 33 74 19 — Private equity Associates Norbord 2,407 386 12 1,731 (165) 13 Industrial operations 2,713 132 — 1,770 122 — Other 4,332 (130) 48 1,007 247 26 Renewable power and other Renewable power associates 737 219 174 431 88 242 Other equity accounted investments 192 56 (2) 400 104 1 $ 25,237 $ 189 $ (2,313) $ 18,182 $ 5,192 $ 457 Certain of the company’s investments are publicly listed entities with active pricing in a liquid market. The fair value of the most significant listed entity, Norbord as at December 31, 2020, based on the publicly listed price in comparison to the company’s carrying value is $nil (2019 – $0.9 billion) and $nil (2019 – $1.2 billion) |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
Investment property [abstract] | |
INVESTMENT PROPERTIES | INVESTMENT PROPERTIES The following table presents the change in the fair value of the company’s investment properties: AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 Fair value, beginning of year $ 96,686 $ 84,309 Additions 8,180 11,638 Acquisitions through business combinations — 3,669 Changes in basis of accounting 1 193 928 Dispositions 2 (9,284) (6,029) Fair value changes (269) 1,710 Foreign currency translation and other 1,276 461 Fair value, end of year 3 $ 96,782 $ 96,686 1. 2019 balance includes the company’s adoption of IFRS 16 resulted in the recognition of ROU investment properties that were previously off-balance sheet items. 2. Includes amounts reclassified to held for sale. 3. As at December 31, 2020, the ending balance includes $90.4 billion (2019 – $88.5 billion) of investment properties leased to third parties. Also includes $3.3 billion of ROU investment properties (December 31, 2019 – $2.6 billion). Investment properties include the company’s office, retail, multifamily, and other properties as well as highest and best-use land within the company’s sustainable resources operations. Additions of $8.2 billion primarily relates to the enhancement or expansion of properties through capital expenditures and the purchase of investment properties during the year. Dispositions of $9.3 billion (2019 – $6.0 billion) included the sale of multiple triple net lease investment properties, a portfolio of investment properties within our directly held Fairfield investment, a self-storage portfolio, and a core office asset in London. In addition, the current period includes the reclassification of a portfolio held within Forest City to assets held for sale. Investment properties generated $5.7 billion (2019 – $5.8 billion) in rental income and incurred $2.5 billion (2019 – $2.4 billion) in direct operating expenses. Most of our investment properties are pledged as collateral for the non-recourse borrowings at their respective properties. The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2020 2019 Core office United States $ 15,093 $ 15,748 Canada 5,102 4,806 Australia 2,731 2,300 Europe 2,699 2,867 Brazil 309 361 Core retail 20,324 21,561 LP investments and other LP investments office 8,727 8,756 LP investments retail 2,538 2,812 Logistics — 94 Multifamily 2,442 2,937 Triple net lease 3,719 4,508 Self-storage — 1,007 Student housing 2,962 2,605 Manufactured housing 2,784 2,446 Mixed-use 3,096 2,703 Directly held real estate properties 22,350 19,814 Other investment properties 1,906 1,361 $ 96,782 $ 96,686 Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The company’s investment properties are diversified by asset type, asset class, geography and market. Therefore, there may be mitigating factors in addition to those noted above such as changes to assumptions that vary in direction and magnitude across different geographies and markets. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: (YEARS) Useful Lives Dams Up to 115 Penstocks Up to 60 Powerhouses Up to 115 Hydroelectric generating units Up to 115 Wind generating units Up to 30 Solar generating units Up to 35 Gas-fired cogenerating (“Cogeneration”) units Up to 40 Other assets Up to 60 Depreciation on utilities, transport, midstream and data assets i s calculated on a straight-line or declining balance basis over the estimated service lives of the components of the assets, which are as follows: (YEARS) Useful Lives Buildings Up to 75 Transmission stations, towers and related fixtures Up to 40 Leasehold improvements Up to 50 Plant and equipment Up to 40 Network systems Up to 65 Track Up to 40 District energy systems Up to 50 Pipelines Up to 20 Gas storage assets Up to 50 Depreciation on hospitality assets is calculated on a straight-line basis over the estimated useful lives of each component of the asset as follows: (YEARS) Useful Lives Building and building improvements 5 to 50 + Land improvements 15 Furniture, fixtures and equipment 2 to 15 On a straight-line basis (YEARS) Useful Lives Buildings Up to 50 Leasehold improvements Up to 40 Machinery and equipment Up to 20 Vessels Up to 35 Not on a straight-line basis Useful Lives Oil and gas related equipment Units of production The company’s property, plant and equipment relates to the operating segments as shown below: Renewable Power (a) Infrastructure (b) Real Estate (c) Private Equity and Other (d) Total AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Costs $ 28,838 $ 27,820 $ 31,212 $ 22,454 $ 9,251 $ 9,890 $ 18,770 $ 17,269 $ 88,071 $ 77,433 Accumulated fair value changes 24,238 20,465 4,626 3,777 393 1,366 (873) (643) 28,384 24,965 Accumulated depreciation (7,870) (6,690) (3,671) (2,459) (1,212) (1,527) (3,693) (2,458) (16,446) (13,134) Total 1 $ 45,206 $ 41,595 $ 32,167 $ 23,772 $ 8,432 $ 9,729 $ 14,204 $ 14,168 $ 100,009 $ 89,264 1. As at December 31, 2020, the total includes $3.9 billion (December 31, 2019 – $3.7 billion) of property, plant and equipment leased to third parties as operating leases. Our ROU PP&E assets include $4.1 billion (December 31, 2019 – $2.2 billion) in our Infrastructure segment, $856 million (December 31, 2019 – $796 million) in our Real Estate segment, $393 million (December 31, 2019 – $1.1 billion) in our Renewable Power segment and $1.3 billion (December 31, 2019 – $1.3 billion) in Private Equity and other segments, totaling $6.7 billion (December 31, 2019 – $5.4 billion) of ROU assets. Renewable Power, Infrastructure and Real Estate segments carry property, plant and equipment assets at fair value, classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs when determining fair value. Private Equity and other segments carry property, plant and equipment assets at amortized cost. The carrying amount that would have been recognized had our assets been accounted for under the cost model is $59.0 billion ( 2019 – $51.7 billion) . As at December 31, 2020, $80.2 billion (2019 – $66.3 billion) of property, plant and equipment, at cost, were pledged as collateral for the property debt at their respective properties. a) Renewable Power Our renewable power property, plant and equipment consists of the following: Hydroelectric Wind Solar and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 14,074 $ 13,843 $ 8,459 $ 7,968 $ 5,287 $ 4,297 $ 27,820 $ 26,108 Changes in basis of accounting — 83 — 321 — 3 — 407 Additions, net of disposals and assets reclassified as held for sale 425 162 (9) (342) 284 280 700 100 Acquisitions through business combinations — — — 566 661 742 661 1,308 Foreign currency translation (600) (14) (52) (54) 309 (35) (343) (103) Cost, end of year 13,899 14,074 8,398 8,459 6,541 5,287 28,838 27,820 Accumulated fair value changes, beginning of year 16,927 15,416 2,588 2,079 950 765 20,465 18,260 Fair value changes 3,221 1,369 402 669 530 195 4,153 2,233 Dispositions and assets reclassified as held for sale — — — (126) — (35) — (161) Foreign currency translation (283) 142 (82) (34) (15) 25 (380) 133 Accumulated fair value changes, end of year 19,865 16,927 2,908 2,588 1,465 950 24,238 20,465 Accumulated depreciation, beginning of year (4,412) (3,879) (1,781) (1,358) (497) (260) (6,690) (5,497) Depreciation expenses (517) (532) (546) (502) (302) (245) (1,365) (1,279) Dispositions and assets reclassified as held for sale 17 7 25 101 9 9 51 117 Foreign currency translation 181 (8) 9 (22) (56) (1) 134 (31) Accumulated depreciation, end of year (4,731) (4,412) (2,293) (1,781) (846) (497) (7,870) (6,690) Balance, end of year $ 29,033 $ 26,589 $ 9,013 $ 9,266 $ 7,160 $ 5,740 $ 45,206 $ 41,595 The following table presents our renewable power property, plant and equipment measured at fair value by geography: AS AT DEC. 31 (MILLIONS) 2020 2019 North America $ 28,044 $ 25,617 Colombia 8,150 7,353 Europe 4,912 3,770 Brazil 3,005 3,575 Other 1 1,095 1,280 $ 45,206 $ 41,595 1. Other refers primarily to China, India and Chile in both 2020 and 2019. Renewable power assets are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2020. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of renewable power assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows – primarily impacted by future electricity price assumptions • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Terminal values are included in the valuation of hydroelectric assets in the U.S., Canada and Colombia. For the hydroelectric assets in Brazil, cash flows have been included based on the duration of the authorization or useful life of a concession asset without consideration of potential renewal value. The weighted-average remaining duration as at December 31, 2020, which includes a one-time 30-year renewal for applicable hydroelectric assets completed in the current year, is 32 years (2019 – 32 years). Consequently, there is no terminal value attributed to the hydroelectric assets in Brazil. Key assumptions on contracted generation and future power pricing are summarized below: Total Generation Contracted under Power Purchase Agreements Power Prices from Long-Term Power Purchase Agreements (weighted average) Estimates of Future Electricity Prices (weighted average) AS AT DEC. 31, 2020 (MILLIONS) 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years North America (prices in US$/MWh) 43 % 13 % 96 90 65 117 Brazil (prices in R$/MWh) 70 % 30 % 306 396 245 328 Colombia (prices in COP$/MWh) 27 % — % 220,000 N/A 265,000 384,000 Europe (prices in €/MWh) 87 % 56 % 167 255 68 54 The company’s estimate of future renewable power pricing is based on management’s estimate of the cost of securing new energy from renewable sources to meet future demand between 2023 and 2035 (2019 – between 2023 and 2035), which will maintain system reliability and provide adequate levels of reserve generation. b) Infrastructure Our infrastructure property, plant and equipment consists of the following: Utilities Transport Midstream Data Sustainable Resources and Other Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 8,654 $ 6,248 $ 8,309 $ 2,495 $ 3,971 $ 2,443 $ 1,131 $ 444 $ 389 $ 429 $ 22,454 $ 12,059 Changes in basis of accounting — 110 — 356 — 108 — 633 — — — 1,207 Additions, net of disposals and assets reclassified as held for sale 550 34 146 171 277 136 51 (43) (16) (25) 1,008 273 Acquisitions through business combinations — 2,135 — 5,283 — 1,197 7,334 95 — — 7,334 8,710 Foreign currency translation 102 127 243 4 73 87 77 2 (79) (15) 416 205 Cost, end of year 9,306 8,654 8,698 8,309 4,321 3,971 8,593 1,131 294 389 31,212 22,454 Accumulated fair value changes, beginning of year 2,187 2,002 857 810 317 221 — — 416 447 3,777 3,480 Disposition and assets reclassified as held for sale — (416) — — — — — — — (37) — (453) Fair value changes 652 572 113 45 21 92 — — 6 6 792 715 Foreign currency translation 78 29 77 2 — 4 — — (98) — 57 35 Accumulated fair value changes, end of year 2,917 2,187 1,047 857 338 317 — — 324 416 4,626 3,777 Accumulated depreciation, beginning of year (1,172) (985) (950) (744) (208) (120) (88) — (41) (40) (2,459) (1,889) Depreciation expenses (419) (415) (498) (178) (141) (84) (189) (87) (10) (10) (1,257) (774) Dispositions and assets reclassified as held for sale 12 247 134 (25) — 3 17 — 7 7 170 232 Foreign currency translation (34) (19) (90) (3) (7) (7) (3) (1) 9 2 (125) (28) Accumulated depreciation, end of year (1,613) (1,172) (1,404) (950) (356) (208) (263) (88) (35) (41) (3,671) (2,459) Balance, end of year $ 10,610 $ 9,669 $ 8,341 $ 8,216 $ 4,303 $ 4,080 $ 8,330 $ 1,043 $ 583 $ 764 $ 32,167 $ 23,772 Infrastructure’s PP&E assets are accounted for under the revaluation model, and the most recent date of revaluation was December 31, 2020. The company’s utilities assets consist of regulated transmission and regulated distribution networks, which are operated primarily under regulated rate base arrangements. In the company’s transport operations, the PP&E assets consist of railroads, toll roads and ports. PP&E assets in the midstream operations are comprised of energy transmission, distribution and storage and district energy assets. Data PP&E include mainly telecommunications towers, fiber optic networks and data storage assets. PP&E within our sustainable resource operations include standing timber, land, roads and other agricultural assets. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport, midstream, data and sustainable resources assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization multiple • Increases (decreases) in terminal capitalization multiple increases (decreases) fair value • Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 c) Real Estate Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 9,890 $ 7,713 $ 1,366 $ 1,045 $ (1,527) $ (1,106) $ 9,729 $ 7,652 Changes in basis of accounting (1,895) 769 (681) — 786 — (1,790) 769 Additions/(dispositions) 1 , net of assets reclassified as held for sale 1,023 514 (135) (2) 27 37 915 549 Acquisitions through business combinations — 785 — — — — — 785 Foreign currency translation 233 109 2 — (41) (15) 194 94 Fair value changes — — (159) 323 — — (159) 323 Depreciation expenses — — — — (457) (443) (457) (443) Balance, end of year $ 9,251 $ 9,890 $ 393 $ 1,366 $ (1,212) $ (1,527) $ 8,432 $ 9,729 1. For accumulated depreciation, (additions)/dispositions. The company’s real estate PP&E assets include hospitality assets accounted for under the revaluation model, with the most recent revaluation as at December 31, 2020. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of real estate assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. d) Private Equity Private equity and other PP&E includes assets owned by the company’s private equity and residential development operations. These assets are accounted for under the cost model, which requires the assets to be carried at cost less accumulated depreciation and any accumulated impairment losses. The following table presents the changes to the carrying value of the company’s property, plant and equipment assets included in these operations: Cost Accumulated Impairment Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 17,269 $ 9,027 $ (643) $ (434) $ (2,458) $ (1,472) $ 14,168 $ 7,121 Changes in basis of accounting — 1,032 — — — — — 1,032 Additions/(dispositions) 1 , net of assets reclassified as held for sale 874 477 57 — 290 332 1,221 809 Acquisitions through business combinations 84 6,650 — — — — 84 6,650 Foreign currency translation 543 83 (3) (13) (61) (44) 479 26 Depreciation expenses — — — — (1,464) (1,274) (1,464) (1,274) Impairment charges — — (284) (196) — — (284) (196) Balance, end of year $ 18,770 $ 17,269 $ (873) $ (643) $ (3,693) $ (2,458) $ 14,204 $ 14,168 1. For accumulated depreciation, (additions)/dispositions. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of intangible assets [text block] | INTANGIBLE ASSETS The following table presents the breakdown of, and changes to, the balance of the company’s intangible assets: Cost Accumulated Amortization and Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 30,232 $ 20,304 $ (2,522) $ (1,542) $ 27,710 $ 18,762 Additions 452 445 — — 452 445 Disposals 1 (2,246) (499) 307 132 (1,939) (367) Acquisitions through business combinations 625 10,333 — — 625 10,333 Amortization — — (1,310) (1,141) (1,310) (1,141) PPA adjustments 78 — 7 — 85 — Foreign currency translation (1,195) (351) 230 29 (965) (322) Balance, end of year $ 27,946 $ 30,232 $ (3,288) $ (2,522) $ 24,658 $ 27,710 1. Include assets sold and amounts reclassified to held for sale. Intangible assets are allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Infrastructure (a) $ 11,769 $ 14,388 Private equity (b) 11,261 11,650 Real estate (c) 1,177 1,301 Renewable power and other 451 371 $ 24,658 $ 27,710 a) Infrastructure The intangible assets in our Infrastructure segment are primarily related to: • Concession arrangements of $2.9 billion (2019 – $3.9 billion) at the company’s Brazilian regulated gas transmission operation that provide the right to charge a tariff over the term of the agreements. The agreements have an expiration date between 2039 and 2041, which is the basis for the company’s determination of the asset’s remaining useful life. Upon expiry of the agreements, the asset shall be returned to the government and the concession will be subject to a public bidding process. • Concession arrangements totaling $2.6 billion (2019 – $2.7 billion) relating to the company’s Peruvian, Chilean and Indian toll roads which provide the right to charge a tariff to users of the roads over the terms of the concessions. The Chilean and Peruvian concessions have expiration dates of 2033 and 2043, respectively, while the Indian concessions have an expiration date from 2026 to 2041. The company uses these expiration dates as a basis for determining the assets’ remaining useful lives. • Customer relationships, operating network agreements and track access rights of $1.9 billion (2019 – $2.0 billion) in our North American rail operations. These intangible assets are amortized on a straight-line basis over 10 to 20 years. • Contractual customer relationships, customer contracts and proprietary technology of $1.4 billion (2019 – $1.4 billion) at the company’s North American residential energy infrastructure operations. These assets are amortized on a straight-line basis over 10 to 20 years. • Indefinite life intangible assets of $876 million ( 2019 – $667 million). The increase from 2019 is primarily attributable to the brand value at our North American rail infrastructure business. • Access agreements of $1.8 billion with the users of the company’s Australian regulated terminal, which are 100% take-or-pay contracts at a designated tariff rate based on the asset value, were included in intangible assets in 2019. The segment completed the sale of the investment during the year. b) Private Equity The intangible assets in our Private Equity segment are primarily related to: • Customer relationships of $5.1 billion (2019 – $5.3 billion), which remained consistent with prior year. The customer relationships acquired are assessed to have a useful life of up to 30 years. • Water and sewage concession agreements, the majority of which are arrangements with municipal governments across Brazil, of $1.8 billion (2019 – $1.8 billion). The concession agreements provide the company the right to charge fees to users over the terms of the agreements in exchange for water treatment services, ongoing and regular maintenance work on water distribution assets and improvements to the water treatment and distribution systems. The concession agreements have expiration dates that range from 2037 to 2056 which is the basis for the company’s determination of the assets’ remaining useful life. Upon expiry of the agreements, the assets shall be returned to the government. • Computer software, patents, trademarks and proprietary technology of $3.2 billion (2019 – $3.2 billion), which remained consistent with prior year. The proprietary technology has the potential to provide competitive advantages and product differentiation and is assessed to have a useful life of 15 years. c) Real Estate The intangible assets in our Real Estate segment are primarily attributable to indefinite life trademarks associated with the hospitality assets, Center Parcs U.K properties. The Center Parcs trademark assets have been determined to have an indefinite useful life as the company has the legal right to operate these trademarks exclusively in certain territories and in perpetuity. The business model of Center Parcs is not subject to technological obsolescence or commercial innovations in any material way. Inputs Used to Determine Recoverable Amounts of Intangible Assets We test finite life intangible assets for impairment when an impairment indicator is identified. Indefinite life intangible assets are tested for impairment annually. We use a discounted cash flow valuation to determine the recoverable amount and consider the following significant unobservable inputs as part of our valuation: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
Schedule of detailed information about intangible assets | The following table presents the breakdown of, and changes to, the balance of the company’s intangible assets: Cost Accumulated Amortization and Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 30,232 $ 20,304 $ (2,522) $ (1,542) $ 27,710 $ 18,762 Additions 452 445 — — 452 445 Disposals 1 (2,246) (499) 307 132 (1,939) (367) Acquisitions through business combinations 625 10,333 — — 625 10,333 Amortization — — (1,310) (1,141) (1,310) (1,141) PPA adjustments 78 — 7 — 85 — Foreign currency translation (1,195) (351) 230 29 (965) (322) Balance, end of year $ 27,946 $ 30,232 $ (3,288) $ (2,522) $ 24,658 $ 27,710 1. Include assets sold and amounts reclassified to held for sale. Intangible assets are allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Infrastructure (a) $ 11,769 $ 14,388 Private equity (b) 11,261 11,650 Real estate (c) 1,177 1,301 Renewable power and other 451 371 $ 24,658 $ 27,710 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill [Abstract] | |
Disclosure of reconciliation of changes in goodwill | The following table presents the breakdown of, and changes to, the balance of goodwill: Cost Accumulated Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 15,412 $ 9,198 $ (862) $ (383) $ 14,550 $ 8,815 Acquisitions through business combinations 145 6,125 — — 145 6,125 Impairment losses — — (3) (453) (3) (453) Foreign currency translation and other 1 (18) 89 40 (26) 22 63 Balance, end of year $ 15,539 $ 15,412 $ (825) $ (862) $ 14,714 $ 14,550 1. Includes adjustment to goodwill based on final purchase price allocation. |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES The major components of income tax expense/(recovery) for the years ended December 31, 2020 and 2019 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ 756 $ 970 Deferred income tax expense / (recovery) Origination and reversal of temporary differences (103) 281 Expense / (recovery) arising from previously unrecognized tax assets 2 (647) Change of tax rates and new legislation 182 (109) Total deferred income tax expense / (recovery) 81 (475) Income tax expense $ 837 $ 495 The company’s Canadian domestic statutory income tax rate has remained consistent at 26% throughout both of 2020 and 2019. The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below: FOR THE YEARS ENDED DEC. 31 2020 2019 Statutory income tax rate 26 % 26 % Increase (reduction) in rate resulting from: Change in tax rates and new legislation 12 (2) International operations subject to different tax rates 52 (7) Taxable income attributable to non-controlling interests (31) (4) Portion of gains subject to different tax rates (10) (1) Recognition of deferred tax assets (10) (9) Non-recognition of the benefit of current year’s tax losses 8 4 Other 7 1 Effective income tax rate 54 % 8 % Deferred income tax assets and liabilities as at December 31, 2020 and 2019 relate to the following: AS AT DEC. 31 (MILLIONS) 2020 2019 Non-capital losses (Canada) $ 916 $ 848 Capital losses (Canada) 48 80 Losses (U.S.) 3,338 3,102 Losses (International) 1,415 705 Difference in basis (18,292) (16,012) Total net deferred tax liabilities $ (12,575) $ (11,277) The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2020 is approximately $5 billion (2019 – approximately $5 billion). The company regularly assesses the status of open tax examinations and its historical tax filing positions for the potential for adverse outcomes to determine the adequacy of the provision for income and other taxes. The company believes that it has adequately provided for any tax adjustments that are more likely than not to occur as a result of ongoing tax examinations or historical filing positions. The dividend payment on certain preferred shares of the company results in the payment of cash taxes in Canada and the company obtaining a deduction based on the amount of these taxes. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: AS AT DEC. 31 (MILLIONS) 2020 2019 One year from reporting date $ 4 $ 22 Two years from reporting date 20 9 Three years from reporting date 20 14 After three years from reporting date 465 1,159 Do not expire 1,473 1,632 Total $ 1,982 $ 2,836 The components of the income taxes in other comprehensive income for the years ended December 31, 2020 and 2019 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Revaluation of property, plant and equipment $ 1,214 $ 623 Financial contracts and power sale agreements (59) 6 Fair value through OCI securities 74 88 Foreign currency translation 37 (8) Revaluation of pension obligation (40) (6) Total deferred tax in other comprehensive income $ 1,226 $ 703 |
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities as at December 31, 2020 and 2019 relate to the following: AS AT DEC. 31 (MILLIONS) 2020 2019 Non-capital losses (Canada) $ 916 $ 848 Capital losses (Canada) 48 80 Losses (U.S.) 3,338 3,102 Losses (International) 1,415 705 Difference in basis (18,292) (16,012) Total net deferred tax liabilities $ (12,575) $ (11,277) |
CORPORATE BORROWINGS
CORPORATE BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
CORPORATE BORROWINGS | CORPORATE BORROWINGS AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings have a weighted-average interest rate of 4.4% (2019 – 4.6%) and include $2.3 billion (2019 – $2.5 billion) repayable in Canadian dollars of C$2.9 billion (2019 – C$3.2 billion) and $97 million (2019 – $92 million) repayable in Japanese Yen of ¥10 billion (2019 – ¥10 billion). AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The weighted-average interest rate on subsidiary borrowings as at December 31, 2020 was 3.5% (2019 – 4.3%). The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The weighted-average interest rate on property-specific borrowings as at December 31, 2020 was 4.2% (2019 – 4.7%). The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
Disclosure of corporate borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER AS AT DEC. 31 (MILLIONS) 2020 2019 Accounts payable $ 9,543 $ 9,583 Provisions 5,065 4,104 Lease liabilities 8,223 5,494 Other liabilities 27,851 23,896 Total $ 50,682 $ 43,077 The current and non-current balances of accounts payable, provisions and other liabilities are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 25,857 $ 23,212 Non-current 24,825 19,865 Total $ 50,682 $ 43,077 Post-Employment Benefits The company offers pension and other post-employment benefit plans to employees of certain of its subsidiaries. The company’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The benefit plans’ in-year valuation change was a decrease of $298 million (2019 – $149 million). The discount rate used was 2% (2019 – 3%) with an increase in the rate of compensation of 1% (2019 – 2%), and an investment rate of 3% (2019 – 6%). AS AT DEC. 31 (MILLIONS) 2020 2019 Plan assets $ 3,335 $ 3,029 Less accrued benefit obligation: Defined benefit pension plan (4,613) (3,995) Other post-employment benefits (185) (173) Net liability (1,463) (1,139) Less: net actuarial gains and other 11 13 Accrued benefit liability $ (1,452) $ (1,126) |
NON-RECOURSE BORROWINGS
NON-RECOURSE BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
NON-RECOURSE BORROWINGS | CORPORATE BORROWINGS AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings have a weighted-average interest rate of 4.4% (2019 – 4.6%) and include $2.3 billion (2019 – $2.5 billion) repayable in Canadian dollars of C$2.9 billion (2019 – C$3.2 billion) and $97 million (2019 – $92 million) repayable in Japanese Yen of ¥10 billion (2019 – ¥10 billion). AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The weighted-average interest rate on subsidiary borrowings as at December 31, 2020 was 3.5% (2019 – 4.3%). The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The weighted-average interest rate on property-specific borrowings as at December 31, 2020 was 4.2% (2019 – 4.7%). The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
Disclosure of corporate borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
SUBSIDIARY EQUITY OBLIGATIONS
SUBSIDIARY EQUITY OBLIGATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of Equity Interest Classified as Liabilities [Text Block] | SUBSIDIARY EQUITY OBLIGATIONS Subsidiary equity obligations consist of the following: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Subsidiary preferred equity units (a) $ 1,679 $ 1,650 Limited-life funds and redeemable fund units (b) 1,456 1,896 Subsidiary preferred shares and capital (c) 564 586 Total $ 3,699 $ 4,132 a) Subsidiary Preferred Equity Units In 2014, BPY issued $1.8 billion of exchangeable preferred equity units in three $600 million tranches redeemable in 2021, 2024 and 2026, respectively. The preferred equity units are exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. BPY may redeem the preferred equity units after specified periods if the BPY equity unit price exceeds predetermined amounts. At maturity, the preferred equity units that remain outstanding will be converted into BPY equity units at the lower of $25.70 or the then market price of a BPY equity unit. The preferred equity units represent a compound financial instrument comprised of the financial liability representing the company’s obligations to redeem the preferred equity units at maturity for a variable number of BPY units and an equity instrument representing the holder’s right to convert the preferred equity units to a fixed number of BPY units. The company is required under certain circumstances to purchase the preferred equity units at their redemption value in equal amounts in 2021 and 2024 and may be required to purchase the 2026 tranche, as further described in Note 28(a). AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2020 2019 Series 1 24,000,000 6.25 % US$ $ 586 $ 574 Series 2 24,000,000 6.50 % US$ 555 546 Series 3 24,000,000 6.75 % US$ 538 530 Total $ 1,679 $ 1,650 b) Limited-Life Funds and Redeemable Fund Units Limited-life funds and redeemable fund units represent interests held in our consolidated funds by third-party investors that have been classified as a liability rather than as non-controlling interest, as holders of these interests can cause our funds to redeem their interest in the fund for cash equivalents at a specified time. As at December 31, 2020, we have $1.5 billion (2019 – $1.9 billion) of subsidiary equity obligations arising from limited-life funds and redeemable fund units. In our real estate business, limited-life fund obligations include $864 million (2019 – $921 million) of equity interests held by third-party investors in two consolidated funds that have been classified as a liability, instead of non-controlling interest, as holders of these interests can cause the funds to redeem their interests in the fund for cash equivalents at the fair value of the interest at a set date. As at December 31, 2020, we have $517 million (2019 – $934 million) of subsidiary equity obligations arising from limited-life fund units in our infrastructure business. These obligations are primarily composed of the portion of the equity interest held by third-party investors in our timberland and agriculture funds that are attributed to the value of the land held in the fund. The value of this equity interest has been classified as a liability, instead of non-controlling interest, as we are obligated to purchase the land from the third-party investors on maturity of the fund. We also have $75 million of redeemable fund units (2019 – $41 million) in certain funds managed by our public securities business. c) Subsidiary Preferred Shares and Capital Preferred shares are classified as liabilities if the holders of the preferred shares have the right, after a fixed date, to convert the shares into common equity of the issuer based on the market price of the common equity of the issuer at that time unless they are previously redeemed by the issuer. The dividends paid on these securities are recorded in interest expense. As at December 31, 2020 and 2019, the balance related to obligations of BPY and its subsidiaries. AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2020 2019 Brookfield Property Split Corp (“BOP Split”) senior preferred shares Series 1 842,534 5.25 % US$ $ 21 $ 23 Series 2 556,746 5.75 % C$ 11 13 Series 3 789,718 5.00 % C$ 16 18 Series 4 594,994 5.20 % C$ 12 18 BSREP II RH B LLC (“Manufactured Housing”) preferred capital 9.00 % US$ 249 249 Rouse Series A preferred shares 5,600,000 5.00 % US$ 142 142 BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares 10,000 5.00 % US$ 40 40 BIP Investment Corporation Series 1 Senior preferred shares 4,000,000 5.85 % C$ 73 73 Forest City Enterprises L.P. (“Forest City”) & Other Preferred Capital — 10 Total $ 564 $ 586 Each series of the BOP Split senior preferred shares are redeemable at the option of either the issuer or the holder as the redemption and conversion option dates have passed. Subsidiary preferred capital includes $249 million at December 31, 2020 (2019 – $249 million) of preferred equity interests held by a third-party investor in Manufactured Housing which has been classified as a liability, rather than as non-controlling interest, due to the fact that the holders are only entitled to distributions equal to their capital balance plus 9% annual return payable in monthly distributions until maturity in December 2025. The preferred capital was issued to partially fund the acquisition of the Manufactured Housing portfolio during the first quarter of 2017. Subsidiary preferred shares include $142 million at December 31, 2020 (2019 – $142 million) of preferred equity interests held by a third-party investor in Rouse Properties, L.P., which have been classified as a liability, rather than as non-controlling interests, due to the fact that the interests have no voting rights and are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. |
SUBSIDIARY PUBLIC ISSUERS AND F
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES | SUBSIDIARIES The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2020 2019 Brookfield Property Partners L.P. (“BPY”) Bermuda 38.3 % 44.8 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 49.3 % 39.5 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 71.5 % 70.4 % Brookfield Business Partners L.P. (“BBU”) Bermuda 36.5 % 37.3 % 1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”). The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020: TSX NYSE Nasdaq BPY BPY.UN N/A BPY BEP BEP.UN BEP N/A BIP BIP.UN BIP N/A BBU BBU.UN BBU N/A The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2020 2019 BPY $ 25,986 $ 29,165 BEP 17,194 13,321 BIP 19,753 20,036 BBU 9,162 8,664 Individually immaterial subsidiaries with non-controlling interests 14,709 10,647 $ 86,804 $ 81,833 All publicly listed entities are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations: BPY BEP BIP BBU AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Current assets $ 5,009 $ 3,289 $ 1,742 $ 1,474 $ 3,711 $ 5,841 $ 14,493 $ 12,795 Non-current assets 102,942 108,354 47,980 34,217 57,620 50,467 40,253 38,956 Current liabilities (18,220) (12,466) (2,876) (1,678) (5,524) (5,439) (12,133) (11,024) Non-current liabilities (48,208) (54,242) (25,079) (15,882) (34,134) (28,692) (31,276) (29,674) Non-controlling interests (25,986) (29,165) (17,194) (13,321) (19,753) (20,036) (9,162) (8,664) Equity attributable to Brookfield $ 15,537 $ 15,770 $ 4,573 $ 4,810 $ 1,920 $ 2,141 $ 2,175 $ 2,389 Revenues $ 6,593 $ 8,203 $ 3,810 $ 2,980 $ 8,885 $ 6,597 $ 37,635 $ 43,032 Net income (loss) attributable to: Non-controlling interests $ (673) $ 2,091 $ 162 $ 348 $ 863 $ 636 $ 686 $ 353 Shareholders (1,385) 1,066 (207) (75) 41 14 (106) 81 $ (2,058) $ 3,157 $ (45) $ 273 $ 904 $ 650 $ 580 $ 434 Other comprehensive income (loss) attributable to: Non-controlling interests $ 153 $ 234 $ 1,621 $ 1,179 $ (82) $ 486 $ 25 $ (159) Shareholders 261 89 653 546 20 104 47 (39) $ 414 $ 323 $ 2,274 $ 1,725 $ (62) $ 590 $ 72 $ (198) The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows: BPY BEP BIP BBU FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cash flows from (used in): Operating activities $ 1,332 $ 624 $ 1,296 $ 1,212 $ 2,530 $ 2,143 $ 4,205 $ 2,163 Financing activities (215) (892) (792) (1,010) 2,126 9,542 (1,077) 15,925 Investing activities (99) (1,611) (426) (251) (4,609) (11,372) (2,334) (17,939) Distributions paid to non-controlling interests in common equity $ 528 $ 576 $ 323 $ 254 $ 642 $ 628 $ 13 $ 13 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
EQUITY | EQUITY Equity consists of the following: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Preferred equity (a) $ 4,145 $ 4,145 Non-controlling interests (b) 86,804 81,833 Common equity (c) 31,693 30,868 $ 122,642 $ 116,846 a) Preferred Equity Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following: Average Rate AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Perpetual preferred shares Floating rate 1.76 % 2.91 % $ 531 $ 531 Fixed rate 4.82 % 4.82 % 739 739 3.54 % 4.02 % 1,270 1,270 Fixed rate-reset preferred shares 4.07 % 4.28 % 2,875 2,875 3.91 % 4.20 % $ 4,145 $ 4,145 Further details on each series of preferred shares are as follows: Issued and Outstanding AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Rate 2020 2019 2020 2019 Class A preferred shares Perpetual preferred shares Series 2 70% P 10,457,685 10,457,685 $ 169 $ 169 Series 4 70% P/8.5% 2,795,910 2,795,910 45 45 Series 8 Variable up to P 2,476,185 2,476,185 42 42 Series 13 70% P 9,290,096 9,290,096 195 195 Series 15 B.A. + 40 b.p. 2,000,000 2,000,000 42 42 Series 17 4.75 % 7,840,204 7,840,204 171 171 Series 18 4.75 % 7,866,749 7,866,749 178 178 Series 25 3-Month T-Bill + 230 b.p. 1,529,133 1,529,133 38 38 Series 36 4.85 % 7,842,909 7,842,909 197 197 Series 37 4.90 % 7,830,091 7,830,091 193 193 1,270 1,270 Rate-reset preferred shares 2 Series 9 2.75 % 1,515,981 1,515,981 21 21 Series 24 3.01 % 9,278,894 9,278,894 227 227 Series 26 3.47 % 9,770,928 9,770,928 240 240 Series 28 2.73 % 9,233,927 9,233,927 232 232 Series 30 4.69 % 9,787,090 9,787,090 241 241 Series 32 5.06 % 11,750,299 11,750,299 297 297 Series 34 3 4.44 % 9,876,735 9,876,735 253 253 Series 38 4 3.57 % 7,906,132 7,906,132 179 179 Series 40 5 4.03 % 11,841,025 11,841,025 271 271 Series 42 6 3.25 % 11,887,500 11,887,500 266 266 Series 44 5.00 % 9,831,929 9,831,929 187 187 Series 46 4.80 % 11,740,797 11,740,797 217 217 Series 48 4.75 % 11,885,972 11,885,972 244 244 2,875 2,875 Total $ 4,145 $ 4,145 1. Rate determined quarterly. 2. Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points. 3. Dividend rate reset commenced March 31, 2019. 4. Dividend rate reset commenced March 31, 2020. 5. Dividend rate reset commenced September 30, 2019. 6. Dividend rate reset commenced June 30, 2020. P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points. The company is authorized to issue an unlimited number of Class A preferred shares and an unlimited number of Class AA preferred shares, issuable in series. No Class AA preferred shares have been issued. The Class A preferred shares are entitled to preference over the Class A and Class B Limited Voting Shares (“Class A and B shares”) on the declaration of dividends and other distributions to shareholders. All series of the outstanding preferred shares have a par value of C$25.00 per share. b) Non-controlling Interests Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders. AS AT DEC. 31 (MILLIONS) 2020 2019 Common equity $ 80,915 $ 76,557 Preferred equity 5,889 5,276 Total $ 86,804 $ 81,833 Further information on non-controlling interests is provided in Note 4 – Subsidiaries. c) Common Equity The company’s common equity is comprised of the following: AS AT DEC. 31 (MILLIONS) 2020 2019 Common shares $ 7,368 $ 7,305 Contributed surplus 285 286 Retained earnings 15,178 16,026 Ownership changes 2,691 1,010 Accumulated other comprehensive income 6,171 6,241 Common equity $ 31,693 $ 30,868 The company is authorized to issue an unlimited number of Class A Limited Voting Shares ("Class A shares") and 85,120 Class B Limited Voting Shares ("Class B shares"). The company’s Class A shares and Class B shares have no stated par value. The holders of Class A shares and Class B shares rank on par with each other with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding up of the company or any other distribution of the assets of the company among its shareholders for the purpose of winding up its affairs. Holders of the Class A shares are entitled to elect half of the Board of Directors of the company and holders of the Class B shares are entitled to elect the other half of the Board of Directors. With respect to the Class A and Class B shares, there are no dilutive factors, material or otherwise, that would result in different diluted earnings per share between the classes. This relationship holds true irrespective of the number of dilutive instruments issued in either one of the respective classes of Class A and Class B shares, as both classes of shares participate equally, on a pro rata basis, in the dividends, earnings and net assets of the company, whether taken before or after dilutive instruments, regardless of which class of shares is diluted. On April 1, 2020, the company completed a three-for-two stock split of the company’s outstanding Class A shares. All share count and per share disclosure are presented on a post-split basis. The holders of the company’s Class A shares and Class B shares received cash dividends during 2020 of $0.48 per share (2019 – $0.43 per share). The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT DEC. 31 2020 2019 1 Class A shares 2 1,510,635,291 1,509,208,521 Class B shares 85,120 85,120 Shares outstanding 2 1,510,720,411 1,509,293,641 Unexercised options and other share-based plans 3 62,975,947 70,018,161 Total diluted shares 1,573,696,358 1,579,311,802 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Net of 64,197,815 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2020 (December 31, 2019 – 63,417,346). 3. Includes management share option plan and escrowed stock plan. The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows: FOR THE YEARS ENDED DEC. 31 2020 1 2019 1 Outstanding, beginning of year 2 1,509,293,641 1,432,714,261 Issued (repurchased) Issuances — 79,136,155 Repurchases (8,932,576) (10,782,801) Long-term share ownership plans 3 10,137,294 8,019,626 Dividend reinvestment plan and others 222,052 206,400 Outstanding, end of year 4 1,510,720,411 1,509,293,641 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Net of 63,417,346 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2019 (December 31, 2018 – 56,307,796). 3. Includes management share option plan and restricted stock plan. 4. Net of 64,197,815 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2020 (December 31, 2019 – 63,417,346). Earnings Per Share The components of basic and diluted earnings per share are summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Net (loss) income attributable to shareholders $ (134) $ 2,807 Preferred share dividends (141) (152) Dilutive effect of conversion of subsidiary preferred shares 93 (74) Net (loss) income available to shareholders $ (182) $ 2,581 FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 1 Weighted average – Class A and Class B shares 1,511.4 1,452.9 Dilutive effect of the conversion of options and escrowed shares using treasury stock method — 35.5 Class A and Class B shares and share equivalents 1,511.4 1,488.4 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. Share-Based Compensation The expense recognized for share-based compensation is summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Expense arising from equity-settled share-based payment transactions $ 89 $ 81 Expense arising from cash-settled share-based payment transactions 104 506 Total expense arising from share-based payment transactions 193 587 Effect of hedging program (99) (500) Total expense included in consolidated income $ 94 $ 87 The share-based payment plans are described below. There were no cancellations of or modifications to any of the plans during 2020 and 2019. Equity-settled Share-based Awards Management Share Option Plan Options issued under the company’s Management Share Option Plan (“MSOP”) vest over a period of up to five years, expire 10 years after the grant date and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date. For the year ended December 31, 2020, the total expense incurred with respect to MSOP totaled $24 million (2019 – $31 million). The changes in the number of options during 2020 and 2019 were as follows: TSX NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Number of Options (000’s) 2 Weighted- Average Exercise Price Outstanding as at January 1, 2020 — C$ — 50,703 US$ 22.69 Granted — — 3,341 45.21 Exercised — — (6,382) 16.50 Cancelled — — (295) 27.80 Outstanding as at December 31, 2020 — C$ — 47,367 US$ 25.08 1. Options to acquire TSX listed Class A shares. 2. Options to acquire NYSE listed Class A shares. TSX NYSE Number of Options (000’s) 2 Weighted- Average Exercise Price Number of Options (000’s) 3 Weighted- Average Exercise Price Outstanding as at January 1, 2019 1 1,185 C$ 7.84 55,113 US$ 19.68 Granted 1 — — 7,616 30.42 Exercised 1 (1,185) 7.84 (11,747) 13.50 Cancelled 1 — — (279) 26.68 Outstanding as at December 31, 2019 1 — C$ — 50,703 US$ 22.69 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Options to acquire TSX listed Class A shares. 3. Options to acquire NYSE listed Class A shares. The weighted-average fair value of options granted for the year ended December 31, 2020 was $5.54 (2019 – $3.92), and was determined using the Black-Scholes valuation model, with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2020 2019 1 Weighted-average share price US$ 45.21 30.42 Average term to exercise Years 7.5 7.5 Share price volatility 2 % 17.0 16.9 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.5 2.0 Risk-free rate % 1.4 2.5 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. At December 31, 2020, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$10.30 – US$15.35 1.0 years 2,254 — 2,254 US$15.58 – US$20.39 3.8 years 11,860 1,131 12,991 US$22.50 – US$26.93 5.9 years 14,280 7,010 21,290 US$29.48 – US$38.64 8.2 years 1,833 5,672 7,505 US$45.21 9.2 years — 3,327 3,327 30,227 17,140 47,367 At December 31, 2019, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) 1 Exercise Price 1 Weighted-Average Remaining Life Vested Unvested Total US$10.30 – US$15.35 1.6 years 5,619 — 5,619 US$15.58 – US$20.39 4.7 years 12,523 2,313 14,836 US$22.50 – US$26.93 6.8 years 11,371 11,271 22,642 US$29.48 – US$38.64 9.2 years 613 6,993 7,606 30,126 20,577 50,703 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. Escrowed Stock Plan The Escrowed Stock Plan (the “ES Plan”) provides executives with indirect ownership of Class A shares. Under the ES Plan, executives are granted common shares (the “ES Shares”) in one or more private companies that own Class A shares. The Class A shares are purchased on the open market with the purchase cost funded by the company. The ES shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than ten years from the grant date, all outstanding ES shares will be exchanged for Class A shares issued by the company based on the market value of Class A shares at the time of the exchange. The number of Class A shares issued on exchange will be less than the Class A shares purchased under the ES Plan resulting in a net reduction in the number of Class A shares issued by the company. During 2020, 3.8 million Class A shares were purchased in respect of ES shares granted to executives under the ES Plan (2019 – $16.0 million Class A shares) during the year. For the year ended December 31, 2020, the total expense incurred with respect to the ES Plan totaled $35 million (2019 – $25 million). The weighted-average fair value of escrowed shares granted for the year ended December 31, 2020 was $5.54 (2019 – $4.54), and was determined using the Black-Scholes model of valuation with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2020 2019 1 Weighted-average share price US$ 45.21 34.08 Average term to exercise Years 7.5 8.5 Share price volatility 2 % 17.0 17.3 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.5 1.8 Risk-free rate % 1.4 2.1 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. The change in the number of ES shares during 2020 and 2019 was as follows: Number of Weighted- Average Exercise Price Outstanding at January 1, 2020 54,791 $ 25.82 Granted 3,841 45.21 Exercised (11,613) 19.66 Cancelled (303) 35.85 Outstanding at December 31, 2020 46,716 $ 28.88 Number of Weighted- Average Exercise Price Outstanding at January 1, 2019 1 40,655 $ 22.18 Granted 1 15,975 34.08 Exercised 1 (1,613) 15.77 Cancelled 1 (226) $ 26.32 Outstanding at December 31, 2019 1 54,791 25.82 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. Restricted Stock Plan The Restricted Stock Plan awards executives with Class A shares purchased on the open market (“Restricted Shares”). Under the Restricted Stock Plan, Restricted Shares awarded vest over a period of up to five years, except for Restricted Shares awarded in lieu of a cash bonus, which may vest immediately. Vested and unvested Restricted Shares are subject to a hold period of up to five years. Holders of Restricted Shares are entitled to vote Restricted Shares and to receive associated dividends. Employee compensation expense for the Restricted Stock Plan is charged against income over the vesting period. During 2020, Brookfield granted 1.0 million Class A shares (2019 – 1.2 million) pursuant to the terms and conditions of the Restricted Stock Plan, resulting in the recognition of $30 million (2019 – $25 million) of compensation expense. Cash-settled Share-based Awards Deferred Share Unit Plan and Restricted Share Unit Plan The Deferred Share Unit Plan and Restricted Share Unit Plan provide for the issuance of DSUs and RSUs, respectively. Under these plans, qualifying employees and directors receive varying percentages of their annual incentive bonus or directors’ fees in the form of DSUs and RSUs. The DSUs and RSUs vest over periods of up to five years, and DSUs accumulate additional DSUs at the same rate as dividends on common shares based on the market value of the common shares at the time of the dividend. Participants are not allowed to convert DSUs and RSUs into cash until retirement or cessation of employment. The value of the DSUs, when converted to cash, will be equivalent to the market value of the common shares at the time the conversion takes place. The value of the RSUs, when converted into cash, will be equivalent to the difference between the market price of equivalent number of common shares at the time the conversion takes place and the market price on the date the RSUs are granted. The company uses equity derivative contracts to offset its exposure to the change in share prices in respect of vested and unvested DSUs and RSUs. The fair value of the vested DSUs and RSUs as at December 31, 2020 was $1.3 billion (2019 – $1.4 billion). Employee compensation expense for these plans is charged against income over the vesting period of the DSUs and RSUs. The amount payable by the company in respect of vested DSUs and RSUs changes as a result of dividends and share price movements. All of the amounts attributable to changes in the amounts payable by the company are recorded as employee compensation expense in the period of the change. For the year ended December 31, 2020, employee compensation expense totaled $5 million (2019 – $7 million), net of the impact of hedging arrangements. The change in the number of DSUs and RSUs during 2020 and 2019 was as follows: DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding at January 1, 2020 21,204 15,810 C$ 6.14 Granted and reinvested 623 — — Exercised and cancelled (3,106) (2,131) 6.35 Outstanding at December 31, 2020 18,721 13,679 C$ 6.10 DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding at January 1, 2019 1 21,956 15,810 C$ 6.14 Granted and reinvested 1 799 — — Exercised and cancelled 1 (1,551) — — Outstanding at December 31, 2019 1 21,204 15,810 C$ 6.14 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. The fair value of each DSU is equal to the traded price of the company’s common shares. Unit Dec. 31, 2020 Dec. 31, 2019 1 Share price on date of measurement C$ 52.62 50.02 Share price on date of measurement US$ 41.27 38.53 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. The fair value of RSUs was determined primarily using the following inputs: Unit Dec. 31, 2020 Dec. 31, 2019 1 Share price on date of measurement C$ 52.62 50.02 Weighted-average fair value of a unit C$ 46.52 43.88 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of revenue from contracts with customers [text block] | Timing of Recognition of Revenue from Contracts with Customers FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ — $ 553 $ 143 $ 160 $ 28,944 $ 2,167 $ 31,967 Services transferred over a period of time 246 — 1,850 3,614 8,451 6,655 3 20,819 $ 246 $ — $ 2,403 $ 3,757 $ 8,611 $ 35,599 $ 2,170 $ 52,786 FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ 9 $ 1,193 $ 95 $ 225 $ 34,141 $ 2,384 $ 38,047 Services transferred over a period of time 271 — 2,640 3,715 6,108 8,006 12 20,752 $ 271 $ 9 $ 3,833 $ 3,810 $ 6,333 $ 42,147 $ 2,396 $ 58,799 |
Disclosure of revenue | REVENUES We perform a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of our revenues by segment and type, as well as a breakdown of whether revenues from goods or services are recognized at a point in time or delivered over a period of time. a) Revenue by Type FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Revenue from contracts with customers $ 246 $ — $ 2,403 $ 3,757 $ 8,611 $ 35,599 $ 2,170 $ 52,786 Other revenue — 872 6,448 328 683 1,562 73 9,966 $ 246 $ 872 $ 8,851 $ 4,085 $ 9,294 $ 37,161 $ 2,243 $ 62,752 FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Revenue from contracts with customers $ 271 $ 9 $ 3,833 $ 3,810 $ 6,333 $ 42,147 $ 2,396 $ 58,799 Other revenue — 499 6,609 149 758 952 60 9,027 $ 271 $ 508 $ 10,442 $ 3,959 $ 7,091 $ 43,099 $ 2,456 $ 67,826 b) Timing of Recognition of Revenue from Contracts with Customers FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ — $ 553 $ 143 $ 160 $ 28,944 $ 2,167 $ 31,967 Services transferred over a period of time 246 — 1,850 3,614 8,451 6,655 3 20,819 $ 246 $ — $ 2,403 $ 3,757 $ 8,611 $ 35,599 $ 2,170 $ 52,786 FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ 9 $ 1,193 $ 95 $ 225 $ 34,141 $ 2,384 $ 38,047 Services transferred over a period of time 271 — 2,640 3,715 6,108 8,006 12 20,752 $ 271 $ 9 $ 3,833 $ 3,810 $ 6,333 $ 42,147 $ 2,396 $ 58,799 Remaining Performance Obligation Private Equity In our construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract, work order or letter of intent. As at December 31, 2020 our backlog of construction projects was approximately $5.6 billion (2019 – $7.0 billion), with an overall weighted-average remaining project life of approximately two years (2019 – two years). In our Brazilian water and wastewater services business, our long-term, inflation-adjusted concession service contracts with various municipalities have an average remaining contract duration of 24 years as at December 31, 2020 (2019 – 24 years). Others In our asset management, infrastructure and renewable power businesses, revenue is generally recognized as invoiced for contracts recognized over a period of time as the amounts invoiced are commensurate with the value provided to the customers. c) Lease Income Our leases in which the company is a lessor are primarily operating in nature. Total lease income from our assets leased out on operating leases totaled $6.7 billion (2019 - $6.8 billion) including $75 million (2019 - $67 million) of income related to variable lease income that is not dependent on an index or rate. The following table presents the undiscounted contractual earnings receivable of the company’s leases by expected period of receipt: Payments Receivable by Period AS AT DEC. 31, 2020 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 4,738 $ 8,385 $ 6,661 $ 15,971 $ 35,755 Payments Receivable by Period AS AT DEC. 31, 2019 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 4,514 $ 8,239 $ 6,744 $ 15,875 $ 35,372 |
DIRECT COSTS
DIRECT COSTS | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
DIRECT COSTS | DIRECT COSTS Direct costs include all attributable expenses except interest, depreciation and amortization, taxes and fair value changes and primarily relate to cost of sales and compensation. The following table lists direct costs for 2020 and 2019 by nature: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Cost of sales $ 35,150 $ 41,463 Compensation 6,857 6,035 Selling, general and administrative expenses 2,860 2,612 Property taxes, sales taxes and other 2,519 2,618 $ 47,386 $ 52,728 |
FAIR VALUE CHANGES
FAIR VALUE CHANGES | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Fair value changes | FAIR VALUE CHANGES Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Investment properties $ (269) $ 1,710 Transaction related expenses, net of gains 20 (895) Financial contracts 686 (140) Impairment and provisions (808) (825) Other fair value changes (1,052) (681) $ (1,423) $ (831) |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The company’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The company selectively uses derivative financial instruments principally to manage these risks. The aggregate notional amount of the company’s derivative positions at December 31, 2020 and 2019 is as follows: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Foreign exchange (a) $ 39,284 $ 37,334 Interest rates (b) 61,111 51,619 Credit default swaps (c) — 39 Equity derivatives (d) 2,081 2,517 Commodity instruments (e) 2020 2019 Energy (GWh) 27,564 25,136 Natural gas (MMBtu – 000’s) 121,468 78,364 a) Foreign Exchange The company held the following foreign exchange contracts with notional amounts at December 31, 2020 and 2019: Notional Amount (U.S. Dollars) Average Exchange Rate (MILLIONS) 2020 2019 2020 2019 Foreign exchange contracts Canadian dollars $ 7,539 $ 6,839 0.76 0.75 British pounds 3,986 7,874 1.31 1.27 European Union euros 4,561 2,069 1.17 1.16 Australian dollars 2,632 3,989 0.69 0.71 Indian rupee 1,288 240 77.56 73.55 Chilean peso 159 548 770.89 722.08 Korean won 1 700 687 1,175 1,173 Chinese yuan 1 1,633 1,862 7.05 5.42 Japanese yen 1 212 111 105.82 104.58 Colombian pesos 1 96 534 3,621 3,416 Brazilian reais 276 484 0.19 0.24 Swedish krona 1,647 1,578 8.58 9.10 Other currencies 903 584 Various Various Cross currency interest rate swaps Canadian dollars 6,868 4,493 0.77 0.77 European Union euros 1,914 103 1.06 1.09 Australian dollars 1,374 2,033 0.53 0.98 Japanese yen 1 750 18 113.33 110.00 British pounds 275 267 1.49 1.49 Colombian pesos 1 88 100 3,880.00 3,463 Foreign exchange futures Brazilian reais 105 38 0.19 0.25 Foreign exchange options British pounds — 1,338 — 1.43 Canadian dollars 2,030 — 0.74 — European Union euros 245 1,544 1.17 1.12 1. Average rate is quoted using USD as base currency. Included in net income are unrealized net losses on foreign currency derivative contracts amounting to $41 million (2019 – gain of $201 million) and included in the cumulative translation adjustment account in other comprehensive income are gains in respect of foreign currency contracts entered into for hedging purposes amounting to $28 million (2019 – losses of $409 million). b) Interest Rates At December 31, 2020, the company held interest rate swap and forward starting swap contracts having an aggregate notional amount of $30.2 billion (2019 – $25.0 billion), interest rate swaptions with an aggregate notional amount of $3.9 billion (2019 – $nil) and interest rate cap contracts with an aggregate notional amount of $27.0 billion (2019 – $26.6 billion). c) Credit Default Swaps As at December 31, 2020, the company held credit default swap contracts with an aggregate notional amount of $nil (2019 –$39 million). Credit default swaps are contracts which are designed to compensate the purchaser for any change in the value of an underlying reference asset, based on measurement in credit spreads, upon the occurrence of predetermined credit events. The company has no outstanding payments to make or receive in the event of a predetermined credit event in 2020 (2019 – $nil). d) Equity Derivatives At December 31, 2020, the company held equity derivatives with a notional amount of $2.1 billion (2019 – $2.5 billion) which includes $1.3 billion (2019 – $541 million) notional amount that hedges long-term compensation arrangements. The balance represents common equity and ETF positions established in connection with the company’s investment activities. The fair value of these instruments was reflected in the company’s consolidated financial statements at year end. e) Commodity Instruments The company has entered into energy derivative contracts primarily to hedge the sale of generated power. The company endeavors to link forward electricity sale derivatives to specific periods in which it expects to generate electricity for sale. All energy derivative contracts are recorded at an amount equal to fair value and are reflected in the company’s consolidated financial statements. The company has financial contracts outstanding on 121,468,000 MMBtu’s (2019 – 78,364,000 MMBtu’s) of natural gas as part of its electricity sale price risk mitigation strategy. Other Information Regarding Derivative Financial Instruments The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2020 and 2019 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2020 2019 FOR THE YEARS ENDED DEC. 31 Notional Effective Portion Ineffective Portion Notional Effective Portion Ineffective Portion Cash flow hedges 1 $ 39,128 $ (479) $ 10 $ 32,709 $ (89) $ 20 Net investment hedges 17,788 182 10 22,790 (433) 16 $ 56,916 $ (297) $ 20 $ 55,499 $ (522) $ 36 1. Notional amount does not include 13,950 GWh, 82,663 MMBtu – 000’s and 1,302 bbls – millions of commodity derivatives at December 31, 2020 (2019 – 14,485 GWh, 12,164 MMBtu – 000’s and 2,273 bbls – millions). The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2020 and 2019, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting: Unrealized Gains During 2020 Unrealized Losses During 2020 Net Change During 2020 Net Change During 2019 Foreign exchange derivatives $ 419 $ (460) $ (41) $ 201 Interest rate derivatives 110 (337) (227) (221) Credit default swaps — — — (1) Equity derivatives 1,161 (311) 850 13 Commodity derivatives 44 (86) (42) 27 $ 1,734 $ (1,194) $ 540 $ 19 The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2020 and 2019, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting: 2020 2019 AS AT DEC. 31 (MILLIONS) <1 Year 1 to 5 Years >5 Years Total Notional Amount Total Notional Amount Fair value through profit or loss Foreign exchange derivatives $ 6,891 $ 5,158 $ 129 $ 12,178 $ 7,946 Interest rate derivatives 13,158 12,308 1,614 27,080 22,731 Credit default swaps — — — — 39 Equity derivatives 1,216 865 — 2,081 2,517 Commodity instruments Energy (GWh) 4,406 9,207 — 13,613 10,652 Natural gas (MMBtu – 000’s) 34,572 4,233 — 38,805 66,200 Elected for hedge accounting Foreign exchange derivatives $ 13,498 $ 12,086 $ 1,522 $ 27,106 $ 29,387 Interest rate derivatives 7,738 22,054 4,240 34,032 28,888 Equity derivatives — — — — — Commodity instruments Energy (GWh) 5,562 5,066 3,322 13,950 14,485 Natural gas (MMBtu – 000’s) 51,034 31,630 — 82,664 12,164 |
MANAGEMENT OF RISKS ARISING FRO
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS | MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS The company is exposed to the following risks as a result of holding financial instruments: market risk (i.e., interest rate risk, currency exchange risk and other price risk that impact the fair value of financial instruments), credit risk and liquidity risk. The following is a description of these risks and how they are managed: a) Market Risk Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the company will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, currency exchange rates and changes in market prices due to factors other than interest rates or currency exchange rates, such as changes in equity prices, commodity prices or credit spreads. The company manages market risk from foreign currency assets and liabilities and the impact of changes in currency exchange rates and interest rates by funding assets with financial liabilities in the same currency and with similar interest rate characteristics, and by holding financial contracts such as interest rate and foreign exchange derivatives to minimize residual exposures. Financial instruments held by the company that are subject to market risk include other financial assets, borrowings and derivative instruments such as interest rate, currency, equity and commodity contracts. i. Interest Rate Risk The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in the net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the value of financial instruments whose cash flows are fixed in nature. The company’s assets largely consist of long-duration interest-sensitive physical assets. Accordingly, the company’s financial liabilities consist primarily of long-term fixed-rate debt or floating-rate debt that has been swapped with interest rate derivatives. These financial liabilities are, with few exceptions, recorded at their amortized cost. The company also holds interest rate caps to limit its exposure to increases in interest rates on floating rate debt that has not been swapped, and holds interest rate contracts to lock in fixed rates on anticipated future debt issuances and as an economic hedge against the changes in value of long duration interest sensitive physical assets that have not been otherwise matched with fixed rate debt. The result of a 50 basis-point increase in interest rates on the company’s net floating rate financial assets and liabilities would have resulted in a corresponding decrease in net income before tax of $156 million (2019 – $246 million) on a current basis. Changes in the value of fair value through profit or loss interest rate contracts are recorded in net income and changes in the value of contracts that are elected for hedge accounting are recorded in other comprehensive income. The impact of a 50 basis-point parallel increase in the yield curve on the aforementioned financial instruments is estimated to result in a corresponding increase in net income before tax of $137 million (2019 – $146 million) and an increase in other comprehensive income of $363 million (2019 – $309 million), for the years ended December 31, 2020 and 2019. ii. Currency Exchange Rate Risk Changes in currency rates will impact the carrying value of financial instruments denominated in currencies other than the U.S. dollar. The company holds financial instruments with net unmatched exposures in several currencies, changes in the translated value of which are recorded in net income. The impact of a 1% increase in the U.S. dollar against these currencies would have resulted in a $117 million (2019 – $74 million) increase in the value of these positions on a combined basis. The impact on cash flows from financial instruments would be insignificant. The company holds financial instruments to limit its exposure to the impact of foreign currencies on its net investments in foreign operations whose functional and reporting currencies are other than the U.S. dollar. A 1% increase in the U.S. dollar would increase the value of these hedging instruments by $235 million (2019 – $259 million) as at December 31, 2020, which would be recorded in other comprehensive income and offset by changes in the U.S. dollar carrying value of the net investment being hedged. iii. Other Price Risk Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads. Financial instruments held by the company that are exposed to equity price risk include equity securities and equity derivatives. A 5% decrease in the market price of equity securities and equity derivatives held by the company, excluding equity derivatives that hedge compensation arrangements, would have decreased net income by $186 million (2019 – $14 million) and decreased other comprehensive income by $161 million (2019 – $70 million), prior to taxes. The company’s liability in respect of equity compensation arrangements is subject to variability based on changes in the company’s underlying common share price. The company holds equity derivatives to hedge almost all of the variability. A 5% change in the common equity price of the company in respect of compensation agreements would increase the compensation liability and compensation expense by $69 million (2019 – $75 million). This increase would be offset by a $78 million (2019 – $80 million) change in value of the associated equity derivatives of which $69 million (2019 – $75 million) would offset the above-mentioned increase in compensation expense and the remaining $9 million (2019 – $5 million) would be recorded in net income. The company sells power and generation capacity under long-term agreements and financial contracts to stabilize future revenues. Certain of the contracts are considered financial instruments and are recorded at fair value in the consolidated financial statements, with changes in value being recorded in either net income or other comprehensive income as applicable. A 5% increase in energy prices would have decreased net income for the year ended December 31, 2020 by approximately $16.2 million (2019 – $5 million) and decreased other comprehensive income by $19.4 million (2019 – $nil), prior to taxes. The corresponding increase in the value of the revenue or capacity being contracted, however, is not recorded in net income until subsequent periods. The company held credit default swap contracts with a total notional amount of $nil (2019 – $42 million) at December 31, 2020. The company is exposed to changes in the credit spread of the contracts’ underlying reference assets. A 50 basis-point increase in the credit spread of the underlying reference assets would have increased net income by $nil (2019 – $1 million) for the year ended December 31, 2020, prior to taxes. b) Credit Risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The company’s exposure to credit risk in respect of financial instruments relates primarily to counterparty obligations regarding derivative contracts, loans receivable and credit investments such as bonds and preferred shares. The company assesses the creditworthiness of each counterparty before entering into contracts with a view to ensuring that counterparties meet minimum credit quality requirements. Management evaluates and monitors counterparty credit risk for derivative financial instruments and endeavors to minimize counterparty credit risk through diversification, collateral arrangements, and other credit risk mitigation techniques. The credit risk of derivative financial instruments is generally limited to the positive fair value of the instruments, which, in general, tends to be a relatively small proportion of the notional value. Substantially all of the company’s derivative financial instruments involve either counterparties that are banks or other financial institutions in North America, the U.K. and Australia, or arrangements that have embedded credit risk mitigation features. The company does not expect to incur credit losses in respect of any of these counterparties. The maximum exposure in respect of loans receivable and credit investments is equal to the carrying value. c) Liquidity Risk Liquidity risk is the risk that the company cannot meet a demand for cash or fund an obligation as it comes due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. To help ensure the company is able to react to contingencies and investment opportunities quickly, the company maintains sources of liquidity at the corporate and subsidiary levels. The primary source of liquidity consists of cash and other financial assets, net of deposits and other associated liabilities, and undrawn committed credit facilities. The company is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. The company believes these risks are mitigated through the use of long-term debt secured by high quality assets, maintaining debt levels that are in management’s opinion relatively conservative, and by diversifying maturities over an extended period of time. The company also seeks to include in its agreements terms that protect the company from liquidity issues of counterparties that might otherwise impact the company’s liquidity. The following tables present the contractual maturities of the company’s financial liabilities at December 31, 2020 and 2019. Payments Due by Period AS AT DEC. 31, 2020 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings $ — $ 467 $ 1,630 $ 6,980 $ 9,077 Non-recourse borrowings of managed entities 21,108 29,399 40,049 48,768 139,324 Subsidiary equity obligations 799 1,147 800 953 3,699 Interest expense 1 Corporate borrowings 405 793 659 3,593 5,450 Non-recourse borrowings 5,145 8,788 6,310 8,313 28,556 Subsidiary equity obligations 147 213 171 44 575 Lease obligations 2 815 1,682 1,123 11,755 15,375 1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 2. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. Payments Due by Period AS AT DEC. 31, 2019 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings $ — $ 269 $ 1,597 $ 5,217 $ 7,083 Non-recourse borrowings of managed entities 15,563 28,396 34,602 57,731 136,292 Subsidiary equity obligations 188 1,677 745 1,522 4,132 Interest expense 1 Corporate borrowings 327 629 551 1,714 3,221 Non-recourse borrowings 5,210 8,524 6,641 7,749 28,124 Subsidiary equity obligations 151 261 212 107 731 Lease obligations 2 766 1,171 992 11,064 13,993 1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 2. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Disclosure of related party [text block] | RELATED PARTY TRANSACTIONS a) Related Parties Related parties include subsidiaries, associates, joint ventures, key management personnel, the Board of Directors (“Directors”), immediate family members of key management personnel and Directors and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members. b) Key Management Personnel and Directors Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the company’s activities, directly or indirectly, and consist of the company’s Senior Executives. The company’s Directors do not plan, direct or control the activities of the company directly; they provide oversight over the business. The remuneration of key management personnel and Directors of the company during the years ended December 31, 2020 and 2019 was as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Salaries, incentives and short-term benefits $ 14 $ 19 Share-based payments 81 46 $ 95 $ 65 The remuneration of key management personnel and Directors is determined by the Management Resources and Compensation Committee of the Board of Directors having regard to the performance of individuals and market funds. c) Related Party Transactions In the normal course of operations, the company executes transactions on market terms with related parties that have been measured at exchange value and are recognized in the consolidated financial statements, including, but not limited to: base management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; power purchase and sale agreements; capital commitments to private funds; the acquisition and disposition of assets and businesses; derivative contracts; and the construction and development of assets. Transactions and balances between consolidated entities are fully eliminated upon consolidation. The following table lists the related party balances included within the consolidated financial statements for the years ended December 31, 2020 and 2019: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Management fees received $ 31 $ 97 |
OTHER INFORMATION
OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Additional information [abstract] | |
OTHER INFORMATION | OTHER INFORMATION a) Guarantees and Contingencies In the normal course of business, the company enters into contractual obligations which include commitments to provide bridge financing, letters of credit, guarantees and reinsurance obligations. As at December 31, 2020, the company had $4.1 billion (2019 – $4.1 billion) of such commitments outstanding. In addition, the company executes agreements that provide for indemnifications and guarantees to third parties in transactions or dealings such as business dispositions, business acquisitions, sales of assets, provision of services, securitization agreements and underwriting and agency agreements. The company has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents the company from making a reasonable estimate of the maximum potential amount the company could be required to pay third parties, as in most cases, the agreements do not specify a maximum amount, and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Neither the company nor its consolidated subsidiaries have made significant payments in the past nor do they expect at this time to make any significant payments under such indemnification agreements in the future. The company periodically enters into joint ventures, consortium or other arrangements that have contingent liquidity rights in favor of the company or its counterparties. These include buy sell arrangements, registration rights and other customary arrangements that generally have embedded protective terms that mitigate the risk to us. The amount, timing and likelihood of any payments by the company under these arrangements is, in most cases, dependent on either further contingent events or circumstances applicable to the counterparty and therefore cannot be determined at this time. The company is contingently liable with respect to litigation and claims that arise in the normal course of business. It is not reasonably possible that any of the ongoing litigation as at December 31, 2020 could result in a material settlement liability. The company has insurance for damage and business interruption costs sustained as a result of an act of terrorism. The amount of coverage is reviewed on an individual basis and can range up to $4 billion. However, a terrorist act could have a material effect on the company’s assets to the extent damages exceed coverage. The company, through its subsidiaries within the residential properties operations, is contingently liable for obligations of its associates in its land development joint ventures. In each case, all of the assets of the joint venture are available first for the purpose of satisfying these obligations, with the balance shared among the participants in accordance with predetermined joint venture arrangements. The Corporation has entered into arrangements with respect to the $1.8 billion of exchangeable preferred equity units issued by BPY discussed in Note 19, which are redeemable in equal tranches of $600 million in 2021, 2024 and 2026, respectively. The preferred equity units are exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. BPY may redeem the preferred equity units after specified periods if the BPY equity unit price exceeds predetermined amounts. At maturity, the preferred equity units will be converted into BPY equity units at the lower of $25.70 or the then market price of a BPY equity unit. In order to provide the purchaser with enhanced liquidity, the Corporation has agreed to purchase the preferred equity units for cash at the option of the holder, for the initial purchase price plus accrued and unpaid dividends. In order to decrease dilution risk to BPY, the Corporation has agreed with the holder and BPY that if the price of a BPY equity unit is less than 80% of the exchange price of $25.70 at the redemption date of the 2021 and 2024 tranches, the Corporation will acquire the preferred equity units subject to redemption, at the redemption price, and to exchange these preferred equity units for preferred equity units with similar terms and conditions, including redemption date, as the 2026 tranche. b) Supplemental Cash Flow Information During the year, the company capitalized $310 million (2019 – $233 million) of interest primarily to investment properties and residential inventory under development. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn January 4, 2021, the company announced that it had made a proposal to acquire 100% of the limited partnership units of BPY that it did not already own for a price of $16.50 per unit or $5.9 billion in total value. Subject to pro-ration, BPY unitholders would have the ability to elect to receive, per BPY unit, $16.50 in cash, 0.40 Brookfield Class A shares, or 0.66 of BPY preferred units with a liquidation preference of $25.00 per unit.In February 2021, the company completed a secondary public offering of 15,000,000 class A exchangeable subordinate voting shares of BEPC at $51.50 per share. Upon the close of the offering, the company generated $750 million of cash proceeds |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Significant Accounting Policies [Abstract] | |
Statement of Compliance | Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were authorized for issuance by the Board of Directors of the company on March 23, 2021. b) Future Changes in Accounting Standards i. Insurance Contracts In May 2017, the IASB published IFRS 17, Insurance Contracts (“IFRS 17”), which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 will replace IFRS 4, Insurance Contracts , and will be applied retrospectively. In June 2020, the IASB proposed an amendment to IFRS 17 providing a one-year deferral on the effective date of the standard to January 1, 2023. IFRS 17 requires insurance contract liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. The company is currently assessing the impact of IFRS 17 on its operations. ii. Interest Rate Benchmark Reform On August 27, 2020, the IASB published Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Phase II Amendments”), effective January 1, 2021, with early adoption permitted. The Phase II Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The Phase II Amendments primarily relate to the modification of financial assets, financial liabilities and lease liabilities where the basis for determining the contractual cash flows changes as a result of IBOR reform, allowing for prospective application of the applicable benchmark interest rate and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The company is progressing through its assessment and the transition plan to address the impact and effect changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, interest rate caps, and updating hedge designations. The adoption is not expected to have a significant impact on our company’s financial reporting. c) Basis of Presentation The consolidated financial statements are prepared on a going concern basis. i. Subsidiaries The consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company exercises control. Control exists when the company is able to exercise power over the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. Subsidiaries are consolidated from the date control is obtained and continue to be consolidated until the date when control is lost. The company includes 100% of its subsidiaries’ revenues and expenses in the Consolidated Statements of Operations and 100% of its subsidiaries’ assets and liabilities on the Consolidated Balance Sheets, with non-controlling interests in the equity of the company’s subsidiaries included within the company’s equity. All intercompany balances, transactions, unrealized gains and losses are eliminated in full. The company continually reassesses whether or not it controls an investee, particularly if facts and circumstances indicate there is a change to one or more of the control criteria previously mentioned. In certain circumstances when the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights are sufficient to give it control of an investee. Certain of the company’s subsidiaries are subject to profit sharing arrangements, such as carried interest, between the company and the non-controlling equity holders, whereby the company is entitled to a participation in profits, as determined under the agreements. The attribution of net income amongst equity holders in these subsidiaries reflects the impact of these profit sharing arrangements when the attribution of profits as determined in the agreement is no longer subject to adjustment based on future events and correspondingly reduces non-controlling interests ’ attributable share of those profits. Gains or losses resulting from changes in the company’s ownership interest of a subsidiary that do not result in a loss of control are accounted for as equity transactions and are recorded within ownership changes as a component of equity. When we dispose of all or part of a subsidiary resulting in a loss of control, the difference between the carrying value of what is sold and the proceeds from disposition is recognized within other income and gains in the Consolidated Statements of Operations. Refer to Note 2(q) for an explanation of the company’s accounting policy for business combinations and to Note 4 for additional information on subsidiaries of the company with significant non-controlling interests. ii. Associates and Joint Ventures Associates are entities over which the company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The company accounts for associates and joint ventures using the equity method of accounting within equity accounted investments on the Consolidated Balance Sheets. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the company records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the company’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the company’s interest in an associate or joint venture is adjusted for the company’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for indicators of impairment at each balance sheet date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(l). iii. Joint Operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, related to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require unanimous consent of parties sharing control. The company recognizes only its assets, liabilities and share of the results of operations of the joint operation. The assets, liabilities and results of joint operations are included within the respective line items of the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. d) Foreign Currency Translation The U.S. dollar is the functional and presentation currency of the company. Each of the company’s subsidiaries, associates, joint ventures and joint operations determines its own functional currency and items included in the consolidated financial statements of each subsidiary, associate, joint venture and joint operation are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are accumulated as a component of equity. On the disposal of a foreign operation, or the loss of control, joint control or significant influence, the component of accumulated other comprehensive income relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. Foreign currency denominated monetary assets and liabilities of the company are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains or losses on transactions which hedge these items are also included in net income. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and highly liquid short-term investments with original maturities of three months or less. f) Related Party Transactions In the normal course of operations, the company enters into various transactions on market terms with related parties. The majority of transactions with related parties are between consolidated entities and eliminate on consolidation. The company and its subsidiaries may also transact with entities over which the company has significant influence or joint control. Amounts owed to and by associates and joint ventures are not eliminated on consolidation. The company’s subsidiaries with significant non-controlling interests are described in Note 4 and its associates and joint ventures are described in Note 10. In addition to our subsidiaries and equity accounted investments, we consider key management personnel, the Board of Directors and material shareholders to be related parties. See additional details in Note 27. g) Operating Assets i. Investment Properties The company uses the fair value method to account for real estate classified as investment properties. A property is determined to be an investment property when it is principally held either to earn rental income or for capital appreciation, or both. Investment properties also include properties that are under development or redevelopment for future use as investment property. Investment properties are initially measured at cost including transaction costs , or at fair value if acquired in a business combination . Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in net income during the period in which they arise. Fair values are completed by undertaking one of two accepted approaches: (i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 net operating income, typically used for our office, retail and logistics assets; or (ii) undertaking a direct capitalization approach for certain of our LP investments and directly held multifamily assets whereby a capitalization rate is applied to estimated stabilized annual net operating income. The future cash flows of each property are based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting current conditions, less future cash outflows relating to such current and future leases. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are carried at cost. ii. Property, Plant and Equipment The company uses the revaluation method of accounting for certain classes of property, plant and equipment as well as certain assets which are under development for future use as PP&E. PP&E measured using the revaluation method is initially measured at cost , or at fair value if acquired in a business combination, and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed on an annual basis at the end of each fiscal year, commencing in the first year subsequent to the date of acquisition, unless there is an indication that assets are impaired. Where the carrying amount of an asset increases as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity in revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset decreases, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Depreciation of an asset commences when it is available for use. On loss of control or partial disposition of an asset measured using the revaluation method, all accumulated revaluation surplus or the portion disposed of, respectively, is transferred into retained earnings or ownership changes, respectively. PP&E held in our Private Equity segment, which include leasehold improvements, are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Land is carried at cost whereas finite-life assets such as buildings and equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a systematic basis over the assets’ useful life. Depreciation methods and useful lives are reassessed at least annually regardless of the measurement method used. Renewable Power Renewable power generally determines the fair value of its PP&E by using a 20-year discounted cash flow model for the majority of its assets. This model incorporates future cash flows from long-term power purchase agreements that are in place where it is determined that the power purchase agreements are linked specifically to the related power generating assets. The model also includes estimates of future electricity prices, anticipated long-term average generation, estimated operating and capital expenditures, and assumptions about future inflation rates and discount rates by geographical location. Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: (YEARS) Useful Lives Dams Up to 115 Penstocks Up to 60 Powerhouses Up to 115 Hydroelectric generating units Up to 115 Wind generating units Up to 30 Solar generating units Up to 35 Gas-fired cogenerating (“Cogeneration”) units Up to 40 Other assets Up to 60 Cost is allocated to the significant components of power generating assets and each component is depreciated separately. The depreciation of PP&E in our Brazilian renewable power operations is based on the duration of the authorization or the useful life of a concession. The weighted-average remaining duration at December 31, 2020 is 32 years (2019 – 32 years). Land rights are included as part of the concession or authorization and are subject to depreciation. Infrastructure Utilities, tran sport, midstream and data assets within our infrastructure operations as well as assets under development classified as PP&E on the Consolidated Balance Sheets are accounted for using the revaluation method. The company determines the fair value of its utilities, transport, midstream and data assets using discounted cash flow analyses, which include estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Valuations are performed internally on an annual basis. Discount rates are selected for each asset, giving consideration to the volatility and geography of its revenue streams. Depreciation on utilities, transport, midstream and data assets i s calculated on a straight-line or declining balance basis over the estimated service lives of the components of the assets, which are as follows: (YEARS) Useful Lives Buildings Up to 75 Transmission stations, towers and related fixtures Up to 40 Leasehold improvements Up to 50 Plant and equipment Up to 40 Network systems Up to 65 Track Up to 40 District energy systems Up to 50 Pipelines Up to 20 Gas storage assets Up to 50 The fair value and the estimated remaining service lives are reassessed annually. Public service concessions that provide the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as intangible assets. In our sustainable resources operations, land used in the production of standing timber, as well as bridges and roads used in sustainable resources production, are accounted for using the revaluation method and included in PP&E. Bridges, roads and equipment are depreciated over their useful lives, generally 3 to 30 years. Real Estate – Hospitality Assets Hospitality operating assets within our real estate operations are classified as PP&E and are accounted for using the revaluation method. The company determines the fair value for these assets by using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value of hospitality properties are also reviewed in reference to each hospitality asset’s enterprise value which is determined using a discounted cash flow model. Depreciation on hospitality assets is calculated on a straight-line basis over the estimated useful lives of each component of the asset as follows: (YEARS) Useful Lives Building and building improvements 5 to 50 + Land improvements 15 Furniture, fixtures and equipment 2 to 15 Private Equity The company accounts for its private equity PP&E using the cost model. Costs include expenditures that are directly attributable to the acquisition of the asset. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the following asset classes as follows: On a straight-line basis (YEARS) Useful Lives Buildings Up to 50 Leasehold improvements Up to 40 Machinery and equipment Up to 20 Vessels Up to 35 Not on a straight-line basis Useful Lives Oil and gas related equipment Units of production iii. Inventory Private Equity Fuel inventories within our Private Equity segment are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the Consolidated Statements of Operations through direct costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. Real Estate Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, which includes pre-development expenditures and capitalized borrowing costs and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. Homes and other properties held for sale, which include properties subject to sale agreements, are recorded at the lower of cost and net realizable value in inventory. Costs are allocated to the salable acreage of each project or subdivision in proportion to the anticipated revenue. Residential Development Inventories consist of land held for development, land under development, homes under construction, completed homes and model homes. In addition to direct land acquisitions, land development and improvement costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction or development. Indirect costs are allocated to homes or lots based on the number of units in a community. Land and housing assets are recorded at the lower of cost and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. h) Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset or liability’s anticipated life. Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Refer to the investment properties and revaluation of PP&E explanations for the approach taken to determine the fair value of these operating assets. Further information on fair value measurements is available in Notes 6, 7, 11 and 12. i) Accounts Receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less an allowance for expected credit losses for uncollectability. j) Intangible Assets Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within depreciation and amortization in the Consolidated Statements of Operations. Certain of the company’s intangible assets have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income. Infrastructure Intangible assets within our Infrastructure segment primarily consist of conservancy rights, service concession arrangements, customer order backlogs, track access rights, operating network agreements and customer contracts and relationships. Concession arrangements, accounted for as intangible assets under IFRIC 12, Service Concession Arrangements (“IFRIC 12”), were mostly acquired through acquisitions of gas transmission, electricity transmission and toll road businesses and are amortized on a straight-line basis over the term of the arrangement. The intangible assets at the Brazilian regulated gas transmission operation and Brazilian electricity transmission operation relate to concession contracts, and are amortized on a straight-line basis over the life of the contractual agreement. The intangible assets at the Chilean, Indian and Peruvian toll roads relate to the right to operate a road and charge users a specified tariff for a contractual length of time and is amortized over the life of the contractual arrangement with an average of 13, 16 and 22 years remaining, respectively. Refer to Note 13 of the consolidated financial statements for additional information on these concession arrangements. The intangible assets at our residential infrastructure operation are comprised of contractual customer relationships, customer contracts, proprietary technology and brands. The contractual customer relationships and customer contracts represent ongoing economic benefits from leasing customers and annuity-based management agreements. Proprietary technology is recognized for the development of new metering technology, which allows the business to generate revenue through its sub-metering business. Brands represent the intrinsic value customers place on the operation’s various brand names. Private Equity Our private equity operations include intangible assets across a number of operating companies. The majority are finite life intangible assets that are amortized on a straight-line basis over the following useful lives: (YEARS) Useful Lives Water and sewage concession agreements Up to 40 Brand names Up to 20 Computer software Up to 10 Customer relationships Up to 30 Value of insurance contracts acquired Up to 15 Patents and trademarks Up to 40 Proprietary technology Up to 20 Product development costs Up to 5 Distribution networks Up to 25 Loyalty program Up to 15 Real Estate Intangible assets in our Real Estate segment are primarily trademarks associated with hospitality assets. These trademarks have indefinite lives. k) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company identifies cash-generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. l) Impairment of Long-Lived Assets At each balance sheet date or more often if events or circumstances indicate there may be impairment, the company assesses whether its assets, other than those measured at fair value with changes in value recorded in net income, have any indication of impairment. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal and the discounted future cash flows generated from use and eventual disposal from an asset or cash-generating unit, is less than their carrying value. Impairment losses are recorded as fair value changes within the Consolidated Statements of Operations. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. m) Subsidiary Equity Obligations Subsidiary equity obligations include subsidiary preferred equity units, subsidiary preferred shares and capital securities as well as limited-life funds and redeemable fund units. Subsidiary preferred equity units and capital securities are preferred shares that may be settled by a variable number of common equity units upon their conversion by the holders or the company. These instruments, as well as the related accrued distributions, are classified as liabilities at amortized cost on the Consolidated Balance Sheets. Dividends or yield distributions on these instruments are recorded as interest expense. To the extent conversion features are not closely related to the underlying liability the instruments are bifurcated into debt and equity components. Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life. Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice. Limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within subsidiary equity obligations on the Consolidated Balance Sheets. Changes in the fair value are recorded in net income in the period of the change. n) Revenue from Contracts with Customers IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), specifies how and when revenue should be recognized and requires disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts. Where available, the company has elected the practical expedient available under IFRS 15 for measuring progress toward complete satisfaction of performance obligation and for disclosure requirements of remaining performance obligations. This permi |
CORPORATE INFORMATION (Tables)
CORPORATE INFORMATION (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Management Commentary Explanatory [Abstract] | ||
Summary of the Corporation's Capital [Table] | As at December 31, 2020, the Corporation’s Capital totaled $45.1 billion (2019 – $42.1 billion), and is computed as follows: AS AT DEC. 31 2020 2019 Cash and cash equivalents $ 1,283 $ 807 Other financial assets 3,809 2,722 Common equity in managed investments 33,732 33,839 Other assets and liabilities of the Corporation 6,321 4,728 Corporation’s Capital $ 45,145 $ 42,096 Corporation’s Capital is comprised of the following: Common equity $ 31,693 $ 30,868 Preferred shares 4,145 4,145 Non-controlling interest 230 — Corporate borrowings 9,077 7,083 $ 45,145 $ 42,096 | |
Reconciliation of the Corporation's Capital [Table] | A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2020 is as follows: AS AT DEC. 31, 2020 The Corporation Managed Investments Elimination Total Consolidated Cash and cash equivalents $ 1,283 $ 8,650 $ — $ 9,933 Other financial assets 3,809 13,921 — 17,730 Accounts receivable and other 1 3,632 17,401 (2,105) 18,928 Inventory 2 10,358 — 10,360 Assets classified as held for sale — 5,917 — 5,917 Equity accounted investments 5,361 35,966 — 41,327 Investment properties 17 96,765 — 96,782 Property, plant and equipment 122 99,887 — 100,009 Intangible assets 285 24,373 — 24,658 Goodwill 368 14,346 — 14,714 Deferred income tax assets 2,159 1,179 — 3,338 Accounts payable and other 1 (5,134) (47,653) 2,105 (50,682) Liabilities associated with assets classified as held for sale — (2,359) — (2,359) Deferred income tax liabilities (414) (15,499) — (15,913) Subsidiary equity obligations (77) (3,622) — (3,699) Total 11,413 259,630 — 271,043 Common equity in managed investments 2 33,732 — (33,732) — Corporation’s Capital 45,145 259,630 (33,732) 271,043 Less: Corporate borrowings 9,077 — — 9,077 Non-recourse borrowings of managed entities — 139,324 — 139,324 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 86,574 — 86,804 Common equity $ 31,693 $ 33,732 $ (33,732) $ 31,693 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $2.1 billion and $2.1 billion respectively, between entities within the Corporation and its managed investments. | A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2019 is as follows: AS AT DEC. 31, 2019 The Corporation Managed Investments Elimination Total Consolidated Cash and cash equivalents $ 807 $ 5,971 $ — $ 6,778 Other financial assets 2,722 9,746 — 12,468 Accounts receivable and other 1 1,629 17,002 (162) 18,469 Inventory — 10,272 — 10,272 Assets classified as held for sale — 3,502 — 3,502 Equity accounted investments 5,281 35,417 — 40,698 Investment properties — 96,686 — 96,686 Property, plant and equipment 79 89,185 — 89,264 Intangible assets 124 27,586 — 27,710 Goodwill 328 14,222 — 14,550 Deferred income tax assets 2,477 1,095 — 3,572 Accounts payable and other 1 (4,870) (38,369) 162 (43,077) Liabilities associated with assets classified as held for sale — (1,690) — (1,690) Deferred income tax liabilities (279) (14,570) — (14,849) Subsidiary equity obligations (41) (4,091) — (4,132) Total 8,257 251,964 — 260,221 Common equity in managed investments 2 33,839 — (33,839) — Corporation’s Capital 42,096 251,964 (33,839) 260,221 Less: Corporate borrowings 7,083 — — 7,083 Non-recourse borrowings of managed entities — 136,292 — 136,292 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests — 81,833 — 81,833 Common equity $ 30,868 $ 33,839 $ (33,839) $ 30,868 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $162 million and $162 million respectively, between entities within the Corporation and its managed investments. |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Summary of financial information by segment | Reportable Segment Measures AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Note External revenues $ 246 $ 872 $ 8,851 $ 4,085 $ 9,294 $ 37,161 $ 2,243 $ 62,752 Inter-segment and other revenues 1 3,278 (1) 32 — 7 614 — 3,930 i Segmented revenues 3,524 871 8,883 4,085 9,301 37,775 2,243 66,682 FFO from equity accounted investments 1 277 (17) 765 116 1,329 600 21 3,091 ii Interest expense — (388) (3,117) (885) (1,224) (1,573) (29) (7,216) iii Current income taxes — (67) (82) (66) (247) (286) (8) (756) iv Funds from operations 1 1,776 (86) 876 1,044 569 935 66 5,180 v Common equity 4,947 (6,986) 19,331 5,154 2,552 3,965 2,730 31,693 Equity accounted investments 4,530 830 21,024 1,444 10,530 2,623 346 41,327 Additions to non-current assets 2 64 234 10,117 1,677 11,200 3,535 45 26,872 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at approximately 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2020, $1.2 billion of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Note External revenues $ 271 $ 508 $ 10,442 $ 3,959 $ 7,091 $ 43,099 $ 2,456 $ 67,826 Inter-segment revenues 2,343 (49) 33 15 2 479 — 2,823 i Segmented revenues 1 2,614 459 10,475 3,974 7,093 43,578 2,456 70,649 FFO from equity accounted investments 43 14 1,049 74 1,100 320 41 2,641 ii Interest expense — (349) (3,469) (923) (937) (1,536) (66) (7,280) iii Current income taxes — (114) (165) (73) (255) (326) (37) (970) iv Funds from operations 1 1,597 (359) 1,185 333 464 844 125 4,189 v Common equity 4,927 (7,897) 18,781 5,320 2,792 4,086 2,859 30,868 Equity accounted investments 4,599 681 22,314 1,154 8,972 2,596 382 40,698 Additions to non-current assets 2 4,654 617 17,915 2,207 17,352 19,825 88 62,658 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at approximately 61%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2019, $231 million of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. |
Summary of reconciliation of FFO from equity accounted investments | The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Consolidated equity accounted (loss) income $ (79) $ 2,498 Non-FFO items from equity accounted investments 1 3,170 143 FFO from equity accounted investments $ 3,091 $ 2,641 1. Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments. |
Schedule of components of income tax expense | The following table reconciles consolidated income taxes to current and deferred income taxes: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ (756) $ (970) Deferred income tax (expense) recovery (81) 475 Income tax expense $ (837) $ (495) iv. The major components of income tax expense/(recovery) for the years ended December 31, 2020 and 2019 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ 756 $ 970 Deferred income tax expense / (recovery) Origination and reversal of temporary differences (103) 281 Expense / (recovery) arising from previously unrecognized tax assets 2 (647) Change of tax rates and new legislation 182 (109) Total deferred income tax expense / (recovery) 81 (475) Income tax expense $ 837 $ 495 |
Summary of reconciliation of FFO to net income | The following table reconciles net income to total FFO: FOR THE YEARS ENDED DEC. 31 (MILLIONS) Note 2020 2019 Net income $ 707 $ 5,354 Financial statement components not included in FFO Equity accounted fair value changes and other non-FFO items 3,170 143 Fair value changes 1,423 831 Depreciation and amortization 5,791 4,876 Deferred income taxes 81 (475) Realized disposition gains in fair value changes or equity vi 1,554 621 Non-controlling interests in FFO (7,546) (7,161) Total FFO $ 5,180 $ 4,189 |
Summary of financial information by geographic regions | The company’s revenues by location of operations are as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 U.S. $ 18,048 $ 16,584 Canada 5,906 6,202 U.K. 16,032 21,847 Brazil 3,323 4,099 Europe 6,191 6,285 Australia 5,528 5,522 India 1,284 803 Colombia 1,762 2,095 Other Asia 2,388 1,599 Other 2,290 2,790 $ 62,752 $ 67,826 The company’s consolidated assets by location are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 U.S. $ 159,684 $ 149,687 Canada 36,403 35,840 U.K. 31,598 30,184 Brazil 20,675 24,354 Europe 22,267 19,404 Australia 22,000 22,971 India 21,438 9,089 Colombia 10,919 10,819 Other Asia 9,343 8,379 Other 9,369 13,242 $ 343,696 $ 323,969 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of non-controlling interests [text block] | The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020: TSX NYSE Nasdaq BPY BPY.UN N/A BPY BEP BEP.UN BEP N/A BIP BIP.UN BIP N/A BBU BBU.UN BBU N/A The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2020 2019 BPY $ 25,986 $ 29,165 BEP 17,194 13,321 BIP 19,753 20,036 BBU 9,162 8,664 Individually immaterial subsidiaries with non-controlling interests 14,709 10,647 $ 86,804 $ 81,833 |
Schedule of interests in subsidiaries | The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2020 2019 Brookfield Property Partners L.P. (“BPY”) Bermuda 38.3 % 44.8 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 49.3 % 39.5 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 71.5 % 70.4 % Brookfield Business Partners L.P. (“BBU”) Bermuda 36.5 % 37.3 % 1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”). The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other Subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 626 $ 280 $ — $ 28 $ — $ — $ 2 $ 163 $ 70,385 $ (8,732) $ 62,752 Net income attributable to shareholders (134) 73 — — — — 1 91 6,368 (6,533) (134) Total assets 73,898 7,207 — 600 — — 233 4,280 350,687 (93,209) 343,696 Total liabilities 38,060 5,547 — 596 — — 3 2,690 206,877 (32,719) 221,054 Non-controlling interests – preferred equity — — — — — — 230 — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 104 $ 148 $ — $ — $ — $ — $ — $ 105 $ 73,310 $ (5,841) $ 67,826 Net income attributable to shareholders 2,807 40 — — — — — 85 3,493 (3,618) 2,807 Total assets 70,976 5,389 — — — — — 3,520 331,698 (87,614) 323,969 Total liabilities 35,963 3,994 — — — — — 2,239 195,586 (30,659) 207,123 Non-controlling interests – preferred equity — — — — — — — — — — — 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K. and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
Summarized financial information of subsidiaries [Table Text Block] | Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations: BPY BEP BIP BBU AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Current assets $ 5,009 $ 3,289 $ 1,742 $ 1,474 $ 3,711 $ 5,841 $ 14,493 $ 12,795 Non-current assets 102,942 108,354 47,980 34,217 57,620 50,467 40,253 38,956 Current liabilities (18,220) (12,466) (2,876) (1,678) (5,524) (5,439) (12,133) (11,024) Non-current liabilities (48,208) (54,242) (25,079) (15,882) (34,134) (28,692) (31,276) (29,674) Non-controlling interests (25,986) (29,165) (17,194) (13,321) (19,753) (20,036) (9,162) (8,664) Equity attributable to Brookfield $ 15,537 $ 15,770 $ 4,573 $ 4,810 $ 1,920 $ 2,141 $ 2,175 $ 2,389 Revenues $ 6,593 $ 8,203 $ 3,810 $ 2,980 $ 8,885 $ 6,597 $ 37,635 $ 43,032 Net income (loss) attributable to: Non-controlling interests $ (673) $ 2,091 $ 162 $ 348 $ 863 $ 636 $ 686 $ 353 Shareholders (1,385) 1,066 (207) (75) 41 14 (106) 81 $ (2,058) $ 3,157 $ (45) $ 273 $ 904 $ 650 $ 580 $ 434 Other comprehensive income (loss) attributable to: Non-controlling interests $ 153 $ 234 $ 1,621 $ 1,179 $ (82) $ 486 $ 25 $ (159) Shareholders 261 89 653 546 20 104 47 (39) $ 414 $ 323 $ 2,274 $ 1,725 $ (62) $ 590 $ 72 $ (198) The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows: BPY BEP BIP BBU FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cash flows from (used in): Operating activities $ 1,332 $ 624 $ 1,296 $ 1,212 $ 2,530 $ 2,143 $ 4,205 $ 2,163 Financing activities (215) (892) (792) (1,010) 2,126 9,542 (1,077) 15,925 Investing activities (99) (1,611) (426) (251) (4,609) (11,372) (2,334) (17,939) Distributions paid to non-controlling interests in common equity $ 528 $ 576 $ 323 $ 254 $ 642 $ 628 $ 13 $ 13 |
ACQUISITIONS OF CONSOLIDATED _2
ACQUISITIONS OF CONSOLIDATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [table] | |
Disclosure of detailed information about business combinations | The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2020 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis: (MILLIONS) Private Equity Infrastructure Real Estate, Renewable Power and Other Total Cash and cash equivalents $ 105 $ — $ 38 $ 143 Accounts receivable and other 1,441 408 76 1,925 Inventory 12 — 55 67 Property, plant and equipment 84 7,334 661 8,079 Intangible assets 27 532 66 625 Goodwill 63 27 55 145 Deferred income tax assets 31 — 15 46 Total assets 1,763 8,301 966 11,030 Less: Accounts payable and other (55) (2,518) (227) (2,800) Non-recourse borrowings (1,016) (2,356) (470) (3,842) Deferred income tax liabilities — (22) (12) (34) Non-controlling interests 1 (227) — (47) (274) (1,298) (4,896) (756) (6,950) Net assets acquired $ 465 $ 3,405 $ 210 $ 4,080 Consideration 2 $ 465 $ 3,405 $ 210 $ 4,080 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Private Equity Infrastructure (MILLIONS) IndoStar Summit DigiTel Cash and cash equivalents $ 78 $ — Accounts receivable and other 1,391 408 Property, plant and equipment 9 7,334 Intangible assets 20 532 Goodwill 21 27 Deferred income tax assets 28 — Total assets 1,547 8,301 Less: Accounts payable and other (30) (2,518) Non-recourse borrowings (1,003) (2,356) Deferred income tax liabilities — (22) Non-controlling interests 1 (219) — (1,252) (4,896) Net assets acquired $ 295 $ 3,405 Consideration 2 $ 295 $ 3,405 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2019. No material changes were made to those allocations disclosed in the 2019 consolidated financial statements: (MILLIONS) Private Equity Infrastructure Real Estate Renewable Power and Other Total Cash and cash equivalents $ 344 $ 94 $ 31 $ 6 $ 475 Accounts receivable and other 6,706 553 114 110 7,483 Assets classified as held for sale — 1,584 — — 1,584 Inventory 2,230 74 46 13 2,363 Equity accounted investments 847 48 — — 895 Investment properties — 211 3,458 — 3,669 Property, plant and equipment 6,650 8,710 785 1,308 17,453 Intangible assets 7,057 3,248 28 — 10,333 Goodwill 3,479 2,644 2 — 6,125 Deferred income tax assets 363 46 — — 409 Total assets 27,676 17,212 4,464 1,437 50,789 Less: Accounts payable and other (5,025) (2,425) (2,394) (101) (9,945) Non-recourse borrowings (1,084) (1,980) (537) (319) (3,920) Deferred income tax liabilities (1,142) (1,248) — (36) (2,426) Non-controlling interests 1 (1,749) (828) (88) — (2,665) (9,000) (6,481) (3,019) (456) (18,956) Net assets acquired $ 18,676 $ 10,731 $ 1,445 $ 981 $ 31,833 Consideration 2 $ 18,672 $ 10,731 $ 1,445 $ 981 $ 31,829 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2019 . No material changes were made to those allocations disclosed in the 2019 consolidated financial statements . Private Equity Infrastructure Real Estate Renewable Power (MILLIONS) Clarios Healthscope Genworth East-West Pipeline Genesee & Wyoming NorthRiver Aveo Group Arcadia Cash and cash equivalents $ 11 $ 25 $ 253 $ — $ 67 $ 2 $ 27 $ 3 Accounts receivable and other 1,503 196 4,796 66 461 — 92 31 Assets classified as held for sale — — — — 1,584 — — — Inventory 1,775 41 — 28 43 3 43 7 Equity accounted investments 838 9 — — 48 — — — Investment properties — — — — — — 3,458 — Property, plant and equipment 3,582 2,590 10 2,134 5,283 1,198 95 759 Intangible assets 6,420 280 243 295 1,992 74 2 — Goodwill 1,894 1,548 — — 2,042 218 — — Deferred income tax assets 181 136 — — 5 41 — — Total assets 16,204 4,825 5,302 2,523 11,525 1,536 3,717 800 Less: Accounts payable and other (1,998) (691) (1,954) (66) (2,071) (218) (2,368) (65) Non-recourse borrowings — — (342) — (1,567) — (537) — Deferred income tax liabilities (967) (79) (49) — (1,111) — — — Non-controlling interests 1 (469) — (1,279) (578) (250) — (88) — (3,434) (770) (3,624) (644) (4,999) (218) (2,993) (65) Net assets acquired $ 12,770 $ 4,055 $ 1,678 $ 1,879 $ 6,526 $ 1,318 $ 724 $ 735 Consideration 2 $ 12,770 $ 4,055 $ 1,674 $ 1,879 $ 6,526 $ 1,318 $ 724 $ 735 1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of financial assets | The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019: AS AT DEC. 31, 2020 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 9,933 $ 9,933 Other financial assets Government bonds 356 2,295 — 2,651 Corporate bonds 1,094 2,148 357 3,599 Fixed income securities and other 1,079 1,191 — 2,270 Common shares and warrants 3,287 3,227 — 6,514 Loans and notes receivable 2 110 — 2,586 2,696 5,926 8,861 2,943 17,730 Accounts receivable and other 3 1,766 — 11,906 13,672 $ 7,692 $ 8,861 $ 24,782 $ 41,335 Financial liabilities Corporate borrowings $ — $ — $ 9,077 $ 9,077 Non-recourse borrowings of managed entities Property-specific borrowings — — 128,556 128,556 Subsidiary borrowings — — 10,768 10,768 — — 139,324 139,324 Accounts payable and other 2 5,889 — 35,228 41,117 Subsidiary equity obligations 1,457 — 2,242 3,699 $ 7,346 $ — $ 185,871 $ 193,217 1. Financial assets include $9.7 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $888 million included in accounts receivable and other and $2.4 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2019 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 6,778 $ 6,778 Other financial assets Government bonds 156 2,247 — 2,403 Corporate bonds 1,118 1,839 310 3,267 Fixed income securities and other 1,131 619 — 1,750 Common shares and warrants 1,791 1,398 — 3,189 Loans and notes receivable 2 55 — 1,804 1,859 4,251 6,103 2,114 12,468 Accounts receivable and other 3 1,957 — 12,078 14,035 $ 6,208 $ 6,103 $ 20,970 $ 33,281 Financial liabilities Corporate borrowings $ — $ — $ 7,083 $ 7,083 Non-recourse borrowings of managed entities Property-specific borrowings — — 127,869 127,869 Subsidiary borrowings — — 8,423 8,423 — — 136,292 136,292 Accounts payable and other 2 4,528 — 32,196 36,724 Subsidiary equity obligations 1,896 — 2,236 4,132 $ 6,424 $ — $ 177,807 $ 184,231 1. Financial assets include $7.0 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $950 million included in accounts receivable and other and $1.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. The current and non-current balances of other financial assets are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 5,483 $ 3,605 Non-current 12,247 8,863 Total $ 17,730 $ 12,468 |
Disclosure of financial liabilities | The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019: AS AT DEC. 31, 2020 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 9,933 $ 9,933 Other financial assets Government bonds 356 2,295 — 2,651 Corporate bonds 1,094 2,148 357 3,599 Fixed income securities and other 1,079 1,191 — 2,270 Common shares and warrants 3,287 3,227 — 6,514 Loans and notes receivable 2 110 — 2,586 2,696 5,926 8,861 2,943 17,730 Accounts receivable and other 3 1,766 — 11,906 13,672 $ 7,692 $ 8,861 $ 24,782 $ 41,335 Financial liabilities Corporate borrowings $ — $ — $ 9,077 $ 9,077 Non-recourse borrowings of managed entities Property-specific borrowings — — 128,556 128,556 Subsidiary borrowings — — 10,768 10,768 — — 139,324 139,324 Accounts payable and other 2 5,889 — 35,228 41,117 Subsidiary equity obligations 1,457 — 2,242 3,699 $ 7,346 $ — $ 185,871 $ 193,217 1. Financial assets include $9.7 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $888 million included in accounts receivable and other and $2.4 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2019 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 6,778 $ 6,778 Other financial assets Government bonds 156 2,247 — 2,403 Corporate bonds 1,118 1,839 310 3,267 Fixed income securities and other 1,131 619 — 1,750 Common shares and warrants 1,791 1,398 — 3,189 Loans and notes receivable 2 55 — 1,804 1,859 4,251 6,103 2,114 12,468 Accounts receivable and other 3 1,957 — 12,078 14,035 $ 6,208 $ 6,103 $ 20,970 $ 33,281 Financial liabilities Corporate borrowings $ — $ — $ 7,083 $ 7,083 Non-recourse borrowings of managed entities Property-specific borrowings — — 127,869 127,869 Subsidiary borrowings — — 8,423 8,423 — — 136,292 136,292 Accounts payable and other 2 4,528 — 32,196 36,724 Subsidiary equity obligations 1,896 — 2,236 4,132 $ 6,424 $ — $ 177,807 $ 184,231 1. Financial assets include $7.0 billion of assets pledged as collateral. 2. Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline. 3. Includes derivative instruments which are elected for hedge accounting, totaling $950 million included in accounts receivable and other and $1.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2020 and 2019 : 2020 2019 AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial Financial Financial Financial Balance, beginning of year $ 1,780 $ 2,542 $ 795 $ 2,299 Fair value changes in net income (92) (111) 278 (27) Fair value changes in other comprehensive income 1 15 4 (10) 6 Additions, net of disposals 666 (331) 717 264 Balance, end of year $ 2,369 $ 2,104 $ 1,780 $ 2,542 1. Includes foreign currency translation. The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31, 2020 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Corporate borrowings $ 10,443 $ 97 $ — $ 7,841 $ 92 $ — Property-specific borrowings 3,406 57,927 69,766 6,467 52,386 70,875 Subsidiary borrowings 7,825 3 3,257 6,111 299 2,222 Subsidiary equity obligations — 73 2,169 — 73 2,170 |
Disclosure of fair value of financial instruments [text block] | The following table lists the company’s financial instruments by their respective classification as at December 31, 2020 and December 31, 2019: 2020 2019 AS AT DEC. 31 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 9,933 $ 9,933 $ 6,778 $ 6,778 Other financial assets Government bonds 2,651 2,651 2,403 2,403 Corporate bonds 3,599 3,599 3,267 3,267 Fixed income securities and other 2,270 2,270 1,750 1,750 Common shares and warrants 6,514 6,514 3,189 3,189 Loans and notes receivable 2,696 2,696 1,859 1,859 17,730 17,730 12,468 12,468 Accounts receivable and other 13,672 13,672 14,035 14,035 $ 41,335 $ 41,335 $ 33,281 $ 33,281 Financial liabilities Corporate borrowings $ 9,077 $ 10,540 $ 7,083 $ 7,933 Non-recourse borrowings of managed entities Property-specific borrowings 128,556 131,099 127,869 129,728 Subsidiary borrowings 10,768 11,085 8,423 8,632 139,324 142,184 136,292 138,360 Accounts payable and other 41,117 41,117 36,724 36,724 Subsidiary equity obligations 3,699 3,699 4,132 4,139 $ 193,217 $ 197,540 $ 184,231 $ 187,156 |
Carrying and fair values of financial assets | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 7 $ 2,644 $ — $ — $ 2,403 $ — Corporate bonds 192 2,764 286 — 2,682 275 Fixed income securities and other 867 912 491 419 851 480 Common shares and warrants 4,548 577 1,389 1,966 421 802 Loans and notes receivables — 42 68 — 51 4 Accounts receivable and other 50 1,581 135 1 1,737 219 $ 5,664 $ 8,520 $ 2,369 $ 2,386 $ 8,145 $ 1,780 Financial liabilities Accounts payable and other $ 75 $ 5,090 $ 724 $ 93 $ 3,749 $ 686 Subsidiary equity obligations — 77 1,380 — 40 1,856 $ 75 $ 5,167 $ 2,104 $ 93 $ 3,789 $ 2,542 The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2020 2019 Core office United States $ 15,093 $ 15,748 Canada 5,102 4,806 Australia 2,731 2,300 Europe 2,699 2,867 Brazil 309 361 Core retail 20,324 21,561 LP investments and other LP investments office 8,727 8,756 LP investments retail 2,538 2,812 Logistics — 94 Multifamily 2,442 2,937 Triple net lease 3,719 4,508 Self-storage — 1,007 Student housing 2,962 2,605 Manufactured housing 2,784 2,446 Mixed-use 3,096 2,703 Directly held real estate properties 22,350 19,814 Other investment properties 1,906 1,361 $ 96,782 $ 96,686 |
Carrying and fair values of financial liabilities | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 7 $ 2,644 $ — $ — $ 2,403 $ — Corporate bonds 192 2,764 286 — 2,682 275 Fixed income securities and other 867 912 491 419 851 480 Common shares and warrants 4,548 577 1,389 1,966 421 802 Loans and notes receivables — 42 68 — 51 4 Accounts receivable and other 50 1,581 135 1 1,737 219 $ 5,664 $ 8,520 $ 2,369 $ 2,386 $ 8,145 $ 1,780 Financial liabilities Accounts payable and other $ 75 $ 5,090 $ 724 $ 93 $ 3,749 $ 686 Subsidiary equity obligations — 77 1,380 — 40 1,856 $ 75 $ 5,167 $ 2,104 $ 93 $ 3,789 $ 2,542 |
Description of valuation techniques used in fair value measurement, assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques and Key Inputs Derivative assets/Derivative liabilities (accounts receivable/accounts payable) $ 1,581 / Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate (5,090) Other financial assets 6,939 Valuation models based on observable market data Redeemable fund units (subsidiary equity obligations) (77) Aggregated market prices of underlying investments |
Schedule of significant unobservable inputs used and change in balance of financial assets | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
Schedule of significant unobservable inputs used and change in balance of financial liabilities | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts receivable and other | AS AT DEC. 31 (MILLIONS) Note 2020 2019 Accounts receivable (a) $ 10,113 $ 11,129 Prepaid expenses and other assets (a) 6,335 5,636 Restricted cash (b) 2,395 1,595 Sustainable resources 85 109 Total $ 18,928 $ 18,469 |
Schedule of current and non-current accounts receivable | The current and non-current balances of accounts receivable and other are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 14,187 $ 13,862 Non-current 4,741 4,607 Total $ 18,928 $ 18,469 |
Schedule of change in balance of timberlands and other agricultural assets | The following table presents the change in the balance of timberlands and other agricultural assets: AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Balance, beginning of year $ 109 $ 333 Additions 75 77 Dispositions — (270) Fair value adjustments 2 12 Decrease due to harvest (61) (39) Foreign currency changes (40) (4) Balance, end of year $ 85 $ 109 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Schedule of inventory properties | AS AT DEC. 31 (MILLIONS) 2020 2019 Residential properties under development $ 2,816 $ 3,007 Land held for development 2,015 1,781 Completed residential properties 743 998 Industrial products 2,611 2,816 Other 1 2,175 1,670 Total $ 10,360 $ 10,272 1. Other includes fuel inventory of $651 million (2019 – $690 million) and office developments of $581 million (2019 – $243 million). |
Schedule of current and non-current balances of inventory | The current and non-current balances of inventory are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 6,337 $ 7,054 Non-current 4,023 3,218 Total $ 10,360 $ 10,272 |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Schedule of assets and liabilities classified as held-for-sale | The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2020 and 2019: AS AT DEC. 31 (MILLIONS) Real Estate Renewable Power Private Equity 2020 Total 2019 Total Assets Cash and cash equivalents $ 1 $ 5 $ — $ 6 $ 58 Accounts receivable and other 62 1 4 67 174 Equity accounted investments 208 — 1,325 1,533 413 Investment properties 4,224 — — 4,224 251 Property, plant and equipment — 51 31 82 1,730 Other long-term assets 5 — — 5 872 Deferred income tax assets — — — — 4 Assets classified as held for sale $ 4,500 $ 57 $ 1,360 $ 5,917 $ 3,502 Liabilities Accounts payable and other $ 115 $ 3 $ — $ 118 $ 223 Non-recourse borrowings of managed entities 2,230 4 — 2,234 1,071 Deferred income tax liabilities — 7 — 7 396 Liabilities associated with assets classified as held for sale $ 2,345 $ 14 $ — $ 2,359 $ 1,690 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
Schedule of voting interests and carrying value of investments in associates | The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest 1 Carrying Value AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Oaktree 62 % 61 % $ 5,317 $ 5,231 Real estate Associates LP investments and other 16 – 50% 30 – 90% 136 307 Joint ventures Core office 15 – 56% 14 – 56% 8,866 9,440 Core retail 22 – 68% 12 – 68% 9,684 10,555 LP investments and other 9 – 84% 18 – 80% 2,338 2,012 21,024 22,314 Infrastructure Associates Utilities 2 11 – 50% 11 – 50% 1,010 962 Transport 21 – 58% 26 – 58% 5,114 4,033 Data 45 – 50% 45 – 50% 3,209 2,920 Other 22 – 50% 22 – 50% 130 156 Joint ventures Midstream 50 % 50 % 841 716 Other 50 % 50 % 226 185 10,530 8,972 Private equity Associates Norbord — % 43 % — 1,185 Industrial operations 24 – 54% 24 – 54% 834 854 Other 14 – 70% 25 – 90% 1,789 557 2,623 2,596 Renewable power and other Renewable power associates 12 – 60% 14 – 60% 1,444 1,154 Other equity accounted investments 3 14 – 77% 16 – 85% 389 431 1,833 1,585 Total $ 41,327 $ 40,698 1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. The current and comparative period include a shareholder loan of $500 million receivable from our investment in associate in a U.S. gas pipeline business. 3. Carrying value of joint ventures in other equity accounted investments is $346 million (2019 – $383 million). |
Schedule of voting interests and carrying value of investments in joint ventures | The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest 1 Carrying Value AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Oaktree 62 % 61 % $ 5,317 $ 5,231 Real estate Associates LP investments and other 16 – 50% 30 – 90% 136 307 Joint ventures Core office 15 – 56% 14 – 56% 8,866 9,440 Core retail 22 – 68% 12 – 68% 9,684 10,555 LP investments and other 9 – 84% 18 – 80% 2,338 2,012 21,024 22,314 Infrastructure Associates Utilities 2 11 – 50% 11 – 50% 1,010 962 Transport 21 – 58% 26 – 58% 5,114 4,033 Data 45 – 50% 45 – 50% 3,209 2,920 Other 22 – 50% 22 – 50% 130 156 Joint ventures Midstream 50 % 50 % 841 716 Other 50 % 50 % 226 185 10,530 8,972 Private equity Associates Norbord — % 43 % — 1,185 Industrial operations 24 – 54% 24 – 54% 834 854 Other 14 – 70% 25 – 90% 1,789 557 2,623 2,596 Renewable power and other Renewable power associates 12 – 60% 14 – 60% 1,444 1,154 Other equity accounted investments 3 14 – 77% 16 – 85% 389 431 1,833 1,585 Total $ 41,327 $ 40,698 1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. The current and comparative period include a shareholder loan of $500 million receivable from our investment in associate in a U.S. gas pipeline business. 3. Carrying value of joint ventures in other equity accounted investments is $346 million (2019 – $383 million). |
Schedule of investments in associates | The following tables presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) Oaktree Real Estate Infrastructure Private Equity Renewable Power and Other 2020 Total 2019 Total Balance, beginning of year $ 5,231 $ 22,314 $ 8,972 $ 2,596 $ 1,585 $ 40,698 $ 33,647 Additions, net of (disposals) 1 91 517 1,771 (49) 238 2,568 4,676 Acquisitions through business combinations — — — — — — 895 Share of net income (loss) 189 (933) 442 153 70 (79) 2,498 Distributions received (194) (726) (290) (75) (98) (1,383) (1,300) Share of other comprehensive income (loss) — (267) 165 25 31 (46) 317 Foreign currency translation and other — 119 (530) (27) 7 (431) (35) Balance, end of year $ 5,317 $ 21,024 $ 10,530 $ 2,623 $ 1,833 $ 41,327 $ 40,698 1. Includes assets sold, amounts reclassified to held for sale. Additions, net of disposals, of $2.6 billion during the year relate primarily to the acquisition of a $1.3 billion interest in BrandSafway in the first quarter of 2020, the acquisition of a $1.3 billion interest in Cheniere in the third quarter of 2020, and acquisitions within our real estate group. These acquisitions were partially offset by the reclassification of Norbord to held for sale as at December 31, 2020. |
Disclosure of interests in joint ventures [Table Text Block] | The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures: 2020 2019 AS AT DEC. 31 (MILLIONS) Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Oaktree $ 2,253 $ 17,056 $ 2,146 $ 7,487 $ 1,497 $ 16,870 $ 1,172 $ 7,434 Real estate Associates LP investments and other 21 1,207 42 958 32 955 15 390 Joint ventures Core office 2,496 36,668 3,485 17,107 2,790 36,861 4,824 13,987 Core retail 1,230 33,082 673 13,721 992 35,726 615 14,334 LP investments and other 1,279 12,288 903 7,290 648 9,559 648 5,247 Infrastructure Associates Utilities 646 6,142 487 4,238 869 6,500 687 4,152 Transport 1,223 25,078 1,929 9,538 1,199 18,028 1,953 8,359 Data 841 13,308 1,263 6,081 912 11,636 1,042 4,908 Other 34 356 32 143 21 374 27 133 Joint ventures Midstream 161 6,157 230 3,945 154 5,455 249 3,927 Other 43 685 30 299 35 299 6 93 Private equity Associates Norbord — — — — 462 3,911 260 1,355 Industrial operations 1,096 736 505 222 1,038 743 485 256 Other 2,077 9,303 1,357 6,697 793 2,362 697 1,562 Renewable power and other Renewable power associates 1,355 7,492 635 3,307 539 5,967 535 2,530 Other equity accounted investments 210 790 67 178 1,022 — 118 113 $ 14,965 $ 170,348 $ 13,784 $ 81,211 $ 13,003 $ 155,246 $ 13,333 $ 68,780 Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions, and other contractual requirements. The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures: 2020 2019 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Revenue Net Income OCI Revenue Net Income OCI Oaktree $ 1,104 $ 158 $ (2) $ 295 $ 12 $ (6) Real estate Associates LP investments and other 99 (145) (941) 423 127 50 Joint ventures Core office 1,866 311 (113) 2,386 1,869 (105) Core retail 1,944 (1,471) — 2,430 2,114 — LP investments and other 945 (376) 5 714 23 — Infrastructure Associates Utilities 1,715 364 (205) 1,046 354 26 Transport 4,054 169 (1,451) 3,277 3 363 Data 2,245 293 374 1,447 (38) 57 Other 41 (23) (245) 55 (45) (210) Joint ventures Midstream 736 244 — 696 358 — Other 107 2 33 74 19 — Private equity Associates Norbord 2,407 386 12 1,731 (165) 13 Industrial operations 2,713 132 — 1,770 122 — Other 4,332 (130) 48 1,007 247 26 Renewable power and other Renewable power associates 737 219 174 431 88 242 Other equity accounted investments 192 56 (2) 400 104 1 $ 25,237 $ 189 $ (2,313) $ 18,182 $ 5,192 $ 457 |
Schedule of fair value of equity accounted investments | The fair value of the most significant listed entity, Norbord as at December 31, 2020, based on the publicly listed price in comparison to the company’s carrying value is $nil (2019 – $0.9 billion) and $nil (2019 – $1.2 billion) |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment property [abstract] | |
Disclosure of fair value measurement of assets [text block] | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2020 2019 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 7 $ 2,644 $ — $ — $ 2,403 $ — Corporate bonds 192 2,764 286 — 2,682 275 Fixed income securities and other 867 912 491 419 851 480 Common shares and warrants 4,548 577 1,389 1,966 421 802 Loans and notes receivables — 42 68 — 51 4 Accounts receivable and other 50 1,581 135 1 1,737 219 $ 5,664 $ 8,520 $ 2,369 $ 2,386 $ 8,145 $ 1,780 Financial liabilities Accounts payable and other $ 75 $ 5,090 $ 724 $ 93 $ 3,749 $ 686 Subsidiary equity obligations — 77 1,380 — 40 1,856 $ 75 $ 5,167 $ 2,104 $ 93 $ 3,789 $ 2,542 The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2020 2019 Core office United States $ 15,093 $ 15,748 Canada 5,102 4,806 Australia 2,731 2,300 Europe 2,699 2,867 Brazil 309 361 Core retail 20,324 21,561 LP investments and other LP investments office 8,727 8,756 LP investments retail 2,538 2,812 Logistics — 94 Multifamily 2,442 2,937 Triple net lease 3,719 4,508 Self-storage — 1,007 Student housing 2,962 2,605 Manufactured housing 2,784 2,446 Mixed-use 3,096 2,703 Directly held real estate properties 22,350 19,814 Other investment properties 1,906 1,361 $ 96,782 $ 96,686 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
Disclosure of detailed information about investment property | The following table presents the change in the fair value of the company’s investment properties: AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 Fair value, beginning of year $ 96,686 $ 84,309 Additions 8,180 11,638 Acquisitions through business combinations — 3,669 Changes in basis of accounting 1 193 928 Dispositions 2 (9,284) (6,029) Fair value changes (269) 1,710 Foreign currency translation and other 1,276 461 Fair value, end of year 3 $ 96,782 $ 96,686 1. 2019 balance includes the company’s adoption of IFRS 16 resulted in the recognition of ROU investment properties that were previously off-balance sheet items. 2. Includes amounts reclassified to held for sale. 3. As at December 31, 2020, the ending balance includes $90.4 billion (2019 – $88.5 billion) of investment properties leased to third parties. Also includes $3.3 billion of ROU investment properties (December 31, 2019 – $2.6 billion). |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
Disclosure of Power Generating Assets [Table Text Block] | Key assumptions on contracted generation and future power pricing are summarized below: Total Generation Contracted under Power Purchase Agreements Power Prices from Long-Term Power Purchase Agreements (weighted average) Estimates of Future Electricity Prices (weighted average) AS AT DEC. 31, 2020 (MILLIONS) 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years North America (prices in US$/MWh) 43 % 13 % 96 90 65 117 Brazil (prices in R$/MWh) 70 % 30 % 306 396 245 328 Colombia (prices in COP$/MWh) 27 % — % 220,000 N/A 265,000 384,000 Europe (prices in €/MWh) 87 % 56 % 167 255 68 54 |
Disclosure of detailed information about property, plant and equipment | The company’s property, plant and equipment relates to the operating segments as shown below: Renewable Power (a) Infrastructure (b) Real Estate (c) Private Equity and Other (d) Total AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Costs $ 28,838 $ 27,820 $ 31,212 $ 22,454 $ 9,251 $ 9,890 $ 18,770 $ 17,269 $ 88,071 $ 77,433 Accumulated fair value changes 24,238 20,465 4,626 3,777 393 1,366 (873) (643) 28,384 24,965 Accumulated depreciation (7,870) (6,690) (3,671) (2,459) (1,212) (1,527) (3,693) (2,458) (16,446) (13,134) Total 1 $ 45,206 $ 41,595 $ 32,167 $ 23,772 $ 8,432 $ 9,729 $ 14,204 $ 14,168 $ 100,009 $ 89,264 1. As at December 31, 2020, the total includes $3.9 billion (December 31, 2019 – $3.7 billion) of property, plant and equipment leased to third parties as operating leases. Our ROU PP&E assets include $4.1 billion (December 31, 2019 – $2.2 billion) in our Infrastructure segment, $856 million (December 31, 2019 – $796 million) in our Real Estate segment, $393 million (December 31, 2019 – $1.1 billion) in our Renewable Power segment and $1.3 billion (December 31, 2019 – $1.3 billion) in Private Equity and other segments, totaling $6.7 billion (December 31, 2019 – $5.4 billion) of ROU assets. a) Renewable Power Our renewable power property, plant and equipment consists of the following: Hydroelectric Wind Solar and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 14,074 $ 13,843 $ 8,459 $ 7,968 $ 5,287 $ 4,297 $ 27,820 $ 26,108 Changes in basis of accounting — 83 — 321 — 3 — 407 Additions, net of disposals and assets reclassified as held for sale 425 162 (9) (342) 284 280 700 100 Acquisitions through business combinations — — — 566 661 742 661 1,308 Foreign currency translation (600) (14) (52) (54) 309 (35) (343) (103) Cost, end of year 13,899 14,074 8,398 8,459 6,541 5,287 28,838 27,820 Accumulated fair value changes, beginning of year 16,927 15,416 2,588 2,079 950 765 20,465 18,260 Fair value changes 3,221 1,369 402 669 530 195 4,153 2,233 Dispositions and assets reclassified as held for sale — — — (126) — (35) — (161) Foreign currency translation (283) 142 (82) (34) (15) 25 (380) 133 Accumulated fair value changes, end of year 19,865 16,927 2,908 2,588 1,465 950 24,238 20,465 Accumulated depreciation, beginning of year (4,412) (3,879) (1,781) (1,358) (497) (260) (6,690) (5,497) Depreciation expenses (517) (532) (546) (502) (302) (245) (1,365) (1,279) Dispositions and assets reclassified as held for sale 17 7 25 101 9 9 51 117 Foreign currency translation 181 (8) 9 (22) (56) (1) 134 (31) Accumulated depreciation, end of year (4,731) (4,412) (2,293) (1,781) (846) (497) (7,870) (6,690) Balance, end of year $ 29,033 $ 26,589 $ 9,013 $ 9,266 $ 7,160 $ 5,740 $ 45,206 $ 41,595 The following table presents our renewable power property, plant and equipment measured at fair value by geography: AS AT DEC. 31 (MILLIONS) 2020 2019 North America $ 28,044 $ 25,617 Colombia 8,150 7,353 Europe 4,912 3,770 Brazil 3,005 3,575 Other 1 1,095 1,280 $ 45,206 $ 41,595 1. Other refers primarily to China, India and Chile in both 2020 and 2019. c) Real Estate Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 9,890 $ 7,713 $ 1,366 $ 1,045 $ (1,527) $ (1,106) $ 9,729 $ 7,652 Changes in basis of accounting (1,895) 769 (681) — 786 — (1,790) 769 Additions/(dispositions) 1 , net of assets reclassified as held for sale 1,023 514 (135) (2) 27 37 915 549 Acquisitions through business combinations — 785 — — — — — 785 Foreign currency translation 233 109 2 — (41) (15) 194 94 Fair value changes — — (159) 323 — — (159) 323 Depreciation expenses — — — — (457) (443) (457) (443) Balance, end of year $ 9,251 $ 9,890 $ 393 $ 1,366 $ (1,212) $ (1,527) $ 8,432 $ 9,729 1. For accumulated depreciation, (additions)/dispositions. Cost Accumulated Impairment Accumulated Depreciation Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 17,269 $ 9,027 $ (643) $ (434) $ (2,458) $ (1,472) $ 14,168 $ 7,121 Changes in basis of accounting — 1,032 — — — — — 1,032 Additions/(dispositions) 1 , net of assets reclassified as held for sale 874 477 57 — 290 332 1,221 809 Acquisitions through business combinations 84 6,650 — — — — 84 6,650 Foreign currency translation 543 83 (3) (13) (61) (44) 479 26 Depreciation expenses — — — — (1,464) (1,274) (1,464) (1,274) Impairment charges — — (284) (196) — — (284) (196) Balance, end of year $ 18,770 $ 17,269 $ (873) $ (643) $ (3,693) $ (2,458) $ 14,204 $ 14,168 1. For accumulated depreciation, (additions)/dispositions. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets other than goodwill [abstract] | |
Schedule of detailed information about intangible assets | The following table presents the breakdown of, and changes to, the balance of the company’s intangible assets: Cost Accumulated Amortization and Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 30,232 $ 20,304 $ (2,522) $ (1,542) $ 27,710 $ 18,762 Additions 452 445 — — 452 445 Disposals 1 (2,246) (499) 307 132 (1,939) (367) Acquisitions through business combinations 625 10,333 — — 625 10,333 Amortization — — (1,310) (1,141) (1,310) (1,141) PPA adjustments 78 — 7 — 85 — Foreign currency translation (1,195) (351) 230 29 (965) (322) Balance, end of year $ 27,946 $ 30,232 $ (3,288) $ (2,522) $ 24,658 $ 27,710 1. Include assets sold and amounts reclassified to held for sale. Intangible assets are allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Infrastructure (a) $ 11,769 $ 14,388 Private equity (b) 11,261 11,650 Real estate (c) 1,177 1,301 Renewable power and other 451 371 $ 24,658 $ 27,710 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill [Abstract] | |
Disclosure of reconciliation of changes in goodwill | The following table presents the breakdown of, and changes to, the balance of goodwill: Cost Accumulated Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 Balance, beginning of year $ 15,412 $ 9,198 $ (862) $ (383) $ 14,550 $ 8,815 Acquisitions through business combinations 145 6,125 — — 145 6,125 Impairment losses — — (3) (453) (3) (453) Foreign currency translation and other 1 (18) 89 40 (26) 22 63 Balance, end of year $ 15,539 $ 15,412 $ (825) $ (862) $ 14,714 $ 14,550 1. Includes adjustment to goodwill based on final purchase price allocation. |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2020 Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Fixed income securities and other $ 491 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Corporate bonds 286 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Common shares and warrants 1,389 Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Black-Scholes model • Volatility • Increases (decreases) in volatility increase (decreases) fair value • Term to maturity • Increases (decreases) in term to maturity increase (decrease) fair value Limited-life funds (subsidiary equity obligations) (1,380) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value Derivative assets/Derivative liabilities (accounts receivable/payable) 135 / Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value (724) • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value Valuation Techniques Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Timber / agricultural prices • Increases (decreases) in price increase (decrease) fair value • Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price • Discount rate /terminal capitalization rate • Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value • Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates • Exit Date • Increases (decreases) in exit date decrease (increase) fair value • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The following table summarizes the key valuation metrics of the company’s investment properties: 2020 2019 AS AT DEC. 31 Discount Terminal Investment Discount Rate Terminal Capitalization Rate Investment Horizon (years) Core office United States 6.9 % 5.6 % 12 7.0 % 5.6 % 12 Canada 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia 6.6 % 5.7 % 10 6.8 % 5.9 % 10 Europe 5.2 % 3.8 % 10 4.6 % 4.1 % 11 Brazil 7.6 % 7.0 % 10 7.9 % 7.4 % 10 Core retail 7.0 % 5.3 % 10 6.7 % 5.4 % 10 LP investments and other LP investments office 9.7 % 7.2 % 7 10.0 % 7.3 % 7 LP investments retail 8.7 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics 1 — % n/a n/a 5.8 % n/a n/a Multifamily 1 4.9 % n/a n/a 5.1 % n/a n/a Triple net lease 1 6.2 % n/a n/a 6.3 % n/a n/a Self-storage 1 — % n/a n/a 5.6 % n/a n/a Student housing 1 4.9 % n/a n/a 5.8 % n/a n/a Manufactured housing 1 4.8 % n/a n/a 5.5 % n/a n/a Directly held real estate properties 2 5.1 – 9.3% 5.4 % 19 5.2 – 9.2% 6.1 % 19 Other investment properties 1,3 5.0 – 8.7% n/a n/a 8.9 % n/a n/a 1. Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable. 2. We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below. North America Brazil Colombia Europe AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate Contracted 4.1 – 4.5% 4.6 – 4.9% 7.3 % 8.2 % 8.1 % 9.0 % 3.0 – 3.6% 3.5 – 4.0% Uncontracted 5.6 – 6.0% 6.1 – 6.4% 8.6 % 9.5 % 9.4 % 10.3 % 3.6 – 4.7% 4.0 – 5.3% Terminal capitalization rate 1 5.8 – 6.2% 6.2 – 6.7% n/a n/a 8.9 % 9.8 % n/a n/a Exit date 2041 2040 2048 2047 2040 2039 2035 2035 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below. Utilities Transport Midstream Sustainable Resources AS AT DEC. 31 2020 2019 2020 2019 2020 2019 2020 2019 Discount rates 7 – 14% 7 – 14% 7 – 13% 7 – 13% 15 % 15 % 6% 5 – 10% Terminal capitalization multiples 7x – 23x 8x – 21x 9x – 14x 9x – 14x 10x 10x 6x 5x – 10x Investment horizon/Exit date (years) 10 10 – 20 10 10 – 20 5 – 10 5 – 10 10 3 – 21 Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date • Increases (decreases) in the exit date decrease (increase) the recoverable amount • Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate/multiple • Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Exit date/terminal year of cash flows • Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount • Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
Disclosure of detailed information about goodwill | Goodwill is allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Infrastructure (a) $ 6,634 $ 6,553 Private equity (b) 5,244 5,218 Real estate (c) 1,404 1,357 Renewable power (d) 970 977 Asset management 368 328 Other 94 117 Total $ 14,714 $ 14,550 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Schedule of components of income tax expense | The following table reconciles consolidated income taxes to current and deferred income taxes: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ (756) $ (970) Deferred income tax (expense) recovery (81) 475 Income tax expense $ (837) $ (495) iv. The major components of income tax expense/(recovery) for the years ended December 31, 2020 and 2019 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Current income tax expense $ 756 $ 970 Deferred income tax expense / (recovery) Origination and reversal of temporary differences (103) 281 Expense / (recovery) arising from previously unrecognized tax assets 2 (647) Change of tax rates and new legislation 182 (109) Total deferred income tax expense / (recovery) 81 (475) Income tax expense $ 837 $ 495 |
Schedule of income tax rates | The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below: FOR THE YEARS ENDED DEC. 31 2020 2019 Statutory income tax rate 26 % 26 % Increase (reduction) in rate resulting from: Change in tax rates and new legislation 12 (2) International operations subject to different tax rates 52 (7) Taxable income attributable to non-controlling interests (31) (4) Portion of gains subject to different tax rates (10) (1) Recognition of deferred tax assets (10) (9) Non-recognition of the benefit of current year’s tax losses 8 4 Other 7 1 Effective income tax rate 54 % 8 % |
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities as at December 31, 2020 and 2019 relate to the following: AS AT DEC. 31 (MILLIONS) 2020 2019 Non-capital losses (Canada) $ 916 $ 848 Capital losses (Canada) 48 80 Losses (U.S.) 3,338 3,102 Losses (International) 1,415 705 Difference in basis (18,292) (16,012) Total net deferred tax liabilities $ (12,575) $ (11,277) |
Disclosure of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: AS AT DEC. 31 (MILLIONS) 2020 2019 One year from reporting date $ 4 $ 22 Two years from reporting date 20 9 Three years from reporting date 20 14 After three years from reporting date 465 1,159 Do not expire 1,473 1,632 Total $ 1,982 $ 2,836 |
Schedule of components of income taxes in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2020 and 2019 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Revaluation of property, plant and equipment $ 1,214 $ 623 Financial contracts and power sale agreements (59) 6 Fair value through OCI securities 74 88 Foreign currency translation 37 (8) Revaluation of pension obligation (40) (6) Total deferred tax in other comprehensive income $ 1,226 $ 703 |
CORPORATE BORROWINGS (Tables)
CORPORATE BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of corporate borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Operating expense | $ 47,386 | $ 52,728 |
Schedule of accounts payable and other liabilities | AS AT DEC. 31 (MILLIONS) 2020 2019 Accounts payable $ 9,543 $ 9,583 Provisions 5,065 4,104 Lease liabilities 8,223 5,494 Other liabilities 27,851 23,896 Total $ 50,682 $ 43,077 | |
Disclosure of current and non-current accounts payable and other [Table Text Block] | The current and non-current balances of accounts payable, provisions and other liabilities are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 25,857 $ 23,212 Non-current 24,825 19,865 Total $ 50,682 $ 43,077 | |
Schedule of post-employment benefit plans | AS AT DEC. 31 (MILLIONS) 2020 2019 Plan assets $ 3,335 $ 3,029 Less accrued benefit obligation: Defined benefit pension plan (4,613) (3,995) Other post-employment benefits (185) (173) Net liability (1,463) (1,139) Less: net actuarial gains and other 11 13 Accrued benefit liability $ (1,452) $ (1,126) |
NON-RECOURSE BORROWINGS (Tables
NON-RECOURSE BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of detailed information about borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2020 2019 Term debt Public – Canadian Mar. 1, 2021 5.30 % C$ $ — $ 269 Public – Canadian Mar. 31, 2023 4.54 % C$ 472 463 Public – Canadian Mar. 8, 2024 5.04 % C$ 393 385 Public – U.S. Apr. 1 , 2024 4.00 % US$ 749 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 675 664 Public – U.S. Jun. 2, 2026 4.25 % US$ 497 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 393 385 Public – U.S. Jan. 25, 2028 3.90 % US$ 649 649 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 998 Public – U.S. Apr. 15, 2030 4.35 % US$ 749 — Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – Canadian Jun. 14, 2035 5.95 % C$ 331 325 Private – Japanese Dec. 1, 2038 1.42 % JPY 97 92 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 594 — Public – U.S. Mar. 30, 2051 3.50 % US$ 497 — Public – U.S. Oct. 16, 2080 4.63 % US$ 400 — 9,147 7,128 Deferred financing costs 1 (70) (45) Total $ 9,077 $ 7,083 1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. AS AT DEC. 31 Note 2020 2019 Subsidiary borrowings (a) $ 10,768 $ 8,423 Property-specific borrowings (b) 128,556 127,869 Total $ 139,324 $ 136,292 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 314 $ 3 $ — $ — $ — $ 317 2022 — — — — 38 38 2023 393 — — — 227 620 2024 1,974 — 1,681 310 26 3,991 2025 393 314 — — 394 1,101 Thereafter 314 1,826 1,492 — 1,100 4,732 Total Principal repayments 3,388 2,143 3,173 310 1,785 10,799 Deferred financing costs and other (10) (11) (15) — 5 (31) Total – Dec. 31, 2020 $ 3,378 $ 2,132 $ 3,158 $ 310 $ 1,790 $ 10,768 Total – Dec. 31, 2019 $ 2,024 $ 2,098 $ 2,470 $ — $ 1,831 $ 8,423 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 317 $ 17 Non-current 10,451 8,406 Total $ 10,768 $ 8,423 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 4,376 US$ 4,376 $ 5,162 US$ 5,162 Canadian dollars 6,254 C$ 7,963 3,078 C$ 3,998 Brazilian reais 138 Rs 715 183 Rs 737 Total $ 10,768 $ 8,423 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power Infrastructure Private Equity Residential Development Total 2021 $ 16,583 $ 1,194 $ 1,595 $ 1,531 $ 67 $ 20,970 2022 10,654 1,190 894 1,313 25 14,076 2023 7,848 2,063 2,782 2,152 70 14,915 2024 11,279 886 2,583 2,051 325 17,124 2025 8,588 1,179 3,629 4,747 5 18,148 Thereafter 12,525 9,898 9,987 12,018 — 44,428 Total Principal repayments 67,477 16,410 21,470 23,812 492 129,661 Deferred financing costs and other (404) (57) (161) (479) (4) (1,105) Total – Dec. 31, 2020 $ 67,073 $ 16,353 $ 21,309 $ 23,333 $ 488 $ 128,556 Total – Dec. 31, 2019 $ 67,909 $ 15,787 $ 20,776 $ 23,105 $ 292 $ 127,869 The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2020 2019 Current $ 20,970 $ 15,696 Non-current 107,586 112,173 Total $ 128,556 $ 127,869 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2020 Local Currency 2019 Local Currency U.S. dollars $ 78,223 US$ 78,223 $ 84,203 US$ 84,203 British pounds 10,341 £ 7,565 9,812 £ 7,401 Indian rupees 8,978 Rs 655,328 4,143 Rs 295,106 Canadian dollars 8,458 C$ 10,771 7,955 C$ 10,333 Euros 7,816 € 6,398 6,844 € 6,103 Australian dollars 4,799 A$ 6,237 4,815 A$ 6,861 Brazilian reais 3,487 R$ 18,147 3,969 R$ 15,998 Colombian pesos 2,141 COP$ 7,332,845 2,029 COP$ 6,671,818 Korean won 2,082 ₩ 2,268,301 1,959 ₩ 2,264,478 Chilean unidades de fomento 1,187 UF 29 1,099 UF 29 Other currencies 1,044 n/a n/a 1,041 n/a n/a Total $ 128,556 $ 127,869 |
SUBSIDIARY EQUITY OBLIGATIONS (
SUBSIDIARY EQUITY OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of detailed information about equity interests classified as liabilities [Table Text Block] | b) Infrastructure Our infrastructure property, plant and equipment consists of the following: Utilities Transport Midstream Data Sustainable Resources and Other Total AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Cost, beginning of year $ 8,654 $ 6,248 $ 8,309 $ 2,495 $ 3,971 $ 2,443 $ 1,131 $ 444 $ 389 $ 429 $ 22,454 $ 12,059 Changes in basis of accounting — 110 — 356 — 108 — 633 — — — 1,207 Additions, net of disposals and assets reclassified as held for sale 550 34 146 171 277 136 51 (43) (16) (25) 1,008 273 Acquisitions through business combinations — 2,135 — 5,283 — 1,197 7,334 95 — — 7,334 8,710 Foreign currency translation 102 127 243 4 73 87 77 2 (79) (15) 416 205 Cost, end of year 9,306 8,654 8,698 8,309 4,321 3,971 8,593 1,131 294 389 31,212 22,454 Accumulated fair value changes, beginning of year 2,187 2,002 857 810 317 221 — — 416 447 3,777 3,480 Disposition and assets reclassified as held for sale — (416) — — — — — — — (37) — (453) Fair value changes 652 572 113 45 21 92 — — 6 6 792 715 Foreign currency translation 78 29 77 2 — 4 — — (98) — 57 35 Accumulated fair value changes, end of year 2,917 2,187 1,047 857 338 317 — — 324 416 4,626 3,777 Accumulated depreciation, beginning of year (1,172) (985) (950) (744) (208) (120) (88) — (41) (40) (2,459) (1,889) Depreciation expenses (419) (415) (498) (178) (141) (84) (189) (87) (10) (10) (1,257) (774) Dispositions and assets reclassified as held for sale 12 247 134 (25) — 3 17 — 7 7 170 232 Foreign currency translation (34) (19) (90) (3) (7) (7) (3) (1) 9 2 (125) (28) Accumulated depreciation, end of year (1,613) (1,172) (1,404) (950) (356) (208) (263) (88) (35) (41) (3,671) (2,459) Balance, end of year $ 10,610 $ 9,669 $ 8,341 $ 8,216 $ 4,303 $ 4,080 $ 8,330 $ 1,043 $ 583 $ 764 $ 32,167 $ 23,772 Subsidiary equity obligations consist of the following: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Subsidiary preferred equity units (a) $ 1,679 $ 1,650 Limited-life funds and redeemable fund units (b) 1,456 1,896 Subsidiary preferred shares and capital (c) 564 586 Total $ 3,699 $ 4,132 AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2020 2019 Series 1 24,000,000 6.25 % US$ $ 586 $ 574 Series 2 24,000,000 6.50 % US$ 555 546 Series 3 24,000,000 6.75 % US$ 538 530 Total $ 1,679 $ 1,650 AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2020 2019 Brookfield Property Split Corp (“BOP Split”) senior preferred shares Series 1 842,534 5.25 % US$ $ 21 $ 23 Series 2 556,746 5.75 % C$ 11 13 Series 3 789,718 5.00 % C$ 16 18 Series 4 594,994 5.20 % C$ 12 18 BSREP II RH B LLC (“Manufactured Housing”) preferred capital 9.00 % US$ 249 249 Rouse Series A preferred shares 5,600,000 5.00 % US$ 142 142 BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares 10,000 5.00 % US$ 40 40 BIP Investment Corporation Series 1 Senior preferred shares 4,000,000 5.85 % C$ 73 73 Forest City Enterprises L.P. (“Forest City”) & Other Preferred Capital — 10 Total $ 564 $ 586 |
SUBSIDIARY PUBLIC ISSUERS AND_2
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
Schedule of interests in subsidiaries | The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2020 2019 Brookfield Property Partners L.P. (“BPY”) Bermuda 38.3 % 44.8 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 49.3 % 39.5 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 71.5 % 70.4 % Brookfield Business Partners L.P. (“BBU”) Bermuda 36.5 % 37.3 % 1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”). The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other Subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 626 $ 280 $ — $ 28 $ — $ — $ 2 $ 163 $ 70,385 $ (8,732) $ 62,752 Net income attributable to shareholders (134) 73 — — — — 1 91 6,368 (6,533) (134) Total assets 73,898 7,207 — 600 — — 233 4,280 350,687 (93,209) 343,696 Total liabilities 38,060 5,547 — 596 — — 3 2,690 206,877 (32,719) 221,054 Non-controlling interests – preferred equity — — — — — — 230 — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF AUS BF U.K. BIC Other subsidiaries of the Company 2 Consolidating Adjustments 3 The Company Consolidated Revenues $ 104 $ 148 $ — $ — $ — $ — $ — $ 105 $ 73,310 $ (5,841) $ 67,826 Net income attributable to shareholders 2,807 40 — — — — — 85 3,493 (3,618) 2,807 Total assets 70,976 5,389 — — — — — 3,520 331,698 (87,614) 323,969 Total liabilities 35,963 3,994 — — — — — 2,239 195,586 (30,659) 207,123 Non-controlling interests – preferred equity — — — — — — — — — — — 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K. and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block] | The weighted-average fair value of escrowed shares granted for the year ended December 31, 2020 was $5.54 (2019 – $4.54), and was determined using the Black-Scholes model of valuation with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2020 2019 1 Weighted-average share price US$ 45.21 34.08 Average term to exercise Years 7.5 8.5 Share price volatility 2 % 17.0 17.3 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.5 1.8 Risk-free rate % 1.4 2.1 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. |
Disclosure of components of common equity | The company’s common equity is comprised of the following: AS AT DEC. 31 (MILLIONS) 2020 2019 Common shares $ 7,368 $ 7,305 Contributed surplus 285 286 Retained earnings 15,178 16,026 Ownership changes 2,691 1,010 Accumulated other comprehensive income 6,171 6,241 Common equity $ 31,693 $ 30,868 |
Schedule of equity | Equity consists of the following: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Preferred equity (a) $ 4,145 $ 4,145 Non-controlling interests (b) 86,804 81,833 Common equity (c) 31,693 30,868 $ 122,642 $ 116,846 Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following: Average Rate AS AT DEC. 31 (MILLIONS) 2020 2019 2020 2019 Perpetual preferred shares Floating rate 1.76 % 2.91 % $ 531 $ 531 Fixed rate 4.82 % 4.82 % 739 739 3.54 % 4.02 % 1,270 1,270 Fixed rate-reset preferred shares 4.07 % 4.28 % 2,875 2,875 3.91 % 4.20 % $ 4,145 $ 4,145 Further details on each series of preferred shares are as follows: Issued and Outstanding AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Rate 2020 2019 2020 2019 Class A preferred shares Perpetual preferred shares Series 2 70% P 10,457,685 10,457,685 $ 169 $ 169 Series 4 70% P/8.5% 2,795,910 2,795,910 45 45 Series 8 Variable up to P 2,476,185 2,476,185 42 42 Series 13 70% P 9,290,096 9,290,096 195 195 Series 15 B.A. + 40 b.p. 2,000,000 2,000,000 42 42 Series 17 4.75 % 7,840,204 7,840,204 171 171 Series 18 4.75 % 7,866,749 7,866,749 178 178 Series 25 3-Month T-Bill + 230 b.p. 1,529,133 1,529,133 38 38 Series 36 4.85 % 7,842,909 7,842,909 197 197 Series 37 4.90 % 7,830,091 7,830,091 193 193 1,270 1,270 Rate-reset preferred shares 2 Series 9 2.75 % 1,515,981 1,515,981 21 21 Series 24 3.01 % 9,278,894 9,278,894 227 227 Series 26 3.47 % 9,770,928 9,770,928 240 240 Series 28 2.73 % 9,233,927 9,233,927 232 232 Series 30 4.69 % 9,787,090 9,787,090 241 241 Series 32 5.06 % 11,750,299 11,750,299 297 297 Series 34 3 4.44 % 9,876,735 9,876,735 253 253 Series 38 4 3.57 % 7,906,132 7,906,132 179 179 Series 40 5 4.03 % 11,841,025 11,841,025 271 271 Series 42 6 3.25 % 11,887,500 11,887,500 266 266 Series 44 5.00 % 9,831,929 9,831,929 187 187 Series 46 4.80 % 11,740,797 11,740,797 217 217 Series 48 4.75 % 11,885,972 11,885,972 244 244 2,875 2,875 Total $ 4,145 $ 4,145 1. Rate determined quarterly. 2. Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points. 3. Dividend rate reset commenced March 31, 2019. 4. Dividend rate reset commenced March 31, 2020. 5. Dividend rate reset commenced September 30, 2019. 6. Dividend rate reset commenced June 30, 2020. Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders. AS AT DEC. 31 (MILLIONS) 2020 2019 Common equity $ 80,915 $ 76,557 Preferred equity 5,889 5,276 Total $ 86,804 $ 81,833 The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT DEC. 31 2020 2019 1 Class A shares 2 1,510,635,291 1,509,208,521 Class B shares 85,120 85,120 Shares outstanding 2 1,510,720,411 1,509,293,641 Unexercised options and other share-based plans 3 62,975,947 70,018,161 Total diluted shares 1,573,696,358 1,579,311,802 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Net of 64,197,815 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2020 (December 31, 2019 – 63,417,346). FOR THE YEARS ENDED DEC. 31 2020 1 2019 1 Outstanding, beginning of year 2 1,509,293,641 1,432,714,261 Issued (repurchased) Issuances — 79,136,155 Repurchases (8,932,576) (10,782,801) Long-term share ownership plans 3 10,137,294 8,019,626 Dividend reinvestment plan and others 222,052 206,400 Outstanding, end of year 4 1,510,720,411 1,509,293,641 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Net of 63,417,346 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2019 (December 31, 2018 – 56,307,796). 3. Includes management share option plan and restricted stock plan. |
Schedule of basic and diluted earnings per share | The components of basic and diluted earnings per share are summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Net (loss) income attributable to shareholders $ (134) $ 2,807 Preferred share dividends (141) (152) Dilutive effect of conversion of subsidiary preferred shares 93 (74) Net (loss) income available to shareholders $ (182) $ 2,581 FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 1 Weighted average – Class A and Class B shares 1,511.4 1,452.9 Dilutive effect of the conversion of options and escrowed shares using treasury stock method — 35.5 Class A and Class B shares and share equivalents 1,511.4 1,488.4 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. |
Schedule of expense recognized for share-based compensation | The expense recognized for share-based compensation is summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Expense arising from equity-settled share-based payment transactions $ 89 $ 81 Expense arising from cash-settled share-based payment transactions 104 506 Total expense arising from share-based payment transactions 193 587 Effect of hedging program (99) (500) Total expense included in consolidated income $ 94 $ 87 |
Schedule of number and weighted average exercise prices of share options | The changes in the number of options during 2020 and 2019 were as follows: TSX NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Number of Options (000’s) 2 Weighted- Average Exercise Price Outstanding as at January 1, 2020 — C$ — 50,703 US$ 22.69 Granted — — 3,341 45.21 Exercised — — (6,382) 16.50 Cancelled — — (295) 27.80 Outstanding as at December 31, 2020 — C$ — 47,367 US$ 25.08 1. Options to acquire TSX listed Class A shares. 2. Options to acquire NYSE listed Class A shares. TSX NYSE Number of Options (000’s) 2 Weighted- Average Exercise Price Number of Options (000’s) 3 Weighted- Average Exercise Price Outstanding as at January 1, 2019 1 1,185 C$ 7.84 55,113 US$ 19.68 Granted 1 — — 7,616 30.42 Exercised 1 (1,185) 7.84 (11,747) 13.50 Cancelled 1 — — (279) 26.68 Outstanding as at December 31, 2019 1 — C$ — 50,703 US$ 22.69 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Options to acquire TSX listed Class A shares. 3. Options to acquire NYSE listed Class A shares. The weighted-average fair value of options granted for the year ended December 31, 2020 was $5.54 (2019 – $3.92), and was determined using the Black-Scholes valuation model, with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2020 2019 1 Weighted-average share price US$ 45.21 30.42 Average term to exercise Years 7.5 7.5 Share price volatility 2 % 17.0 16.9 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.5 2.0 Risk-free rate % 1.4 2.5 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. 2. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. At December 31, 2020, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$10.30 – US$15.35 1.0 years 2,254 — 2,254 US$15.58 – US$20.39 3.8 years 11,860 1,131 12,991 US$22.50 – US$26.93 5.9 years 14,280 7,010 21,290 US$29.48 – US$38.64 8.2 years 1,833 5,672 7,505 US$45.21 9.2 years — 3,327 3,327 30,227 17,140 47,367 At December 31, 2019, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) 1 Exercise Price 1 Weighted-Average Remaining Life Vested Unvested Total US$10.30 – US$15.35 1.6 years 5,619 — 5,619 US$15.58 – US$20.39 4.7 years 12,523 2,313 14,836 US$22.50 – US$26.93 6.8 years 11,371 11,271 22,642 US$29.48 – US$38.64 9.2 years 613 6,993 7,606 30,126 20,577 50,703 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. The change in the number of ES shares during 2020 and 2019 was as follows: Number of Weighted- Average Exercise Price Outstanding at January 1, 2020 54,791 $ 25.82 Granted 3,841 45.21 Exercised (11,613) 19.66 Cancelled (303) 35.85 Outstanding at December 31, 2020 46,716 $ 28.88 Number of Weighted- Average Exercise Price Outstanding at January 1, 2019 1 40,655 $ 22.18 Granted 1 15,975 34.08 Exercised 1 (1,613) 15.77 Cancelled 1 (226) $ 26.32 Outstanding at December 31, 2019 1 54,791 25.82 1. Adjusted to reflect the three-for-two stock split effective on April 1, 2020. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of maturity analysis of finance lease payments receivable [text block] | The following table presents the undiscounted contractual earnings receivable of the company’s leases by expected period of receipt: Payments Receivable by Period AS AT DEC. 31, 2020 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 4,738 $ 8,385 $ 6,661 $ 15,971 $ 35,755 Payments Receivable by Period AS AT DEC. 31, 2019 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 4,514 $ 8,239 $ 6,744 $ 15,875 $ 35,372 |
Disclosure of disaggregation of revenue [Table Text Block] | Revenue by Type FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Revenue from contracts with customers $ 246 $ — $ 2,403 $ 3,757 $ 8,611 $ 35,599 $ 2,170 $ 52,786 Other revenue — 872 6,448 328 683 1,562 73 9,966 $ 246 $ 872 $ 8,851 $ 4,085 $ 9,294 $ 37,161 $ 2,243 $ 62,752 FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Revenue from contracts with customers $ 271 $ 9 $ 3,833 $ 3,810 $ 6,333 $ 42,147 $ 2,396 $ 58,799 Other revenue — 499 6,609 149 758 952 60 9,027 $ 271 $ 508 $ 10,442 $ 3,959 $ 7,091 $ 43,099 $ 2,456 $ 67,826 |
Disclosure of revenue from contracts with customers [text block] | Timing of Recognition of Revenue from Contracts with Customers FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ — $ 553 $ 143 $ 160 $ 28,944 $ 2,167 $ 31,967 Services transferred over a period of time 246 — 1,850 3,614 8,451 6,655 3 20,819 $ 246 $ — $ 2,403 $ 3,757 $ 8,611 $ 35,599 $ 2,170 $ 52,786 FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS) Asset Corporate Real Estate Renewable Infrastructure Private Residential Total Goods and services provided at a point in time $ — $ 9 $ 1,193 $ 95 $ 225 $ 34,141 $ 2,384 $ 38,047 Services transferred over a period of time 271 — 2,640 3,715 6,108 8,006 12 20,752 $ 271 $ 9 $ 3,833 $ 3,810 $ 6,333 $ 42,147 $ 2,396 $ 58,799 |
FAIR VALUE CHANGES (Tables)
FAIR VALUE CHANGES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Fair value changes | Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2020 2019 Investment properties $ (269) $ 1,710 Transaction related expenses, net of gains 20 (895) Financial contracts 686 (140) Impairment and provisions (808) (825) Other fair value changes (1,052) (681) $ (1,423) $ (831) |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about financial instruments [text block] | The aggregate notional amount of the company’s derivative positions at December 31, 2020 and 2019 is as follows: AS AT DEC. 31 (MILLIONS) Note 2020 2019 Foreign exchange (a) $ 39,284 $ 37,334 Interest rates (b) 61,111 51,619 Credit default swaps (c) — 39 Equity derivatives (d) 2,081 2,517 Commodity instruments (e) 2020 2019 Energy (GWh) 27,564 25,136 Natural gas (MMBtu – 000’s) 121,468 78,364 The company held the following foreign exchange contracts with notional amounts at December 31, 2020 and 2019: Notional Amount (U.S. Dollars) Average Exchange Rate (MILLIONS) 2020 2019 2020 2019 Foreign exchange contracts Canadian dollars $ 7,539 $ 6,839 0.76 0.75 British pounds 3,986 7,874 1.31 1.27 European Union euros 4,561 2,069 1.17 1.16 Australian dollars 2,632 3,989 0.69 0.71 Indian rupee 1,288 240 77.56 73.55 Chilean peso 159 548 770.89 722.08 Korean won 1 700 687 1,175 1,173 Chinese yuan 1 1,633 1,862 7.05 5.42 Japanese yen 1 212 111 105.82 104.58 Colombian pesos 1 96 534 3,621 3,416 Brazilian reais 276 484 0.19 0.24 Swedish krona 1,647 1,578 8.58 9.10 Other currencies 903 584 Various Various Cross currency interest rate swaps Canadian dollars 6,868 4,493 0.77 0.77 European Union euros 1,914 103 1.06 1.09 Australian dollars 1,374 2,033 0.53 0.98 Japanese yen 1 750 18 113.33 110.00 British pounds 275 267 1.49 1.49 Colombian pesos 1 88 100 3,880.00 3,463 Foreign exchange futures Brazilian reais 105 38 0.19 0.25 Foreign exchange options British pounds — 1,338 — 1.43 Canadian dollars 2,030 — 0.74 — European Union euros 245 1,544 1.17 1.12 1. Average rate is quoted using USD as base currency. The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2020 and 2019, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting: Unrealized Gains During 2020 Unrealized Losses During 2020 Net Change During 2020 Net Change During 2019 Foreign exchange derivatives $ 419 $ (460) $ (41) $ 201 Interest rate derivatives 110 (337) (227) (221) Credit default swaps — — — (1) Equity derivatives 1,161 (311) 850 13 Commodity derivatives 44 (86) (42) 27 $ 1,734 $ (1,194) $ 540 $ 19 The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2020 and 2019, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting: 2020 2019 AS AT DEC. 31 (MILLIONS) <1 Year 1 to 5 Years >5 Years Total Notional Amount Total Notional Amount Fair value through profit or loss Foreign exchange derivatives $ 6,891 $ 5,158 $ 129 $ 12,178 $ 7,946 Interest rate derivatives 13,158 12,308 1,614 27,080 22,731 Credit default swaps — — — — 39 Equity derivatives 1,216 865 — 2,081 2,517 Commodity instruments Energy (GWh) 4,406 9,207 — 13,613 10,652 Natural gas (MMBtu – 000’s) 34,572 4,233 — 38,805 66,200 Elected for hedge accounting Foreign exchange derivatives $ 13,498 $ 12,086 $ 1,522 $ 27,106 $ 29,387 Interest rate derivatives 7,738 22,054 4,240 34,032 28,888 Equity derivatives — — — — — Commodity instruments Energy (GWh) 5,562 5,066 3,322 13,950 14,485 Natural gas (MMBtu – 000’s) 51,034 31,630 — 82,664 12,164 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2020 and 2019 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2020 2019 FOR THE YEARS ENDED DEC. 31 Notional Effective Portion Ineffective Portion Notional Effective Portion Ineffective Portion Cash flow hedges 1 $ 39,128 $ (479) $ 10 $ 32,709 $ (89) $ 20 Net investment hedges 17,788 182 10 22,790 (433) 16 $ 56,916 $ (297) $ 20 $ 55,499 $ (522) $ 36 1. Notional amount does not include 13,950 GWh, 82,663 MMBtu – 000’s and 1,302 bbls – millions of commodity derivatives at December 31, 2020 (2019 – 14,485 GWh, 12,164 MMBtu – 000’s and 2,273 bbls – millions). |
MANAGEMENT OF RISKS ARISING F_2
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of maturity analysis for financial liabilities | The following tables present the contractual maturities of the company’s financial liabilities at December 31, 2020 and 2019. Payments Due by Period AS AT DEC. 31, 2020 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings $ — $ 467 $ 1,630 $ 6,980 $ 9,077 Non-recourse borrowings of managed entities 21,108 29,399 40,049 48,768 139,324 Subsidiary equity obligations 799 1,147 800 953 3,699 Interest expense 1 Corporate borrowings 405 793 659 3,593 5,450 Non-recourse borrowings 5,145 8,788 6,310 8,313 28,556 Subsidiary equity obligations 147 213 171 44 575 Lease obligations 2 815 1,682 1,123 11,755 15,375 1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 2. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. Payments Due by Period AS AT DEC. 31, 2019 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings $ — $ 269 $ 1,597 $ 5,217 $ 7,083 Non-recourse borrowings of managed entities 15,563 28,396 34,602 57,731 136,292 Subsidiary equity obligations 188 1,677 745 1,522 4,132 Interest expense 1 Corporate borrowings 327 629 551 1,714 3,221 Non-recourse borrowings 5,210 8,524 6,641 7,749 28,124 Subsidiary equity obligations 151 261 212 107 731 Lease obligations 2 766 1,171 992 11,064 13,993 1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 2. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. |
ORGANIZATION AND CAPITAL MANAGE
ORGANIZATION AND CAPITAL MANAGEMENT - Summary of the Corporation's capital (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Management Commentary Explanatory [Line Items] | ||||
Financial assets | $ 41,335 | $ 33,281 | ||
Other financial assets | 17,730 | 12,468 | ||
Corporation's Capital | 271,043 | 260,221 | ||
Equity | 122,642 | 116,846 | ||
Non-controlling interest - preferred equity | 230 | |||
Financial liabilities | 193,217 | 184,231 | ||
Accounts receivable and other | 18,928 | 18,469 | ||
Inventory | 10,360 | 10,272 | ||
Assets classified as held for sale | 5,917 | 3,502 | ||
Equity accounted investments | 41,327 | 40,698 | $ 33,647 | |
Investment properties | 96,782 | 96,686 | 84,309 | |
Property, plant and equipment | 100,009 | 89,264 | ||
Intangible assets | 24,658 | 27,710 | 18,762 | |
Goodwill | 14,714 | 14,550 | $ 8,815 | |
Deferred income tax assets | 3,338 | 3,572 | ||
Accounts payable and other | (50,682) | $ (50,682) | (43,077) | |
Liabilities associated with assets classified as held for sale | (2,359) | (1,690) | ||
Deferred income tax liabilities | (15,913) | (14,849) | ||
Subsidiary equity obligations | (3,699) | (4,132) | ||
Net Assets Before Common Equity in Managed Investments | 271,043 | 260,221 | ||
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 9,077 | 7,083 | ||
Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 86,804 | 81,833 | ||
Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 31,693 | 30,868 | ||
Common shares | Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 80,915 | 76,557 | ||
Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | ||
Non-controlling interest - preferred equity | 81,833 | |||
Preferred shares | Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 5,889 | 5,276 | ||
Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 9,933 | 6,778 | ||
The Corporation | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 3,809 | 2,722 | ||
Common Equity in Managed Investments | 33,732 | 33,839 | ||
Other Assets and Liabilities | 6,321 | 4,728 | ||
Corporation's Capital | 45,145 | 42,096 | ||
Accounts receivable and other | 3,632 | 1,629 | ||
Inventory | 2 | 0 | ||
Assets classified as held for sale | 0 | 0 | ||
Equity accounted investments | 5,361 | 5,281 | ||
Investment properties | 17 | 0 | ||
Property, plant and equipment | 122 | 79 | ||
Intangible assets | 285 | 124 | ||
Goodwill | 368 | 328 | ||
Deferred income tax assets | 2,159 | 2,477 | ||
Accounts payable and other | (5,134) | (4,870) | ||
Liabilities associated with assets classified as held for sale | 0 | 0 | ||
Deferred income tax liabilities | (414) | (279) | ||
Subsidiary equity obligations | (77) | (41) | ||
Net Assets Before Common Equity in Managed Investments | 11,413 | 8,257 | ||
The Corporation | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 9,077 | 7,083 | ||
The Corporation | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 31,693 | 30,868 | ||
The Corporation | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | ||
Non-controlling interest - preferred equity | 230 | 0 | ||
The Corporation | Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 1,283 | 807 | ||
Managed Investments | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 13,921 | 9,746 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 259,630 | 251,964 | ||
Accounts receivable and other | 17,401 | 17,002 | ||
Inventory | 10,358 | 10,272 | ||
Assets classified as held for sale | 5,917 | 3,502 | ||
Equity accounted investments | 35,966 | 35,417 | ||
Investment properties | 96,765 | 96,686 | ||
Property, plant and equipment | 99,887 | 89,185 | ||
Intangible assets | 24,373 | 27,586 | ||
Goodwill | 14,346 | 14,222 | ||
Deferred income tax assets | 1,179 | 1,095 | ||
Accounts payable and other | (47,653) | (38,369) | ||
Liabilities associated with assets classified as held for sale | (2,359) | (1,690) | ||
Deferred income tax liabilities | (15,499) | (14,570) | ||
Subsidiary equity obligations | (3,622) | (4,091) | ||
Net Assets Before Common Equity in Managed Investments | 259,630 | 251,964 | ||
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Managed Investments | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Managed Investments | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 33,732 | 33,839 | ||
Managed Investments | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 0 | 0 | ||
Non-controlling interest - preferred equity | 86,574 | |||
Managed Investments | Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 8,650 | 5,971 | ||
Elimination | ||||
Management Commentary Explanatory [Line Items] | ||||
Common Equity in Managed Investments | (33,732) | (33,839) | ||
Corporation's Capital | (33,732) | (33,839) | ||
Accounts receivable and other | (2,105) | (162) | ||
Accounts payable and other | 2,105 | (162) | ||
Elimination | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | $ (33,732) | $ (33,839) |
ORGANIZATION AND CAPITAL MANA_2
ORGANIZATION AND CAPITAL MANAGEMENT - Reconciliation of the Corporation's Capital (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Management Commentary Explanatory [Line Items] | ||||
Financial assets | $ 41,335 | $ 33,281 | ||
Other financial assets | 17,730 | 12,468 | ||
Accounts receivable and other | 18,928 | 18,469 | ||
Inventory | 10,360 | 10,272 | ||
Assets classified as held for sale | 5,917 | 3,502 | ||
Equity accounted investments | 41,327 | 40,698 | $ 33,647 | |
Investment properties | 96,782 | 96,686 | 84,309 | |
Property, plant and equipment | 100,009 | 89,264 | ||
Intangible assets | 24,658 | 27,710 | 18,762 | |
Goodwill | 14,714 | 14,550 | $ 8,815 | |
Deferred income tax assets | 3,338 | 3,572 | ||
Accounts payable and other | (50,682) | $ (50,682) | (43,077) | |
Liabilities associated with assets classified as held for sale | (2,359) | (1,690) | ||
Deferred income tax liabilities | (15,913) | (14,849) | ||
Subsidiary equity obligations | (3,699) | (4,132) | ||
Net Assets Before Common Equity in Managed Investments | 271,043 | 260,221 | ||
Corporation's Capital | 271,043 | 260,221 | ||
Financial liabilities | 193,217 | 184,231 | ||
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Equity | 122,642 | 116,846 | ||
Non-controlling interest - preferred equity | 230 | |||
Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 86,804 | 81,833 | ||
Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | ||
Non-controlling interest - preferred equity | 81,833 | |||
Preferred shares | Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 5,889 | 5,276 | ||
Common shares | Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 80,915 | 76,557 | ||
Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 31,693 | 30,868 | ||
Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 9,077 | 7,083 | ||
Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 9,933 | 6,778 | ||
The Corporation | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 3,809 | 2,722 | ||
Accounts receivable and other | 3,632 | 1,629 | ||
Inventory | 2 | 0 | ||
Assets classified as held for sale | 0 | 0 | ||
Equity accounted investments | 5,361 | 5,281 | ||
Investment properties | 17 | 0 | ||
Property, plant and equipment | 122 | 79 | ||
Intangible assets | 285 | 124 | ||
Goodwill | 368 | 328 | ||
Deferred income tax assets | 2,159 | 2,477 | ||
Accounts payable and other | (5,134) | (4,870) | ||
Liabilities associated with assets classified as held for sale | 0 | 0 | ||
Deferred income tax liabilities | (414) | (279) | ||
Subsidiary equity obligations | (77) | (41) | ||
Net Assets Before Common Equity in Managed Investments | 11,413 | 8,257 | ||
Common Equity in Managed Investments | 33,732 | 33,839 | ||
Corporation's Capital | 45,145 | 42,096 | ||
The Corporation | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | ||
Non-controlling interest - preferred equity | 230 | 0 | ||
The Corporation | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 31,693 | 30,868 | ||
The Corporation | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 9,077 | 7,083 | ||
The Corporation | Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 1,283 | 807 | ||
Managed Investments | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 13,921 | 9,746 | ||
Accounts receivable and other | 17,401 | 17,002 | ||
Inventory | 10,358 | 10,272 | ||
Assets classified as held for sale | 5,917 | 3,502 | ||
Equity accounted investments | 35,966 | 35,417 | ||
Investment properties | 96,765 | 96,686 | ||
Property, plant and equipment | 99,887 | 89,185 | ||
Intangible assets | 24,373 | 27,586 | ||
Goodwill | 14,346 | 14,222 | ||
Deferred income tax assets | 1,179 | 1,095 | ||
Accounts payable and other | (47,653) | (38,369) | ||
Liabilities associated with assets classified as held for sale | (2,359) | (1,690) | ||
Deferred income tax liabilities | (15,499) | (14,570) | ||
Subsidiary equity obligations | (3,622) | (4,091) | ||
Net Assets Before Common Equity in Managed Investments | 259,630 | 251,964 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 259,630 | 251,964 | ||
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Managed Investments | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 0 | 0 | ||
Non-controlling interest - preferred equity | 86,574 | |||
Managed Investments | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 33,732 | 33,839 | ||
Managed Investments | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Managed Investments | Cash And Cash Equivalents1 [Member] | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 8,650 | 5,971 | ||
Elimination | ||||
Management Commentary Explanatory [Line Items] | ||||
Accounts receivable and other | (2,105) | (162) | ||
Accounts payable and other | 2,105 | (162) | ||
Common Equity in Managed Investments | (33,732) | (33,839) | ||
Corporation's Capital | (33,732) | (33,839) | ||
Elimination | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | $ (33,732) | $ (33,839) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | ||
Assets | $ 343,696 | $ 323,969 |
Right-of-use assets | $ 3,300 | $ 2,600 |
Renewable Power | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Useful lives or depreciation rates, property, plant and equipment | 32 years | 32 years |
Investment property [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | $ 193 | $ 928 |
Property, plant and equipment [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | 6,700 | 5,400 |
Property, plant and equipment [member] | Infrastructure | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | 4,100 | 2,200 |
Property, plant and equipment [member] | Renewable Power | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | 393 | 1,100 |
Property, plant and equipment [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | 90,400 | 88,500 |
Brazil | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Assets | $ 20,675 | $ 24,354 |
Brazil | Renewable Power | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Weighted-average remaining duration, property, plant, and equipment | 32 years | 32 years |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Infrastructure | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 75 years |
Infrastructure | Transmission stations, towers and related fixtures [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 years |
Infrastructure | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 years |
Infrastructure | Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 years |
Infrastructure | Network Systems [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 65 years |
Infrastructure | Track | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 years |
Infrastructure | District energy systems [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 years |
Infrastructure | 4610 Pipe Lines (No Natural Gas) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 20 years |
Infrastructure | Gas storage assets [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 years |
Renewable Power | Dams [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 years |
Renewable Power | Penstocks [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 60 years |
Renewable Power | Powerhouses [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 years |
Renewable Power | Hydroelectric Generating Units [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 years |
Renewable Power | Wind Generating Units [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 30 years |
Renewable Power | Solar Generating units [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 35 years |
Renewable Power | Cogeneration Units [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 years |
Renewable Power | Other [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 60 years |
Real Estate | Buildings [member] | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 5 years |
Real Estate | Buildings [member] | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 years |
Real Estate | Land improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 15 years |
Real Estate | Furniture, Fixtures and Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 2 years |
Real Estate | Furniture, Fixtures and Equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 15 years |
Private Equity | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 years |
Private Equity | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 years |
Private Equity | Machinery And Equipment1 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 20 years |
Private Equity | Ships [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 35 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Other Than Goodwill (Details) (Details) - Private Equity | 12 Months Ended |
Dec. 31, 2020 | |
Water and sewage concession agreements [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 40 years |
Brand names [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years |
Computer software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 10 years |
Customer-related intangible assets [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 30 years |
Value of insurance contracts acquired [Domain] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 15 years |
Patents and Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 40 years |
Proprietary Technology | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years |
Product Development Costs | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 5 years |
Distribution networks [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 25 years |
Loyalty program [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 15 years |
SEGMENTED INFORMATION - Narrati
SEGMENTED INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of operating segments [line items] | ||
Revenue | $ 62,752 | $ 67,826 |
Interest expense | (7,213) | (7,227) |
Funds From Operations From Equity Accounted Investments | 3,091 | 2,641 |
Realized disposition gains in fair value changes or equity | 1,554 | 621 |
Realized disposition gains related to prior periods | 499 | 284 |
Realized disposition gains recorded directly in equity | $ 1,100 | 258 |
Number of operating business groups | 5 | |
Number of reportable segments | 7 | |
Realized Disposition Gain (Loss), in Fair Value Changes | $ (29) | 79 |
Asset management | ||
Disclosure of operating segments [line items] | ||
Revenue | 246 | 271 |
Funds From Operations From Equity Accounted Investments | 277 | 43 |
Private Equity | ||
Disclosure of operating segments [line items] | ||
Revenue | 37,161 | 43,099 |
Funds From Operations From Equity Accounted Investments | 600 | 320 |
Elimination of intersegment amounts | ||
Disclosure of operating segments [line items] | ||
Revenue | 3,930 | 2,823 |
Intersegment interest income and other revenues | 42 | 30 |
Interest expense | 8 | 53 |
Elimination of intersegment amounts | Asset management | ||
Disclosure of operating segments [line items] | ||
Revenue | 3,278 | 2,343 |
Elimination of intersegment amounts | Private Equity | ||
Disclosure of operating segments [line items] | ||
Revenue | 614 | 479 |
Revenue from construction contracts | $ 610 | $ 450 |
SEGMENTED INFORMATION - Financi
SEGMENTED INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Net income | $ 707 | $ 5,354 | |
Revenue | 62,752 | 67,826 | |
FFO from equity accounted investments | 3,091 | 2,641 | |
Interest expense | (7,213) | (7,227) | |
Current income taxes | (756) | (970) | |
Funds from operations | 5,180 | 4,189 | |
Equity | 122,642 | 116,846 | |
Equity accounted investments | 41,327 | 40,698 | $ 33,647 |
Additions to non-current assets1 | 26,872 | 62,658 | |
Deferred income taxes | 81 | (475) | |
Tax expense (income) | 837 | 495 | |
Realized disposition gains in fair value changes or equity | 1,554 | 621 | |
Non-controlling interests in FFO | (7,546) | (7,161) | |
Equity Accounted Fair Value Changes And Other Non Funds From Operations | 3,170 | 143 | |
Fair value changes | (1,423) | (831) | |
Depreciation and amortisation expense | 5,791 | 4,876 | |
Revenue of associate or joint venture | $ 25,237 | $ 18,182 | |
Oaktree [Member] | |||
Disclosure of operating segments [line items] | |||
Basis of Calculation | 100.00% | 100.00% | |
Oaktree [Member] | |||
Disclosure of operating segments [line items] | |||
Proportion of ownership interest in associate or joint venture | 62.00% | 61.00% | |
Revenue of associate or joint venture | $ 1,200 | $ 231 | |
Asset management | |||
Disclosure of operating segments [line items] | |||
Revenue | 246 | 271 | |
FFO from equity accounted investments | 277 | 43 | |
Current income taxes | 0 | 0 | |
Funds from operations | 1,776 | 1,597 | |
Equity accounted investments | 4,530 | 4,599 | |
Additions to non-current assets1 | 64 | 4,654 | |
Real Estate | |||
Disclosure of operating segments [line items] | |||
Revenue | 8,851 | 10,442 | |
FFO from equity accounted investments | 765 | 1,049 | |
Current income taxes | (82) | (165) | |
Funds from operations | 876 | 1,185 | |
Equity accounted investments | 21,024 | 22,314 | |
Additions to non-current assets1 | 10,117 | 17,915 | |
Renewable Power | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,085 | 3,959 | |
FFO from equity accounted investments | 116 | 74 | |
Current income taxes | (66) | (73) | |
Funds from operations | 1,044 | 333 | |
Equity accounted investments | 1,444 | 1,154 | |
Additions to non-current assets1 | 1,677 | 2,207 | |
Revenue of associate or joint venture | 737 | 431 | |
Infrastructure | |||
Disclosure of operating segments [line items] | |||
Revenue | 9,294 | 7,091 | |
FFO from equity accounted investments | 1,329 | 1,100 | |
Current income taxes | (247) | (255) | |
Funds from operations | 569 | 464 | |
Equity accounted investments | 10,530 | 8,972 | |
Additions to non-current assets1 | 11,200 | 17,352 | |
Private Equity | |||
Disclosure of operating segments [line items] | |||
Revenue | 37,161 | 43,099 | |
FFO from equity accounted investments | 600 | 320 | |
Current income taxes | (286) | (326) | |
Funds from operations | 935 | 844 | |
Equity accounted investments | 2,623 | 2,596 | |
Additions to non-current assets1 | 3,535 | 19,825 | |
Residential Development | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,243 | 2,456 | |
FFO from equity accounted investments | 21 | 41 | |
Current income taxes | (8) | (37) | |
Funds from operations | 66 | 125 | |
Equity accounted investments | 346 | 382 | |
Additions to non-current assets1 | 45 | 88 | |
Corporate Activities | |||
Disclosure of operating segments [line items] | |||
Revenue | 872 | 508 | |
FFO from equity accounted investments | (17) | 14 | |
Current income taxes | (67) | (114) | |
Funds from operations | (86) | (359) | |
Equity accounted investments | 830 | 681 | |
Additions to non-current assets1 | 234 | 617 | |
Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,930 | 2,823 | |
Interest expense | 8 | 53 | |
Elimination of intersegment amounts | Asset management | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,278 | 2,343 | |
Elimination of intersegment amounts | Real Estate | |||
Disclosure of operating segments [line items] | |||
Revenue | 32 | 33 | |
Elimination of intersegment amounts | Renewable Power | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 15 | |
Elimination of intersegment amounts | Infrastructure | |||
Disclosure of operating segments [line items] | |||
Revenue | 7 | 2 | |
Elimination of intersegment amounts | Private Equity | |||
Disclosure of operating segments [line items] | |||
Revenue | 614 | 479 | |
Elimination of intersegment amounts | Residential Development | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | |
Elimination of intersegment amounts | Corporate Activities | |||
Disclosure of operating segments [line items] | |||
Revenue | (1) | (49) | |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 66,682 | 70,649 | |
Interest expense | (7,216) | (7,280) | |
Operating segments | Asset management | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,524 | 2,614 | |
Interest expense | 0 | 0 | |
Operating segments | Real Estate | |||
Disclosure of operating segments [line items] | |||
Revenue | 8,883 | 10,475 | |
Interest expense | (3,117) | (3,469) | |
Operating segments | Renewable Power | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,085 | 3,974 | |
Interest expense | (885) | (923) | |
Operating segments | Infrastructure | |||
Disclosure of operating segments [line items] | |||
Revenue | 9,301 | 7,093 | |
Interest expense | (1,224) | (937) | |
Operating segments | Private Equity | |||
Disclosure of operating segments [line items] | |||
Revenue | 37,775 | 43,578 | |
Interest expense | (1,573) | (1,536) | |
Operating segments | Residential Development | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,243 | 2,456 | |
Interest expense | (29) | (66) | |
Operating segments | Corporate Activities | |||
Disclosure of operating segments [line items] | |||
Revenue | 871 | 459 | |
Interest expense | (388) | (349) | |
Common equity | Common shares | |||
Disclosure of operating segments [line items] | |||
Equity | 31,693 | 30,868 | |
Common equity | Common shares | Asset management | |||
Disclosure of operating segments [line items] | |||
Equity | 4,947 | 4,927 | |
Common equity | Common shares | Real Estate | |||
Disclosure of operating segments [line items] | |||
Equity | 19,331 | 18,781 | |
Common equity | Common shares | Renewable Power | |||
Disclosure of operating segments [line items] | |||
Equity | 5,154 | 5,320 | |
Common equity | Common shares | Infrastructure | |||
Disclosure of operating segments [line items] | |||
Equity | 2,552 | 2,792 | |
Common equity | Common shares | Private Equity | |||
Disclosure of operating segments [line items] | |||
Equity | 3,965 | 4,086 | |
Common equity | Common shares | Residential Development | |||
Disclosure of operating segments [line items] | |||
Equity | 2,730 | 2,859 | |
Common equity | Common shares | Corporate Activities | |||
Disclosure of operating segments [line items] | |||
Equity | $ (6,986) | $ (7,897) |
SEGMENTED INFORMATION - Reconci
SEGMENTED INFORMATION - Reconciliation of FFO to Equity Accounted Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | ||
Consolidated equity accounted income (loss) | $ (79) | |
Non-FFO items from equity accounted investments | 3,170 | $ 143 |
FFO from equity accounted investments | $ 3,091 | $ 2,641 |
SEGMENTED INFORMATION - Schedul
SEGMENTED INFORMATION - Schedule of components of income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | ||
Current income tax expense | $ (756) | $ (970) |
Deferred income tax (expense) recovery | (81) | 475 |
Income tax (expense) recovery | $ (837) | $ (495) |
SEGMENTED INFORMATION - Recon_2
SEGMENTED INFORMATION - Reconciliation of FFO to Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | ||
Net income | $ 707 | $ 5,354 |
Realized disposition gains in fair value changes or equity | 1,554 | 621 |
Non-controlling interests in FFO | (7,546) | (7,161) |
Financial statement components not included in FFO | ||
Equity Accounted Fair Value Changes And Other Non Funds From Operations | 3,170 | 143 |
Fair value changes | 1,423 | 831 |
Depreciation and amortization | 5,791 | 4,876 |
Deferred income taxes | 81 | (475) |
Total FFO | $ 5,180 | $ 4,189 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 62,752 | $ 67,826 |
UNITED STATES | ||
Disclosure of geographical areas [line items] | ||
Revenue | 18,048 | 16,584 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue | 5,906 | 6,202 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Revenue | 16,032 | 21,847 |
Other Europe | ||
Disclosure of geographical areas [line items] | ||
Revenue | 6,191 | 6,285 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 5,528 | 5,522 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Revenue | 3,323 | 4,099 |
INDIA | ||
Disclosure of geographical areas [line items] | ||
Revenue | 1,284 | 803 |
Other Asia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,388 | 1,599 |
Colombia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 1,762 | 2,095 |
Other | ||
Disclosure of geographical areas [line items] | ||
Revenue | $ 2,290 | $ 2,790 |
SEGMENTED INFORMATION - Asset A
SEGMENTED INFORMATION - Asset Allocation (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of products and services [line items] | ||
Assets | $ 343,696 | $ 323,969 |
UNITED STATES | ||
Disclosure of products and services [line items] | ||
Assets | 159,684 | 149,687 |
Canada | ||
Disclosure of products and services [line items] | ||
Assets | 36,403 | 35,840 |
United Kingdom | ||
Disclosure of products and services [line items] | ||
Assets | 31,598 | 30,184 |
Brazil | ||
Disclosure of products and services [line items] | ||
Assets | 20,675 | 24,354 |
Other Europe | ||
Disclosure of products and services [line items] | ||
Assets | 22,267 | 19,404 |
Australia | ||
Disclosure of products and services [line items] | ||
Assets | 22,000 | 22,971 |
INDIA | ||
Disclosure of products and services [line items] | ||
Assets | 21,438 | 9,089 |
Other Asia | ||
Disclosure of products and services [line items] | ||
Assets | 9,343 | 8,379 |
Colombia | ||
Disclosure of products and services [line items] | ||
Assets | 10,919 | 10,819 |
Other | ||
Disclosure of products and services [line items] | ||
Assets | $ 9,369 | $ 13,242 |
SUBSIDIARIES - Schedule Of Non-
SUBSIDIARIES - Schedule Of Non-Controlling Interests In Subsidiaries With Significant Non-Controlling Interests (Details) | Jan. 04, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of subsidiaries [line items] | |||
Ownership Interest Held by Non-Controlling Interest | 100.00% | 38.30% | 44.80% |
Brookfield Renewable Partners L.P. (“BEP”)3 | |||
Disclosure of subsidiaries [line items] | |||
Ownership Interest Held by Non-Controlling Interest | 49.30% | 39.50% | |
Brookfield Infrastructure Partners L.P. (“BIP”)4 | |||
Disclosure of subsidiaries [line items] | |||
Ownership Interest Held by Non-Controlling Interest | 71.50% | 70.40% | |
Brookfield Business Partners L.P. (“BBU”) | |||
Disclosure of subsidiaries [line items] | |||
Ownership Interest Held by Non-Controlling Interest | 36.50% | 37.30% |
SUBSIDIARIES - Narrative (Detai
SUBSIDIARIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about business combination [table] | ||
Revenue of acquired entities since acquisition date | $ 621 | $ 7,600 |
Profit (loss) of acquired entities since acquisition date | 10 | 635 |
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | 14,700 |
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 25 | $ 189 |
SUBSIDIARIES - Schedule of Comp
SUBSIDIARIES - Schedule of Composition Of Accumulated Non-Controlling Interest (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of subsidiaries [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Equity | 122,642 | 116,846 |
BPY | ||
Disclosure of subsidiaries [line items] | ||
Equity | 25,986 | 29,165 |
Equity | 25,986 | 29,165 |
BEP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 17,194 | 13,321 |
Equity | 17,194 | 13,321 |
BIP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 19,753 | 20,036 |
Equity | 19,753 | 20,036 |
BBU | ||
Disclosure of subsidiaries [line items] | ||
Equity | 9,162 | 8,664 |
Equity | 9,162 | 8,664 |
Non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Equity | 86,804 | 81,833 |
Equity | 86,804 | 81,833 |
Non-controlling interests | BPY | ||
Disclosure of subsidiaries [line items] | ||
Equity | 25,986 | 29,165 |
Equity | 25,986 | 29,165 |
Non-controlling interests | BEP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 17,194 | 13,321 |
Equity | 17,194 | 13,321 |
Non-controlling interests | BIP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 19,753 | 20,036 |
Equity | 19,753 | 20,036 |
Non-controlling interests | BBU | ||
Disclosure of subsidiaries [line items] | ||
Equity | 9,162 | 8,664 |
Equity | 9,162 | 8,664 |
Non-controlling interests | Individually immaterial subsidiaries with non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Equity | 14,709 | 10,647 |
Equity | $ 14,709 | $ 10,647 |
SUBSIDIARIES - Schedule Of Summ
SUBSIDIARIES - Schedule Of Summarized Financial Information Before Intra-Group Eliminations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | $ (122,642) | $ (116,846) |
Revenue | 62,752 | 67,826 |
Net income (loss) attributable to: | ||
Non-controlling interests | 841 | 2,547 |
Shareholders | (134) | 2,807 |
Net income | 707 | 5,354 |
Other comprehensive income (loss) attributable to: | ||
Shareholders | 818 | 524 |
Other comprehensive income | 2,313 | 2,712 |
Equity | 122,642 | 116,846 |
BPY | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 5,009 | 3,289 |
Non-current assets | 102,942 | 108,354 |
Current liabilities | (18,220) | (12,466) |
Non-current liabilities | (48,208) | (54,242) |
Non-controlling interests | (25,986) | (29,165) |
Revenue | 6,593 | 8,203 |
Net income (loss) attributable to: | ||
Non-controlling interests | (673) | 2,091 |
Shareholders | (1,385) | 1,066 |
Net income | (2,058) | 3,157 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 153 | 234 |
Shareholders | 261 | 89 |
Other comprehensive income | 414 | 323 |
Equity | 25,986 | 29,165 |
BEP | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 1,742 | 1,474 |
Non-current assets | 47,980 | 34,217 |
Current liabilities | (2,876) | (1,678) |
Non-current liabilities | (25,079) | (15,882) |
Non-controlling interests | (17,194) | (13,321) |
Revenue | 3,810 | 2,980 |
Net income (loss) attributable to: | ||
Non-controlling interests | 162 | 348 |
Shareholders | (207) | (75) |
Net income | (45) | 273 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 1,621 | 1,179 |
Shareholders | 653 | 546 |
Other comprehensive income | 2,274 | 1,725 |
Equity | 17,194 | 13,321 |
BIP | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 3,711 | 5,841 |
Non-current assets | 57,620 | 50,467 |
Current liabilities | (5,524) | (5,439) |
Non-current liabilities | (34,134) | (28,692) |
Non-controlling interests | (19,753) | (20,036) |
Revenue | 8,885 | 6,597 |
Net income (loss) attributable to: | ||
Non-controlling interests | 863 | 636 |
Shareholders | 41 | 14 |
Net income | 904 | 650 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | (82) | 486 |
Shareholders | 20 | 104 |
Other comprehensive income | (62) | 590 |
Equity | 19,753 | 20,036 |
BBU | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 14,493 | 12,795 |
Non-current assets | 40,253 | 38,956 |
Current liabilities | (12,133) | (11,024) |
Non-current liabilities | (31,276) | (29,674) |
Non-controlling interests | (9,162) | (8,664) |
Revenue | 37,635 | 43,032 |
Net income (loss) attributable to: | ||
Non-controlling interests | 686 | 353 |
Shareholders | (106) | 81 |
Net income | 580 | 434 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 25 | (159) |
Shareholders | 47 | (39) |
Other comprehensive income | 72 | (198) |
Equity | 9,162 | 8,664 |
Non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (86,804) | (81,833) |
Net income (loss) attributable to: | ||
Non-controlling interests | 841 | 2,547 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 1,495 | 2,188 |
Equity | 86,804 | 81,833 |
Non-controlling interests | BPY | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (25,986) | (29,165) |
Other comprehensive income (loss) attributable to: | ||
Equity | 25,986 | 29,165 |
Non-controlling interests | BEP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (17,194) | (13,321) |
Other comprehensive income (loss) attributable to: | ||
Equity | 17,194 | 13,321 |
Non-controlling interests | BIP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (19,753) | (20,036) |
Other comprehensive income (loss) attributable to: | ||
Equity | 19,753 | 20,036 |
Non-controlling interests | BBU | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (9,162) | (8,664) |
Other comprehensive income (loss) attributable to: | ||
Equity | 9,162 | 8,664 |
Equity attributable to Brookfield | BPY | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (15,537) | (15,770) |
Other comprehensive income (loss) attributable to: | ||
Equity | 15,537 | 15,770 |
Equity attributable to Brookfield | BEP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (4,573) | (4,810) |
Other comprehensive income (loss) attributable to: | ||
Equity | 4,573 | 4,810 |
Equity attributable to Brookfield | BIP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (1,920) | (2,141) |
Other comprehensive income (loss) attributable to: | ||
Equity | 1,920 | 2,141 |
Equity attributable to Brookfield | BBU | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (2,175) | (2,389) |
Other comprehensive income (loss) attributable to: | ||
Equity | $ 2,175 | $ 2,389 |
SUBSIDIARIES - Schedule Of Cash
SUBSIDIARIES - Schedule Of Cash Flow With Material Non-Controlling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from (used in): | ||
Operating activities | $ 8,341 | $ 6,328 |
Financing activities | 8,698 | 28,746 |
Investing activities | (13,873) | (36,674) |
Operating activities | 8,341 | 6,328 |
Financing activities | 8,698 | 28,746 |
Investing activities | (13,873) | (36,674) |
Revenue of acquired entities since acquisition date | 621 | 7,600 |
BPY | ||
Cash flows from (used in): | ||
Operating activities | 1,332 | 624 |
Financing activities | (215) | (892) |
Investing activities | (99) | (1,611) |
Distributions paid to non-controlling interests in common equity | 528 | 576 |
Operating activities | 1,332 | 624 |
Financing activities | (215) | (892) |
Investing activities | (99) | (1,611) |
Dividends paid to non-controlling interests | 528 | 576 |
BEP | ||
Cash flows from (used in): | ||
Operating activities | 1,296 | 1,212 |
Financing activities | (792) | (1,010) |
Investing activities | (426) | (251) |
Distributions paid to non-controlling interests in common equity | 323 | 254 |
Operating activities | 1,296 | 1,212 |
Financing activities | (792) | (1,010) |
Investing activities | (426) | (251) |
Dividends paid to non-controlling interests | 323 | 254 |
BIP | ||
Cash flows from (used in): | ||
Operating activities | 2,530 | 2,143 |
Financing activities | 2,126 | 9,542 |
Investing activities | (4,609) | (11,372) |
Distributions paid to non-controlling interests in common equity | 642 | 628 |
Operating activities | 2,530 | 2,143 |
Financing activities | 2,126 | 9,542 |
Investing activities | (4,609) | (11,372) |
Dividends paid to non-controlling interests | 642 | 628 |
BBU | ||
Cash flows from (used in): | ||
Operating activities | 4,205 | 2,163 |
Financing activities | (1,077) | 15,925 |
Investing activities | (2,334) | (17,939) |
Distributions paid to non-controlling interests in common equity | 13 | 13 |
Operating activities | 4,205 | 2,163 |
Financing activities | (1,077) | 15,925 |
Investing activities | (2,334) | (17,939) |
Dividends paid to non-controlling interests | $ 13 | $ 13 |
ACQUISITIONS OF CONSOLIDATED _3
ACQUISITIONS OF CONSOLIDATED ENTITIES - Schedule of Balance Sheet Impact On Business Combinations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Equity accounted investments | $ 895 | ||
Investment properties | $ 0 | 3,669 | |
Less: | |||
Goodwill | 14,714 | 14,550 | $ 8,815 |
Financial assets pledged as collateral for liabilities or contingent liabilities | 9,700 | 7,000 | |
Accounts payable and other | |||
Less: | |||
Financial instruments designated as hedging instruments, at fair value | $ 2,400 | 1,300 | |
Accounts receivable and other | |||
Less: | |||
Description of financial instruments designated as hedging instruments | 888 million | ||
Financial instruments designated as hedging instruments, at fair value | 950 | ||
Private Equity | |||
Less: | |||
Goodwill | $ 5,244 | 5,218 | |
Infrastructure | |||
Less: | |||
Goodwill | 6,634 | 6,553 | |
Renewable Power | |||
Less: | |||
Goodwill | 970 | 977 | |
Real Estate | |||
Less: | |||
Goodwill | 1,404 | 1,357 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 143 | 475 | |
Accounts receivable and other | 1,925 | 7,483 | |
Inventory | 67 | 2,363 | |
Property, plant and equipment | 8,079 | 17,453 | |
Deferred income tax assets | 46 | 409 | |
Total assets | 11,030 | 50,789 | |
Less: | |||
Accounts payable and other | (2,800) | (9,945) | |
Non-recourse borrowings | (3,842) | (3,920) | |
Deferred income tax liabilities | (34) | (2,426) | |
Non-controlling interests | (274) | (2,665) | |
Total liabilities | (6,950) | (18,956) | |
Net assets acquired | 4,080 | 31,833 | |
Consideration | 4,080 | 31,829 | |
Cash and cash equivalents recognised as of acquisition date | 143 | 475 | |
Assets classified as held for sale | 1,584 | ||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 11,030 | 50,789 | |
Trade and other payables recognised as of acquisition date | 2,800 | 9,945 | |
Borrowings recognised as of acquisition date | 3,842 | 3,920 | |
Deferred tax liabilities recognised as of acquisition date | 34 | 2,426 | |
Non-controlling interest in acquiree recognised at acquisition date | 274 | 2,665 | |
Liabilities Recognized as of Acquisition Date | 6,950 | 18,956 | |
Identifiable assets acquired (liabilities assumed) | 4,080 | 31,833 | |
Consideration transferred, acquisition-date fair value | 4,080 | 31,829 | |
Total | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 105 | 344 | |
Accounts receivable and other | 1,441 | 6,706 | |
Inventory | 12 | 2,230 | |
Equity accounted investments | 847 | ||
Investment properties | 0 | ||
Property, plant and equipment | 84 | 6,650 | |
Intangible assets | 27 | 7,057 | |
Deferred income tax assets | 31 | 363 | |
Total assets | 1,763 | 27,676 | |
Less: | |||
Accounts payable and other | (55) | (5,025) | |
Non-recourse borrowings | (1,016) | (1,084) | |
Deferred income tax liabilities | 0 | (1,142) | |
Non-controlling interests | (227) | (1,749) | |
Total liabilities | (1,298) | (9,000) | |
Net assets acquired | 465 | 18,676 | |
Consideration | 465 | 18,672 | |
Goodwill | 63 | 3,479 | |
Cash and cash equivalents recognised as of acquisition date | 105 | 344 | |
Assets classified as held for sale | 0 | ||
Identifiable intangible assets recognised as of acquisition date | 27 | 7,057 | |
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,763 | 27,676 | |
Trade and other payables recognised as of acquisition date | 55 | 5,025 | |
Borrowings recognised as of acquisition date | 1,016 | 1,084 | |
Deferred tax liabilities recognised as of acquisition date | 0 | 1,142 | |
Non-controlling interest in acquiree recognised at acquisition date | 227 | 1,749 | |
Liabilities Recognized as of Acquisition Date | 1,298 | 9,000 | |
Identifiable assets acquired (liabilities assumed) | 465 | 18,676 | |
Consideration transferred, acquisition-date fair value | 465 | 18,672 | |
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 0 | 94 | |
Accounts receivable and other | 408 | 553 | |
Inventory | 0 | 74 | |
Equity accounted investments | 48 | ||
Investment properties | 211 | ||
Property, plant and equipment | 7,334 | 8,710 | |
Intangible assets | 532 | 3,248 | |
Deferred income tax assets | 0 | 46 | |
Total assets | 8,301 | 17,212 | |
Less: | |||
Accounts payable and other | (2,518) | (2,425) | |
Non-recourse borrowings | (2,356) | (1,980) | |
Deferred income tax liabilities | (22) | (1,248) | |
Non-controlling interests | 0 | (828) | |
Total liabilities | (4,896) | (6,481) | |
Net assets acquired | 3,405 | 10,731 | |
Consideration | 3,405 | 10,731 | |
Goodwill | 27 | 2,644 | |
Cash and cash equivalents recognised as of acquisition date | 0 | 94 | |
Assets classified as held for sale | 1,584 | ||
Identifiable intangible assets recognised as of acquisition date | 532 | 3,248 | |
Identifiable Assets Acquired Recognised As Of Acquisition Date | 8,301 | 17,212 | |
Trade and other payables recognised as of acquisition date | 2,518 | 2,425 | |
Borrowings recognised as of acquisition date | 2,356 | 1,980 | |
Deferred tax liabilities recognised as of acquisition date | 22 | 1,248 | |
Non-controlling interest in acquiree recognised at acquisition date | 0 | 828 | |
Liabilities Recognized as of Acquisition Date | 4,896 | 6,481 | |
Identifiable assets acquired (liabilities assumed) | 3,405 | 10,731 | |
Consideration transferred, acquisition-date fair value | 3,405 | 10,731 | |
Total | Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 31 | ||
Accounts receivable and other | 114 | ||
Inventory | 46 | ||
Equity accounted investments | 0 | ||
Investment properties | 3,458 | ||
Property, plant and equipment | 785 | ||
Intangible assets | 28 | ||
Deferred income tax assets | 0 | ||
Total assets | 4,464 | ||
Less: | |||
Accounts payable and other | (2,394) | ||
Non-recourse borrowings | (537) | ||
Deferred income tax liabilities | 0 | ||
Non-controlling interests | (88) | ||
Total liabilities | (3,019) | ||
Net assets acquired | 1,445 | ||
Consideration | 1,445 | ||
Goodwill | 2 | ||
Cash and cash equivalents recognised as of acquisition date | 31 | ||
Assets classified as held for sale | 0 | ||
Identifiable intangible assets recognised as of acquisition date | 28 | ||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 4,464 | ||
Trade and other payables recognised as of acquisition date | 2,394 | ||
Borrowings recognised as of acquisition date | 537 | ||
Deferred tax liabilities recognised as of acquisition date | 0 | ||
Non-controlling interest in acquiree recognised at acquisition date | 88 | ||
Liabilities Recognized as of Acquisition Date | 3,019 | ||
Identifiable assets acquired (liabilities assumed) | 1,445 | ||
Consideration transferred, acquisition-date fair value | 1,445 | ||
Total | Renewable Power and Other | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 38 | 6 | |
Accounts receivable and other | 76 | 110 | |
Inventory | 55 | 13 | |
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 661 | 1,308 | |
Intangible assets | 66 | 0 | |
Deferred income tax assets | 15 | 0 | |
Total assets | 966 | 1,437 | |
Less: | |||
Accounts payable and other | (227) | (101) | |
Non-recourse borrowings | (470) | (319) | |
Deferred income tax liabilities | (12) | (36) | |
Non-controlling interests | (47) | 0 | |
Total liabilities | (756) | (456) | |
Net assets acquired | 210 | 981 | |
Consideration | 210 | 981 | |
Goodwill | 55 | 0 | |
Cash and cash equivalents recognised as of acquisition date | 38 | 6 | |
Assets classified as held for sale | 0 | ||
Identifiable intangible assets recognised as of acquisition date | 66 | 0 | |
Identifiable Assets Acquired Recognised As Of Acquisition Date | 966 | 1,437 | |
Trade and other payables recognised as of acquisition date | 227 | 101 | |
Borrowings recognised as of acquisition date | 470 | 319 | |
Deferred tax liabilities recognised as of acquisition date | 12 | 36 | |
Non-controlling interest in acquiree recognised at acquisition date | 47 | 0 | |
Liabilities Recognized as of Acquisition Date | 756 | 456 | |
Identifiable assets acquired (liabilities assumed) | 210 | 981 | |
Consideration transferred, acquisition-date fair value | 210 | 981 | |
Costs | |||
Disclosure of detailed information about business combination [line items] | |||
Intangible assets | 625 | 10,333 | |
Less: | |||
Goodwill | 15,539 | 15,412 | $ 9,198 |
Identifiable intangible assets recognised as of acquisition date | $ 625 | 10,333 | |
Costs | Total | |||
Less: | |||
Goodwill | $ 6,125 |
ACQUISITIONS OF CONSOLIDATED _4
ACQUISITIONS OF CONSOLIDATED ENTITIES - Narrative (Details) - USD ($) $ in Millions | Dec. 30, 2019 | Dec. 12, 2019 | Nov. 29, 2019 | Sep. 26, 2019 | Jun. 06, 2019 | Apr. 30, 2019 | Mar. 22, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | |||||||||||
Revenue of acquired entities since acquisition date | $ 621 | $ 7,600 | |||||||||
Profit (loss) of acquired entities since acquisition date | 10 | 635 | |||||||||
Goodwill | 14,714 | 14,550 | $ 8,815 | ||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | 14,700 | |||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (25) | (189) | |||||||||
Equity accounted investments | 895 | ||||||||||
Investment properties | 0 | 3,669 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 25 | 189 | |||||||||
Cash flow hedges | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Gains (losses) on cash flow hedges, before tax | (479) | (89) | |||||||||
Business combinations [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 143 | 475 | |||||||||
Total consideration | 4,080 | 31,829 | |||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 11,030 | 50,789 | |||||||||
Property, plant and equipment | 8,079 | 17,453 | |||||||||
Deferred tax liabilities recognised as of acquisition date | 34 | 2,426 | |||||||||
Liabilities Recognized as of Acquisition Date | 6,950 | 18,956 | |||||||||
Borrowings recognised as of acquisition date | 3,842 | 3,920 | |||||||||
Accounts receivable and other | 1,925 | 7,483 | |||||||||
Inventory | 67 | 2,363 | |||||||||
Deferred income tax assets | 46 | 409 | |||||||||
Accounts payable and other | (2,800) | (9,945) | |||||||||
Non-controlling interests | (274) | (2,665) | |||||||||
Identifiable assets acquired (liabilities assumed) | 4,080 | 31,833 | |||||||||
Consideration transferred, acquisition-date fair value | 4,080 | 31,829 | |||||||||
Real Estate | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 1,404 | 1,357 | |||||||||
Real Estate | Business combinations [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 31 | ||||||||||
Total consideration | 1,445 | ||||||||||
Goodwill | 2 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 4,464 | ||||||||||
Property, plant and equipment | 785 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 3,019 | ||||||||||
Borrowings recognised as of acquisition date | 537 | ||||||||||
Accounts receivable and other | 114 | ||||||||||
Inventory | 46 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 3,458 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 28 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (2,394) | ||||||||||
Non-controlling interests | (88) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,445 | ||||||||||
Consideration transferred, acquisition-date fair value | 1,445 | ||||||||||
Real Estate | GGP Inc. (“GGP”) | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 27 | ||||||||||
Total consideration | $ 724 | 724 | |||||||||
Goodwill | 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 174 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (4) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 3,717 | ||||||||||
Property, plant and equipment | 95 | ||||||||||
Cash consideration | $ 658 | ||||||||||
Percentage of interests acquired | 84.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 2,993 | ||||||||||
Borrowings recognised as of acquisition date | 537 | ||||||||||
Accounts receivable and other | 92 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 3,458 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 2 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (2,368) | ||||||||||
Non-controlling interests | (88) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 724 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 724 | 724 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 4 | ||||||||||
Infrastructure | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 6,634 | 6,553 | |||||||||
Infrastructure | Business combinations [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 0 | 94 | |||||||||
Total consideration | 3,405 | 10,731 | |||||||||
Goodwill | 27 | 2,644 | |||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 8,301 | 17,212 | |||||||||
Property, plant and equipment | 7,334 | 8,710 | |||||||||
Deferred tax liabilities recognised as of acquisition date | 22 | 1,248 | |||||||||
Liabilities Recognized as of Acquisition Date | 4,896 | 6,481 | |||||||||
Borrowings recognised as of acquisition date | 2,356 | 1,980 | |||||||||
Accounts receivable and other | 408 | 553 | |||||||||
Inventory | 0 | 74 | |||||||||
Equity accounted investments | 48 | ||||||||||
Investment properties | 211 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 532 | 3,248 | |||||||||
Deferred income tax assets | 0 | 46 | |||||||||
Accounts payable and other | (2,518) | (2,425) | |||||||||
Non-controlling interests | 0 | (828) | |||||||||
Identifiable assets acquired (liabilities assumed) | 3,405 | 10,731 | |||||||||
Consideration transferred, acquisition-date fair value | 3,405 | 10,731 | |||||||||
Infrastructure | East-West Pipeline Limited (EWPL) | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 0 | ||||||||||
Total consideration | $ 1,900 | 1,879 | |||||||||
Goodwill | 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 359 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (65) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 2,523 | ||||||||||
Property, plant and equipment | 2,134 | ||||||||||
Cash consideration | $ 5,400 | $ 959 | |||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 644 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Accounts receivable and other | 66 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 28 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 295 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (66) | ||||||||||
Non-controlling interests | (578) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,879 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 1,900 | 1,879 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 65 | ||||||||||
Infrastructure | Genesee and Wyoming [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 67 | ||||||||||
Total consideration | 6,500 | 6,526 | |||||||||
Goodwill | 2,000 | 2,042 | |||||||||
Goodwill expected to be deductible for tax purposes | 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 2,300 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | $ (235) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 11,525 | ||||||||||
Property, plant and equipment | 5,283 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 1,111 | ||||||||||
Liabilities Recognized as of Acquisition Date | 4,999 | ||||||||||
Borrowings recognised as of acquisition date | 1,567 | ||||||||||
Accounts receivable and other | 461 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 1,584 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 48 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 1,992 | ||||||||||
Deferred income tax assets | 5 | ||||||||||
Accounts payable and other | (2,071) | ||||||||||
Non-controlling interests | (250) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 6,526 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 6,500 | 6,526 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 235 | ||||||||||
Infrastructure | North River [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 2 | ||||||||||
Total consideration | 1,318 | ||||||||||
Goodwill | 218 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 271 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (121) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,536 | ||||||||||
Property, plant and equipment | 1,198 | ||||||||||
Cash consideration | $ 861 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | $ 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 218 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Accounts receivable and other | 0 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 3 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 74 | ||||||||||
Deferred income tax assets | 41 | ||||||||||
Accounts payable and other | (218) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,318 | ||||||||||
Consideration transferred, acquisition-date fair value | 1,318 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 121 | ||||||||||
Infrastructure | Summit Digitel | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 0 | ||||||||||
Total consideration | 3,405 | $ 3,400 | |||||||||
Goodwill | 27 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,100 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (9) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 8,301 | ||||||||||
Property, plant and equipment | 7,334 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 22 | ||||||||||
Liabilities Recognized as of Acquisition Date | 4,896 | ||||||||||
Borrowings recognised as of acquisition date | 2,356 | ||||||||||
Accounts receivable and other | 408 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 532 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (2,518) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 3,405 | ||||||||||
Consideration transferred, acquisition-date fair value | 3,405 | $ 3,400 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 9 | ||||||||||
Renewable Power | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 970 | 977 | |||||||||
Renewable Power | Arcadia [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 3 | ||||||||||
Total consideration | $ 735 | 735 | |||||||||
Goodwill | 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 67 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | $ (22) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 800 | ||||||||||
Property, plant and equipment | 759 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 65 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Accounts receivable and other | 31 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 7 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (65) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 735 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 735 | 735 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 22 | ||||||||||
Private Equity | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 5,244 | 5,218 | |||||||||
Private Equity | Business combinations [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 105 | 344 | |||||||||
Total consideration | 465 | 18,672 | |||||||||
Goodwill | 63 | 3,479 | |||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,763 | 27,676 | |||||||||
Property, plant and equipment | 84 | 6,650 | |||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | 1,142 | |||||||||
Liabilities Recognized as of Acquisition Date | 1,298 | 9,000 | |||||||||
Borrowings recognised as of acquisition date | 1,016 | 1,084 | |||||||||
Accounts receivable and other | 1,441 | 6,706 | |||||||||
Inventory | 12 | 2,230 | |||||||||
Equity accounted investments | 847 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 27 | 7,057 | |||||||||
Deferred income tax assets | 31 | 363 | |||||||||
Accounts payable and other | (55) | (5,025) | |||||||||
Non-controlling interests | (227) | (1,749) | |||||||||
Identifiable assets acquired (liabilities assumed) | 465 | 18,676 | |||||||||
Consideration transferred, acquisition-date fair value | 465 | 18,672 | |||||||||
Private Equity | Healthscope | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 25 | ||||||||||
Total consideration | $ 4,100 | 4,055 | |||||||||
Goodwill | 1,548 | ||||||||||
Goodwill recognised as of acquisition date | 1,500 | ||||||||||
Goodwill expected to be deductible for tax purposes | $ 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (81) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 4,825 | ||||||||||
Property, plant and equipment | 2,590 | ||||||||||
Cash consideration | 1,200 | ||||||||||
Consideration transferred, acquisition-date asset level debt | $ 2,900 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 79 | ||||||||||
Liabilities Recognized as of Acquisition Date | 770 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Accounts receivable and other | 196 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 41 | ||||||||||
Equity accounted investments | 9 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 280 | ||||||||||
Deferred income tax assets | 136 | ||||||||||
Accounts payable and other | (691) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 4,055 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 4,100 | 4,055 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 81 | ||||||||||
Private Equity | Genworth [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 253 | ||||||||||
Total consideration | $ 1,700 | 1,674 | |||||||||
Goodwill | 0 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 677 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (321) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 5,302 | ||||||||||
Property, plant and equipment | 10 | ||||||||||
Gain recognised in bargain purchase transaction | $ 4 | ||||||||||
Percentage of interests acquired | 57.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 49 | ||||||||||
Liabilities Recognized as of Acquisition Date | 3,624 | ||||||||||
Borrowings recognised as of acquisition date | 342 | ||||||||||
Accounts receivable and other | 4,796 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 0 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 243 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Accounts payable and other | (1,954) | ||||||||||
Non-controlling interests | (1,279) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,678 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 1,700 | 1,674 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 321 | ||||||||||
Private Equity | Clarios | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 11 | ||||||||||
Total consideration | $ 12,800 | 12,770 | |||||||||
Goodwill | 1,894 | ||||||||||
Goodwill recognised as of acquisition date | 1,900 | ||||||||||
Goodwill expected to be deductible for tax purposes | 20 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 8,300 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (74) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 16,204 | ||||||||||
Property, plant and equipment | 3,582 | ||||||||||
Cash consideration | 2,900 | ||||||||||
Consideration transferred, acquisition-date asset level debt | $ 9,900 | ||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 967 | ||||||||||
Liabilities Recognized as of Acquisition Date | 3,434 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Accounts receivable and other | 1,503 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 1,775 | ||||||||||
Equity accounted investments | 838 | ||||||||||
Investment properties | 0 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 6,420 | ||||||||||
Deferred income tax assets | 181 | ||||||||||
Accounts payable and other | (1,998) | ||||||||||
Non-controlling interests | (469) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 12,770 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 12,800 | 12,770 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 74 | ||||||||||
Private Equity | IndoStar | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Cash and cash equivalents recognised as of acquisition date | 78 | ||||||||||
Total consideration | 295 | ||||||||||
Goodwill | 21 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 175 | ||||||||||
Net income (loss) of combined entity as if combination occurred at beginning of period | (37) | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,547 | ||||||||||
Property, plant and equipment | 9 | ||||||||||
Cash consideration | $ 19 | ||||||||||
Percentage of interests acquired | 57.00% | ||||||||||
Deferred tax liabilities recognised as of acquisition date | $ 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 1,252 | ||||||||||
Borrowings recognised as of acquisition date | 1,003 | ||||||||||
Accounts receivable and other | 1,391 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 20 | ||||||||||
Deferred income tax assets | 28 | ||||||||||
Accounts payable and other | (30) | ||||||||||
Non-controlling interests | (219) | ||||||||||
Identifiable assets acquired (liabilities assumed) | 295 | ||||||||||
Consideration transferred, acquisition-date fair value | 295 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 37 | ||||||||||
Equity interests of acquirer | $ 276 |
ACQUISITIONS OF CONSOLIDATED _5
ACQUISITIONS OF CONSOLIDATED ENTITIES - Schedule of Balance Sheet Impact on Significant Business Combinations (Details) - USD ($) $ in Millions | Dec. 30, 2019 | Dec. 12, 2019 | Nov. 29, 2019 | Sep. 26, 2019 | Jun. 06, 2019 | Apr. 30, 2019 | Mar. 22, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | |||||||||||
Revenue of acquired entities since acquisition date | $ 621 | $ 7,600 | |||||||||
Equity accounted investments | 895 | ||||||||||
Investment properties | 0 | 3,669 | |||||||||
Goodwill | 14,714 | 14,550 | $ 8,815 | ||||||||
Less: | |||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | 14,700 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 25 | 189 | |||||||||
Profit (loss) of acquired entities since acquisition date | 10 | 635 | |||||||||
Equity accounted investments | 895 | ||||||||||
Investment properties | 0 | 3,669 | |||||||||
Accounts payable and other | |||||||||||
Less: | |||||||||||
Gross amounts of financial instruments before netting | 4,379 | 2,853 | |||||||||
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (351) | (366) | |||||||||
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 4,028 | 2,487 | |||||||||
Accounts receivable and other | |||||||||||
Less: | |||||||||||
Gross amounts of financial instruments before netting | 2,195 | 2,380 | |||||||||
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (429) | (423) | |||||||||
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 1,766 | 1,957 | |||||||||
Renewable Power | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 970 | 977 | |||||||||
Renewable Power | Saeta Yield [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 3 | ||||||||||
Cash and cash equivalents | 3 | ||||||||||
Accounts receivable and other | 31 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 7 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 759 | ||||||||||
Intangible assets | 0 | ||||||||||
Goodwill | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Total assets | 800 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (65) | ||||||||||
Non-recourse borrowings | 0 | ||||||||||
Deferred income tax liabilities | 0 | ||||||||||
Non-controlling interests | 0 | ||||||||||
Total liabilities | (65) | ||||||||||
Net assets acquired | 735 | ||||||||||
Consideration | $ 735 | 735 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 67 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 22 | ||||||||||
Inventory | 7 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 759 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 800 | ||||||||||
Trade and other payables recognised as of acquisition date | 65 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 65 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 735 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 735 | 735 | |||||||||
Private Equity | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 5,244 | 5,218 | |||||||||
Private Equity | Westinghouse [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 11 | ||||||||||
Cash and cash equivalents | 11 | ||||||||||
Accounts receivable and other | 1,503 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 1,775 | ||||||||||
Equity accounted investments | 838 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 3,582 | ||||||||||
Intangible assets | 6,420 | ||||||||||
Goodwill | 1,894 | ||||||||||
Deferred income tax assets | 181 | ||||||||||
Total assets | 16,204 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (1,998) | ||||||||||
Non-recourse borrowings | 0 | ||||||||||
Deferred income tax liabilities | (967) | ||||||||||
Non-controlling interests | (469) | ||||||||||
Total liabilities | (3,434) | ||||||||||
Net assets acquired | 12,770 | ||||||||||
Consideration | $ 12,800 | 12,770 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 8,300 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 74 | ||||||||||
Consideration transferred, acquisition-date asset level debt | 9,900 | ||||||||||
Inventory | 1,775 | ||||||||||
Equity accounted investments | 838 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 3,582 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 6,420 | ||||||||||
Deferred income tax assets | 181 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 16,204 | ||||||||||
Trade and other payables recognised as of acquisition date | 1,998 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 967 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 469 | ||||||||||
Liabilities Recognized as of Acquisition Date | 3,434 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 12,770 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 12,800 | 12,770 | |||||||||
Private Equity | Healthscope [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 25 | ||||||||||
Cash and cash equivalents | 25 | ||||||||||
Accounts receivable and other | 196 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 41 | ||||||||||
Equity accounted investments | 9 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 2,590 | ||||||||||
Intangible assets | 280 | ||||||||||
Goodwill | 1,548 | ||||||||||
Deferred income tax assets | 136 | ||||||||||
Total assets | 4,825 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (691) | ||||||||||
Non-recourse borrowings | 0 | ||||||||||
Deferred income tax liabilities | (79) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Total liabilities | (770) | ||||||||||
Net assets acquired | 4,055 | ||||||||||
Consideration | $ 4,100 | 4,055 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 81 | ||||||||||
Consideration transferred, acquisition-date asset level debt | 2,900 | ||||||||||
Inventory | 41 | ||||||||||
Equity accounted investments | 9 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 2,590 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 280 | ||||||||||
Deferred income tax assets | 136 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 4,825 | ||||||||||
Trade and other payables recognised as of acquisition date | 691 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 79 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 770 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 4,055 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 4,100 | 4,055 | |||||||||
Private Equity | Genworth [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 57.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 253 | ||||||||||
Cash and cash equivalents | 253 | ||||||||||
Accounts receivable and other | 4,796 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 0 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 10 | ||||||||||
Intangible assets | 243 | ||||||||||
Goodwill | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Total assets | 5,302 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (1,954) | ||||||||||
Non-recourse borrowings | (342) | ||||||||||
Deferred income tax liabilities | (49) | ||||||||||
Non-controlling interests | (1,279) | ||||||||||
Total liabilities | (3,624) | ||||||||||
Net assets acquired | 1,678 | ||||||||||
Consideration | $ 1,700 | 1,674 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 677 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 321 | ||||||||||
Inventory | 0 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 10 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 243 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 5,302 | ||||||||||
Trade and other payables recognised as of acquisition date | 1,954 | ||||||||||
Borrowings recognised as of acquisition date | 342 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 49 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 1,279 | ||||||||||
Liabilities Recognized as of Acquisition Date | 3,624 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,678 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 1,700 | $ 1,674 | |||||||||
Private Equity | IndoStar | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 57.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | $ 78 | ||||||||||
Cash and cash equivalents | 78 | ||||||||||
Accounts receivable and other | 1,391 | ||||||||||
Property, plant and equipment | 9 | ||||||||||
Intangible assets | 20 | ||||||||||
Goodwill | 21 | ||||||||||
Deferred income tax assets | 28 | ||||||||||
Total assets | 1,547 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (30) | ||||||||||
Non-recourse borrowings | (1,003) | ||||||||||
Deferred income tax liabilities | 0 | ||||||||||
Non-controlling interests | (219) | ||||||||||
Total liabilities | (1,252) | ||||||||||
Net assets acquired | 295 | ||||||||||
Consideration | 295 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 175 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 37 | ||||||||||
Property, plant and equipment | 9 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 20 | ||||||||||
Deferred income tax assets | 28 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,547 | ||||||||||
Trade and other payables recognised as of acquisition date | 30 | ||||||||||
Borrowings recognised as of acquisition date | 1,003 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 219 | ||||||||||
Liabilities Recognized as of Acquisition Date | 1,252 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 295 | ||||||||||
Consideration transferred, acquisition-date fair value | 295 | ||||||||||
Infrastructure | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 6,634 | 6,553 | |||||||||
Infrastructure | East-West Pipeline Limited (EWPL) [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 0 | ||||||||||
Cash and cash equivalents | 0 | ||||||||||
Accounts receivable and other | 66 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 28 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 2,134 | ||||||||||
Intangible assets | 295 | ||||||||||
Goodwill | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Total assets | 2,523 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (66) | ||||||||||
Non-recourse borrowings | 0 | ||||||||||
Deferred income tax liabilities | 0 | ||||||||||
Non-controlling interests | (578) | ||||||||||
Total liabilities | (644) | ||||||||||
Net assets acquired | 1,879 | ||||||||||
Consideration | $ 1,900 | 1,879 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 359 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 65 | ||||||||||
Inventory | 28 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 2,134 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 295 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 2,523 | ||||||||||
Trade and other payables recognised as of acquisition date | 66 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 578 | ||||||||||
Liabilities Recognized as of Acquisition Date | 644 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,879 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 1,900 | 1,879 | |||||||||
Infrastructure | Genesee and Wyoming [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 67 | ||||||||||
Cash and cash equivalents | 67 | ||||||||||
Accounts receivable and other | 461 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 1,584 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 48 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 5,283 | ||||||||||
Intangible assets | 1,992 | ||||||||||
Goodwill | $ 2,000 | 2,042 | |||||||||
Deferred income tax assets | 5 | ||||||||||
Total assets | 11,525 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (2,071) | ||||||||||
Non-recourse borrowings | (1,567) | ||||||||||
Deferred income tax liabilities | (1,111) | ||||||||||
Non-controlling interests | (250) | ||||||||||
Total liabilities | (4,999) | ||||||||||
Net assets acquired | 6,526 | ||||||||||
Consideration | 6,500 | 6,526 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 2,300 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 235 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 48 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 5,283 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 1,992 | ||||||||||
Deferred income tax assets | 5 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 11,525 | ||||||||||
Trade and other payables recognised as of acquisition date | 2,071 | ||||||||||
Borrowings recognised as of acquisition date | 1,567 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 1,111 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 250 | ||||||||||
Liabilities Recognized as of Acquisition Date | 4,999 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 6,526 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 6,500 | $ 6,526 | |||||||||
Infrastructure | North River [Member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | $ 2 | ||||||||||
Cash and cash equivalents | 2 | ||||||||||
Accounts receivable and other | 0 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 3 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 1,198 | ||||||||||
Intangible assets | 74 | ||||||||||
Goodwill | 218 | ||||||||||
Deferred income tax assets | 41 | ||||||||||
Total assets | 1,536 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (218) | ||||||||||
Non-recourse borrowings | 0 | ||||||||||
Deferred income tax liabilities | 0 | ||||||||||
Non-controlling interests | 0 | ||||||||||
Total liabilities | (218) | ||||||||||
Net assets acquired | 1,318 | ||||||||||
Consideration | 1,318 | ||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 271 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 121 | ||||||||||
Inventory | 3 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 0 | ||||||||||
Property, plant and equipment | 1,198 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 74 | ||||||||||
Deferred income tax assets | 41 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 1,536 | ||||||||||
Trade and other payables recognised as of acquisition date | 218 | ||||||||||
Borrowings recognised as of acquisition date | 0 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 218 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 1,318 | ||||||||||
Consideration transferred, acquisition-date fair value | 1,318 | ||||||||||
Infrastructure | Summit Digitel | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 100.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 0 | ||||||||||
Cash and cash equivalents | 0 | ||||||||||
Accounts receivable and other | 408 | ||||||||||
Property, plant and equipment | 7,334 | ||||||||||
Intangible assets | 532 | ||||||||||
Goodwill | 27 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Total assets | 8,301 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (2,518) | ||||||||||
Non-recourse borrowings | (2,356) | ||||||||||
Deferred income tax liabilities | (22) | ||||||||||
Non-controlling interests | 0 | ||||||||||
Total liabilities | (4,896) | ||||||||||
Net assets acquired | 3,405 | ||||||||||
Consideration | 3,405 | $ 3,400 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,100 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 9 | ||||||||||
Property, plant and equipment | 7,334 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 532 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 8,301 | ||||||||||
Trade and other payables recognised as of acquisition date | 2,518 | ||||||||||
Borrowings recognised as of acquisition date | 2,356 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 22 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 0 | ||||||||||
Liabilities Recognized as of Acquisition Date | 4,896 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 3,405 | ||||||||||
Consideration transferred, acquisition-date fair value | 3,405 | $ 3,400 | |||||||||
Real Estate | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | 1,404 | $ 1,357 | |||||||||
Real Estate | GGP Inc. (“GGP”) | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interests acquired | 84.00% | ||||||||||
Cash and cash equivalents recognised as of acquisition date | 27 | ||||||||||
Cash and cash equivalents | 27 | ||||||||||
Accounts receivable and other | 92 | ||||||||||
Assets Classified as Held for Sale of Acquisition Date | 0 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 3,458 | ||||||||||
Property, plant and equipment | 95 | ||||||||||
Intangible assets | 2 | ||||||||||
Goodwill | 0 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Total assets | 3,717 | ||||||||||
Less: | |||||||||||
Accounts payable and other | (2,368) | ||||||||||
Non-recourse borrowings | (537) | ||||||||||
Deferred income tax liabilities | 0 | ||||||||||
Non-controlling interests | (88) | ||||||||||
Total liabilities | (2,993) | ||||||||||
Net assets acquired | 724 | ||||||||||
Consideration | $ 724 | 724 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 174 | ||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 4 | ||||||||||
Inventory | 43 | ||||||||||
Equity accounted investments | 0 | ||||||||||
Investment properties | 3,458 | ||||||||||
Property, plant and equipment | 95 | ||||||||||
Identifiable intangible assets recognised as of acquisition date | 2 | ||||||||||
Deferred income tax assets | 0 | ||||||||||
Identifiable Assets Acquired Recognised As Of Acquisition Date | 3,717 | ||||||||||
Trade and other payables recognised as of acquisition date | 2,368 | ||||||||||
Borrowings recognised as of acquisition date | 537 | ||||||||||
Deferred tax liabilities recognised as of acquisition date | 0 | ||||||||||
Non-controlling interest in acquiree recognised at acquisition date | 88 | ||||||||||
Liabilities Recognized as of Acquisition Date | 2,993 | ||||||||||
Identifiable assets acquired (liabilities assumed) | 724 | ||||||||||
Consideration transferred, acquisition-date fair value | $ 724 | $ 724 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 41,335 | $ 33,281 |
Financial assets pledged as collateral for liabilities or contingent liabilities | 9,700 | 7,000 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 193,217 | 184,231 |
Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 7,346 | 6,424 |
Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 185,871 | 177,807 |
Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 7,692 | 6,208 |
Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 8,861 | 6,103 |
Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 24,782 | 20,970 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,077 | 7,083 |
Corporate borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,077 | 7,083 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 139,324 | 136,292 |
Property-specific borrowings and subsidiary borrowings [Member] | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings and subsidiary borrowings [Member] | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings and subsidiary borrowings [Member] | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 139,324 | 136,292 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 128,556 | 127,869 |
Property-specific borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 128,556 | 127,869 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,768 | 8,423 |
Subsidiary borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,768 | 8,423 |
Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 2,400 | 1,300 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 41,117 | 36,724 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 41,117 | 36,724 |
Accounts payable and other | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 5,889 | 4,528 |
Accounts payable and other | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and other | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 35,228 | 32,196 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,699 | 4,132 |
Subsidiary equity obligations | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,457 | 1,896 |
Subsidiary equity obligations | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary equity obligations | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,242 | 2,236 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9,933 | 6,778 |
Cash and cash equivalents | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9,933 | 6,778 |
Government bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,651 | 2,403 |
Government bonds | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 356 | 156 |
Government bonds | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,295 | 2,247 |
Government bonds | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Corporate bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,599 | 3,267 |
Corporate bonds | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,094 | 1,118 |
Corporate bonds | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,148 | 1,839 |
Corporate bonds | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 357 | 310 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,270 | 1,750 |
Fixed income securities and other | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,079 | 1,131 |
Fixed income securities and other | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,191 | 619 |
Fixed income securities and other | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Common shares and warrants | ||
Disclosure of financial assets [line items] | ||
Financial assets | 6,514 | 3,189 |
Common shares and warrants | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,287 | 1,791 |
Common shares and warrants | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,227 | 1,398 |
Common shares and warrants | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,696 | 1,859 |
Loans and notes receivables | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 110 | 55 |
Loans and notes receivables | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Loans and notes receivables | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,586 | 1,804 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 17,730 | 12,468 |
Other financial assets | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,926 | 4,251 |
Other financial assets | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 8,861 | 6,103 |
Other financial assets | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,943 | 2,114 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 13,672 | 14,035 |
Financial instruments designated as hedging instruments, at fair value | 950 | |
Accounts receivable and other | Fair Value Through Profit or Loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,766 | 1,957 |
Accounts receivable and other | Fair Value Through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 11,906 | 12,078 |
Shareholders' Loan | Renewable Power | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 500 | $ 500 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of carrying value and fair value of assets and liabilities | ||
Fair value gains (losses) on financial assets reclassified out of fair value through other comprehensive income recognized in fair value through profit and loss | $ (7) | $ (3) |
Cash included in cash and cash equivalents | 8,200 | 5,700 |
Short-term deposits, classified as cash equivalents | 1,800 | 1,100 |
Unrealized FVOCI Gain [Member] | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 916 | 479 |
Cash flow hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) on cash flow hedges, before tax | (479) | (89) |
Net investment hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Pre-tax net unrealized gains | 182 | (433) |
Unrealized Available-for-Sale Loss | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 322 | 108 |
Elected for hedge accounting | Cash flow hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Derivative financial assets held for hedging | 689 | 210 |
Elected for hedge accounting | Net investment hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Derivative financial assets held for hedging | $ 868 | $ 551 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 41,335 | $ 33,281 |
Financial assets, at fair value | 41,335 | 33,281 |
Disclosure of financial liabilities [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 9,700 | 7,000 |
Financial liabilities, carrying value | 193,217 | 184,231 |
Financial liabilities, at fair value | 197,540 | 187,156 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 9,077 | 7,083 |
Financial liabilities, at fair value | 10,540 | 7,933 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 128,556 | 127,869 |
Financial liabilities, at fair value | 131,099 | 129,728 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 10,768 | 8,423 |
Financial liabilities, at fair value | 11,085 | 8,632 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 139,324 | 136,292 |
Financial liabilities, at fair value | 142,184 | 138,360 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 41,117 | 36,724 |
Financial liabilities, at fair value | 41,117 | 36,724 |
Financial instruments designated as hedging instruments, at fair value | 2,400 | 1,300 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 3,699 | 4,132 |
Financial liabilities, at fair value | 3,699 | 4,139 |
Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 8,861 | 6,103 |
Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 7,692 | 6,208 |
Equity investments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 6,514 | 3,189 |
Financial assets, at fair value | 6,514 | 3,189 |
Equity investments [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 3,227 | 1,398 |
Equity investments [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 3,287 | 1,791 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,696 | 1,859 |
Financial assets, at fair value | 2,696 | 1,859 |
Loans and notes receivables | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Loans and notes receivables | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 110 | 55 |
Cash And Cash Equivalents1 [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 9,933 | 6,778 |
Financial assets, at fair value | 9,933 | 6,778 |
Cash And Cash Equivalents1 [Member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Cash And Cash Equivalents1 [Member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 17,730 | 12,468 |
Financial assets, at fair value | 17,730 | 12,468 |
Other financial assets | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 8,861 | 6,103 |
Other financial assets | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 5,926 | 4,251 |
Trade receivables and other [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 13,672 | 14,035 |
Financial assets, at fair value | 13,672 | 14,035 |
Disclosure of financial liabilities [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 950 | |
Trade receivables and other [Member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Trade receivables and other [Member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,766 | 1,957 |
Loans to government [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,651 | 2,403 |
Financial assets, at fair value | 2,651 | 2,403 |
Loans to government [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,295 | 2,247 |
Loans to government [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 356 | 156 |
Loans to corporate entities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 3,599 | 3,267 |
Financial assets, at fair value | 3,599 | 3,267 |
Loans to corporate entities [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,148 | 1,839 |
Loans to corporate entities [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,094 | 1,118 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,270 | 1,750 |
Financial assets, at fair value | 2,270 | 1,750 |
Fixed income securities and other | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,191 | 619 |
Fixed income securities and other | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,079 | 1,131 |
Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 185,871 | 177,807 |
Amortized Cost | Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 9,077 | 7,083 |
Amortized Cost | Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 128,556 | 127,869 |
Amortized Cost | Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 10,768 | 8,423 |
Amortized Cost | Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 139,324 | 136,292 |
Amortized Cost | Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 2,242 | 2,236 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 7,346 | 6,424 |
Financial liabilities at fair value through profit or loss, category [member] | Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 1,457 | 1,896 |
Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Fair Value Through OCI | Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Fair Value Through OCI | Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Fair Value Through OCI | Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Fair Value Through OCI | Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 0 |
Fair Value Through OCI | Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Other Financial Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [abstract] | ||
Current | $ 5,483 | $ 3,605 |
Non-current | 12,247 | 8,863 |
Total | $ 17,730 | $ 12,468 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 41,335 | $ 33,281 |
Financial liabilities | 197,540 | 187,156 |
Level 1 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5,664 | 2,386 |
Financial liabilities | 75 | 93 |
Level 1 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 75 | 93 |
Level 1 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 0 | 0 |
Level 1 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 7 | 0 |
Level 1 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 192 | 0 |
Level 1 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 867 | 419 |
Level 1 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4,548 | 1,966 |
Level 1 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 0 |
Level 1 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 50 | 1 |
Level 2 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,520 | 8,145 |
Financial liabilities | 5,167 | 3,789 |
Level 2 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 5,090 | 3,749 |
Level 2 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 77 | 40 |
Level 2 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,644 | 2,403 |
Level 2 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,764 | 2,682 |
Level 2 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 912 | 851 |
Level 2 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 577 | 421 |
Level 2 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 42 | 51 |
Level 2 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,581 | 1,737 |
Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,369 | 1,780 |
Financial liabilities | 2,104 | 2,542 |
Level 3 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 724 | 686 |
Level 3 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 1,380 | 1,856 |
Level 3 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 0 |
Level 3 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 275 | |
Level 3 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 491 | 480 |
Level 3 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,389 | 802 |
Level 3 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 68 | 4 |
Level 3 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 135 | $ 219 |
FAIR VALUE OF FINANCIAL INSTR_8
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | $ 41,335 | $ 33,281 |
Financial liabilities | (197,540) | (187,156) |
Level 2 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 8,520 | 8,145 |
Financial liabilities | (5,167) | (3,789) |
Level 2 | Accounts payable and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (5,090) | (3,749) |
Level 2 | Accounts payable and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (5,090) | |
Level 2 | Redeemable fund units (subsidiary equity obligations) | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (77) | (40) |
Level 2 | Redeemable fund units (subsidiary equity obligations) | Market approach | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (77) | |
Level 2 | Accounts receivable and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 1,581 | 1,737 |
Level 2 | Accounts receivable and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 1,581 | |
Level 2 | Other financial assets | Market approach | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 6,939 | |
Level 2 | Fixed income securities and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 912 | 851 |
Level 2 | Corporate bonds | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 2,764 | 2,682 |
Level 2 | Common shares and warrants | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 577 | 421 |
Level 3 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 2,369 | 1,780 |
Financial liabilities | (2,104) | (2,542) |
Level 3 | Accounts payable and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (724) | (686) |
Level 3 | Accounts payable and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (724) | |
Level 3 | Redeemable fund units (subsidiary equity obligations) | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (1,380) | (1,856) |
Level 3 | Redeemable fund units (subsidiary equity obligations) | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (1,380) | |
Level 3 | Accounts receivable and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 135 | 219 |
Level 3 | Fixed income securities and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 491 | 480 |
Level 3 | Fixed income securities and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 491 | |
Level 3 | Corporate bonds | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 275 | |
Level 3 | Corporate bonds | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 286 | |
Level 3 | Common shares and warrants | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 1,389 | $ 802 |
Level 3 | Common shares and warrants | Black-Scholes model | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 1,389 | |
Level 3 | Accounts receivable and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | $ 135 |
FAIR VALUE OF FINANCIAL INSTR_9
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Assets | ||
Balance, beginning of period | $ 33,281 | |
Balance, end of period | 41,335 | $ 33,281 |
Financial Liabilities | ||
Balance, beginning of period | 187,156 | |
Balance, end of period | 197,540 | 187,156 |
Level 3 | ||
Financial Assets | ||
Balance, beginning of period | 1,780 | |
Balance, end of period | 2,369 | 1,780 |
Financial Liabilities | ||
Balance, beginning of period | 2,542 | |
Balance, end of period | 2,104 | 2,542 |
At fair value | Level 3 | ||
Financial Assets | ||
Balance, beginning of period | 1,780 | 795 |
Fair value changes in net income | (92) | 278 |
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 15 | (10) |
Additions, net of disposals | (331) | 264 |
Balance, end of period | 2,369 | 1,780 |
Financial Liabilities | ||
Balance, beginning of period | 2,542 | 2,299 |
Fair value changes in net income | (111) | (27) |
Fair value changes in other comprehensive income | 4 | 6 |
Additions, net of disposals | 666 | 717 |
Balance, end of period | $ 2,104 | $ 2,542 |
FAIR VALUE OF FINANCIAL INST_10
FAIR VALUE OF FINANCIAL INSTRUMENTS - Amortized Cost for which Fair Value is Disclosed (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | $ 193,217 | $ 184,231 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 10,443 | 7,841 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 97 | 92 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 3,406 | 6,467 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 57,927 | 52,386 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 69,766 | 70,875 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 7,825 | 6,111 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 3 | 299 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 3,257 | 2,222 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 73 | 73 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | $ 2,169 | $ 2,170 |
FAIR VALUE OF FINANCIAL INST_11
FAIR VALUE OF FINANCIAL INSTRUMENTS - Netting of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable and other | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial instruments before netting | $ 4,379 | $ 2,853 |
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (351) | (366) |
Disclosure of offsetting of financial liabilities [line items] | ||
Net amount of financial instruments in Consolidated Balance Sheets | 4,028 | 2,487 |
Accounts receivable and other | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial instruments before netting | 2,195 | 2,380 |
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (429) | (423) |
Net amount of financial instruments in Consolidated Balance Sheets | $ 1,766 | $ 1,957 |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Accounts Receivable and Other (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Accounts receivable | $ 10,113 | $ 11,129 | |
Prepaid expenses and other assets | 6,335 | 5,636 | |
Restricted cash | 2,395 | 1,595 | |
Sustainable resources | 85 | 109 | $ 333 |
Accounts receivable and other | $ 18,928 | $ 18,469 |
ACCOUNTS RECEIVABLE AND OTHER_2
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Current and Non-Current Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current | $ 14,187 | $ 13,862 |
Non-current | 4,741 | 4,607 |
Accounts receivable and other | $ 18,928 | $ 18,469 |
ACCOUNTS RECEIVABLE AND OTHER_3
ACCOUNTS RECEIVABLE AND OTHER - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of acquired receivables [line items] | ||
Contract assets | $ 632,000,000 | $ 682,000,000 |
Disposals, Sustainable Resources | 0 | (270,000,000) |
Additions | $ 75,000,000 | $ 77,000,000 |
Sustainable Resources [Member] | At fair value | ||
Disclosure of acquired receivables [line items] | ||
Terminal Capitalization Rate | 4.60% | 6.10% |
Termination valuation date | 18 years | 21 years |
Terminal Capitalization Rate | 4.60% | 6.10% |
Termination valuation date | 18 years | 21 years |
ACCOUNTS RECEIVABLE AND OTHER_4
ACCOUNTS RECEIVABLE AND OTHER - Schedule Of Change In Balance Of Timberlands And Other Agricultural Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Balance, beginning of year | $ 109,000,000 | $ 333,000,000 |
Additions | 75,000,000 | 77,000,000 |
Disposals, Sustainable Resources | 0 | 270,000,000 |
Fair value adjustments | 2,000,000 | 12,000,000 |
Decrease due to harvest | 61,000,000 | 39,000,000 |
Foreign currency changes | (40,000,000) | (4,000,000) |
Balance, end of year | $ 85,000,000 | $ 109,000,000 |
INVENTORY - Schedule of Invento
INVENTORY - Schedule of Inventory Properties (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Inventory Properties [Line Items] | ||
Total | $ 10,360 | $ 10,272 |
Fuel Inventory [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 651 | 690 |
Residential properties under development [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,816 | 3,007 |
Land held for development [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,015 | 1,781 |
Completed residential properties [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 743 | 998 |
Industrial products and other [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,611 | 2,816 |
Other [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,175 | 1,670 |
Industrial products and other – office development | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | $ 581 | $ 243 |
INVENTORY - Schedule of Current
INVENTORY - Schedule of Current and Non-Current Inventory Balances (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Current | $ 6,337 | $ 7,054 |
Non-current | 4,023 | 3,218 |
Total | $ 10,360 | $ 10,272 |
INVENTORY - Narrative (Details)
INVENTORY - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Inventory Properties [Line Items] | ||
Inventory | $ 10,360 | $ 10,272 |
Cost of inventories recognised as expense during period | 24,600 | 26,500 |
Inventory write-down | 107 | 38 |
Inventories pledged as security for liabilities | 6,000 | 4,700 |
Fuel Inventory [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Inventory | $ 651 | $ 690 |
HELD FOR SALE - Schedule Of Ass
HELD FOR SALE - Schedule Of Assets And Liabilities Classified As Held-For-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Accounts receivable and other | $ 18,928 | $ 18,469 | ||
Investment properties | 96,782 | 96,686 | $ 84,309 | |
Property, plant and equipment | 100,009 | 89,264 | ||
Equity accounted investments | 41,327 | 40,698 | 33,647 | |
Deferred income tax assets | 3,338 | 3,572 | ||
Non-current assets or disposal groups classified as held for sale | 5,917 | 3,502 | ||
Liabilities | ||||
Accounts payable and other | 50,682 | $ 50,682 | 43,077 | |
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Property-specific borrowings | 128,556 | 127,869 | ||
Subsidiary borrowings | 10,768 | 8,423 | ||
Deferred income tax liabilities | 15,913 | 14,849 | ||
Liabilities associated with assets classified as held for sale | 2,359 | 1,690 | ||
Inventories pledged as security for liabilities | 6,000 | 4,700 | ||
Accounts receivable and other | 18,928 | 18,469 | ||
Investment properties | 96,782 | 96,686 | 84,309 | |
Property, plant and equipment | 100,009 | 89,264 | ||
Equity accounted investments | 41,327 | 40,698 | 33,647 | |
Deferred income tax assets | 3,338 | 3,572 | ||
Assets classified as held for sale | 5,917 | 3,502 | ||
Accounts payable and other | 50,682 | $ 50,682 | 43,077 | |
Non-recourse borrowings of managed entities | 139,324 | 136,292 | ||
Deferred income tax liabilities | 15,913 | 14,849 | ||
Liabilities associated with assets classified as held for sale | 2,359 | 1,690 | ||
Assets and liabilities classified as held for sale | ||||
Assets | ||||
Cash and cash equivalents | 6 | 58 | ||
Accounts receivable and other | 67 | 174 | ||
Investment properties | 4,224 | 251 | ||
Property, plant and equipment | 82 | 1,730 | ||
Equity accounted investments | 1,533 | 413 | ||
Other long-term assets | 5 | 872 | ||
Deferred income tax assets | 0 | 4 | ||
Liabilities | ||||
Accounts payable and other | 118 | 223 | ||
Non-recourse borrowings of managed entities | 2,234 | 1,071 | ||
Deferred income tax liabilities | 7 | 396 | ||
Cash and cash equivalents | 6 | 58 | ||
Accounts receivable and other | 67 | 174 | ||
Investment properties | 4,224 | 251 | ||
Property, plant and equipment | 82 | 1,730 | ||
Equity accounted investments | 1,533 | 413 | ||
Other long-term assets | 5 | 872 | ||
Deferred income tax assets | 0 | 4 | ||
Accounts payable and other | 118 | 223 | ||
Non-recourse borrowings of managed entities | 2,234 | 1,071 | ||
Deferred income tax liabilities | 7 | 396 | ||
Real Estate | ||||
Assets | ||||
Property, plant and equipment | 8,432 | 9,729 | 7,652 | |
Equity accounted investments | 21,024 | 22,314 | ||
Liabilities | ||||
Property-specific borrowings | 67,073 | 67,909 | ||
Subsidiary borrowings | 3,378 | 2,024 | ||
Property, plant and equipment | 8,432 | 9,729 | $ 7,652 | |
Equity accounted investments | 21,024 | 22,314 | ||
Real Estate | Assets and liabilities classified as held for sale | ||||
Assets | ||||
Cash and cash equivalents | 1 | |||
Accounts receivable and other | 62 | |||
Investment properties | 4,224 | |||
Property, plant and equipment | 0 | |||
Equity accounted investments | 208 | |||
Other long-term assets | 5 | |||
Deferred income tax assets | 0 | |||
Non-current assets or disposal groups classified as held for sale | 4,500 | |||
Liabilities | ||||
Accounts payable and other | 115 | |||
Non-recourse borrowings of managed entities | 2,230 | |||
Deferred income tax liabilities | 0 | |||
Liabilities associated with assets classified as held for sale | 2,345 | |||
Cash and cash equivalents | 1 | |||
Accounts receivable and other | 62 | |||
Investment properties | 4,224 | |||
Property, plant and equipment | 0 | |||
Equity accounted investments | 208 | |||
Other long-term assets | 5 | |||
Deferred income tax assets | 0 | |||
Assets classified as held for sale | 4,500 | |||
Accounts payable and other | 115 | |||
Non-recourse borrowings of managed entities | 2,230 | |||
Deferred income tax liabilities | 0 | |||
Liabilities associated with assets classified as held for sale | 2,345 | |||
Infrastructure | ||||
Assets | ||||
Property, plant and equipment | 32,167 | 23,772 | ||
Equity accounted investments | 10,530 | 8,972 | ||
Liabilities | ||||
Property-specific borrowings | 21,309 | 20,776 | ||
Subsidiary borrowings | 3,158 | 2,470 | ||
Property, plant and equipment | 32,167 | 23,772 | ||
Equity accounted investments | 10,530 | 8,972 | ||
Renewable Power and Other | ||||
Assets | ||||
Equity accounted investments | 1,833 | 1,585 | ||
Liabilities | ||||
Equity accounted investments | 1,833 | 1,585 | ||
Private Equity | ||||
Assets | ||||
Equity accounted investments | 2,623 | 2,596 | ||
Liabilities | ||||
Property-specific borrowings | 23,333 | 23,105 | ||
Subsidiary borrowings | 310 | 0 | ||
Equity accounted investments | 2,623 | 2,596 | ||
Private Equity | Assets and liabilities classified as held for sale | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Accounts receivable and other | 4 | |||
Investment properties | 0 | |||
Property, plant and equipment | 31 | |||
Equity accounted investments | 1,325 | |||
Other long-term assets | 0 | |||
Deferred income tax assets | 0 | |||
Non-current assets or disposal groups classified as held for sale | 1,360 | |||
Liabilities | ||||
Accounts payable and other | 0 | |||
Non-recourse borrowings of managed entities | 0 | |||
Deferred income tax liabilities | 0 | |||
Liabilities associated with assets classified as held for sale | 0 | |||
Cash and cash equivalents | 0 | |||
Accounts receivable and other | 4 | |||
Investment properties | 0 | |||
Property, plant and equipment | 31 | |||
Equity accounted investments | 1,325 | |||
Other long-term assets | 0 | |||
Deferred income tax assets | 0 | |||
Assets classified as held for sale | 1,360 | |||
Accounts payable and other | 0 | |||
Non-recourse borrowings of managed entities | 0 | |||
Deferred income tax liabilities | 0 | |||
Liabilities associated with assets classified as held for sale | 0 | |||
Renewable Power | ||||
Assets | ||||
Property, plant and equipment | 45,206 | 41,595 | ||
Equity accounted investments | 1,444 | 1,154 | ||
Liabilities | ||||
Property-specific borrowings | 16,353 | 15,787 | ||
Subsidiary borrowings | 2,132 | 2,098 | ||
Property, plant and equipment | 45,206 | 41,595 | ||
Equity accounted investments | 1,444 | $ 1,154 | ||
Renewable Power | Assets and liabilities classified as held for sale | ||||
Assets | ||||
Cash and cash equivalents | 5 | |||
Accounts receivable and other | 1 | |||
Investment properties | 0 | |||
Property, plant and equipment | 51 | |||
Equity accounted investments | 0 | |||
Other long-term assets | 0 | |||
Deferred income tax assets | 0 | |||
Non-current assets or disposal groups classified as held for sale | 57 | |||
Liabilities | ||||
Accounts payable and other | 3 | |||
Non-recourse borrowings of managed entities | 4 | |||
Deferred income tax liabilities | 7 | |||
Liabilities associated with assets classified as held for sale | 14 | |||
Cash and cash equivalents | 5 | |||
Accounts receivable and other | 1 | |||
Investment properties | 0 | |||
Property, plant and equipment | 51 | |||
Equity accounted investments | 0 | |||
Other long-term assets | 0 | |||
Deferred income tax assets | 0 | |||
Assets classified as held for sale | 57 | |||
Accounts payable and other | 3 | |||
Non-recourse borrowings of managed entities | 4 | |||
Deferred income tax liabilities | 7 | |||
Liabilities associated with assets classified as held for sale | $ 14 |
HELD FOR SALE - Narrative (Deta
HELD FOR SALE - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of financial assets [line items] | ||
Assets | $ 343,696 | $ 323,969 |
Liabilities | $ 221,054 | 207,123 |
Triple net lease | ||
Disclosure of financial assets [line items] | ||
Number of properties | 4 | |
U.S. Mall | ||
Disclosure of financial assets [line items] | ||
Number of properties | 2 | |
UNITED STATES | ||
Disclosure of financial assets [line items] | ||
Assets | $ 159,684 | 149,687 |
Brazil | ||
Disclosure of financial assets [line items] | ||
Assets | 20,675 | $ 24,354 |
Assets and liabilities classified as held for sale | ||
Disclosure of financial assets [line items] | ||
Held for Sale Assets Sold | 6,700 | |
Liabilities | $ 2,600 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 41,327 | $ 40,698 | $ 33,647 |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 2,568 | $ 4,676 | |
Oaktree [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 5,317 | 5,231 | |
Equity accounted investments | $ 5,317 | $ 5,231 | |
Proportion of ownership interest in joint venture | 62.00% | 61.00% | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 91 | ||
Real Estate and Infrastructure [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 50.00% | ||
Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 21,024 | $ 22,314 | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | 517 | ||
Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 136 | 307 | |
Renewable Power | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 1,444 | 1,154 | |
Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | 389 | 431 | |
Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 10,530 | 8,972 | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | 1,771 | ||
Infrastructure | Data Infrastructure [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 3,209 | 2,920 | |
Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 1,010 | 962 | |
Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 5,114 | 4,033 | |
Infrastructure | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 130 | 156 | |
Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 2,623 | 2,596 | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | (49) | ||
Private Equity | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | 1,789 | 557 | |
Private Equity | Norbord | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | $ 0 | $ 1,185 | |
Proportion of ownership interest in joint venture | 0.00% | 43.00% | |
Private Equity | Industrial operations [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, associate | $ 834 | $ 854 | |
Renewable Power and Other | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 1,833 | $ 1,585 | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 238 | ||
Minimum | Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 16.00% | 30.00% | |
Minimum | Renewable Power | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 12.00% | 14.00% | |
Minimum | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 14.00% | 16.00% | |
Minimum | Infrastructure | Data Infrastructure [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 45.00% | 45.00% | |
Minimum | Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 11.00% | 11.00% | |
Minimum | Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 21.00% | 26.00% | |
Minimum | Infrastructure | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 22.00% | 22.00% | |
Minimum | Private Equity | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 14.00% | 25.00% | |
Minimum | Private Equity | Industrial operations [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 24.00% | 24.00% | |
Maximum | Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 50.00% | 90.00% | |
Maximum | Renewable Power | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 60.00% | 60.00% | |
Maximum | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 77.00% | 85.00% | |
Maximum | Infrastructure | Data Infrastructure [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 58.00% | 58.00% | |
Maximum | Infrastructure | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Private Equity | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 70.00% | 90.00% | |
Maximum | Private Equity | Industrial operations [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 54.00% | 54.00% | |
Core office | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 8,866 | $ 9,440 | |
Core office | Minimum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 15.00% | 14.00% | |
Core office | Maximum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 56.00% | 56.00% | |
LP Investments and Other [Member] | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 2,338 | $ 2,012 | |
LP Investments and Other [Member] | Minimum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 9.00% | 18.00% | |
LP Investments and Other [Member] | Maximum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 84.00% | 80.00% | |
Core retail | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 9,684 | $ 10,555 | |
Core retail | Minimum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 22.00% | 12.00% | |
Core retail | Maximum | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 68.00% | 68.00% | |
Aggregated individually immaterial joint ventures [member] | Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 346 | $ 383 | |
Other [Member] | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 226 | $ 185 | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Energy [Member] | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying Value, joint ventures | $ 841 | $ 716 |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Changes In Balance Of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | $ 40,698 | $ 33,647 | |
Additions, net of (disposals)1 | 2,568 | 4,676 | |
Acquisitions through business combinations | 0 | 895 | |
Investment Accounted for Using Equity Method, Share of comprehensive income | (79) | 2,498 | |
Distributions received | (1,383) | (1,300) | |
Share of other comprehensive income (loss) | (46) | 317 | |
Foreign currency translation and other | (431) | $ (35) | |
Balance, end of year | 41,327 | 40,698 | $ 33,647 |
BrandSafway [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Additions, net of (disposals)1 | 1,300 | ||
Cheniere | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Additions, net of (disposals)1 | 1,300 | ||
Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | 22,314 | ||
Additions, net of (disposals)1 | 517 | ||
Acquisitions through business combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | (933) | ||
Distributions received | (726) | ||
Share of other comprehensive income (loss) | (267) | ||
Foreign currency translation and other | 119 | ||
Balance, end of year | 21,024 | 22,314 | |
Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | 8,972 | ||
Additions, net of (disposals)1 | 1,771 | ||
Acquisitions through business combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 442 | ||
Distributions received | (290) | ||
Share of other comprehensive income (loss) | 165 | ||
Foreign currency translation and other | (530) | ||
Balance, end of year | 10,530 | 8,972 | |
Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | 2,596 | ||
Additions, net of (disposals)1 | (49) | ||
Acquisitions through business combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 153 | ||
Distributions received | (75) | ||
Share of other comprehensive income (loss) | 25 | ||
Foreign currency translation and other | (27) | ||
Balance, end of year | 2,623 | 2,596 | |
Renewable Power and Other | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | 1,585 | ||
Additions, net of (disposals)1 | 238 | ||
Acquisitions through business combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 70 | ||
Distributions received | (98) | ||
Share of other comprehensive income (loss) | 31 | ||
Foreign currency translation and other | 7 | ||
Balance, end of year | 1,833 | 1,585 | |
Oaktree [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance, beginning of year | 5,231 | ||
Additions, net of (disposals)1 | 91 | ||
Acquisitions through business combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 189 | ||
Distributions received | (194) | ||
Share of other comprehensive income (loss) | 0 | ||
Foreign currency translation and other | 0 | ||
Balance, end of year | $ 5,317 | $ 5,231 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Current And Non-Current Assets And Liabilities Of Investments In Associates And Joint Ventures (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | $ 14,965 | $ 13,003 |
Non-current assets | 170,348 | 155,246 |
Current liabilities | 13,784 | 13,333 |
Non-current liabilities | 81,211 | 68,780 |
Renewable Power | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,355 | 539 |
Non-current assets | 7,492 | 5,967 |
Current liabilities | 635 | 535 |
Non-current liabilities | 3,307 | 2,530 |
Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 210 | 1,022 |
Non-current assets | 790 | 0 |
Current liabilities | 67 | 118 |
Non-current liabilities | 178 | 113 |
Oaktree [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,253 | 1,497 |
Non-current assets | 17,056 | 16,870 |
Current liabilities | 2,146 | 1,172 |
Non-current liabilities | 7,487 | 7,434 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 21 | 32 |
Non-current assets | 1,207 | 955 |
Current liabilities | 42 | 15 |
Non-current liabilities | 958 | 390 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 34 | 21 |
Non-current assets | 356 | 374 |
Current liabilities | 32 | 27 |
Non-current liabilities | 143 | 133 |
Other [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,077 | 793 |
Non-current assets | 9,303 | 2,362 |
Current liabilities | 1,357 | 697 |
Non-current liabilities | 6,697 | 1,562 |
Data Infrastructure [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 841 | 912 |
Non-current assets | 13,308 | 11,636 |
Current liabilities | 1,263 | 1,042 |
Non-current liabilities | 6,081 | 4,908 |
Transport | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,223 | 1,199 |
Non-current assets | 25,078 | 18,028 |
Current liabilities | 1,929 | 1,953 |
Non-current liabilities | 9,538 | 8,359 |
Utilities [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 646 | 869 |
Non-current assets | 6,142 | 6,500 |
Current liabilities | 487 | 687 |
Non-current liabilities | 4,238 | 4,152 |
Industrial products [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,096 | 1,038 |
Non-current assets | 736 | 743 |
Current liabilities | 505 | 485 |
Non-current liabilities | 222 | 256 |
Norbord | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 0 | 462 |
Non-current assets | 0 | 3,911 |
Current liabilities | 0 | 260 |
Non-current liabilities | 0 | 1,355 |
Core office | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,496 | 2,790 |
Non-current assets | 36,668 | 36,861 |
Current liabilities | 3,485 | 4,824 |
Non-current liabilities | 17,107 | 13,987 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,279 | 648 |
Non-current assets | 12,288 | 9,559 |
Current liabilities | 903 | 648 |
Non-current liabilities | 7,290 | 5,247 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 43 | 35 |
Non-current assets | 685 | 299 |
Current liabilities | 30 | 6 |
Non-current liabilities | 299 | 93 |
Energy [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 161 | 154 |
Non-current assets | 6,157 | 5,455 |
Current liabilities | 230 | 249 |
Non-current liabilities | 3,945 | 3,927 |
Core retail | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,230 | 992 |
Non-current assets | 33,082 | 35,726 |
Current liabilities | 673 | 615 |
Non-current liabilities | $ 13,721 | $ 14,334 |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Revenue, Net Income and OCI Of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | $ 25,237 | $ 18,182 |
Profit (Loss) of associate or joint venture | 189 | 5,192 |
Other Comprehensive Income of associate or joint venture | (2,313) | 457 |
Renewable Power | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 737 | 431 |
Profit (Loss) of associate or joint venture | 219 | 88 |
Other Comprehensive Income of associate or joint venture | 174 | 242 |
Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 192 | 400 |
Profit (Loss) of associate or joint venture | 56 | 104 |
Other Comprehensive Income of associate or joint venture | (2) | 1 |
Industrial operations [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,713 | 1,770 |
Profit (Loss) of associate or joint venture | 132 | 122 |
Other Comprehensive Income of associate or joint venture | 0 | 0 |
Oaktree [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,104 | 295 |
Profit (Loss) of associate or joint venture | 158 | 12 |
Other Comprehensive Income of associate or joint venture | (2) | (6) |
Norbord | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,407 | 1,731 |
Profit (Loss) of associate or joint venture | 386 | (165) |
Other Comprehensive Income of associate or joint venture | 12 | 13 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 41 | 55 |
Profit (Loss) of associate or joint venture | (23) | (45) |
Other Comprehensive Income of associate or joint venture | (245) | (210) |
Other [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 4,332 | 1,007 |
Profit (Loss) of associate or joint venture | (130) | 247 |
Other Comprehensive Income of associate or joint venture | 48 | 26 |
Transport | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 4,054 | 3,277 |
Profit (Loss) of associate or joint venture | 169 | 3 |
Other Comprehensive Income of associate or joint venture | (1,451) | 363 |
Utilities [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,715 | 1,046 |
Profit (Loss) of associate or joint venture | 364 | 354 |
Other Comprehensive Income of associate or joint venture | (205) | 26 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 99 | 423 |
Profit (Loss) of associate or joint venture | (145) | 127 |
Other Comprehensive Income of associate or joint venture | (941) | 50 |
Data | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,245 | 1,447 |
Profit (Loss) of associate or joint venture | 293 | (38) |
Other Comprehensive Income of associate or joint venture | 374 | 57 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 107 | 74 |
Profit (Loss) of associate or joint venture | 2 | 19 |
Other Comprehensive Income of associate or joint venture | 33 | 0 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 945 | 714 |
Profit (Loss) of associate or joint venture | (376) | 23 |
Other Comprehensive Income of associate or joint venture | 5 | 0 |
Core retail | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,944 | 2,430 |
Profit (Loss) of associate or joint venture | (1,471) | 2,114 |
Other Comprehensive Income of associate or joint venture | 0 | 0 |
Core office | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,866 | 2,386 |
Profit (Loss) of associate or joint venture | 311 | 1,869 |
Other Comprehensive Income of associate or joint venture | (113) | (105) |
Midstream | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 736 | 696 |
Profit (Loss) of associate or joint venture | 244 | 358 |
Other Comprehensive Income of associate or joint venture | $ 0 | $ 0 |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Fair Value Of Equity Accounted Investments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 41,327 | $ 40,698 | $ 33,647 |
Norbord | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public Price | 0 | 900 | |
Publicly traded equity accounted investment [Member] | Norbord | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public Price | $ 0 | $ 1,200 |
EQUITY ACCOUNTED INVESTMENTS EQ
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 2,568 | $ 4,676 | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Equity accounted investments | $ 41,327 | $ 40,698 | $ 33,647 |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Oaktree [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 91 | ||
Proportion of ownership interest in joint venture | 62.00% | 61.00% | |
Equity accounted investments | $ 5,317 | $ 5,231 | |
Proportion of ownership interest in joint venture | 62.00% | 61.00% | |
Carrying Value, associate | $ 5,317 | $ 5,231 | |
Norbord | |||
Disclosure of detailed information about business combination [line items] | |||
Public Price | 0 | 900 | |
Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | 517 | ||
Equity accounted investments | 21,024 | 22,314 | |
Real Estate | Core office | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, joint ventures | 8,866 | 9,440 | |
Real Estate | Core retail | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, joint ventures | 9,684 | 10,555 | |
Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, joint ventures | 2,338 | 2,012 | |
Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 136 | 307 | |
Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | 1,771 | ||
Equity accounted investments | 10,530 | 8,972 | |
Infrastructure | Energy [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, joint ventures | $ 841 | $ 716 | |
Infrastructure | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Carrying Value, joint ventures | $ 226 | $ 185 | |
Infrastructure | Data Infrastructure [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 3,209 | 2,920 | |
Infrastructure | Utilities [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 1,010 | 962 | |
Infrastructure | Transport | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 5,114 | 4,033 | |
Infrastructure | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 130 | 156 | |
Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | (49) | ||
Equity accounted investments | 2,623 | 2,596 | |
Private Equity | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | $ 1,789 | $ 557 | |
Private Equity | Norbord | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 0.00% | 43.00% | |
Proportion of ownership interest in joint venture | 0.00% | 43.00% | |
Carrying Value, associate | $ 0 | $ 1,185 | |
Private Equity | Industrial operations [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Carrying Value, associate | 834 | 854 | |
Renewable Power | |||
Disclosure of detailed information about business combination [line items] | |||
Equity accounted investments | 1,444 | 1,154 | |
Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | 389 | 431 | |
Renewable Power and Other | |||
Disclosure of detailed information about business combination [line items] | |||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | 238 | ||
Equity accounted investments | $ 1,833 | $ 1,585 | |
Minimum | Real Estate | Core office | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 15.00% | 14.00% | |
Proportion of ownership interest in joint venture | 15.00% | 14.00% | |
Minimum | Real Estate | Core retail | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 22.00% | 12.00% | |
Proportion of ownership interest in joint venture | 22.00% | 12.00% | |
Minimum | Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 9.00% | 18.00% | |
Proportion of ownership interest in joint venture | 9.00% | 18.00% | |
Minimum | Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 16.00% | 30.00% | |
Proportion of ownership interest in joint venture | 16.00% | 30.00% | |
Minimum | Infrastructure | Data Infrastructure [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 45.00% | 45.00% | |
Proportion of ownership interest in joint venture | 45.00% | 45.00% | |
Minimum | Infrastructure | Utilities [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 11.00% | 11.00% | |
Proportion of ownership interest in joint venture | 11.00% | 11.00% | |
Minimum | Infrastructure | Transport | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 21.00% | 26.00% | |
Proportion of ownership interest in joint venture | 21.00% | 26.00% | |
Minimum | Infrastructure | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 22.00% | 22.00% | |
Proportion of ownership interest in joint venture | 22.00% | 22.00% | |
Minimum | Private Equity | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 14.00% | 25.00% | |
Proportion of ownership interest in joint venture | 14.00% | 25.00% | |
Minimum | Private Equity | Industrial operations [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 24.00% | 24.00% | |
Proportion of ownership interest in joint venture | 24.00% | 24.00% | |
Minimum | Renewable Power | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in associate or joint venture | 12.00% | 14.00% | |
Proportion of ownership interest in associate or joint venture | 12.00% | 14.00% | |
Minimum | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in associate or joint venture | 14.00% | 16.00% | |
Proportion of ownership interest in associate or joint venture | 14.00% | 16.00% | |
Maximum | Real Estate | Core office | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 56.00% | 56.00% | |
Proportion of ownership interest in joint venture | 56.00% | 56.00% | |
Maximum | Real Estate | Core retail | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 68.00% | 68.00% | |
Proportion of ownership interest in joint venture | 68.00% | 68.00% | |
Maximum | Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 84.00% | 80.00% | |
Proportion of ownership interest in joint venture | 84.00% | 80.00% | |
Maximum | Real Estate | LP Investments and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 90.00% | |
Proportion of ownership interest in joint venture | 50.00% | 90.00% | |
Maximum | Infrastructure | Data Infrastructure [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Infrastructure | Utilities [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Infrastructure | Transport | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 58.00% | 58.00% | |
Proportion of ownership interest in joint venture | 58.00% | 58.00% | |
Maximum | Infrastructure | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Maximum | Private Equity | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 70.00% | 90.00% | |
Proportion of ownership interest in joint venture | 70.00% | 90.00% | |
Maximum | Private Equity | Industrial operations [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 54.00% | 54.00% | |
Proportion of ownership interest in joint venture | 54.00% | 54.00% | |
Maximum | Renewable Power | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in associate or joint venture | 60.00% | 60.00% | |
Proportion of ownership interest in associate or joint venture | 60.00% | 60.00% | |
Maximum | Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in associate or joint venture | 77.00% | 85.00% | |
Proportion of ownership interest in associate or joint venture | 77.00% | 85.00% |
INVESTMENT PROPERTIES - Schedul
INVESTMENT PROPERTIES - Schedule of Changes in Fair Value of Investment Properties (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | ||||
Fair value, beginning of year | $ 96,686 | $ 84,309 | ||
Additions | 8,180 | 11,638 | ||
Acquisitions through business combinations, investment property | 3,669 | |||
Right-of-use assets | $ 3,300 | $ 2,600 | ||
Fair value, end of year3 | 96,782 | 96,686 | ||
Investment properties | 96,782 | 84,309 | 96,782 | 96,686 |
Investment properties | 0 | 3,669 | ||
Dispositions | (9,284) | (6,029) | ||
Fair value changes | (269) | 1,710 | ||
Foreign currency translation and other | 1,276 | 461 | ||
Additions | $ 8,180 | 11,638 | ||
Acquisitions through business combinations, investment property | $ 3,669 | |||
Right-of-use assets | 3,300 | 2,600 | ||
Investment property [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Right-of-use assets | 193 | 928 | ||
Right-of-use assets | $ 193 | $ 928 |
INVESTMENT PROPERTIES - Narrati
INVESTMENT PROPERTIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Disclosure of detailed information about investment property [line items] | |||
Disposals, investment property | $ 9,284 | $ 6,029 | |
Realized disposition gains in fair value changes or equity | 1,554 | 621 | |
Revenue | 62,752 | 67,826 | |
Accounts receivable and other | 18,928 | 18,469 | |
Accounts payable and other | 50,682 | 43,077 | $ 50,682 |
Right-of-use assets | 3,300 | 2,600 | |
Additions other than through business combinations, investment property | 8,180 | 11,638 | |
Rental income from investment property | 5,700 | 5,800 | |
Direct operating expense from investment property | 2,500 | 2,400 | |
Acquisitions through business combinations, investment property | 3,669 | ||
Additions, net of (disposals)1 | 2,568 | 4,676 | |
Elimination | |||
Disclosure of detailed information about investment property [line items] | |||
Accounts receivable and other | (2,105) | (162) | |
Accounts payable and other | (2,105) | 162 | |
Asset management | |||
Disclosure of detailed information about investment property [line items] | |||
Revenue | 246 | 271 | |
Elimination of intersegment amounts | |||
Disclosure of detailed information about investment property [line items] | |||
Revenue | 3,930 | 2,823 | |
Elimination of intersegment amounts | Asset management | |||
Disclosure of detailed information about investment property [line items] | |||
Revenue | $ 3,278 | $ 2,343 |
INVESTMENT PROPERTIES - Sched_2
INVESTMENT PROPERTIES - Schedule of Investment Properties Measured at Fair Value (Details) $ in Millions | Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($) |
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | $ 96,782 | $ 96,686 | $ 84,309 |
Investment properties | $ 96,782 | $ 96,686 | $ 84,309 |
Core office | United States | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 6.90% | 7.00% | |
Investment properties | $ 15,093 | $ 15,748 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.60% | 5.60% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 12 | 12 | |
Investment properties | $ 15,093 | $ 15,748 | |
Core office | Canada | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 5.90% | 5.90% | |
Investment properties | $ 5,102 | $ 4,806 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.20% | 5.20% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 5,102 | $ 4,806 | |
Core office | Australia | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 6.60% | 6.80% | |
Investment properties | $ 2,731 | $ 2,300 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.70% | 5.90% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 2,731 | $ 2,300 | |
Core office | Europe | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 5.20% | 4.60% | |
Investment properties | $ 2,699 | $ 2,867 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 3.80% | 4.10% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 11 | |
Investment properties | $ 2,699 | $ 2,867 | |
Core office | Brazil | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 7.60% | 7.90% | |
Investment properties | $ 309 | $ 361 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 7.00% | 7.40% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 309 | $ 361 | |
Core retail | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 7.00% | 6.70% | |
Investment properties | $ 20,324 | $ 21,561 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.30% | 5.40% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 20,324 | $ 21,561 | |
LP investments office | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 9.70% | 10.00% | |
Investment properties | $ 8,727 | $ 8,756 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 7.20% | 7.30% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 7 | 7 | |
Investment properties | $ 8,727 | $ 8,756 | |
LP investments retail | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 8.70% | 8.80% | |
Investment properties | $ 2,538 | $ 2,812 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 7.00% | 7.30% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 2,538 | $ 2,812 | |
Logistics | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 0.00% | 5.80% | |
Investment properties | $ 0 | $ 94 | |
Investment properties | $ 0 | $ 94 | |
Multifamily [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 4.90% | 5.10% | |
Investment properties | $ 2,442 | $ 2,937 | |
Investment properties | $ 2,442 | $ 2,937 | |
Triple net lease | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 6.20% | 6.30% | |
Investment properties | $ 3,719 | $ 4,508 | |
Investment properties | $ 3,719 | $ 4,508 | |
Self-storage | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 0.00% | 5.60% | |
Investment properties | $ 0 | $ 1,007 | |
Investment properties | $ 0 | $ 1,007 | |
Student housing | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 4.90% | 5.80% | |
Investment properties | $ 2,962 | $ 2,605 | |
Investment properties | $ 2,962 | $ 2,605 | |
Manufactured housing | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 4.80% | 5.50% | |
Investment properties | $ 2,784 | $ 2,446 | |
Investment properties | $ 2,784 | $ 2,446 | |
Mixed-use | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 7.30% | 7.60% | |
Investment properties | $ 3,096 | $ 2,703 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.20% | 5.40% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 10 | 10 | |
Investment properties | $ 3,096 | $ 2,703 | |
Directly-held real estate properties [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | $ 22,350 | $ 19,814 | |
Terminal Capitalization Rate Used In Current Estimate Of Fair Value | 5.40% | 6.10% | |
Investment Horizon Used In Current Estimate Of Fair Value, Investment Property | yr | 19 | 19 | |
Investment properties | $ 22,350 | $ 19,814 | |
Other investment properties | |||
Disclosure of fair value measurement of assets [line items] | |||
Discount rate applied to cash flow projections, investment property | 8.90% | ||
Investment properties | 1,906 | $ 1,361 | |
Investment properties | $ 1,906 | $ 1,361 |
INVESTMENT PROPERTIES - Sched_3
INVESTMENT PROPERTIES - Schedule of Significant Unobservable Inputs (Details) - yr | Dec. 31, 2020 | Dec. 31, 2019 |
Core office | United States | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 6.90% | 7.00% |
Terminal Capitalization Rate | 5.60% | 5.60% |
Investment Horizon (years) | 12 | 12 |
Core office | Canada | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 5.90% | 5.90% |
Terminal Capitalization Rate | 5.20% | 5.20% |
Investment Horizon (years) | 10 | 10 |
Core office | Australia | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 6.60% | 6.80% |
Terminal Capitalization Rate | 5.70% | 5.90% |
Investment Horizon (years) | 10 | 10 |
Core office | Europe | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 5.20% | 4.60% |
Terminal Capitalization Rate | 3.80% | 4.10% |
Investment Horizon (years) | 10 | 11 |
Core office | Brazil | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 7.60% | 7.90% |
Terminal Capitalization Rate | 7.00% | 7.40% |
Investment Horizon (years) | 10 | 10 |
Core retail | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 7.00% | 6.70% |
Terminal Capitalization Rate | 5.30% | 5.40% |
Investment Horizon (years) | 10 | 10 |
LP investments office | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 9.70% | 10.00% |
Terminal Capitalization Rate | 7.20% | 7.30% |
Investment Horizon (years) | 7 | 7 |
Opportunistic retail | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 8.70% | 8.80% |
Terminal Capitalization Rate | 7.00% | 7.30% |
Investment Horizon (years) | 10 | 10 |
Mixed-use | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 7.30% | 7.60% |
Terminal Capitalization Rate | 5.20% | 5.40% |
Investment Horizon (years) | 10 | 10 |
Industrial | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 0.00% | 5.80% |
Multifamily | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 4.90% | 5.10% |
Triple net lease | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 6.20% | 6.30% |
Self-storage | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 0.00% | 5.60% |
Student housing | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 4.90% | 5.80% |
Manufactured housing | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 4.80% | 5.50% |
Directly-held real estate properties [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Capitalization Rate | 5.40% | 6.10% |
Investment Horizon (years) | 19 | 19 |
Directly-held real estate properties [Member] | Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 9.30% | 9.20% |
Directly-held real estate properties [Member] | Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 5.10% | 5.20% |
Other investment properties | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 8.90% | |
Other investment properties | Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 8.70% | |
Other investment properties | Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 5.00% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Operating Segments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 100,009 | $ 89,264 | |
Right-of-use assets | 3,300 | 2,600 | |
Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 6,700 | 5,400 | |
Assets subject to operating leases | 3,900 | 3,700 | |
Renewable Power | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 45,206 | 41,595 | |
Renewable Power | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 393 | 1,100 | |
Infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 32,167 | 23,772 | |
Infrastructure | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 4,100 | 2,200 | |
Real Estate | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 8,432 | 9,729 | $ 7,652 |
Real Estate | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 856 | 796 | |
Private Equity and Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 14,204 | 14,168 | 7,121 |
Private Equity and Other | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 0 | 1,032 | |
Private Equity and Other [Member] | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 1,300 | 1,300 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 88,071 | 77,433 | |
Gross carrying amount [member] | Renewable Power | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 28,838 | 27,820 | 26,108 |
Gross carrying amount [member] | Renewable Power | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 0 | 407 | |
Gross carrying amount [member] | Infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 31,212 | 22,454 | 12,059 |
Gross carrying amount [member] | Infrastructure | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 0 | 1,207 | |
Gross carrying amount [member] | Real Estate | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 9,251 | 9,890 | 7,713 |
Gross carrying amount [member] | Private Equity and Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 18,770 | 17,269 | 9,027 |
Gross carrying amount [member] | Private Equity and Other | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 0 | 1,032 | |
Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 28,384 | 24,965 | |
Accumulated fair value changes | Renewable Power | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 24,238 | 20,465 | 18,260 |
Accumulated fair value changes | Infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 4,626 | 3,777 | 3,480 |
Accumulated fair value changes | Real Estate | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 393 | 1,366 | 1,045 |
Accumulated fair value changes | Private Equity and Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (873) | (643) | |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (16,446) | (13,134) | |
Accumulated depreciation | Renewable Power | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (7,870) | (6,690) | (5,497) |
Accumulated depreciation | Infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (3,671) | (2,459) | (1,889) |
Accumulated depreciation | Real Estate | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (1,212) | (1,527) | (1,106) |
Accumulated depreciation | Private Equity and Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ (3,693) | (2,458) | (1,472) |
Accumulated depreciation | Private Equity and Other | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 3,300 | $ 2,600 |
Property, plant and equipment, revalued assets, at cost | 59,000 | 51,700 |
Property, plant and equipment, pledged as security | 80,200 | 66,300 |
Real Estate | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Revaluation increase (decrease), property, plant and equipment | $ (159) | $ 323 |
Brazil | Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Weighted-average remaining duration, property, plant, and equipment | 32 years | 32 years |
Weighted-average remaining duration, property, plant, and equipment | 32 years | 32 years |
Hydroelectric [Member] | Brazil | Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Renewal term, property, plant, and equipment | 30 years | |
Renewal term, property, plant, and equipment | 30 years |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Schedule of Renewable Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | $ 89,264 | ||
Changes in basis of accounting | 3,300 | $ 2,600 | |
Balance, end of period | 100,009 | 89,264 | |
Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 77,433 | ||
Balance, end of period | 88,071 | 77,433 | |
Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 24,965 | ||
Balance, end of period | 28,384 | 24,965 | |
Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (13,134) | ||
Balance, end of period | (16,446) | (13,134) | |
Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 41,595 | ||
Balance, end of period | 45,206 | 41,595 | |
Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 27,820 | 26,108 | |
Additions, net of disposals and assets reclassified as held for sale | 700 | 100 | |
Acquisitions through business combinations | 661 | 1,308 | |
Foreign currency translation | (343) | (103) | |
Balance, end of period | 28,838 | 27,820 | |
Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 20,465 | 18,260 | |
Foreign currency translation | (380) | 133 | |
Fair value changes | 4,153 | 2,233 | |
Dispositions and assets reclassified as held for sale | 0 | (161) | |
Balance, end of period | 24,238 | 20,465 | |
Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (6,690) | (5,497) | |
Foreign currency translation | 134 | (31) | |
Dispositions and assets reclassified as held for sale | 51 | 117 | |
Depreciation expenses | (1,365) | (1,279) | |
Balance, end of period | (7,870) | (6,690) | |
Hydroelectric [Member] | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 26,589 | ||
Balance, end of period | 29,033 | 26,589 | |
Hydroelectric [Member] | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 14,074 | 13,843 | |
Additions, net of disposals and assets reclassified as held for sale | 425 | 162 | |
Acquisitions through business combinations | 0 | 0 | |
Foreign currency translation | (600) | (14) | |
Balance, end of period | 13,899 | 14,074 | |
Hydroelectric [Member] | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 16,927 | 15,416 | |
Foreign currency translation | (283) | 142 | |
Fair value changes | 3,221 | 1,369 | |
Dispositions and assets reclassified as held for sale | 0 | 0 | |
Balance, end of period | 19,865 | 16,927 | |
Hydroelectric [Member] | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (4,412) | (3,879) | |
Foreign currency translation | 181 | (8) | |
Dispositions and assets reclassified as held for sale | 17 | 7 | |
Depreciation expenses | (517) | (532) | |
Balance, end of period | (4,731) | (4,412) | |
Wind Energy, Solar and Other | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 9,266 | ||
Balance, end of period | 9,013 | 9,266 | |
Wind Energy, Solar and Other | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 8,459 | 7,968 | |
Additions, net of disposals and assets reclassified as held for sale | (9) | (342) | |
Acquisitions through business combinations | 0 | 566 | |
Foreign currency translation | (52) | (54) | |
Balance, end of period | 8,398 | 8,459 | |
Wind Energy, Solar and Other | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 2,588 | 2,079 | |
Foreign currency translation | (82) | (34) | |
Fair value changes | 402 | 669 | |
Dispositions and assets reclassified as held for sale | 0 | (126) | |
Balance, end of period | 2,908 | 2,588 | |
Wind Energy, Solar and Other | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (1,781) | (1,358) | |
Foreign currency translation | 9 | (22) | |
Dispositions and assets reclassified as held for sale | 25 | 101 | |
Depreciation expenses | (546) | (502) | |
Balance, end of period | (2,293) | (1,781) | |
Solar and Other [Member] | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 5,740 | ||
Balance, end of period | 7,160 | 5,740 | |
Solar and Other [Member] | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 5,287 | 4,297 | |
Additions, net of disposals and assets reclassified as held for sale | 284 | 280 | |
Acquisitions through business combinations | 661 | 742 | |
Foreign currency translation | 309 | (35) | |
Balance, end of period | 6,541 | 5,287 | |
Solar and Other [Member] | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 950 | 765 | |
Foreign currency translation | (15) | 25 | |
Fair value changes | 530 | 195 | |
Dispositions and assets reclassified as held for sale | 0 | (35) | |
Balance, end of period | 1,465 | 950 | |
Solar and Other [Member] | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (497) | (260) | |
Foreign currency translation | (56) | (1) | |
Dispositions and assets reclassified as held for sale | 9 | 9 | |
Depreciation expenses | (302) | (245) | |
Balance, end of period | (846) | (497) | |
North America | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 25,617 | ||
Balance, end of period | 28,044 | 25,617 | |
Brazil | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 3,575 | ||
Balance, end of period | 3,005 | 3,575 | |
Colombia | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 7,353 | ||
Balance, end of period | 8,150 | 7,353 | |
Europe | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 3,770 | ||
Balance, end of period | 4,912 | 3,770 | |
Other | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 1,280 | ||
Balance, end of period | 1,095 | 1,280 | |
Property, plant and equipment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 6,700 | 5,400 | |
Property, plant and equipment [member] | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | $ 393 | 1,100 | |
Property, plant and equipment [member] | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | $ 407 | |
Property, plant and equipment [member] | Hydroelectric [Member] | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | 83 | |
Property, plant and equipment [member] | Wind Energy, Solar and Other | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | 321 | |
Property, plant and equipment [member] | Solar and Other [Member] | Renewable Power | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | $ 0 | $ 3 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment Measured at Fair Value (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020COP ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 100,009,000,000 | $ 89,264,000,000 | |||
Infrastructure | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 32,167,000,000 | 23,772,000,000 | |||
Renewable Power | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 45,206,000,000 | 41,595,000,000 | |||
Renewable Power | North America | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 28,044,000,000 | 25,617,000,000 | |||
Renewable Power | North America | Later Than One Year And Not Later Than Eleven Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 43.00% | 43.00% | 43.00% | 43.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 96 | ||||
Estimates of Future Electricity Prices (weighted average) | $ 65 | ||||
Renewable Power | North America | Later Than Eleven Years And Not Later Than Twenty Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 13.00% | 13.00% | 13.00% | 13.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 90 | ||||
Estimates of Future Electricity Prices (weighted average) | 117 | ||||
Renewable Power | Brazil | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 3,005,000,000 | 3,575,000,000 | |||
Renewable Power | Brazil | Later Than One Year And Not Later Than Eleven Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 70.00% | 70.00% | 70.00% | 70.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | R$ | R$ 306 | ||||
Estimates of Future Electricity Prices (weighted average) | R$ | R$ 245 | ||||
Renewable Power | Brazil | Later Than Eleven Years And Not Later Than Twenty Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 30.00% | 30.00% | 30.00% | 30.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | R$ | R$ 396 | ||||
Estimates of Future Electricity Prices (weighted average) | R$ | R$ 328 | ||||
Renewable Power | Colombia | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 8,150,000,000 | 7,353,000,000 | |||
Renewable Power | Colombia | Later Than One Year And Not Later Than Eleven Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 27.00% | 27.00% | 27.00% | 27.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 220,000 | ||||
Estimates of Future Electricity Prices (weighted average) | $ 265,000 | ||||
Renewable Power | Colombia | Later Than Eleven Years And Not Later Than Twenty Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 0.00% | 0.00% | 0.00% | 0.00% | |
Estimates of Future Electricity Prices (weighted average) | $ 384,000 | ||||
Renewable Power | Europe | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 4,912,000,000 | $ 3,770,000,000 | |||
Renewable Power | Europe | Later Than One Year And Not Later Than Eleven Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 87.00% | 87.00% | 87.00% | 87.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | € | € 167 | ||||
Estimates of Future Electricity Prices (weighted average) | € | € 68 | ||||
Renewable Power | Europe | Later Than Eleven Years And Not Later Than Twenty Years | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Total Generation Contracted under Power Purchase Agreements | 56.00% | 56.00% | 56.00% | 56.00% | |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | € | € 255 | ||||
Estimates of Future Electricity Prices (weighted average) | € | € 54 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT - Schedule of Valuation Metrics (Details) - yr | Dec. 31, 2020 | Dec. 31, 2019 |
North America | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,041 | 2,040 |
Brazil | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,048 | 2,047 |
Colombia | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,040 | 2,039 |
Europe | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,035 | 2,035 |
Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 7 | |
Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 21 | |
Utilities [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Utilities [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Utilities [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 20 | |
Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Transport | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Transport | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 20 | |
Energy [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 5 | 5 |
Energy [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | 10 |
Sustainable Resources [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Sustainable Resources [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 3 | |
Sustainable Resources [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 21 | |
Property, plant and equipment [member] | Hydroelectric [Member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 8.90% | 9.80% |
Property, plant and equipment [member] | Hydroelectric [Member] | Renewable Power | Minimum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 5.80% | 6.20% |
Property, plant and equipment [member] | Hydroelectric [Member] | Renewable Power | Maximum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 6.20% | 6.70% |
Property, plant and equipment [member] | Utilities [Member] | Infrastructure | Minimum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 7.00% | 7.00% |
Terminal capitalization rate | 700.00% | 800.00% |
Property, plant and equipment [member] | Utilities [Member] | Infrastructure | Maximum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 14.00% | 14.00% |
Terminal capitalization rate | 2300.00% | 2100.00% |
Property, plant and equipment [member] | Transport | Infrastructure | Minimum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 7.00% | 7.00% |
Terminal capitalization rate | 900.00% | 900.00% |
Property, plant and equipment [member] | Transport | Infrastructure | Maximum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 13.00% | 13.00% |
Terminal capitalization rate | 1400.00% | 1400.00% |
Property, plant and equipment [member] | Energy [Member] | Infrastructure | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 15.00% | 15.00% |
Terminal capitalization rate | 1000.00% | 1000.00% |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 600.00% | |
Terminal capitalization rate | 600.00% | |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Minimum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 5.00% | |
Terminal capitalization rate | 500.00% | |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Maximum | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 10.00% | |
Terminal capitalization rate | 1000.00% | |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Brazil | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 7.30% | 8.20% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8.10% | 9.00% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Minimum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 4.10% | 4.60% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Minimum | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 3.00% | 3.50% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Maximum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 4.50% | 4.90% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Maximum | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 3.60% | 4.00% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Brazil | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8.60% | 9.50% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 9.40% | 10.30% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Minimum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 5.60% | 6.10% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Minimum | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 3.60% | 4.00% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Maximum | North America | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 6.00% | 6.40% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Maximum | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 4.70% | 5.30% |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT - Schedule of Infrastructure Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | $ 89,264 | ||||
Changes in basis of accounting | $ 3,300 | $ 2,600 | |||
Balance, end of period | 100,009 | $ 89,264 | |||
Property, plant and equipment | 89,264 | 89,264 | 100,009 | 89,264 | |
Right-of-use assets | 3,300 | 2,600 | |||
Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 77,433 | ||||
Balance, end of period | 88,071 | 77,433 | |||
Property, plant and equipment | 77,433 | 77,433 | 88,071 | 77,433 | |
Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 24,965 | ||||
Balance, end of period | 28,384 | 24,965 | |||
Property, plant and equipment | 24,965 | 24,965 | 28,384 | 24,965 | |
Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (13,134) | ||||
Balance, end of period | (16,446) | (13,134) | |||
Property, plant and equipment | (13,134) | (13,134) | (16,446) | (13,134) | |
Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 23,772 | ||||
Balance, end of period | 32,167 | 23,772 | |||
Property, plant and equipment | 23,772 | 23,772 | 32,167 | 23,772 | |
Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 22,454 | 12,059 | |||
Additions, net of disposals and assets reclassified as held for sale | 1,008 | 273 | |||
Acquisitions through business combinations | 7,334 | 8,710 | |||
Foreign currency translation | 416 | 205 | |||
Balance, end of period | 31,212 | 22,454 | |||
Property, plant and equipment | 22,454 | 12,059 | 31,212 | 22,454 | $ 12,059 |
Additions, net of disposals and assets reclassified as held for sale | 1,008 | 273 | |||
Acquisitions through business combinations, property, plant and equipment | 7,334 | 8,710 | |||
Foreign currency translation | 416 | 205 | |||
Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 3,777 | 3,480 | |||
Dispositions and assets reclassified as held for sale | 0 | (453) | |||
Fair value changes | 792 | 715 | |||
Foreign currency translation | 57 | 35 | |||
Balance, end of period | 4,626 | 3,777 | |||
Property, plant and equipment | 3,777 | 3,777 | 4,626 | 3,777 | 3,480 |
Foreign currency translation | 57 | 35 | |||
Disposals, property, plant and equipment | 0 | 453 | |||
Fair value changes | 792 | 715 | |||
Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (2,459) | (1,889) | |||
Depreciation expenses | (1,257) | (774) | |||
Dispositions and assets reclassified as held for sale | 170 | 232 | |||
Foreign currency translation | (125) | (28) | |||
Balance, end of period | (3,671) | (2,459) | |||
Property, plant and equipment | (2,459) | (2,459) | (3,671) | (2,459) | (1,889) |
Foreign currency translation | (125) | (28) | |||
Disposals, property, plant and equipment | (170) | (232) | |||
Depreciation, property, plant and equipment | 1,257 | 774 | |||
Utilities [Member] | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 9,669 | ||||
Balance, end of period | 10,610 | 9,669 | |||
Property, plant and equipment | 9,669 | 9,669 | 10,610 | 9,669 | |
Utilities [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 8,654 | 6,248 | |||
Additions, net of disposals and assets reclassified as held for sale | 550 | 34 | |||
Acquisitions through business combinations | 0 | 2,135 | |||
Foreign currency translation | 102 | 127 | |||
Balance, end of period | 9,306 | 8,654 | |||
Property, plant and equipment | 8,654 | 8,654 | 9,306 | 8,654 | 6,248 |
Additions, net of disposals and assets reclassified as held for sale | 550 | 34 | |||
Acquisitions through business combinations, property, plant and equipment | 0 | 2,135 | |||
Foreign currency translation | 102 | 127 | |||
Utilities [Member] | Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 2,187 | 2,002 | |||
Dispositions and assets reclassified as held for sale | 0 | (416) | |||
Fair value changes | 652 | 572 | |||
Foreign currency translation | 78 | 29 | |||
Balance, end of period | 2,917 | 2,187 | |||
Property, plant and equipment | 2,187 | 2,187 | 2,917 | 2,187 | 2,002 |
Foreign currency translation | 78 | 29 | |||
Disposals, property, plant and equipment | 0 | 416 | |||
Fair value changes | 652 | 572 | |||
Utilities [Member] | Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (1,172) | (985) | |||
Depreciation expenses | (419) | (415) | |||
Dispositions and assets reclassified as held for sale | 12 | 247 | |||
Foreign currency translation | (34) | (19) | |||
Balance, end of period | (1,613) | (1,172) | |||
Property, plant and equipment | (1,613) | (985) | (1,613) | (1,172) | (985) |
Foreign currency translation | (34) | (19) | |||
Disposals, property, plant and equipment | (12) | (247) | |||
Depreciation, property, plant and equipment | 419 | 415 | |||
Transport | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 8,216 | ||||
Balance, end of period | 8,341 | 8,216 | |||
Property, plant and equipment | 8,216 | 8,216 | 8,341 | 8,216 | |
Transport | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 8,309 | 2,495 | |||
Additions, net of disposals and assets reclassified as held for sale | 146 | 171 | |||
Acquisitions through business combinations | 0 | 5,283 | |||
Foreign currency translation | 243 | 4 | |||
Balance, end of period | 8,698 | 8,309 | |||
Property, plant and equipment | 8,698 | 2,495 | 8,698 | 8,309 | 2,495 |
Additions, net of disposals and assets reclassified as held for sale | 146 | 171 | |||
Acquisitions through business combinations, property, plant and equipment | 0 | 5,283 | |||
Foreign currency translation | 243 | 4 | |||
Transport | Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 857 | 810 | |||
Dispositions and assets reclassified as held for sale | 0 | 0 | |||
Fair value changes | 113 | 45 | |||
Foreign currency translation | 77 | 2 | |||
Balance, end of period | 1,047 | 857 | |||
Property, plant and equipment | 1,047 | 810 | 1,047 | 857 | 810 |
Foreign currency translation | 77 | 2 | |||
Disposals, property, plant and equipment | 0 | 0 | |||
Fair value changes | 113 | 45 | |||
Transport | Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (950) | (744) | |||
Depreciation expenses | (498) | (178) | |||
Dispositions and assets reclassified as held for sale | 134 | (25) | |||
Foreign currency translation | (90) | (3) | |||
Balance, end of period | (1,404) | (950) | |||
Property, plant and equipment | (1,404) | (744) | (1,404) | (950) | (744) |
Foreign currency translation | (90) | (3) | |||
Disposals, property, plant and equipment | (134) | 25 | |||
Depreciation, property, plant and equipment | 498 | 178 | |||
Energy [Member] | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 4,080 | ||||
Balance, end of period | 4,303 | 4,080 | |||
Property, plant and equipment | 4,080 | 4,080 | 4,303 | 4,080 | |
Energy [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 3,971 | 2,443 | |||
Additions, net of disposals and assets reclassified as held for sale | 277 | 136 | |||
Acquisitions through business combinations | 0 | 1,197 | |||
Foreign currency translation | 73 | 87 | |||
Balance, end of period | 4,321 | 3,971 | |||
Property, plant and equipment | 4,321 | 2,443 | 4,321 | 3,971 | 2,443 |
Additions, net of disposals and assets reclassified as held for sale | 277 | 136 | |||
Acquisitions through business combinations, property, plant and equipment | 0 | 1,197 | |||
Foreign currency translation | 73 | 87 | |||
Energy [Member] | Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 317 | 221 | |||
Dispositions and assets reclassified as held for sale | 0 | 0 | |||
Fair value changes | 21 | 92 | |||
Foreign currency translation | 0 | 4 | |||
Balance, end of period | 338 | 317 | |||
Property, plant and equipment | 338 | 221 | 338 | 317 | 221 |
Foreign currency translation | 0 | 4 | |||
Disposals, property, plant and equipment | 0 | 0 | |||
Fair value changes | 21 | 92 | |||
Energy [Member] | Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (208) | (120) | |||
Depreciation expenses | (141) | (84) | |||
Dispositions and assets reclassified as held for sale | 0 | 3 | |||
Foreign currency translation | (7) | (7) | |||
Balance, end of period | (356) | (208) | |||
Property, plant and equipment | (356) | (120) | (356) | (208) | (120) |
Foreign currency translation | (7) | (7) | |||
Disposals, property, plant and equipment | 0 | (3) | |||
Depreciation, property, plant and equipment | 141 | 84 | |||
Data Infrastructure [Member] | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 1,043 | ||||
Balance, end of period | 8,330 | 1,043 | |||
Property, plant and equipment | 1,043 | 1,043 | 8,330 | 1,043 | |
Data Infrastructure [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 1,131 | 444 | |||
Additions, net of disposals and assets reclassified as held for sale | 51 | (43) | |||
Acquisitions through business combinations | 7,334 | 95 | |||
Foreign currency translation | 77 | 2 | |||
Balance, end of period | 8,593 | 1,131 | |||
Property, plant and equipment | 8,593 | 444 | 8,593 | 1,131 | 444 |
Additions, net of disposals and assets reclassified as held for sale | 51 | (43) | |||
Acquisitions through business combinations, property, plant and equipment | 7,334 | 95 | |||
Foreign currency translation | 77 | 2 | |||
Data Infrastructure [Member] | Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 0 | 0 | |||
Dispositions and assets reclassified as held for sale | 0 | 0 | |||
Fair value changes | 0 | 0 | |||
Foreign currency translation | 0 | 0 | |||
Balance, end of period | 0 | 0 | |||
Property, plant and equipment | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | |||
Disposals, property, plant and equipment | 0 | 0 | |||
Fair value changes | 0 | 0 | |||
Data Infrastructure [Member] | Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (88) | 0 | |||
Depreciation expenses | (189) | (87) | |||
Dispositions and assets reclassified as held for sale | 17 | 0 | |||
Foreign currency translation | (3) | (1) | |||
Balance, end of period | (263) | (88) | |||
Property, plant and equipment | (263) | 0 | (263) | (88) | 0 |
Foreign currency translation | (3) | (1) | |||
Disposals, property, plant and equipment | (17) | 0 | |||
Depreciation, property, plant and equipment | 189 | 87 | |||
Sustainable Resources [Member] | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 764 | ||||
Balance, end of period | 583 | 764 | |||
Property, plant and equipment | 764 | 764 | 583 | 764 | |
Sustainable Resources [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 389 | 429 | |||
Additions, net of disposals and assets reclassified as held for sale | (16) | (25) | |||
Acquisitions through business combinations | 0 | 0 | |||
Foreign currency translation | (79) | (15) | |||
Balance, end of period | 294 | 389 | |||
Property, plant and equipment | 389 | 389 | 294 | 389 | 429 |
Additions, net of disposals and assets reclassified as held for sale | (16) | (25) | |||
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |||
Foreign currency translation | (79) | (15) | |||
Sustainable Resources [Member] | Infrastructure | Accumulated fair value changes | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | 416 | 447 | |||
Dispositions and assets reclassified as held for sale | 0 | (37) | |||
Fair value changes | 6 | 6 | |||
Foreign currency translation | (98) | 0 | |||
Balance, end of period | 324 | 416 | |||
Property, plant and equipment | 324 | 447 | 324 | 416 | 447 |
Foreign currency translation | (98) | 0 | |||
Disposals, property, plant and equipment | 0 | 37 | |||
Fair value changes | 6 | 6 | |||
Sustainable Resources [Member] | Infrastructure | Accumulated depreciation and amortisation | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Balance, beginning of period | (41) | (40) | |||
Depreciation expenses | (10) | (10) | |||
Dispositions and assets reclassified as held for sale | 7 | 7 | |||
Foreign currency translation | 9 | 2 | |||
Balance, end of period | (35) | (41) | |||
Property, plant and equipment | (35) | (40) | (35) | (41) | (40) |
Foreign currency translation | 9 | 2 | |||
Disposals, property, plant and equipment | (7) | (7) | |||
Depreciation, property, plant and equipment | $ 10 | $ 10 | |||
Property, plant and equipment [member] | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 6,700 | 5,400 | |||
Right-of-use assets | 6,700 | 5,400 | |||
Property, plant and equipment [member] | Infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 4,100 | 2,200 | |||
Right-of-use assets | $ 4,100 | 2,200 | |||
Property, plant and equipment [member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 1,207 | |||
Right-of-use assets | 0 | 1,207 | |||
Property, plant and equipment [member] | Utilities [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 110 | |||
Right-of-use assets | 0 | 110 | |||
Property, plant and equipment [member] | Transport | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 356 | |||
Right-of-use assets | 0 | 356 | |||
Property, plant and equipment [member] | Energy [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 108 | |||
Right-of-use assets | 0 | 108 | |||
Property, plant and equipment [member] | Data Infrastructure [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 633 | |||
Right-of-use assets | 0 | 633 | |||
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Changes in basis of accounting | 0 | 0 | |||
Right-of-use assets | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Details) - yr | Dec. 31, 2020 | Dec. 31, 2019 |
Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 7 | |
Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 21 | |
Utilities [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Utilities [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Utilities [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 20 | |
Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Transport | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Transport | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 20 | |
Energy [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 5 | 5 |
Energy [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | 10 |
Sustainable Resources [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 | |
Sustainable Resources [Member] | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 3 | |
Sustainable Resources [Member] | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 21 | |
Property, plant and equipment [member] | Utilities [Member] | Infrastructure | Discounted cash flows | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 7.00% | 7.00% |
Terminal capitalization rate | 700.00% | 800.00% |
Property, plant and equipment [member] | Utilities [Member] | Infrastructure | Discounted cash flows | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 14.00% | 14.00% |
Terminal capitalization rate | 2300.00% | 2100.00% |
Property, plant and equipment [member] | Transport | Infrastructure | Discounted cash flows | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 7.00% | 7.00% |
Terminal capitalization rate | 900.00% | 900.00% |
Property, plant and equipment [member] | Transport | Infrastructure | Discounted cash flows | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 13.00% | 13.00% |
Terminal capitalization rate | 1400.00% | 1400.00% |
Property, plant and equipment [member] | Energy [Member] | Infrastructure | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 15.00% | 15.00% |
Terminal capitalization rate | 1000.00% | 1000.00% |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 600.00% | |
Terminal capitalization rate | 600.00% | |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Discounted cash flows | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 5.00% | |
Terminal capitalization rate | 500.00% | |
Property, plant and equipment [member] | Sustainable Resources [Member] | Infrastructure | Discounted cash flows | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 10.00% | |
Terminal capitalization rate | 1000.00% |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT - Schedule of Real Estate Assets, Private Equity and Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | $ 89,264 | ||
Changes in basis of accounting | 3,300 | $ 2,600 | |
Balance, end of period | 100,009 | 89,264 | |
Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 77,433 | ||
Balance, end of period | 88,071 | 77,433 | |
Accumulated Fair Value Changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 24,965 | ||
Balance, end of period | 28,384 | 24,965 | |
Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (13,134) | ||
Balance, end of period | (16,446) | (13,134) | |
Real Estate | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 9,729 | 7,652 | |
Additions, net of disposals and assets reclassified as held for sale | 915 | 549 | |
Acquisitions through business combinations | 0 | 785 | |
Foreign currency translation | 194 | 94 | |
Fair value changes | (159) | 323 | |
Depreciation expenses | (457) | (443) | |
Balance, end of period | 8,432 | 9,729 | |
Real Estate | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 9,890 | 7,713 | |
Additions, net of disposals and assets reclassified as held for sale | 1,023 | 514 | |
Acquisitions through business combinations | 0 | 785 | |
Foreign currency translation | 233 | 109 | |
Fair value changes | 0 | 0 | |
Depreciation expenses | 0 | 0 | |
Balance, end of period | 9,251 | 9,890 | |
Real Estate | Accumulated Fair Value Changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 1,366 | 1,045 | |
Additions, net of disposals and assets reclassified as held for sale | (135) | (2) | |
Acquisitions through business combinations | 0 | 0 | |
Foreign currency translation | 2 | 0 | |
Fair value changes | (159) | 323 | |
Depreciation expenses | 0 | 0 | |
Balance, end of period | 393 | 1,366 | |
Real Estate | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (1,527) | (1,106) | |
Additions, net of disposals and assets reclassified as held for sale | 27 | 37 | |
Acquisitions through business combinations | 0 | 0 | |
Foreign currency translation | (41) | (15) | |
Fair value changes | 0 | 0 | |
Depreciation expenses | (457) | (443) | |
Balance, end of period | (1,212) | (1,527) | |
Private Equity and Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 14,168 | 7,121 | |
Additions, net of disposals and assets reclassified as held for sale | 1,221 | 809 | |
Acquisitions through business combinations | 84 | 6,650 | |
Foreign currency translation | 479 | 26 | |
Depreciation expenses | (1,464) | (1,274) | |
Impairment charges | (284) | (196) | |
Balance, end of period | 14,204 | 14,168 | |
Private Equity and Other | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 17,269 | 9,027 | |
Additions, net of disposals and assets reclassified as held for sale | 874 | 477 | |
Acquisitions through business combinations | 84 | 6,650 | |
Foreign currency translation | 543 | 83 | |
Depreciation expenses | 0 | 0 | |
Impairment charges | 0 | 0 | |
Balance, end of period | 18,770 | 17,269 | |
Private Equity and Other | Accumulated Fair Value Changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (643) | ||
Balance, end of period | (873) | (643) | |
Private Equity and Other | Accumulated Impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (643) | (434) | |
Additions, net of disposals and assets reclassified as held for sale | 57 | 0 | |
Acquisitions through business combinations | 0 | 0 | |
Foreign currency translation | (3) | (13) | |
Depreciation expenses | 0 | 0 | |
Impairment charges | (284) | (196) | |
Balance, end of period | (873) | (643) | |
Private Equity and Other | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (2,458) | (1,472) | |
Additions, net of disposals and assets reclassified as held for sale | 290 | 332 | |
Acquisitions through business combinations | 0 | 0 | |
Foreign currency translation | (61) | (44) | |
Depreciation expenses | (1,464) | (1,274) | |
Impairment charges | 0 | 0 | |
Balance, end of period | (3,693) | (2,458) | |
Property, plant and equipment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 6,700 | 5,400 | |
Property, plant and equipment [member] | Real Estate | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | $ 856 | 796 | |
Property, plant and equipment [member] | Real Estate | Change in property, plant and equipment policy | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | (1,790) | $ 769 | |
Property, plant and equipment [member] | Real Estate | Costs | Change in property, plant and equipment policy | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | (1,895) | 769 | |
Property, plant and equipment [member] | Real Estate | Accumulated Fair Value Changes | Change in property, plant and equipment policy | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | (681) | 0 | |
Property, plant and equipment [member] | Real Estate | Accumulated depreciation | Change in property, plant and equipment policy | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 786 | 0 | |
Property, plant and equipment [member] | Private Equity and Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | 1,032 | |
Property, plant and equipment [member] | Private Equity and Other | Costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | 1,032 | |
Property, plant and equipment [member] | Private Equity and Other | Accumulated Impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | 0 | 0 | |
Property, plant and equipment [member] | Private Equity and Other | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Changes in basis of accounting | $ 0 | $ 0 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | $ 27,710 | $ 18,762 | ||
Additions | 452 | 445 | ||
Disposals, intangible assets other than goodwill | 1,939 | 367 | ||
Acquisitions through business combinations | 625 | 10,333 | ||
Amortization | (1,310) | (1,141) | ||
Revaluation increase (decrease), intangible assets other than goodwill | (85) | 0 | ||
Foreign currency translation | (965) | (322) | ||
Ending balance | 24,658 | 27,710 | ||
Intangible assets | 27,710 | 18,762 | $ 24,658 | $ 27,710 |
Additions | 452 | 445 | ||
Disposals, intangible assets other than goodwill | 1,939 | 367 | ||
Acquisitions through business combinations | 625 | 10,333 | ||
Amortisation, intangible assets other than goodwill | 1,310 | 1,141 | ||
Foreign currency translation | (965) | (322) | ||
Costs | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 30,232 | 20,304 | ||
Additions | 452 | 445 | ||
Disposals, intangible assets other than goodwill | 2,246 | 499 | ||
Acquisitions through business combinations | 10,333 | |||
Amortization | 0 | 0 | ||
Revaluation increase (decrease), intangible assets other than goodwill | (78) | 0 | ||
Foreign currency translation | (1,195) | (351) | ||
Ending balance | 27,946 | 30,232 | ||
Identifiable intangible assets recognised as of acquisition date | 625 | 10,333 | ||
Intangible assets | 27,946 | 20,304 | 27,946 | 30,232 |
Additions | 452 | 445 | ||
Disposals, intangible assets other than goodwill | 2,246 | 499 | ||
Acquisitions through business combinations | 10,333 | |||
Amortisation, intangible assets other than goodwill | 0 | 0 | ||
Foreign currency translation | (1,195) | (351) | ||
Accumulated Amortization and Impairment | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | (2,522) | (1,542) | ||
Additions | 0 | 0 | ||
Disposals, intangible assets other than goodwill | (307) | (132) | ||
Acquisitions through business combinations | 0 | 0 | ||
Amortization | (1,310) | (1,141) | ||
Revaluation increase (decrease), intangible assets other than goodwill | (7) | 0 | ||
Foreign currency translation | 230 | 29 | ||
Ending balance | (3,288) | (2,522) | ||
Intangible assets | (3,288) | (1,542) | $ (3,288) | $ (2,522) |
Additions | 0 | 0 | ||
Disposals, intangible assets other than goodwill | (307) | (132) | ||
Acquisitions through business combinations | 0 | 0 | ||
Amortisation, intangible assets other than goodwill | 1,310 | 1,141 | ||
Foreign currency translation | $ 230 | $ 29 |
INTANGIBLE ASSETS - Schedule _2
INTANGIBLE ASSETS - Schedule of Intangible Assets by Geography (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 24,658 | $ 27,710 | $ 18,762 |
Intangible assets | $ 24,658 | $ 27,710 | $ 18,762 |
INTANGIBLE ASSETS - Schedule _3
INTANGIBLE ASSETS - Schedule of Intangible Assets by Operating Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 24,658 | $ 27,710 | $ 18,762 |
Intangible assets | 24,658 | 27,710 | $ 18,762 |
Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 11,769 | 14,388 | |
Intangible assets | 11,769 | 14,388 | |
Private equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 11,261 | 11,650 | |
Intangible assets | 11,261 | 11,650 | |
Real Estate | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,177 | 1,301 | |
Intangible assets | 1,177 | 1,301 | |
Renewable power and other | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 451 | 371 | |
Intangible assets | $ 451 | $ 371 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 24,658 | $ 27,710 | $ 18,762 |
Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 11,769 | 14,388 | |
Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 11,261 | 11,650 | |
North American Rail Operations [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets with indefinite useful life | 876 | 667 | |
Service concession arrangements [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,800 | 1,800 | |
Service concession arrangements [member] | Brazilian regulated gas transmission business [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,900 | 3,900 | |
Service concession arrangements [member] | Indian Toll Road [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,600 | 2,700 | |
Access agreements [Member] | Australian regulated terminal [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,800 | ||
Customer-related intangible assets [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 5,100 | 5,300 | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 30 years | ||
Customer-related intangible assets [member] | North American Rail Operations [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 1,900 | 2,000 | |
Customer-related intangible assets [member] | Residential infrastructure operation [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 1,400 | 1,400 | |
Customer-related intangible assets [member] | Bottom of range | North American Rail Operations [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 10 years | ||
Customer-related intangible assets [member] | Bottom of range | Residential infrastructure operation [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 10 years | ||
Customer-related intangible assets [member] | Top of range | North American Rail Operations [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years | ||
Customer-related intangible assets [member] | Top of range | Residential infrastructure operation [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years | ||
Copyrights, patents and other industrial property rights, service and operating rights [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 3,200 | $ 3,200 | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 15 years |
GOODWILL - Schedule of Changes
GOODWILL - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | $ 14,550 | $ 8,815 |
Acquisitions through business combinations | 145 | 6,125 |
Impairment losses | (3) | (453) |
Foreign currency translation and other | 22 | 63 |
Ending balance | 14,714 | 14,550 |
Acquisitions through business combinations | 145 | 6,125 |
Goodwill | 14,550 | 14,550 |
Impairment loss recognised in profit or loss, goodwill | 3 | 453 |
Foreign currency translation and other | 22 | 63 |
Costs | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | 15,412 | 9,198 |
Acquisitions through business combinations | 145 | 6,125 |
Impairment losses | 0 | 0 |
Foreign currency translation and other | (18) | 89 |
Ending balance | 15,539 | 15,412 |
Acquisitions through business combinations | 145 | 6,125 |
Goodwill | 15,539 | 9,198 |
Impairment loss recognised in profit or loss, goodwill | 0 | 0 |
Foreign currency translation and other | (18) | 89 |
Accumulated Impairment | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | (862) | (383) |
Acquisitions through business combinations | 0 | 0 |
Impairment losses | (3) | (453) |
Foreign currency translation and other | 40 | (26) |
Ending balance | (825) | (862) |
Acquisitions through business combinations | 0 | 0 |
Goodwill | (862) | (862) |
Impairment loss recognised in profit or loss, goodwill | 3 | 453 |
Foreign currency translation and other | $ 40 | $ (26) |
GOODWILL - Schedule of Goodwill
GOODWILL - Schedule of Goodwill By Geography (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 14,714 | $ 14,550 | $ 8,815 |
GOODWILL - Schedule of Goodwi_2
GOODWILL - Schedule of Goodwill By Operating Segments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 14,714 | $ 14,550 | $ 8,815 |
Infrastructure | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 6,634 | 6,553 | |
Private Equity | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 5,244 | 5,218 | |
Real Estate | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 1,404 | 1,357 | |
Renewable Power | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 970 | 977 | |
Asset management | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 368 | 328 | |
Other | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 94 | $ 117 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($)yr | Dec. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 14,714 | $ 14,550 | $ 8,815 | |
Impairment loss recognised in profit or loss, goodwill | 3 | 453 | ||
Acquisitions through business combinations | $ 145 | $ 6,125 | ||
Actuarial assumption of discount rates | 2.00% | 3.00% | ||
Minimum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 7 | |||
Maximum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 21 | |||
Utilities [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 10 | |||
Utilities [Member] | Minimum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 10 | |||
Utilities [Member] | Maximum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 20 | |||
North America | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal Year | yr | 2,041 | 2,040 | ||
Infrastructure | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 6,634 | $ 6,553 | ||
Infrastructure | Property, plant and equipment [member] | Utilities [Member] | Discounted cash flows | Minimum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 700.00% | 800.00% | ||
Infrastructure | Property, plant and equipment [member] | Utilities [Member] | Discounted cash flows | Maximum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 2300.00% | 2100.00% | ||
Infrastructure | Goodwill [member] | Discounted cash flows | Minimum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 900.00% | |||
Actuarial assumption of discount rates | 11.00% | |||
Infrastructure | Goodwill [member] | Discounted cash flows | Maximum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 1200.00% | |||
Actuarial assumption of discount rates | 14.00% | |||
Private Equity | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 5,244 | $ 5,218 | ||
Terminal growth rate | 2.60% | 1.50% | ||
Terminal Year | yr | 2,025 | 2,024 | ||
Discount rate used in current estimate of value in use | 9.90% | 9.40% | ||
Real Estate | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 1,404 | $ 1,357 | ||
Growth rate used to extrapolate cash flow projections | 2.80% | |||
Renewable Power | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 970 | $ 977 | ||
Renewable Power | Property, plant and equipment [member] | North America | Hydroelectric [Member] | Discounted cash flows | Minimum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 5.80% | 6.20% | ||
Renewable Power | Property, plant and equipment [member] | North America | Hydroelectric [Member] | Discounted cash flows | Maximum | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Terminal capitalization rate | 6.20% | 6.70% | ||
Genesee and Wyoming [Member] | Infrastructure | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 2,042 | $ 2,000 | ||
Healthscope | Private Equity | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | 1,548 | |||
Clarios | Private Equity | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 1,894 | |||
Center Parcs [Member] | Real Estate | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Discount rate used in current estimate of value in use | 9.50% | 7.90% | ||
Growth rate used to extrapolate cash flow projections | 3.00% | 2.00% | ||
IFC Seoul | Real Estate | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Discount rate used in current estimate of value in use | 7.20% | 7.50% | ||
Growth rate used to extrapolate cash flow projections | 2.80% | 2.80% |
INCOME TAXES - Components Of In
INCOME TAXES - Components Of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||
Current income tax expense | $ 756 | $ 970 |
Deferred income tax expense / (recovery) | ||
Origination and reversal of temporary differences | (103) | 281 |
Expense / (recovery) arising from previously unrecognized tax assets | 2 | (647) |
Change of tax rates and new legislation | 182 | (109) |
Total deferred income tax expense / (recovery) | 81 | (475) |
Income tax expense | $ 837 | $ 495 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Statutory income tax rate | 26.00% | 26.00% |
Deductible temporary differences for which no deferred tax liabilities is recognised | $ 5 | $ 5 |
Domestic Tax Authority | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Statutory income tax rate | 26.00% |
INCOME TAXES - Schedule Of Inco
INCOME TAXES - Schedule Of Income Tax Rates (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||
Statutory income tax rate | 26.00% | 26.00% |
Change in tax rates and new legislation | 12.00% | (2.00%) |
International operations subject to different tax rates | 52.00% | (7.00%) |
Taxable income attributable to non-controlling interests | (31.00%) | (4.00%) |
Portion of gains subject to different tax rates | (10.00%) | (1.00%) |
Recognition of deferred tax assets | (10.00%) | (9.00%) |
Non-recognition of the benefit of current year’s tax losses | 8.00% | 4.00% |
Other | 7.00% | 1.00% |
Effective income tax rate | 54.00% | 8.00% |
INCOME TAXES - Schedule Of Defe
INCOME TAXES - Schedule Of Deferred Income Tax Assets And Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | $ 12,575 | $ 11,277 |
Total net deferred tax liabilities | (12,575) | (11,277) |
Non-capital losses [Member] | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (916) | (848) |
Total net deferred tax liabilities | 916 | 848 |
Capital losses [Member] | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (48) | (80) |
Total net deferred tax liabilities | 48 | 80 |
Unused tax losses [member] | UNITED STATES | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (3,338) | (3,102) |
Total net deferred tax liabilities | 3,338 | 3,102 |
Unused tax losses [member] | International | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (1,415) | (705) |
Total net deferred tax liabilities | 1,415 | 705 |
Temporary differences [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | 18,292 | 16,012 |
Total net deferred tax liabilities | $ (18,292) | $ (16,012) |
INCOME TAXES - Schedule Of Unre
INCOME TAXES - Schedule Of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,982 | $ 2,836 |
One year from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 4 | 22 |
Two years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 20 | 9 |
Three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 20 | 14 |
After three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 465 | 1,159 |
Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,473 | $ 1,632 |
INCOME TAXES - Schedule Of Comp
INCOME TAXES - Schedule Of Components Of Income Taxes In Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||
Revaluation of property, plant and equipment | $ 1,214 | $ 623 |
Financial contracts and power sale agreements | (59) | 6 |
Income tax relating to marketable securities measured at fair value through other comprehensive income | 74 | 88 |
Foreign currency translation | 37 | (8) |
Revaluation of pension obligation | (40) | (6) |
Total deferred tax in other comprehensive income | $ 1,226 | $ 703 |
CORPORATE BORROWINGS - Schedule
CORPORATE BORROWINGS - Schedule of Corporate Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Book value of borrowings | $ 9,147 | $ 7,128 |
Deferred financing costs | (70) | (45) |
Total | 9,077 | 7,083 |
Book value of borrowings | 9,147 | 7,128 |
Deferred financing costs | $ (70) | (45) |
Canadian Term Debt Maturing On March 1, 2021 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.30% | |
Book value of borrowings | $ 0 | 269 |
Annual Rate | 5.30% | |
Book value of borrowings | $ 0 | 269 |
Canadian Term Debt Maturing On March 31, 2023 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.54% | |
Book value of borrowings | $ 472 | 463 |
Annual Rate | 4.54% | |
Book value of borrowings | $ 472 | 463 |
Canadian Term Debt Maturing On March 8, 2024 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.04% | |
Book value of borrowings | $ 393 | 385 |
Annual Rate | 5.04% | |
Book value of borrowings | $ 393 | 385 |
U.S. Term Debt Maturing On April 01, 2024 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.00% | |
Book value of borrowings | $ 749 | 749 |
Annual Rate | 4.00% | |
Book value of borrowings | $ 749 | 749 |
U.S. Term Debt Maturing On January 15, 2025 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.00% | |
Book value of borrowings | $ 500 | 500 |
Annual Rate | 4.00% | |
Book value of borrowings | $ 500 | 500 |
Canadian Term Debt Maturing On January 28, 2026 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.82% | |
Book value of borrowings | $ 675 | 664 |
Annual Rate | 4.82% | |
Book value of borrowings | $ 675 | 664 |
U.S. Term Debt Maturing On June 2, 2026 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.25% | |
Book value of borrowings | $ 497 | 497 |
Annual Rate | 4.25% | |
Book value of borrowings | $ 497 | 497 |
Canadian Term Debt Maturing On March 16, 2027 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.80% | |
Book value of borrowings | $ 393 | 385 |
Annual Rate | 3.80% | |
Book value of borrowings | $ 393 | 385 |
Canadian Term Debt Maturing On January 25, 2028 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.90% | |
Book value of borrowings | $ 649 | 649 |
Annual Rate | 3.90% | |
Book value of borrowings | $ 649 | 649 |
U.S. Term Debt Maturing On March 29, 2029 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.85% | |
Book value of borrowings | $ 999 | 998 |
Annual Rate | 4.85% | |
Book value of borrowings | $ 999 | 998 |
U.S. Term Debt Maturing On March 1, 2033 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 7.38% | |
Book value of borrowings | $ 250 | 250 |
Annual Rate | 7.38% | |
Book value of borrowings | $ 250 | 250 |
Canadian Term Debt Maturing On June 14, 2035 [Member] [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.95% | |
Book value of borrowings | $ 331 | 325 |
Annual Rate | 5.95% | |
Book value of borrowings | $ 331 | 325 |
JPY Term Debt Maturing On December 1, 2038 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 1.42% | |
Book value of borrowings | $ 97 | 92 |
Annual Rate | 1.42% | |
Book value of borrowings | $ 97 | 92 |
Mar. 1, 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.70% | |
Book value of borrowings | $ 902 | 902 |
Annual Rate | 4.70% | |
Book value of borrowings | $ 902 | 902 |
U.S. Term Debt Maturing On April 15, 2030 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.35% | |
Book value of borrowings | $ 749 | 0 |
Annual Rate | 4.35% | |
Book value of borrowings | $ 749 | 0 |
U.S. Term Debt Maturing On April 15, 2050 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.45% | |
Book value of borrowings | $ 594 | 0 |
Annual Rate | 3.45% | |
Book value of borrowings | $ 594 | 0 |
U.S. Term Debt Maturing On March 30, 2051 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.50% | |
Book value of borrowings | $ 497 | 0 |
Annual Rate | 3.50% | |
Book value of borrowings | $ 497 | 0 |
U.S. Term Debt Maturing On October 16, 2080 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.63% | |
Book value of borrowings | $ 400 | 0 |
Annual Rate | 4.63% | |
Book value of borrowings | $ 400 | $ 0 |
CORPORATE BORROWINGS - Narrativ
CORPORATE BORROWINGS - Narrative (Details) $ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020JPY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019JPY (¥) |
Disclosure of detailed information about borrowings [line items] | ||||||
Corporate borrowings | $ 9,077 | $ 7,083 | ||||
Fixed rate | Weighted average | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Annual Rate | 4.40% | 4.40% | 4.40% | 4.60% | 4.60% | 4.60% |
U.S. dollars | Japanese yen | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Corporate borrowings | $ 97 | $ 92 | ||||
U.S. dollars | Canadian dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Corporate borrowings | $ 2,300 | $ 2,500 | ||||
Canadian dollars | Canadian dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Corporate borrowings | $ 2,900 | $ 3,200 | ||||
Japanese yen | Japanese yen | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Corporate borrowings | ¥ | ¥ 10 | ¥ 10 |
ACCOUNTS PAYABLE AND OTHER - Sc
ACCOUNTS PAYABLE AND OTHER - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Accounts payable | $ 9,543 | $ 9,583 | |
Provisions | 5,065 | 4,104 | |
Insurance contracts that are liabilities | 8,223 | 5,494 | |
Other liabilities | 27,851 | 23,896 | |
Accounts payable and other | $ 50,682 | $ 50,682 | $ 43,077 |
ACCOUNTS PAYABLE AND OTHER - _2
ACCOUNTS PAYABLE AND OTHER - Schedule of Current and Non-Current Accounts Payables (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Non-current | $ 24,825 | $ 19,865 | |
Accounts payable and other | 50,682 | $ 50,682 | 43,077 |
Current portion of accounts payable and other | $ 25,857 | $ 23,212 |
ACCOUNTS PAYABLE AND OTHER - Na
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Increase (decrease) in net defined benefit liability (asset) | $ 149 | |
Actuarial assumption of discount rates | 2.00% | 3.00% |
Percentage increase in rate of compensation | 1.00% | 2.00% |
Actuarial assumption of expected rates of investment | 0.03 | 0.06 |
ACCOUNTS PAYABLE AND OTHER - _3
ACCOUNTS PAYABLE AND OTHER - Schedule of Post-Employment Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Plan assets | $ 3,335 | $ 3,029 |
Less accrued benefit obligation: | ||
Defined benefit pension plan | 4,613 | 3,995 |
Other post-employment benefits | (185) | (173) |
Net defined benefit liability, before net actuarial gain (losses) | 1,463 | 1,139 |
Less: net actuarial gains and other | 11 | 13 |
Accrued benefit liability related to defined benefit plan | $ (1,452) | $ (1,126) |
NON-RECOURSE BORROWINGS - Sched
NON-RECOURSE BORROWINGS - Schedule of Repayments of Property Specific Mortgages (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | $ 128,556 | $ 127,869 |
Deferred Financing Costs and Other on Secured bank loans | (1,105) | |
Property-specific borrowings | 128,556 | 127,869 |
Deferred Financing Costs and Other on Secured bank loans | (1,105) | |
Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 67,073 | 67,909 |
Deferred Financing Costs and Other on Secured bank loans | (404) | |
Property-specific borrowings | 67,073 | 67,909 |
Deferred Financing Costs and Other on Secured bank loans | (404) | |
Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 16,353 | 15,787 |
Deferred Financing Costs and Other on Secured bank loans | (57) | |
Property-specific borrowings | 16,353 | 15,787 |
Deferred Financing Costs and Other on Secured bank loans | (57) | |
Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 21,309 | 20,776 |
Deferred Financing Costs and Other on Secured bank loans | (161) | |
Property-specific borrowings | 21,309 | 20,776 |
Deferred Financing Costs and Other on Secured bank loans | (161) | |
Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 23,333 | 23,105 |
Deferred Financing Costs and Other on Secured bank loans | (479) | |
Property-specific borrowings | 23,333 | 23,105 |
Deferred Financing Costs and Other on Secured bank loans | (479) | |
Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 488 | 292 |
Deferred Financing Costs and Other on Secured bank loans | (4) | |
Property-specific borrowings | 488 | $ 292 |
Deferred Financing Costs and Other on Secured bank loans | (4) | |
One year from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 20,970 | |
Property-specific borrowings | 20,970 | |
One year from reporting date | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 16,583 | |
Property-specific borrowings | 16,583 | |
One year from reporting date | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,194 | |
Property-specific borrowings | 1,194 | |
One year from reporting date | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,595 | |
Property-specific borrowings | 1,595 | |
One year from reporting date | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,531 | |
Property-specific borrowings | 1,531 | |
One year from reporting date | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 67 | |
Property-specific borrowings | 67 | |
Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 14,076 | |
Property-specific borrowings | 14,076 | |
Two years from reporting date | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 10,654 | |
Property-specific borrowings | 10,654 | |
Two years from reporting date | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,190 | |
Property-specific borrowings | 1,190 | |
Two years from reporting date | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 894 | |
Property-specific borrowings | 894 | |
Two years from reporting date | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,313 | |
Property-specific borrowings | 1,313 | |
Two years from reporting date | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 25 | |
Property-specific borrowings | 25 | |
2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 14,915 | |
Property-specific borrowings | 14,915 | |
2021 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 7,848 | |
Property-specific borrowings | 7,848 | |
2021 | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,063 | |
Property-specific borrowings | 2,063 | |
2021 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,782 | |
Property-specific borrowings | 2,782 | |
2021 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,152 | |
Property-specific borrowings | 2,152 | |
2021 | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 70 | |
Property-specific borrowings | 70 | |
2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 17,124 | |
Property-specific borrowings | 17,124 | |
2022 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 11,279 | |
Property-specific borrowings | 11,279 | |
2022 | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 886 | |
Property-specific borrowings | 886 | |
2022 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,583 | |
Property-specific borrowings | 2,583 | |
2022 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,051 | |
Property-specific borrowings | 2,051 | |
2022 | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 325 | |
Property-specific borrowings | 325 | |
2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 18,148 | |
Property-specific borrowings | 18,148 | |
2023 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 8,588 | |
Property-specific borrowings | 8,588 | |
2023 | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,179 | |
Property-specific borrowings | 1,179 | |
2023 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 3,629 | |
Property-specific borrowings | 3,629 | |
2023 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 4,747 | |
Property-specific borrowings | 4,747 | |
2023 | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5 | |
Property-specific borrowings | 5 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 44,428 | |
Total Principal repayments on Secured bank loans | 129,661 | |
Property-specific borrowings | 44,428 | |
Total Principal repayments on Secured bank loans | 129,661 | |
Thereafter | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 12,525 | |
Total Principal repayments on Secured bank loans | 67,477 | |
Property-specific borrowings | 12,525 | |
Total Principal repayments on Secured bank loans | 67,477 | |
Thereafter | Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 9,898 | |
Total Principal repayments on Secured bank loans | 16,410 | |
Property-specific borrowings | 9,898 | |
Total Principal repayments on Secured bank loans | 16,410 | |
Thereafter | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 9,987 | |
Total Principal repayments on Secured bank loans | 21,470 | |
Property-specific borrowings | 9,987 | |
Total Principal repayments on Secured bank loans | 21,470 | |
Thereafter | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 12,018 | |
Total Principal repayments on Secured bank loans | 23,812 | |
Property-specific borrowings | 12,018 | |
Total Principal repayments on Secured bank loans | 23,812 | |
Thereafter | Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 0 | |
Total Principal repayments on Secured bank loans | 492 | |
Property-specific borrowings | 0 | |
Total Principal repayments on Secured bank loans | $ 492 |
NON-RECOURSE BORROWINGS - Narra
NON-RECOURSE BORROWINGS - Narrative (Details) - Weighted average | Dec. 31, 2020 | Dec. 31, 2019 |
Property-specific borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.20% | 4.70% |
Subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.50% | 4.30% |
NON-RECOURSE BORROWINGS - Sch_2
NON-RECOURSE BORROWINGS - Schedule of Current and Non-current property specific mortgages (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial liabilities [abstract] | ||
Current | $ 20,970 | $ 15,696 |
Non-current | 107,586 | 112,173 |
Total | $ 128,556 | $ 127,869 |
NON-RECOURSE BORROWINGS - Sch_3
NON-RECOURSE BORROWINGS - Schedule of Borrowings By Currency (Details) € in Millions, ₩ in Millions, ₨ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2020INR (₨) | Dec. 31, 2020CAD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020AUD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020COP ($) | Dec. 31, 2020KRW (₩) | Dec. 31, 2020CLF ( ) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019INR (₨) | Dec. 31, 2019CAD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019AUD ($) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019COP ($) | Dec. 31, 2019KRW (₩) | Dec. 31, 2019CLF ( ) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | $ 128,556 | $ 127,869 | ||||||||||||||||||
U.S. dollars | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 78,223 | 84,203 | ||||||||||||||||||
British pounds | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 10,341 | £ 7,565 | 9,812 | £ 7,401 | ||||||||||||||||
Canadian dollars | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 8,458 | $ 10,771 | 7,955 | $ 10,333 | ||||||||||||||||
Australian dollars | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 4,799 | $ 6,237 | 4,815 | $ 6,861 | ||||||||||||||||
Brazilian reais | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 3,487 | R$ 18147 | 3,969 | R$ 15998 | ||||||||||||||||
Korean won | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 2,082 | ₩ 2,268,301 | 1,959 | ₩ 2,264,478 | ||||||||||||||||
Colombian pesos | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 2,141 | $ 7,332,845 | 2,029 | $ 6,671,818 | ||||||||||||||||
Indian rupees | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 8,978 | ₨ 655,328 | 4,143 | ₨ 295,106 | ||||||||||||||||
Chilean unidades de fomento | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 1,187 | 29 | 1,099 | 29 | ||||||||||||||||
Other [Member] | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | 1,044 | 1,041 | ||||||||||||||||||
European Union euros | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Property-specific borrowings | $ 7,816 | € 6,398 | $ 6,844 | € 6,103 |
NON-RECOURSE BORROWINGS - Sch_4
NON-RECOURSE BORROWINGS - Schedule of Repayments on Subsidiary Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 10,768 | $ 8,423 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (31) | |
Subsidiary borrowings | 10,768 | 8,423 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (31) | |
Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 317 | |
Subsidiary borrowings | 317 | |
Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 38 | |
Subsidiary borrowings | 38 | |
2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 620 | |
Subsidiary borrowings | 620 | |
2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3,991 | |
Subsidiary borrowings | 3,991 | |
2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,101 | |
Subsidiary borrowings | 1,101 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 4,732 | |
Total Principal repayments on Subsidiary Borrowings | 10,799 | |
Subsidiary borrowings | 4,732 | |
Total Principal repayments on Subsidiary Borrowings | 10,799 | |
Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3,378 | 2,024 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (10) | |
Subsidiary borrowings | 3,378 | 2,024 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (10) | |
Real Estate | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 314 | |
Subsidiary borrowings | 314 | |
Real Estate | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Real Estate | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 393 | |
Subsidiary borrowings | 393 | |
Real Estate | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,974 | |
Subsidiary borrowings | 1,974 | |
Real Estate | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 393 | |
Subsidiary borrowings | 393 | |
Real Estate | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 314 | |
Total Principal repayments on Subsidiary Borrowings | 3,388 | |
Subsidiary borrowings | 314 | |
Total Principal repayments on Subsidiary Borrowings | 3,388 | |
Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 2,132 | 2,098 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (11) | |
Subsidiary borrowings | 2,132 | 2,098 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (11) | |
Renewable Power | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3 | |
Subsidiary borrowings | 3 | |
Renewable Power | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Renewable Power | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Renewable Power | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Renewable Power | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 314 | |
Subsidiary borrowings | 314 | |
Renewable Power | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,826 | |
Total Principal repayments on Subsidiary Borrowings | 2,143 | |
Subsidiary borrowings | 1,826 | |
Total Principal repayments on Subsidiary Borrowings | 2,143 | |
Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3,158 | 2,470 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (15) | |
Subsidiary borrowings | 3,158 | 2,470 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (15) | |
Infrastructure | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Infrastructure | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Infrastructure | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Infrastructure | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,681 | |
Subsidiary borrowings | 1,681 | |
Infrastructure | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Infrastructure | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,492 | |
Total Principal repayments on Subsidiary Borrowings | 3,173 | |
Subsidiary borrowings | 1,492 | |
Total Principal repayments on Subsidiary Borrowings | 3,173 | |
Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 310 | 0 |
Deferred Financing Costs and Other on Subsidiary Borrowings | 0 | |
Subsidiary borrowings | 310 | 0 |
Deferred Financing Costs and Other on Subsidiary Borrowings | 0 | |
Private Equity | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Private Equity | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Private Equity | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Private Equity | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 310 | |
Subsidiary borrowings | 310 | |
Private Equity | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Private Equity | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Total Principal repayments on Subsidiary Borrowings | 310 | |
Subsidiary borrowings | 0 | |
Total Principal repayments on Subsidiary Borrowings | 310 | |
Residential Development | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,790 | 1,831 |
Deferred Financing Costs and Other on Subsidiary Borrowings | 5 | |
Subsidiary borrowings | 1,790 | $ 1,831 |
Deferred Financing Costs and Other on Subsidiary Borrowings | 5 | |
Residential Development | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Subsidiary borrowings | 0 | |
Residential Development | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 38 | |
Subsidiary borrowings | 38 | |
Residential Development | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 227 | |
Subsidiary borrowings | 227 | |
Residential Development | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 26 | |
Subsidiary borrowings | 26 | |
Residential Development | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 394 | |
Subsidiary borrowings | 394 | |
Residential Development | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,100 | |
Total Principal repayments on Subsidiary Borrowings | 1,785 | |
Subsidiary borrowings | 1,100 | |
Total Principal repayments on Subsidiary Borrowings | $ 1,785 |
NON-RECOURSE BORROWINGS - Sch_5
NON-RECOURSE BORROWINGS - Schedule of Current and Non-current Subsidiary Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 10,768 | $ 8,423 |
Current [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 317 | 17 |
Non-Current [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 10,451 | $ 8,406 |
NON-RECOURSE BORROWINGS - Sch_6
NON-RECOURSE BORROWINGS - Schedule of Subsidiary Borrowings By Currency (Details) R$ in Millions, $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019BRL (R$) |
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | $ 10,768 | $ 8,423 | ||||
Subsidiary borrowings | 10,768 | 8,423 | ||||
U.S. dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | 4,376 | 5,162 | ||||
Subsidiary borrowings | 4,376 | 5,162 | ||||
Canadian dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | 6,254 | $ 7,963 | 3,078 | $ 3,998 | ||
Subsidiary borrowings | 6,254 | $ 7,963 | 3,078 | $ 3,998 | ||
Brazil, Brazil Real | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | 138 | R$ 715 | 183 | R$ 737 | ||
Subsidiary borrowings | $ 138 | R$ 715 | $ 183 | R$ 737 |
NON-RECOURSE BORROWINGS - Sch_7
NON-RECOURSE BORROWINGS - Schedule of Non-recourse borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary Borrowings | $ 10,768 | $ 8,423 |
Property-specific borrowings | 128,556 | 127,869 |
Non-recourse borrowings of managed entities | $ 139,324 | $ 136,292 |
SUBSIDIARY EQUITY OBLIGATIONS -
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Equity Obligations (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($)shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Disclosure of financial liabilities [line items] | ||||
Subsidiary preferred equity units | $ 1,679 | $ 1,650 | ||
Limited-life funds and redeemable fund units | 1,456 | 1,896 | ||
Total | 3,699 | 4,132 | ||
Preferred equity held by third party investor in Rouse Properties L.P. | ||||
Disclosure of financial liabilities [line items] | ||||
Subsidiary preferred shares and capital | $ 142 | 142 | ||
Series 1 | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.25% | 6.25% | ||
Subsidiary preferred equity units | $ 586 | 574 | ||
Series 2 | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.50% | 6.50% | ||
Subsidiary preferred equity units | $ 555 | 546 | ||
Series 3 | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.75% | 6.75% | ||
Subsidiary preferred equity units | $ 538 | 530 | ||
Real Estate | ||||
Disclosure of financial liabilities [line items] | ||||
Limited-life funds and redeemable fund units | 864 | 921 | ||
Subsidiary preferred shares and capital | $ 564 | 586 | ||
Real Estate | BSREP II RH B LLC (“Manufactured Housing”) preferred capital | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | ||||
Cumulative Dividend Rate | 9.00% | 9.00% | ||
Subsidiary preferred shares and capital | $ 249 | 249 | ||
Real Estate | Preferred equity held by third party investor in Rouse Properties L.P. | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 5,600,000 | 5,600,000 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary preferred shares and capital | $ 142 | 142 | ||
Real Estate | Preferred equity held by third party investor in Forest City Enterprises L.P. [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Subsidiary preferred shares and capital | $ 0 | 10 | ||
Real Estate | Preferred equity held by third party investor in BSREP II Vintage Estate Partners LLC | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 10,000 | 10,000 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary preferred shares and capital | $ 40 | 40 | ||
Real Estate | Series 1 | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 842,534 | 842,534 | ||
Cumulative Dividend Rate | 5.25% | 5.25% | ||
Subsidiary preferred shares and capital | $ 21 | $ 23 | ||
Real Estate | Series 2 | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 556,746 | 556,746 | ||
Cumulative Dividend Rate | 5.75% | 5.75% | ||
Subsidiary preferred shares and capital | $ 11 | $ 13 | ||
Real Estate | Series 3 | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 789,718 | 789,718 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary preferred shares and capital | $ 16 | 18 | ||
Real Estate | Series 4 | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | ||||
Disclosure of financial liabilities [line items] | ||||
Issued and Outstanding (in shares) | shares | 594,994 | 594,994 | ||
Cumulative Dividend Rate | 5.20% | 5.20% | ||
Subsidiary preferred shares and capital | $ 12 | $ 18 |
SUBSIDIARY EQUITY OBLIGATIONS_2
SUBSIDIARY EQUITY OBLIGATIONS - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2015USD ($)tranche | Dec. 31, 2019USD ($)$ / shares | |
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred equity units | $ 1,679 | $ 1,650 | |
Limited-Life Funds and Redeemable Fund Units | $ 1,456 | $ 1,896 | |
Percentage of annual return payable in monthly distributions | 9.00% | ||
Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred equity units | $ 1,800 | $ 1,800 | |
Number of tranches | tranche | 3 | ||
Exchangeable price of BPY preferred units issued to QIA | $ / shares | $ 25.70 | $ 25.70 | |
2021 | Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred equity units | $ 600 | $ 600 | |
Preferred equity held by third party investor in Manufactured Housing | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred shares and capital | 249 | $ 249 | |
Preferred equity held by third party investor in Rouse Properties L.P. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred shares and capital | 142 | 142 | |
Real Estate | |||
Disclosure of subsidiaries [line items] | |||
Limited-Life Funds and Redeemable Fund Units | 864 | 921 | |
Subsidiary preferred shares and capital | 564 | 586 | |
Real Estate | Preferred equity held by third party investor in Rouse Properties L.P. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred shares and capital | 142 | 142 | |
Real Estate | Preferred equity held by third party investor in BSREP II Vintage Estate Partners LLC | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred shares and capital | 40 | 40 | |
Infrastructure | |||
Disclosure of subsidiaries [line items] | |||
Limited-Life Funds and Redeemable Fund Units | 517 | 934 | |
Corporate Activities | |||
Disclosure of subsidiaries [line items] | |||
Limited-Life Funds and Redeemable Fund Units | $ 75 | $ 41 |
SUBSIDIARY EQUITY OBLIGATIONS_3
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Preferred Equity Units (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred equity units | $ 1,679 | $ 1,650 | |
Series 1 | |||
Disclosure of subsidiaries [line items] | |||
Issued and Outstanding (in shares) | 24,000,000 | ||
Cumulative Dividend Rate | 6.25% | ||
Subsidiary preferred equity units | $ 586 | 574 | |
Series 2 | |||
Disclosure of subsidiaries [line items] | |||
Issued and Outstanding (in shares) | 24,000,000 | ||
Cumulative Dividend Rate | 6.50% | ||
Subsidiary preferred equity units | $ 555 | 546 | |
Series 3 | |||
Disclosure of subsidiaries [line items] | |||
Issued and Outstanding (in shares) | 24,000,000 | ||
Cumulative Dividend Rate | 6.75% | ||
Subsidiary preferred equity units | $ 538 | $ 530 | |
Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary preferred equity units | $ 1,800 | $ 1,800 |
SUBSIDIARY EQUITY OBLIGATIONS_4
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Preferred Shares (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($)shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred equity units | $ 1,679 | $ 1,650 | ||
Series 1 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.25% | 6.25% | ||
Subsidiary preferred equity units | $ 586 | 574 | ||
Series 2 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.50% | 6.50% | ||
Subsidiary preferred equity units | $ 555 | 546 | ||
Series 3 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 24,000,000 | 24,000,000 | ||
Cumulative Dividend Rate | 6.75% | 6.75% | ||
Subsidiary preferred equity units | $ 538 | 530 | ||
Rouse Series A preferred shares | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary Preferred Shares | 142 | 142 | ||
Real Estate | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary Preferred Shares | $ 564 | 586 | ||
Real Estate | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 1 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 842,534 | 842,534 | ||
Cumulative Dividend Rate | 5.25% | 5.25% | ||
Subsidiary Preferred Shares | $ 21 | 23 | ||
Real Estate | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 2 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 556,746 | 556,746 | ||
Cumulative Dividend Rate | 5.75% | 5.75% | ||
Subsidiary Preferred Shares | $ 11 | $ 13 | ||
Real Estate | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 3 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 789,718 | 789,718 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary Preferred Shares | $ 16 | 18 | ||
Real Estate | Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 4 | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 594,994 | 594,994 | ||
Cumulative Dividend Rate | 5.20% | 5.20% | ||
Subsidiary Preferred Shares | $ 12 | $ 18 | ||
Real Estate | BSREP II RH B LLC (“Manufactured Housing”) preferred capital | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | ||||
Cumulative Dividend Rate | 9.00% | 9.00% | ||
Subsidiary Preferred Shares | $ 249 | 249 | ||
Real Estate | Rouse Series A preferred shares | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 5,600,000 | 5,600,000 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary Preferred Shares | $ 142 | 142 | ||
Real Estate | BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 10,000 | 10,000 | ||
Cumulative Dividend Rate | 5.00% | 5.00% | ||
Subsidiary Preferred Shares | $ 40 | 40 | ||
Real Estate | Preferred equity held by third party investor in Forest City Enterprises L.P. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary Preferred Shares | $ 0 | 10 | ||
Real Estate | Preferred equity held by third party investor in BIP Investment Corporation Series 1 Senior preferred shares | ||||
Disclosure of subsidiaries [line items] | ||||
Issued and Outstanding (in shares) | shares | 4,000,000 | 4,000,000 | ||
Cumulative Dividend Rate | 5.85% | 5.85% | ||
Subsidiary Preferred Shares | $ 73 | $ 73 |
SUBSIDIARY PUBLIC ISSUERS AND_3
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Nov. 24, 2020USD ($) | Oct. 16, 2020USD ($) | Sep. 28, 2020USD ($) | Apr. 14, 2020USD ($) | Apr. 09, 2020USD ($) | Feb. 21, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 17, 2018USD ($) | Sep. 14, 2017USD ($) | Mar. 10, 2017USD ($) | Jun. 02, 2016USD ($) | |
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 9,077 | $ 7,083 | |||||||||||
Issued capital | 122,642 | 116,846 | |||||||||||
Corporate borrowings | $ 9,077 | $ 7,083 | |||||||||||
BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Proportion of voting rights held in subsidiary | 100.00% | ||||||||||||
Proportion of voting rights held in subsidiary | 100.00% | ||||||||||||
BFL | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Proportion of voting rights held in subsidiary | 100.00% | ||||||||||||
Proportion of voting rights held in subsidiary | 100.00% | ||||||||||||
Unsecured Notes Due 2026 | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 500 | ||||||||||||
Annual Rate | 4.25% | ||||||||||||
Corporate borrowings | $ 500 | ||||||||||||
Annual Rate | 4.25% | ||||||||||||
Unsecured Notes Due 2047 [Member] | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 350 | $ 550 | |||||||||||
Annual Rate | 4.70% | ||||||||||||
Corporate borrowings | 350 | $ 550 | |||||||||||
Annual Rate | 4.70% | ||||||||||||
Unsecured Notes Due 2028 [Member] | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 650 | ||||||||||||
Annual Rate | 3.90% | ||||||||||||
Corporate borrowings | $ 650 | ||||||||||||
Annual Rate | 3.90% | ||||||||||||
Unsecured Notes Due 2029 [Member] | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 1,000 | ||||||||||||
Annual Rate | 4.85% | ||||||||||||
Corporate borrowings | $ 1,000 | ||||||||||||
Annual Rate | 4.85% | ||||||||||||
Unsecured Notes Due 2030 [Domain] | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 150 | $ 600 | |||||||||||
Annual Rate | 4.35% | 4.35% | |||||||||||
Corporate borrowings | $ 150 | $ 600 | |||||||||||
Annual Rate | 4.35% | 4.35% | |||||||||||
Unsecured Notes Due 2024 | BFL | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 750 | ||||||||||||
Annual Rate | 4.00% | ||||||||||||
Corporate borrowings | $ 750 | ||||||||||||
Annual Rate | 4.00% | ||||||||||||
Unsecured Notes Due 2050 [Member] | BFL | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 600 | ||||||||||||
Annual Rate | 3.45% | ||||||||||||
Corporate borrowings | $ 600 | ||||||||||||
Annual Rate | 3.45% | ||||||||||||
Unsecured Notes Due 2051 [Member] | BFI | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 400 | $ 500 | |||||||||||
Annual Rate | 4.625% | 3.50% | |||||||||||
Corporate borrowings | $ 400 | $ 500 | |||||||||||
Annual Rate | 4.625% | 3.50% | |||||||||||
Perpetual Preferred Shares [Member] | Brookfield Finance I (UK) PLC | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Corporate borrowings | $ 230 | ||||||||||||
Annual Rate | 4.50% | ||||||||||||
Corporate borrowings | $ 230 | ||||||||||||
Annual Rate | 4.50% | ||||||||||||
Preferred shares | BIC | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Issued capital | $ 37 |
SUBSIDIARY PUBLIC ISSUERS AND_4
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Schedule Of Summarized Financial Information And Non-Guarantor Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | ||
Revenue | $ 62,752 | $ 67,826 |
Net income attributable to shareholders | (134) | 2,807 |
Total assets | 343,696 | 323,969 |
Total liabilities | 221,054 | 207,123 |
Non-controlling interest - preferred equity | 230 | |
Revenue | 62,752 | 67,826 |
Shareholders | (134) | 2,807 |
Assets | 343,696 | 323,969 |
Total liabilities | 221,054 | 207,123 |
The Corporation | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 626 | 104 |
Net income attributable to shareholders | (134) | 2,807 |
Total assets | 73,898 | 70,976 |
Total liabilities | 38,060 | 35,963 |
Revenue | 626 | 104 |
Shareholders | (134) | 2,807 |
Assets | 73,898 | 70,976 |
Total liabilities | 38,060 | 35,963 |
BFI | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 280 | 148 |
Net income attributable to shareholders | 73 | 40 |
Total assets | 7,207 | 5,389 |
Total liabilities | 5,547 | 3,994 |
Revenue | 280 | 148 |
Shareholders | 73 | 40 |
Assets | 7,207 | 5,389 |
Total liabilities | 5,547 | 3,994 |
BFL | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 28 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 600 | 0 |
Total liabilities | 596 | 0 |
Revenue | 28 | 0 |
Shareholders | 0 | 0 |
Assets | 600 | 0 |
Total liabilities | 596 | 0 |
BIC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 163 | 105 |
Net income attributable to shareholders | 91 | 85 |
Total assets | 4,280 | 3,520 |
Total liabilities | 2,690 | 2,239 |
Revenue | 163 | 105 |
Shareholders | 91 | 85 |
Assets | 4,280 | 3,520 |
Total liabilities | 2,690 | 2,239 |
Subsidiaries of the Corporation other than BFI, BFL and BIC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 70,385 | 73,310 |
Net income attributable to shareholders | 6,368 | 3,493 |
Total assets | 350,687 | 331,698 |
Total liabilities | 206,877 | 195,586 |
Revenue | 70,385 | 73,310 |
Shareholders | 6,368 | 3,493 |
Assets | 350,687 | 331,698 |
Total liabilities | 206,877 | 195,586 |
Brookfield Finance I (UK) PLC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 2 | 0 |
Net income attributable to shareholders | 1 | 0 |
Total assets | 233 | 0 |
Total liabilities | 3 | 0 |
Non-controlling interest - preferred equity | 230 | |
Revenue | 2 | 0 |
Shareholders | 1 | 0 |
Assets | 233 | 0 |
Total liabilities | 3 | 0 |
Brookfield Finance Inc II | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Revenue | 0 | 0 |
Shareholders | 0 | 0 |
Assets | 0 | 0 |
Total liabilities | 0 | 0 |
Brookfield Finance LLC II | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Revenue | 0 | 0 |
Shareholders | 0 | 0 |
Assets | 0 | 0 |
Total liabilities | 0 | 0 |
Brookfield Finance Australia | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Revenue | 0 | 0 |
Shareholders | 0 | 0 |
Assets | 0 | 0 |
Total liabilities | 0 | 0 |
Material reconciling items [member] | ||
Disclosure of subsidiaries [line items] | ||
Revenue | (8,732) | (5,841) |
Net income attributable to shareholders | (6,533) | (3,618) |
Total assets | (93,209) | (87,614) |
Total liabilities | (32,719) | (30,659) |
Revenue | (8,732) | (5,841) |
Shareholders | (6,533) | (3,618) |
Assets | (93,209) | (87,614) |
Total liabilities | $ (32,719) | $ (30,659) |
EQUITY - Schedule Of Equity (De
EQUITY - Schedule Of Equity (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||
Number of Class A Common Shares Held by the Company for Long-term Compensation Agreements | 64,197,815 | 63,417,346 | 63,417,346 | 56,307,796 |
Total Equity | $ 122,642 | $ 116,846 | ||
Common equity | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 31,693 | 30,868 | ||
Preferred equity | Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 4,145 | 4,145 | ||
Non-controlling interests | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 86,804 | 81,833 | ||
Non-controlling interests | Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 5,889 | 5,276 | ||
Non-controlling interests | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | $ 80,915 | $ 76,557 |
EQUITY - Schedule Of Preferred
EQUITY - Schedule Of Preferred Equity (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 3.91% | 4.20% |
Floating rate | Series 4 Class A Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 70.00% | |
Floating rate | Preferred shares | Series 4 Class A Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 2,795,910 | 2,795,910 |
Floating rate | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 1.76% | 2.91% |
Fixed rate | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 4.82% | 4.82% |
Fixed and floating rate [Member] | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 3.54% | 4.02% |
Fixed rate-reset preferred shares | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 4.07% | 4.28% |
Annual Dividend Yield Rate | Series 4 Class A Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 8.50% | |
Preferred equity | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 4,145 | $ 4,145 |
Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 531 | 531 |
Preferred equity | Floating rate | Preferred shares | Series 4 Class A Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 45 | 45 |
Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 739 | 739 |
Preferred equity | Fixed and floating rate [Member] | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 1,270 | 1,270 |
Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 2,875 | $ 2,875 |
EQUITY - Schedule Of Series Of
EQUITY - Schedule Of Series Of Preferred Shares (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Fixed rate-reset preferred shares | Canada Bond Rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Period of government bond rate | 5 years | |
Fixed rate-reset preferred shares | Bottom of range | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Period of fixed dividend rate | 5 years | |
Fixed rate-reset preferred shares | Bottom of range | Canada Bond Rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, basis spread on variable rate | 18000.00% | |
Fixed rate-reset preferred shares | Top of range | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Period of fixed dividend rate | 6 years | |
Fixed rate-reset preferred shares | Top of range | Canada Bond Rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, basis spread on variable rate | 41700.00% | |
Preferred equity | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 4,145 | 4,145 |
Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 531 | 531 |
Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 739 | 739 |
Preferred equity | Fixed and floating rate [Member] | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 1,270 | 1,270 |
Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 2,875 | $ 2,875 |
Series 48 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.75% | |
Series 48 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,885,972 | 11,885,972 |
Series 48 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 244 | $ 244 |
Series 46 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.80% | |
Series 46 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,740,797 | 11,740,797 |
Series 46 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 217 | $ 217 |
Series 44 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 5.00% | |
Series 44 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,831,929 | 9,831,929 |
Series 44 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 187 | $ 187 |
Series 42 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.25% | |
Series 42 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,887,500 | 11,887,500 |
Series 42 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 266 | $ 266 |
Series 40 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.03% | |
Series 40 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,841,025 | 11,841,025 |
Series 40 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 271 | $ 271 |
Series 38 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.57% | |
Series 38 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,906,132 | 7,906,132 |
Series 38 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 179 | $ 179 |
Series 34 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.44% | |
Series 34 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,876,735 | 9,876,735 |
Series 34 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 253 | $ 253 |
Series 32 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 5.06% | |
Series 32 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,750,299 | 11,750,299 |
Series 32 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 297 | $ 297 |
Series 30 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.69% | |
Series 30 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,787,090 | 9,787,090 |
Series 30 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 241 | $ 241 |
Series 28 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 2.73% | |
Series 28 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,233,927 | 9,233,927 |
Series 28 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 232 | $ 232 |
Series 26 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.47% | |
Series 26 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,770,928 | 9,770,928 |
Series 26 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 240 | $ 240 |
Series 24 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.01% | |
Series 24 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,278,894 | 9,278,894 |
Series 24 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 227 | $ 227 |
Series 9 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 2.75% | |
Series 9 Class A Preferred Shares | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 1,515,981 | 1,515,981 |
Series 9 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 21 | $ 21 |
Series 37 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.90% | |
Series 37 Class A Preferred Shares | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,830,091 | 7,830,091 |
Series 37 Class A Preferred Shares | Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 193 | $ 193 |
Series 36 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.85% | |
Series 36 Class A Preferred Shares | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,842,909 | 7,842,909 |
Series 36 Class A Preferred Shares | Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 197 | $ 197 |
Series 25 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 230.00% | |
Series 25 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 1,529,133 | 1,529,133 |
Series 25 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 38 | $ 38 |
Series 18 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.75% | |
Series 18 Class A Preferred Shares | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,866,749 | 7,866,749 |
Series 18 Class A Preferred Shares | Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 178 | $ 178 |
Series 17 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4000.00% | |
Series 17 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.75% | |
Series 17 Class A Preferred Shares | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,840,204 | 7,840,204 |
Series 17 Class A Preferred Shares | Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 171 | $ 171 |
Series 15 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 2,000,000 | 2,000,000 |
Series 15 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 42 | $ 42 |
Series 13 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 70.00% | |
Series 13 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,290,096 | 9,290,096 |
Series 13 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 195 | $ 195 |
Series 8 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 2,476,185 | 2,476,185 |
Series 8 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 42 | $ 42 |
Series 4 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 70.00% | |
Series 4 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 2,795,910 | 2,795,910 |
Series 4 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 45 | $ 45 |
Series 2 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 70.00% | |
Series 2 Class A Preferred Shares | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 10,457,685 | 10,457,685 |
Series 2 Class A Preferred Shares | Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 169 | $ 169 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) | 12 Months Ended | |||||
Dec. 31, 2020USD ($)yrshares$ / shares | Dec. 31, 2019USD ($)yrshares$ / shares | Sep. 30, 2020shares | Apr. 01, 2020yr | Dec. 31, 2019$ / shares | Dec. 31, 2018shares | |
Disclosure of classes of share capital [line items] | ||||||
Dividends paid, ordinary shares per share | $ / shares | $ 0.48 | $ 0.43 | ||||
Dividends received | $ 1,383,000,000 | $ 1,300,000,000 | ||||
Number of Common Shares Held by the Company | shares | 64,197,815 | 63,417,346 | 63,417,346 | 56,307,796 | ||
Common equity | $ (726,000,000) | $ (620,000,000) | ||||
Expense from share-based payment transactions with employees | 94,000,000 | 87,000,000 | ||||
Expense incurred with respect to MSOP | 24,000,000 | 31,000,000 | ||||
Cash included in cash and cash equivalents | $ 8,200,000,000 | $ 5,700,000,000 | ||||
Stock Issued During Period, Shares, Stock Splits | yr | 1.5 | |||||
Preferred shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share (in cad per share) | $ / shares | $ 25 | |||||
Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Adjusted weighted average number of ordinary shares outstanding | shares | 1,573,696,358 | 1,579,311,802 | ||||
Class B shares | Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares authorised (in shares) | shares | 85,120 | |||||
Equity-Settled Share-Based Payment Arrangement | Management Share Option Plan | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average fair value at measurement date, share options granted | $ 5.54 | $ 3.92 | ||||
Option life, share options granted | yr | 7.5 | 7.5 | ||||
Expected volatility, share options granted | 17.00% | 16.90% | ||||
Weighted average expected dividend yield, annual | 1.50% | 2.00% | ||||
Risk-free rate | 1.40% | 2.50% | ||||
Liquidity Discount | 25.00% | 25.00% | ||||
Equity-Settled Share-Based Payment Arrangement | Escrowed Stock Plan | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average fair value at measurement date, share options granted | $ 5.54 | $ 4.54 | ||||
Number of share options granted in share-based payment arrangement | shares | 3,841,000 | 15,975,000 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 19.66 | $ 15.77 | ||||
Option life, share options granted | yr | 7.5 | 8,500,000 | ||||
Expected volatility, share options granted | 17.00% | 17.30% | ||||
Weighted average expected dividend yield, annual | 1.50% | 1.80% | ||||
Risk-free rate | 1.40% | 2.10% | ||||
Liquidity Discount | 25.00% | 25.00% | ||||
Equity-Settled Share-Based Payment Arrangement | Executives [Member] | Escrowed Stock Plan | Common Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares purchased (in shares) | shares | 3,800,000 | 16,000,000 | ||||
Expense from share-based payment transactions with employees | $ 35,000,000 | $ 25,000,000 | ||||
Equity-Settled Share-Based Payment Arrangement | Executives [Member] | Restricted Stock | Common Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share based awards, vesting period | 5 years | |||||
Number of instruments granted in share-based payment arrangement | shares | 1,000,000 | 1,200,000 | ||||
Expense from share-based payment transactions with employees | $ 30,000,000 | $ 25,000,000 | ||||
Equity-Settled Share-Based Payment Arrangement | Executives [Member] | Top of range | Management Share Option Plan | Common Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share based awards, vesting period | 5 years | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Expiration Period1 | 10 years | |||||
Equity-Settled Share-Based Payment Arrangement | Executives [Member] | Top of range | Escrowed Stock Plan | Common Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share based awards, vesting period | 5 years | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Expiration Period1 | 10 years | |||||
Equity-Settled Share-Based Payment Arrangement | Executive Officer | Restricted Stock | Common Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share based awards, hold period | 5 years | |||||
Cash-Settled Share-Based Payment Arrangement | Employees and Directors | Deferred Stock Units and Restricted Stock Units | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share based awards, vesting period | 5 years | |||||
Share Options Vested In Share-Based Payment Arrangement | $ 1,300,000,000 | 1,400,000,000 | ||||
Expense from share-based payment transactions with employees | 5,000,000 | 7,000,000 | ||||
Private Equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends received | 75,000,000 | |||||
Private Equity | Construction Services [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Transaction price allocated to remaining performance obligations | $ 5,600,000,000 | $ 7,000,000,000 | ||||
Explanation of when entity expects to recognise transaction price allocated to remaining performance obligations as revenue | two years | two years | ||||
Service concession arrangements [member] | Private Equity | Brazilian water and wastewater services [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Explanation of when entity expects to recognise transaction price allocated to remaining performance obligations as revenue | 24 years | 24 years |
EQUITY - Schedule Of Non-Contro
EQUITY - Schedule Of Non-Controlling Interests (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Non-controlling interests | ||
Disclosure of classes of share capital [line items] | ||
Equity | 86,804 | 81,833 |
Non-controlling interests | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 80,915 | 76,557 |
Non-controlling interests | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 5,889 | $ 5,276 |
EQUITY - Schedule Of Common Equ
EQUITY - Schedule Of Common Equity (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Common shares | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 7,368 | 7,305 |
Common shares | Contributed surplus | ||
Disclosure of classes of share capital [line items] | ||
Equity | 285 | 286 |
Common shares | Retained earnings | ||
Disclosure of classes of share capital [line items] | ||
Equity | 15,178 | 16,026 |
Common shares | Ownership changes | ||
Disclosure of classes of share capital [line items] | ||
Equity | 2,691 | 1,010 |
Common shares | Accumulated other comprehensive income | ||
Disclosure of classes of share capital [line items] | ||
Equity | 6,171 | 6,241 |
Common shares | Common equity | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 31,693 | $ 30,868 |
EQUITY - Schedule Of Number Of
EQUITY - Schedule Of Number Of Issued And Outstanding Common Shares And Unexercised Options (Details) - shares | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||
Number of Common Shares Held by the Company | 64,197,815 | 63,417,346 | 63,417,346 | 56,307,796 |
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Issued and Outstanding (in shares) | 1,510,720,411 | 1,509,293,641 | 1,432,714,261 | |
Unexercised options and other share-based plans (in shares) | 62,975,947 | 70,018,161 | ||
Total diluted shares (in shares) | 1,573,696,358 | 1,579,311,802 | ||
Class A shares | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Issued and Outstanding (in shares) | 1,510,635,291 | 1,509,208,521 | ||
Class B shares | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Issued and Outstanding (in shares) | 85,120 | 85,120 |
EQUITY - Schedule Of Authorized
EQUITY - Schedule Of Authorized Share Capital (Details) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2018 | |
Issued (repurchased) | ||||
Number of Common Shares Held by the Company | 64,197,815 | 63,417,346 | 63,417,346 | 56,307,796 |
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Beginning balance (in shares) | 1,509,293,641 | 1,432,714,261 | ||
Issued (repurchased) | ||||
Share issuance | 0 | 79,136,155 | ||
Repurchases (in shares) | (8,932,576) | (10,782,801) | ||
Long-term share ownership plans (in shares) | 10,137,294 | 8,019,626 | ||
Dividend reinvestment plan and others (in shares) | 222,052 | 206,400 | ||
Ending balance (in shares) | 1,510,720,411 | 1,509,293,641 |
EQUITY - Schedule Of Basic And
EQUITY - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [abstract] | ||
Net income (loss) | $ (134) | $ 2,807 |
Dilutive effect of conversion of subsidiary preferred shares | (141) | (152) |
Dilutive effect of mandatorily redeemable preferred shares issued in a consolidated subsidiary | 93 | (74) |
Profit (loss), attributable to ordinary equity holders of parent entity | $ (182) | $ 2,581 |
Weighted average - common shares | 1,511.4 | 1,452.9 |
Dilutive effect of the conversion of options and escrowed shares using the treasury stock method | 0 | 35.5 |
Common shares and common share equivalents | 1,511.4 | 1,488.4 |
EQUITY - Schedule Of Expense Re
EQUITY - Schedule Of Expense Recognized For Share-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [abstract] | ||
Expense arising from equity-settled share-based payment transactions | $ 89 | $ 81 |
Expense arising from cash-settled share-based payment transactions | 104 | 506 |
Total expense arising from share-based payment transactions | 193 | 587 |
Effect of hedging program | (99) | (500) |
Total expense included in consolidated income | $ 94 | $ 87 |
EQUITY - Schedule Of Options (D
EQUITY - Schedule Of Options (Details) shares in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020shares$ / shares | Dec. 31, 2020shares$ / shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2019shares$ / shares$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2018$ / shares | |
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Weighted average share price, share options granted | $ / shares | $ 45.21 | $ 30.42 | ||||||
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Beginning balance (in shares) | 54,791 | 54,791 | 40,655 | 40,655 | ||||
Granted (in shares) | 3,841 | 3,841 | 15,975 | 15,975 | ||||
Exercised (in shares) | (11,613) | (11,613) | (1,613) | (1,613) | ||||
Canceled (in shares), Beginning balance (in shares), Management Share Option Plan | (303) | (303) | (226) | (226) | ||||
Ending balance (in shares) | 46,716 | 46,716 | 54,791 | 54,791 | ||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 28.88 | $ 25.82 | $ 22.18 | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 19.66 | $ 15.77 | ||||||
Weighted average share price, share options granted | $ / shares | 45.21 | 34.08 | ||||||
Weighted average exercise price of share options expired in share-based payment arrangement | $ / shares | $ 35.85 | $ 26.32 | ||||||
Deferred Stock Unit | Cash-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Beginning balance (in shares) | 21,204 | 21,204 | 21,956 | 21,956 | ||||
Ending balance (in shares) | 18,721 | 18,721 | 21,204 | 21,204 | ||||
Granted and reinvested (in shares) | 623 | 623 | 799 | 799 | ||||
Exercised and canceled (in shares) | (3,106) | (3,106) | (1,551) | (1,551) | ||||
Restricted Stock | Cash-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Beginning balance (in shares) | 15,810 | 15,810 | 15,810 | 15,810 | ||||
Ending balance (in shares) | 13,679 | 13,679 | 15,810 | 15,810 | ||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 6.10 | $ 6.10 | $ 6.14 | $ 6.14 | $ 6.14 | |||
Weighted Average Exercise Price Of Share Options Granted And Reinvested (in dollars per share) | $ / shares | 0 | 0 | ||||||
Weighted Average Exercise Price Of Share Options Exercised And Cancelled (in dollars per share) | $ / shares | $ 6.35 | $ 0 | ||||||
Granted and reinvested (in shares) | 0 | 0 | 0 | 0 | ||||
Exercised and canceled (in shares) | (2,131) | (2,131) | 0 | 0 | ||||
TSX Common Class A Shares | Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Beginning balance (in shares) | 0 | 0 | 1,185 | 1,185 | ||||
Granted (in shares) | 0 | 0 | 0 | 0 | ||||
Exercised (in shares) | 0 | 0 | (1,185) | (1,185) | ||||
Canceled (in shares), Beginning balance (in shares), Management Share Option Plan | 0 | 0 | 0 | 0 | ||||
Ending balance (in shares) | 0 | 0 | 0 | 0 | ||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 25.08 | $ 22.69 | $ 7.84 | $ 19.68 |
Weighted average exercise price of share options granted in share-based payment arrangement | (per share) | 0 | $ 45.21 | 0 | $ 30.42 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | (per share) | 0 | 16.50 | 7.84 | 13.50 | ||||
Weighted average exercise price of share options exercised (in dollars per share) | (per share) | $ 0 | $ 27.80 | $ 0 | $ 26.68 | ||||
NYSE Common Class A Shares | Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Beginning balance (in shares) | 50,703 | 50,703 | 55,113 | 55,113 | ||||
Granted (in shares) | 3,341 | 3,341 | 7,616 | 7,616 | ||||
Exercised (in shares) | (6,382) | (6,382) | (11,747) | (11,747) | ||||
Canceled (in shares), Beginning balance (in shares), Management Share Option Plan | (295) | (295) | (279) | (279) | ||||
Ending balance (in shares) | 47,367 | 47,367 | 50,703 | 50,703 |
EQUITY - Schedule Using Black-S
EQUITY - Schedule Using Black-Scholes Module (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average share price, share options granted | $ / shares | $ 45.21 | $ 30.42 | ||
Weighted-average fair value of a unit | $ 5.54 | $ 3.92 | ||
Average term to exercise | yr | 7.5 | 7.5 | ||
Expected volatility, share options granted | 17.00% | 16.90% | ||
Liquidity discount | 25.00% | 25.00% | ||
Expected dividend as percentage, share options granted | 1.50% | 2.00% | ||
Risk free interest rate, share options granted | 1.40% | 2.50% | ||
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average share price, share options granted | $ / shares | $ 45.21 | $ 34.08 | ||
Weighted-average fair value of a unit | $ 5.54 | $ 4.54 | ||
Average term to exercise | yr | 7.5 | 8,500,000 | ||
Expected volatility, share options granted | 17.00% | 17.30% | ||
Liquidity discount | 25.00% | 25.00% | ||
Expected dividend as percentage, share options granted | 1.50% | 1.80% | ||
Risk free interest rate, share options granted | 1.40% | 2.10% | ||
Deferred Stock Unit | Cash-Settled Share-Based Payment Arrangement | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share Price on Date of Remeasurement in Canadian Dollars Per Share | $ 52.62 | $ 50.02 | ||
Share price, on date of measurement | $ 41.27 | $ 38.53 |
EQUITY - Schedule Of Options to
EQUITY - Schedule Of Options to Purchase Class A Shares (Details) | 12 Months Ended | |||||
Dec. 31, 2020sharesyr$ / shares | Dec. 31, 2019sharesyr$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2018shares$ / shares | |
US$10.30 - US$15.35 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average remaining contractual life of outstanding share options | 1 year | 1 year 7 months 6 days | ||||
US$15.58 - US$20.39 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average remaining contractual life of outstanding share options | 3 years 9 months 18 days | 4 years 8 months 12 days | ||||
US$22.50 - US$26.93 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average remaining contractual life of outstanding share options | 5 years 10 months 24 days | 6 years 9 months 18 days | ||||
US$29.48 - US$38.64 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average remaining contractual life of outstanding share options | 8 years 2 months 12 days | 9 years 2 months 12 days | ||||
US$45.21 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | $ 45.21 | |||||
Weighted average remaining contractual life of outstanding share options | 9 years 2 months 12 days | |||||
Minimum | US$10.30 - US$15.35 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 10.30 | $ 10.30 | ||||
Minimum | US$15.58 - US$20.39 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 15.58 | 15.58 | ||||
Minimum | US$22.50 - US$26.93 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 22.50 | 22.50 | ||||
Minimum | US$29.48 - US$38.64 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 29.48 | 29.48 | ||||
Maximum | US$10.30 - US$15.35 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 15.35 | 15.35 | ||||
Maximum | US$15.58 - US$20.39 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 20.39 | 20.39 | ||||
Maximum | US$22.50 - US$26.93 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | 26.93 | 26.93 | ||||
Maximum | US$29.48 - US$38.64 | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise price of outstanding share options | $ / shares | $ 38.64 | $ 38.64 | ||||
Deferred Stock Unit | Cash-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of share options outstanding in share-based payment arrangement | 18,721,000 | 21,204,000 | 21,956,000 | 21,956,000 | ||
Number Of Share Options Granted And Reinvested In Share-Based Payment Arrangement | 623,000 | 799,000 | ||||
Number Of Share Options Exercised And Cancelled In Share-Based Payment Arrangement | (3,106,000) | (1,551,000) | ||||
Number of share options outstanding in share-based payment arrangement | 18,721,000 | 21,204,000 | 21,956,000 | 21,956,000 | ||
Equity Settled Escrowed Stock Plan [Member] | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of share options outstanding in share-based payment arrangement | 46,716,000 | 54,791,000 | 40,655,000 | 40,655,000 | ||
Weighted average fair value at measurement date, share options granted | $ | $ 5.54 | $ 4.54 | ||||
Option life, share options granted | yr | 7.5 | 8,500,000 | ||||
Expected volatility, share options granted | 17.00% | 17.30% | ||||
Liquidity Discount | 25.00% | 25.00% | ||||
Expected dividend as percentage, share options granted | 1.50% | 1.80% | ||||
Risk free interest rate, share options granted | 1.40% | 2.10% | ||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 28.88 | $ 25.82 | $ 22.18 | |||
Number of share options outstanding in share-based payment arrangement | 46,716,000 | 54,791,000 | 40,655,000 | 40,655,000 | ||
Number of share options granted in share-based payment arrangement | 3,841,000 | 15,975,000 | ||||
Exercised (in shares) | (11,613,000) | (1,613,000) | ||||
Canceled (in shares), Beginning balance (in shares), Management Share Option Plan | (303,000) | (226,000) | ||||
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Weighted average fair value at measurement date, share options granted | $ | $ 5.54 | $ 3.92 | ||||
Option life, share options granted | yr | 7.5 | 7.5 | ||||
Expected volatility, share options granted | 17.00% | 16.90% | ||||
Liquidity Discount | 25.00% | 25.00% | ||||
Expected dividend as percentage, share options granted | 1.50% | 2.00% | ||||
Risk free interest rate, share options granted | 1.40% | 2.50% | ||||
Management Share Option Plan | Class A shares | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 30,227,000 | |||||
Unvested (in shares) | 17,140,000 | |||||
Number of share options outstanding in share-based payment arrangement | 47,367,000 | |||||
Number of share options outstanding in share-based payment arrangement | 47,367,000 | |||||
Management Share Option Plan | Class A shares | Exercise Price Range One [Member] | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 2,254,000 | 5,619,000 | ||||
Unvested (in shares) | 0 | 0 | ||||
Number of share options outstanding in share-based payment arrangement | 2,254,000 | 5,619,000 | ||||
Number of share options outstanding in share-based payment arrangement | 2,254,000 | 5,619,000 | ||||
Management Share Option Plan | Class A shares | Range two | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 11,860,000 | |||||
Unvested (in shares) | 1,131,000 | |||||
Number of share options outstanding in share-based payment arrangement | 12,991,000 | |||||
Number of share options outstanding in share-based payment arrangement | 12,991,000 | |||||
Management Share Option Plan | Class A shares | Range three | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 14,280,000 | 12,523,000 | ||||
Unvested (in shares) | 7,010,000 | 2,313,000 | ||||
Number of share options outstanding in share-based payment arrangement | 21,290,000 | 14,836,000 | ||||
Number of share options outstanding in share-based payment arrangement | 21,290,000 | 14,836,000 | ||||
Management Share Option Plan | Class A shares | Exercise Price Range Four [Member] | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 1,833,000 | 11,371,000 | ||||
Unvested (in shares) | 5,672,000 | 11,271,000 | ||||
Number of share options outstanding in share-based payment arrangement | 7,505,000 | 22,642,000 | ||||
Number of share options outstanding in share-based payment arrangement | 7,505,000 | 22,642,000 | ||||
Management Share Option Plan | Class A shares | Exercise Price Range Five [Member] | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 0 | 613,000 | ||||
Unvested (in shares) | 3,327,000 | 6,993,000 | ||||
Number of share options outstanding in share-based payment arrangement | 3,327,000 | 7,606,000 | ||||
Number of share options outstanding in share-based payment arrangement | 3,327,000 | 7,606,000 | ||||
Management Share Option Plan | Class A shares | Exercise Price Range Six [Member] | Equity-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested (in shares) | 30,126,000 | |||||
Unvested (in shares) | 20,577,000 | |||||
Number of share options outstanding in share-based payment arrangement | 50,703,000 | |||||
Number of share options outstanding in share-based payment arrangement | 50,703,000 | |||||
Restricted Share Unit [Member] | Cash-Settled Share-Based Payment Arrangement | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of share options outstanding in share-based payment arrangement | 13,679,000 | 15,810,000 | 15,810,000 | 15,810,000 | ||
Number Of Share Options Granted And Reinvested In Share-Based Payment Arrangement | 0 | 0 | ||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 6.10 | $ 6.14 | $ 6.14 | |||
Number Of Share Options Exercised And Cancelled In Share-Based Payment Arrangement | (2,131,000) | 0 | ||||
Weighted Average Exercise Price Of Share Options Exercised And Cancelled In Share-Based Payment Arrangement | $ / shares | $ 6.35 | $ 0 | ||||
Number of share options outstanding in share-based payment arrangement | 13,679,000 | 15,810,000 | 15,810,000 | 15,810,000 |
EQUITY - Schedule of Share Pric
EQUITY - Schedule of Share Prices for Fair Value (Details) - Cash-Settled Share-Based Payment Arrangement | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) |
Deferred Stock Unit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share Price on Date of Remeasurement in Canadian Dollars Per Share | $ 52.62 | $ 50.02 | ||
Share Price on Date of Remeasurement in US Dollars per Share | $ 41.27 | $ 38.53 | ||
Restricted Stock Unit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share Price on Date of Remeasurement in Canadian Dollars Per Share | $ 52.62 | $ 50.02 | ||
Share Price on Date of Remeasurement in US Dollars per Share | $ 46.52 | $ 43.88 |
REVENUES - BY TYPE (Details)
REVENUES - BY TYPE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 52,786 | $ 58,799 |
Other revenue | 9,966 | 9,027 |
Revenue | 62,752 | 67,826 |
Asset management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 246 | 271 |
Other revenue | 0 | 0 |
Revenue | 246 | 271 |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,403 | 3,833 |
Other revenue | 6,448 | 6,609 |
Revenue | 8,851 | 10,442 |
Renewable Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,757 | 3,810 |
Other revenue | 328 | 149 |
Revenue | 4,085 | 3,959 |
Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8,611 | 6,333 |
Other revenue | 683 | 758 |
Revenue | 9,294 | 7,091 |
Private Equity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 35,599 | 42,147 |
Other revenue | 1,562 | 952 |
Revenue | 37,161 | 43,099 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,170 | 2,396 |
Other revenue | 73 | 60 |
Corporate Activities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 9 |
Other revenue | 872 | 499 |
Revenue | 872 | 508 |
Residential Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,243 | 2,456 |
Goods or services transferred over time [member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 20,819 | 20,752 |
Goods or services transferred over time [member] | Asset management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 246 | 271 |
Goods or services transferred over time [member] | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,850 | 2,640 |
Goods or services transferred over time [member] | Renewable Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,614 | 3,715 |
Goods or services transferred over time [member] | Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8,451 | 6,108 |
Goods or services transferred over time [member] | Private Equity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6,655 | 8,006 |
Goods or services transferred over time [member] | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3 | 12 |
Goods or services transferred over time [member] | Corporate Activities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Goods or services transferred at point in time [member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 31,967 | 38,047 |
Goods or services transferred at point in time [member] | Asset management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Goods or services transferred at point in time [member] | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 553 | 1,193 |
Goods or services transferred at point in time [member] | Renewable Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 143 | 95 |
Goods or services transferred at point in time [member] | Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 160 | 225 |
Goods or services transferred at point in time [member] | Private Equity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 28,944 | 34,141 |
Goods or services transferred at point in time [member] | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,167 | 2,384 |
Goods or services transferred at point in time [member] | Corporate Activities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 0 | $ 9 |
REVENUES - BY TIMING OF RECOGNI
REVENUES - BY TIMING OF RECOGNITION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 52,786 | $ 58,799 |
Asset management | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 246 | 271 |
Real Estate | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,403 | 3,833 |
Renewable Power | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 3,757 | 3,810 |
Infrastructure | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 8,611 | 6,333 |
Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 35,599 | 42,147 |
Residential | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,170 | 2,396 |
Corporate Activities | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 9 |
Goods or services transferred at point in time [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 31,967 | 38,047 |
Goods or services transferred at point in time [member] | Asset management | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Goods or services transferred at point in time [member] | Real Estate | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 553 | 1,193 |
Goods or services transferred at point in time [member] | Renewable Power | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 143 | 95 |
Goods or services transferred at point in time [member] | Infrastructure | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 160 | 225 |
Goods or services transferred at point in time [member] | Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 28,944 | 34,141 |
Goods or services transferred at point in time [member] | Residential | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,167 | 2,384 |
Goods or services transferred at point in time [member] | Corporate Activities | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 9 |
Goods or services transferred over time [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 20,819 | 20,752 |
Goods or services transferred over time [member] | Asset management | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 246 | 271 |
Goods or services transferred over time [member] | Real Estate | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 1,850 | 2,640 |
Goods or services transferred over time [member] | Renewable Power | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 3,614 | 3,715 |
Goods or services transferred over time [member] | Infrastructure | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 8,451 | 6,108 |
Goods or services transferred over time [member] | Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 6,655 | 8,006 |
Goods or services transferred over time [member] | Residential | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 3 | 12 |
Goods or services transferred over time [member] | Corporate Activities | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 0 | $ 0 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 62,752 | $ 67,826 |
Operating lease income | 6,700 | 6,800 |
Income relating to variable lease payments for operating leases that do not depend on index or rate | 75 | 67 |
Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 37,161 | 43,099 |
Private Equity | Construction Services [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Transaction price allocated to remaining performance obligations | $ 5,600 | $ 7,000 |
Backlog | two years | two years |
Private Equity | Service concession arrangements [member] | Brazilian water and wastewater services [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Backlog | 24 years | 24 years |
REVENUES Revenue - Lease Paymen
REVENUES Revenue - Lease Payment Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | $ 35,755 | $ 35,372 |
Less than 1 year | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 4,738 | 4,514 |
1 to 3 Years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 8,385 | 8,239 |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 6,661 | 6,744 |
Thereafter | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | $ 15,971 | $ 15,875 |
DIRECT COSTS - Schedule of List
DIRECT COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | ||
Cost of sales | $ 35,150 | $ 41,463 |
Compensation | 6,857 | 6,035 |
Selling, general and administrative expenses | 2,860 | 2,612 |
Property taxes, sales taxes and other | 2,519 | 2,618 |
Total | $ 47,386 | $ 52,728 |
FAIR VALUE CHANGES (Details)
FAIR VALUE CHANGES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | $ (1,423) | $ (831) |
Investment property [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | (269) | 1,710 |
Transaction related gains, net of deal costs | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | 20 | (895) |
Financial contracts | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | 686 | (140) |
Impairment and provisions | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | (808) | (825) |
Other fair value changes | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | $ (1,052) | $ (681) |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) $ in Millions | Dec. 31, 2020USD ($)MMBTUGWh | Dec. 31, 2019USD ($)MMBTUGWh |
Foreign exchange | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative, Notional Amount1 | $ 39,284 | $ 37,334 |
Derivative, Notional Amount1 | 39,284 | 37,334 |
Interest rates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative, Notional Amount1 | 61,111 | 51,619 |
Derivative, Notional Amount1 | 61,111 | 51,619 |
Credit default swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative, Notional Amount1 | 0 | 39 |
Derivative, Notional Amount1 | 0 | 39 |
Equity derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative, Notional Amount1 | 2,081 | 2,517 |
Derivative, Notional Amount1 | $ 2,081 | $ 2,517 |
Energy commodity instrument [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 27,564 | 25,136 |
Nominal Amount of Commodity Derivatives | GWh | 27,564 | 25,136 |
Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 121,468,000 | 78,364,000 |
Nominal Amount of Commodity Derivatives | MMBTU | 121,468,000 | 78,364,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Contract Derivative Positions (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | $ 540 | $ 19 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (41) | 201 |
Gains (losses) on hedges of net investments in foreign operations, net of tax | 28 | 409 |
Derivative, Notional Amount1 | 39,284 | 37,334 |
Derivative, Notional Amount1 | 39,284 | 37,334 |
Foreign exchange contracts | Canadian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 7,539 | $ 6,839 |
Average Exchange Rate | 0.76 | 0.75 |
Derivative, Notional Amount1 | $ 7,539 | $ 6,839 |
Average Exchange Rate | 0.76 | 0.75 |
Foreign exchange contracts | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 3,986 | $ 7,874 |
Average Exchange Rate | 1.31 | 1.27 |
Derivative, Notional Amount1 | $ 3,986 | $ 7,874 |
Average Exchange Rate | 1.31 | 1.27 |
Foreign exchange contracts | European Union euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 4,561 | $ 2,069 |
Average Exchange Rate | 1.17 | 1.16 |
Derivative, Notional Amount1 | $ 4,561 | $ 2,069 |
Average Exchange Rate | 1.17 | 1.16 |
Foreign exchange contracts | Australian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 2,632 | $ 3,989 |
Average Exchange Rate | 0.69 | 0.71 |
Derivative, Notional Amount1 | $ 2,632 | $ 3,989 |
Average Exchange Rate | 0.69 | 0.71 |
Foreign exchange contracts | Indian rupees | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 1,288 | $ 240 |
Average Exchange Rate | 77.56 | 73.55 |
Derivative, Notional Amount1 | $ 1,288 | $ 240 |
Average Exchange Rate | 77.56 | 73.55 |
Foreign exchange contracts | Chile, Pesos | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 159 | $ 548 |
Average Exchange Rate | 770.89 | 722.08 |
Derivative, Notional Amount1 | $ 159 | $ 548 |
Average Exchange Rate | 770.89 | 722.08 |
Foreign exchange contracts | Korean won | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 700 | $ 687 |
Average Exchange Rate | 1,175 | 1,173 |
Derivative, Notional Amount1 | $ 700 | $ 687 |
Average Exchange Rate | 1,175 | 1,173 |
Foreign exchange contracts | Chinese yuan1 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 1,633 | $ 1,862 |
Average Exchange Rate | 7.05 | 5.42 |
Derivative, Notional Amount1 | $ 1,633 | $ 1,862 |
Average Exchange Rate | 7.05 | 5.42 |
Foreign exchange contracts | Japanese yen | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 212 | $ 111 |
Average Exchange Rate | 105.82 | 104.58 |
Derivative, Notional Amount1 | $ 212 | $ 111 |
Average Exchange Rate | 105.82 | 104.58 |
Foreign exchange contracts | Brazilian reais | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 276 | $ 484 |
Average Exchange Rate | 0.19 | 0.24 |
Derivative, Notional Amount1 | $ 276 | $ 484 |
Average Exchange Rate | 0.19 | 0.24 |
Foreign exchange contracts | Sweden, Kronor | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 1,647 | $ 1,578 |
Average Exchange Rate | 8.58 | 9.10 |
Derivative, Notional Amount1 | $ 1,647 | $ 1,578 |
Average Exchange Rate | 8.58 | 9.10 |
Foreign exchange contracts | Other currencies | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 903 | $ 584 |
Derivative, Notional Amount1 | 903 | 584 |
Foreign exchange contracts | Colombian pesos1 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 96 | $ 534 |
Average Exchange Rate | 3,621 | 3,416 |
Derivative, Notional Amount1 | $ 96 | $ 534 |
Average Exchange Rate | 3,621 | 3,416 |
Cross currency interest rate swaps [Member] | Canadian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 6,868 | $ 4,493 |
Average Exchange Rate | 0.77 | 0.77 |
Derivative, Notional Amount1 | $ 6,868 | $ 4,493 |
Average Exchange Rate | 0.77 | 0.77 |
Cross currency interest rate swaps [Member] | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 275 | $ 267 |
Average Exchange Rate | 1.49 | 1.49 |
Derivative, Notional Amount1 | $ 275 | $ 267 |
Average Exchange Rate | 1.49 | 1.49 |
Cross currency interest rate swaps [Member] | European Union euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 1,914 | $ 103 |
Average Exchange Rate | 1.06 | 1.09 |
Derivative, Notional Amount1 | $ 1,914 | $ 103 |
Average Exchange Rate | 1.06 | 1.09 |
Cross currency interest rate swaps [Member] | Australian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 1,374 | $ 2,033 |
Average Exchange Rate | 0.53 | 0.98 |
Derivative, Notional Amount1 | $ 1,374 | $ 2,033 |
Average Exchange Rate | 0.53 | 0.98 |
Cross currency interest rate swaps [Member] | Japanese yen | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 750 | $ 18 |
Average Exchange Rate | 113.33 | 110 |
Derivative, Notional Amount1 | $ 750 | $ 18 |
Average Exchange Rate | 113.33 | 110 |
Cross currency interest rate swaps [Member] | Colombian pesos1 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 88 | $ 100 |
Average Exchange Rate | 3,880 | 3,463 |
Derivative, Notional Amount1 | $ 88 | $ 100 |
Average Exchange Rate | 3,880 | 3,463 |
Futures contract [member] | Brazilian reais | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 105 | $ 38 |
Average Exchange Rate | 0.19 | 0.25 |
Derivative, Notional Amount1 | $ 105 | $ 38 |
Average Exchange Rate | 0.19 | 0.25 |
Foreign exchange options [Member] | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 0 | $ 1,338 |
Average Exchange Rate | 0 | 1.43 |
Derivative, Notional Amount1 | $ 0 | $ 1,338 |
Average Exchange Rate | 0 | 1.43 |
Foreign exchange options [Member] | European Union euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 245 | $ 1,544 |
Average Exchange Rate | 1.17 | 1.12 |
Derivative, Notional Amount1 | $ 245 | $ 1,544 |
Average Exchange Rate | 1.17 | 1.12 |
Foreign exchange options [Member] | Chinese yuan1 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount1 | $ 2,030 | $ 0 |
Average Exchange Rate | 0.74 | 0 |
Derivative, Notional Amount1 | $ 2,030 | $ 0 |
Average Exchange Rate | 0.74 | 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) bbl in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)MMBTUGWhbbl | Dec. 31, 2019USD ($)GWhMMBTUbbl | |
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | $ 540 | $ 19 |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 540 | 19 |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 39,128 | 32,709 |
Derivative, Notional Amount1 | 39,128 | 32,709 |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 1,300 | 541 |
Derivative, Notional Amount1 | 1,300 | 541 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (41) | 201 |
Gains in respect of foreign currency contracts entered into for hedging purposes | (28) | (409) |
Nominal amount of derivative positions | 39,284 | 37,334 |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (41) | 201 |
Gains (losses) on hedges of net investments in foreign operations, net of tax | 28 | 409 |
Derivative, Notional Amount1 | $ 39,284 | $ 37,334 |
Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 121,468,000 | 78,364,000 |
Nominal Amount of Commodity Derivatives | MMBTU | 121,468,000 | 78,364,000 |
Natural gas commodity instrument [Member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 82,663,000 | 12,164,000 |
Nominal Amount of Commodity Derivatives | MMBTU | 82,663,000 | 12,164,000 |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | $ 850 | $ 13 |
Nominal amount of derivative positions | 2,081 | 2,517 |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 850 | 13 |
Derivative, Notional Amount1 | $ 2,081 | $ 2,517 |
Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 27,564 | 25,136 |
Nominal Amount of Commodity Derivatives | GWh | 27,564 | 25,136 |
Energy commodity instrument [Member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 13,950 | 14,485 |
Nominal Amount of Commodity Derivatives | GWh | 13,950 | 14,485 |
Oil and gas assets [member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Number in Barrels of Commodity Derivatives | bbl | 1,302 | 2,273 |
Interest Rate Swaptions | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | $ 3,900 | $ 0 |
Derivative, Notional Amount1 | 3,900 | 0 |
Interest rate swap and forward starting swap contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 30,200 | 25,000 |
Derivative, Notional Amount1 | 30,200 | 25,000 |
Credit Default Swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 0 | 39 |
Payments to be received in the event of a predetermined credit event | 0 | |
Derivative, Notional Amount1 | 0 | 39 |
Payments to be received in the event of a predetermined credit event | 0 | |
Interest Rate Cap Contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 27,000 | 26,600 |
Derivative, Notional Amount1 | $ 27,000 | $ 26,600 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Hedge Classification (Details) bbl in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)MMBTUGWhbbl | Dec. 31, 2019USD ($)GWhMMBTUbbl | |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | $ 39,128 | $ 32,709 |
Gains (losses) on cash flow hedges, before tax | (479) | (89) |
Ineffective Portion | 10 | 20 |
Derivative, Notional Amount1 | 39,128 | 32,709 |
Ineffective Portion | 10 | 20 |
Net investment hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 17,788 | 22,790 |
Gains (losses) on hedges of net investments in foreign operations, before tax | 182 | (433) |
Ineffective Portion | 10 | 16 |
Derivative, Notional Amount1 | 17,788 | 22,790 |
Ineffective Portion | 10 | 16 |
Cash flow hedges and hedges of net investment in foreign operations [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of derivative positions | 56,916 | 55,499 |
Gain (loss) on hedge effectiveness recognised in other comprehensive income | (297) | (522) |
Ineffective Portion | 20 | 36 |
Derivative, Notional Amount1 | 56,916 | 55,499 |
Ineffective Portion | 20 | 36 |
Gain (loss) on hedge effectiveness recognised in other comprehensive income | $ (297) | $ (522) |
Oil and gas assets [member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Number in Barrels of Commodity Derivatives | bbl | 1,302 | 2,273 |
Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 27,564 | 25,136 |
Energy commodity instrument [Member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 13,950 | 14,485 |
Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 121,468,000 | 78,364,000 |
Natural gas commodity instrument [Member] | Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 82,663,000 | 12,164,000 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | $ 1,734 | |
Unrealized losses | (1,194) | |
Net Change | 540 | $ 19 |
Unrealized Gains | 1,734 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 1,194 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 540 | 19 |
Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 419 | |
Unrealized losses | (460) | |
Net Change | (41) | 201 |
Unrealized Gains | 419 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 460 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (41) | 201 |
Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 110 | |
Unrealized losses | (337) | |
Net Change | (227) | (221) |
Unrealized Gains | 110 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 337 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (227) | (221) |
Credit default swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 0 | |
Unrealized losses | 0 | |
Net Change | 0 | (1) |
Unrealized Gains | 0 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 0 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 0 | (1) |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 1,161 | |
Unrealized losses | (311) | |
Net Change | 850 | 13 |
Unrealized Gains | 1,161 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 311 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 850 | 13 |
Commodity instruments | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 44 | |
Unrealized losses | (86) | |
Net Change | (42) | 27 |
Unrealized Gains | 44 | |
Unrealised Losses On Change In Fair Value Of Derivatives | 86 | |
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | $ (42) | $ 27 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Instruments Fair Value Through Profit or Loss (Details) MMBTU in Thousands, $ in Millions | Dec. 31, 2020USD ($)GWhMMBTU | Dec. 31, 2019USD ($)GWhMMBTU |
Foreign exchange contracts | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | $ 27,106 | $ 29,387 |
Derivative, Notional Amount1 | 27,106 | 29,387 |
Foreign exchange contracts | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 13,498 | |
Derivative, Notional Amount1 | 13,498 | |
Foreign exchange contracts | 1 to 5 Years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 12,086 | |
Derivative, Notional Amount1 | 12,086 | |
Foreign exchange contracts | Greater than 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 1,522 | |
Derivative, Notional Amount1 | 1,522 | |
Interest rates | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 34,032 | 28,888 |
Derivative, Notional Amount1 | 34,032 | 28,888 |
Interest rates | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 7,738 | |
Derivative, Notional Amount1 | 7,738 | |
Interest rates | 1 to 5 Years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 22,054 | |
Derivative, Notional Amount1 | 22,054 | |
Interest rates | Greater than 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 4,240 | |
Derivative, Notional Amount1 | 4,240 | |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 1,300 | 541 |
Derivative, Notional Amount1 | 1,300 | 541 |
Equity derivatives | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | 0 |
Derivative, Notional Amount1 | 0 | $ 0 |
Equity derivatives | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | 0 | |
Equity derivatives | 1 to 5 Years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | 0 | |
Equity derivatives | Greater than 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | $ 0 | |
Energy commodity instrument [Member] | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 13,950,000,000 | 14,485,000,000 |
Nominal Amount of Commodity Derivatives | GWh | 13,950,000,000 | 14,485,000,000 |
Energy commodity instrument [Member] | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 5,562,000,000 | |
Nominal Amount of Commodity Derivatives | GWh | 5,562,000,000 | |
Energy commodity instrument [Member] | 1 to 5 Years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 5,066,000,000 | |
Nominal Amount of Commodity Derivatives | GWh | 5,066,000,000 | |
Energy commodity instrument [Member] | Greater than 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 3,322,000,000 | |
Nominal Amount of Commodity Derivatives | GWh | 3,322,000,000 | |
Natural gas commodity instrument [Member] | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 82,664 | 12,164 |
Nominal Amount of Commodity Derivatives | MMBTU | 82,664 | 12,164 |
Natural gas commodity instrument [Member] | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 51,034 | |
Nominal Amount of Commodity Derivatives | MMBTU | 51,034 | |
Natural gas commodity instrument [Member] | 1 to 5 Years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 31,630 | |
Nominal Amount of Commodity Derivatives | MMBTU | 31,630 | |
Natural gas commodity instrument [Member] | Greater than 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 0 | |
Nominal Amount of Commodity Derivatives | MMBTU | 0 | |
Foreign exchange contracts | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | $ 12,178 | $ 7,946 |
Derivative, Notional Amount1 | 12,178 | 7,946 |
Foreign exchange contracts | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 6,891 | |
Derivative, Notional Amount1 | 6,891 | |
Foreign exchange contracts | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 5,158 | |
Derivative, Notional Amount1 | 5,158 | |
Foreign exchange contracts | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 129 | |
Derivative, Notional Amount1 | 129 | |
Interest rates | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 27,080 | 22,731 |
Derivative, Notional Amount1 | 27,080 | 22,731 |
Interest rates | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 13,158 | |
Derivative, Notional Amount1 | 13,158 | |
Interest rates | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 12,308 | |
Derivative, Notional Amount1 | 12,308 | |
Interest rates | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 1,614 | |
Derivative, Notional Amount1 | 1,614 | |
Credit default swaps | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | 39 |
Derivative, Notional Amount1 | 0 | 39 |
Credit default swaps | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | 0 | |
Credit default swaps | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | 0 | |
Credit default swaps | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | 0 | |
Equity derivatives | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 2,081 | 2,517 |
Derivative, Notional Amount1 | 2,081 | $ 2,517 |
Equity derivatives | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 1,216 | |
Derivative, Notional Amount1 | 1,216 | |
Equity derivatives | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 865 | |
Derivative, Notional Amount1 | 865 | |
Equity derivatives | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount1 | 0 | |
Derivative, Notional Amount1 | $ 0 | |
Energy commodity instrument [Member] | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 13,613,000,000 | 10,652,000,000 |
Nominal Amount of Commodity Derivatives | GWh | 13,613,000,000 | 10,652,000,000 |
Energy commodity instrument [Member] | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 4,406,000,000 | |
Nominal Amount of Commodity Derivatives | GWh | 4,406,000,000 | |
Energy commodity instrument [Member] | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 9,207,000,000 | |
Nominal Amount of Commodity Derivatives | GWh | 9,207,000,000 | |
Energy commodity instrument [Member] | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 0 | |
Nominal Amount of Commodity Derivatives | GWh | 0 | |
Natural gas commodity instrument [Member] | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 38,805 | 66,200 |
Nominal Amount of Commodity Derivatives | MMBTU | 38,805 | 66,200 |
Natural gas commodity instrument [Member] | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 34,572 | |
Nominal Amount of Commodity Derivatives | MMBTU | 34,572 | |
Natural gas commodity instrument [Member] | 1 to 5 Years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 4,233 | |
Nominal Amount of Commodity Derivatives | MMBTU | 4,233 | |
Natural gas commodity instrument [Member] | Greater than 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 0 | |
Nominal Amount of Commodity Derivatives | MMBTU | 0 |
MANAGEMENT OF RISKS ARISING F_3
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Interest rate risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Basis point increase in interest rates | 0.50 | |
Net income impact of a 50 basis-point increase in interest rate on floating rate financial assets and liabilities | $ 156 | $ 246 |
Net income impact of 50 basis point increase in yield curve on financial assets and liabilities | 137 | 146 |
Other comprehensive income impact of 50 basis point increase in yield curve on financial assets and liabilities | 363 | 309 |
Net income impact of a 50 basis-point increase in interest rate on floating rate financial assets and liabilities | (156) | (246) |
Net income impact of 50 basis point increase in yield curve on financial assets and liabilities | 137 | 146 |
Other comprehensive income impact of 50 basis point increase in yield curve on financial assets and liabilities | $ 363 | 309 |
Currency risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of increase in U.S dollar against other currencies | 1.00% | |
Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments | $ 117 | 74 |
Impact of 1% increase in U.S. dollar against foreign currencies on hedged financial instruments | $ 235 | 259 |
Percentage of increase in U.S dollar against other currencies | 1.00% | |
Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments | $ 117 | 74 |
Impact of 1% increase in U.S. dollar against foreign currencies on hedged financial instruments | $ 235 | 259 |
Equity price risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage decrease in the market price of equity securities and equity derivatives | 5.00% | |
Impact on Net Income as a Result of a Percentage Decrease Equity Securities | $ 186 | 14 |
Impact on Other Comprehensive Income as a Result of a Percentage Decrease Equity Securities | $ 161 | 70 |
Percentage change in the common equity price | 5.00% | |
Increase in compensation liability and expense | $ 69 | 75 |
Increase (decrease) in equity derivatives used for compensation hedging from a 5% change in the common equity price of the company | 78 | 80 |
Amount to offset increase in compensation expense | 69 | 75 |
Other comprehensive income impact of equity derivatives used for compensation hedging | $ 9 | 5 |
Percentage Of Increase (Decrease) In Market Price Of Equity Securities And Equity Derivatives | (5.00%) | |
Net income impact of a 5% decrease in market price of equity securities and derivatives not designated for hedging | $ (186) | (14) |
Other comprehensive income impact of a 5% decrease in market price of equity securities and derivatives not designated for hedging | $ (161) | (70) |
Percentage change in the common equity price | 5.00% | |
Increase in compensation liability and expense | $ 69 | 75 |
Increase (decrease) in equity derivatives used for compensation hedging from a 5% change in the common equity price of the company | 78 | 80 |
Amount to offset increase in compensation expense | 69 | 75 |
Other comprehensive income impact of equity derivatives used for compensation hedging | $ 9 | 5 |
Other price risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage increase in energy prices | 5.00% | |
Impact on net income from a 5% decrease in energy prices | $ 16.2 | 5 |
Impact on other comprehensive income from a 5% decrease in energy prices | $ 19.4 | 0 |
Percentage increase in energy prices | 5.00% | |
Net income impact from a 5% increase in energy prices | $ (16.2) | (5) |
Other comprehensive income impact from a 5% increase in energy prices | (19.4) | 0 |
Credit risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of derivative positions | $ 0 | 42 |
Basis point increase increase in credit spread of underlying reference assets of credit default contracts | 0.50 | |
Net income impact from a 50 basis point increase in credit spreads of underlying reference assets of credit default swap contracts | $ 0 | 1 |
Derivative, Notional Amount1 | $ 0 | 42 |
Basis point increase increase in credit spread of underlying reference assets of credit default contracts | 0.50 | |
Net income impact from a 50 basis point increase in credit spreads of underlying reference assets of credit default swap contracts | $ 0 | $ 1 |
MANAGEMENT OF RISKS ARISING F_4
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Contractual Maturities of Financial Liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Principal repayments | ||
Principal repayments of borrowings | $ 9,077 | $ 7,083 |
Principal repayment of borrowings | 9,077 | 7,083 |
Non-recourse borrowings of managed entities | 139,324 | 136,292 |
Subsidiary equity obligations | 3,699 | 4,132 |
Interest expense | ||
Corporate borrowings | 5,450 | 3,221 |
Non-recourse borrowings | 28,556 | 28,124 |
Subsidiary equity obligations | 575 | 731 |
Insurance contracts that are liabilities | 8,223 | 5,494 |
Corporate borrowings | 9,077 | 7,083 |
Principal repayment of borrowings | 9,077 | 7,083 |
Non-recourse borrowings of managed entities | 139,324 | 136,292 |
Subsidiary equity obligations | 3,699 | 4,132 |
Corporate borrowings | 5,450 | 3,221 |
Non-recourse borrowings | 28,556 | 28,124 |
Subsidiary equity obligations | 575 | 731 |
Lease obligations | 8,223 | 5,494 |
Undiscounted Finance Lease Payments to be Paid | ||
Interest expense | ||
Insurance contracts that are liabilities | 15,375 | 13,993 |
Lease obligations | $ 15,375 | 13,993 |
Interest rate risk | ||
Interest expense | ||
Basis point increase in interest rates | 0.50 | |
Net income impact of a 50 basis-point increase in interest rate on floating rate financial assets and liabilities | $ 156 | 246 |
Net income impact of 50 basis point increase in yield curve on financial assets and liabilities | 137 | 146 |
Other comprehensive income impact of 50 basis point increase in yield curve on financial assets and liabilities | $ 363 | 309 |
Currency risk | ||
Interest expense | ||
Percentage of increase in U.S dollar against other currencies | 1.00% | |
Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments | $ 117 | 74 |
Impact of 1% increase in U.S. dollar against foreign currencies on hedged financial instruments | 235 | 259 |
Less than 1 year | ||
Principal repayments | ||
Principal repayments of borrowings | 0 | |
Principal repayment of borrowings | 0 | |
Non-recourse borrowings of managed entities | 21,108 | 15,563 |
Subsidiary equity obligations | 799 | 188 |
Interest expense | ||
Corporate borrowings | 405 | 327 |
Non-recourse borrowings | 5,145 | 5,210 |
Subsidiary equity obligations | 147 | 151 |
Corporate borrowings | 0 | |
Principal repayment of borrowings | 0 | |
Non-recourse borrowings of managed entities | 21,108 | 15,563 |
Subsidiary equity obligations | 799 | 188 |
Corporate borrowings | 405 | 327 |
Non-recourse borrowings | 5,145 | 5,210 |
Subsidiary equity obligations | 147 | 151 |
Less than 1 year | Undiscounted Finance Lease Payments to be Paid | ||
Interest expense | ||
Insurance contracts that are liabilities | 815 | 766 |
Lease obligations | 815 | 766 |
1 to 3 Years | ||
Principal repayments | ||
Principal repayments of borrowings | 467 | |
Principal repayment of borrowings | 269 | |
Non-recourse borrowings of managed entities | 29,399 | 28,396 |
Subsidiary equity obligations | 1,147 | 1,677 |
Interest expense | ||
Corporate borrowings | 793 | 629 |
Non-recourse borrowings | 8,788 | 8,524 |
Subsidiary equity obligations | 213 | 261 |
Corporate borrowings | 467 | |
Principal repayment of borrowings | 269 | |
Non-recourse borrowings of managed entities | 29,399 | 28,396 |
Subsidiary equity obligations | 1,147 | 1,677 |
Corporate borrowings | 793 | 629 |
Non-recourse borrowings | 8,788 | 8,524 |
Subsidiary equity obligations | 213 | 261 |
1 to 3 Years | Undiscounted Finance Lease Payments to be Paid | ||
Interest expense | ||
Insurance contracts that are liabilities | 1,682 | 1,171 |
Lease obligations | 1,682 | 1,171 |
Later than four years and not later than five years [member] | ||
Principal repayments | ||
Principal repayments of borrowings | 1,630 | |
Principal repayment of borrowings | 1,597 | |
Non-recourse borrowings of managed entities | 40,049 | 34,602 |
Subsidiary equity obligations | 800 | 745 |
Interest expense | ||
Corporate borrowings | 659 | 551 |
Non-recourse borrowings | 6,310 | 6,641 |
Subsidiary equity obligations | 171 | 212 |
Corporate borrowings | 1,630 | |
Principal repayment of borrowings | 1,597 | |
Non-recourse borrowings of managed entities | 40,049 | 34,602 |
Subsidiary equity obligations | 800 | 745 |
Corporate borrowings | 659 | 551 |
Non-recourse borrowings | 6,310 | 6,641 |
Subsidiary equity obligations | 171 | 212 |
Later than four years and not later than five years [member] | Undiscounted Finance Lease Payments to be Paid | ||
Interest expense | ||
Insurance contracts that are liabilities | 1,123 | 992 |
Lease obligations | 1,123 | 992 |
Greater than 5 years | ||
Principal repayments | ||
Principal repayments of borrowings | 6,980 | |
Principal repayment of borrowings | 5,217 | |
Non-recourse borrowings of managed entities | 48,768 | 57,731 |
Subsidiary equity obligations | 953 | 1,522 |
Interest expense | ||
Corporate borrowings | 3,593 | 1,714 |
Non-recourse borrowings | 8,313 | 7,749 |
Subsidiary equity obligations | 44 | 107 |
Corporate borrowings | 6,980 | |
Principal repayment of borrowings | 5,217 | |
Non-recourse borrowings of managed entities | 48,768 | 57,731 |
Subsidiary equity obligations | 953 | 1,522 |
Corporate borrowings | 3,593 | 1,714 |
Non-recourse borrowings | 8,313 | 7,749 |
Subsidiary equity obligations | 44 | 107 |
Greater than 5 years | Undiscounted Finance Lease Payments to be Paid | ||
Interest expense | ||
Insurance contracts that are liabilities | 11,755 | 11,064 |
Lease obligations | $ 11,755 | $ 11,064 |
CAPITAL MANAGEMENT - Narrative
CAPITAL MANAGEMENT - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 122,642 | $ 116,846 |
Corporate borrowings | 9,077 | 7,083 |
Equity | $ 122,642 | $ 116,846 |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Renumeration of Directors and Other Key Management (Details) - Key management personnel of entity or parent [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Salaries, incentives and short-term benefits | $ 14 | $ 19 |
Share-based payments | 81 | 46 |
Total | 95 | 65 |
Salaries, incentives and short-term benefits | 14 | 19 |
Key management personnel compensation | 95 | 65 |
Share-based payments | $ 81 | $ 46 |
RELATED PARTY TRANSACTIONS RE_2
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Related Party Balances included within Consolidated Financial Statements (Details) - Other related parties [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Management fees received | $ 31 | $ 97 |
Management fees received | $ 31 | $ 97 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Disclosure of other information [Line Items] | |||
Interest costs capitalised | $ 310 | $ 233 | |
Contractual capital commitments | 4,100 | 4,100 | |
Insurance for Damage and Business Interruption Costs | 4,000 | ||
Subsidiary preferred equity units | 1,679 | $ 1,650 | |
Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of other information [Line Items] | |||
Subsidiary preferred equity units | $ 1,800 | $ 1,800 | |
Exchangeable price of BPY preferred units issued to QIA | $ 25.70 | $ 25.70 | |
Preferred Units, Conversion Condition, Limit Of Market Price To Exchange Price At Maturity, Percent | 80.00% | ||
2021 | Brookfield Property Partners L.P. (“BPY”) | |||
Disclosure of other information [Line Items] | |||
Subsidiary preferred equity units | $ 600 | $ 600 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($)$ / sharesshares | Dec. 31, 2020 | Jan. 04, 2021USD ($)$ / shares | Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Class A exchangeable subordinate voting shares of BEPC | shares | 15,000 | |||
BEPC share price (dollars per share) | $ 51.50 | |||
Proceeds from secondary offering | $ | $ 750,000,000 | |||
Brookfield Class A Shares [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Ratio of shares electable to receive per unit | 0.40 | |||
Brookfield Class A Shares with liquidity option | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Ratio of shares electable to receive per unit | 0.66 | |||
Brookfield Property Partners L.P. (“BPY”) | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Ownership Interest Held by Non-Controlling Interest | 38.30% | 100.00% | 44.80% | |
Share price on date of acquisition (dollars per unit) | $ 16.50 | |||
total value on share acquisition | $ | $ 5,900,000,000 | |||
Share price on date of acquisition, liquidation preference (dollars per unit) | $ 25 |
Uncategorized Items - bam-20201
Label | Element | Value |
Maximum [Member] | ||
Target return | bam_TargetReturn | 15.00% |
Minimum [Member] | ||
Target return | bam_TargetReturn | 12.00% |
Bridges, Roads and Equipment [Member] | Maximum [Member] | Infrastructure [Member] | ||
Useful life measured as period of time, property, plant and equipment | ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment | 30 years |
Bridges, Roads and Equipment [Member] | Minimum [Member] | Infrastructure [Member] | ||
Useful life measured as period of time, property, plant and equipment | ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment | 3 years |