Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | BROOKFIELD ASSET MANAGEMENT INC. |
Entity Central Index Key | 0001001085 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 12,205 | $ 12,694 |
Other financial assets | 23,102 | 16,546 |
Accounts receivable and other | 26,563 | 21,760 |
Inventory | 12,870 | 11,415 |
Assets classified as held for sale | 10,189 | 11,958 |
Equity accounted investments | 45,248 | 46,100 |
Investment properties | 106,952 | 100,865 |
Property, plant and equipment | 114,219 | 115,489 |
Intangible assets | 34,750 | 30,609 |
Goodwill | 22,104 | 20,227 |
Deferred income tax assets | 3,664 | 3,340 |
Total assets | 411,866 | 391,003 |
Liabilities and Equity | ||
Corporate Borrowings | 12,054 | 10,875 |
Accounts payable and other | 51,134 | 52,546 |
Liabilities associated with assets classified as held for sale | 1,556 | 3,148 |
Non-recourse borrowings of managed entities | 187,585 | 165,057 |
Deferred income tax liabilities | 20,737 | 20,328 |
Subsidiary equity obligations | 4,788 | 4,308 |
Equity [abstract] | ||
Equity | 134,012 | 134,741 |
Total liabilities and equity | 411,866 | 391,003 |
Non-controlling interests | ||
Equity [abstract] | ||
Equity | 88,215 | 88,386 |
Preferred shares | Preferred equity | ||
Equity [abstract] | ||
Equity | 4,145 | 4,145 |
Common shares | Common equity | ||
Equity [abstract] | ||
Equity | $ 41,652 | $ 42,210 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||||
Revenue | $ 23,256 | $ 18,286 | $ 45,138 | $ 34,696 |
Direct costs1 | (19,841) | (15,565) | (38,536) | (29,262) |
Other income and gains | 465 | 1,251 | 494 | 1,955 |
Equity accounted income | 564 | 488 | 1,407 | 1,156 |
Expenses | ||||
Interest | (2,405) | (1,831) | (4,543) | (3,661) |
Corporate costs | (26) | (30) | (59) | (59) |
Fair value changes | (397) | 377 | 1,383 | 2,471 |
Tax expense (income) | (141) | (547) | (849) | (1,091) |
Net income | 1,475 | 2,429 | 4,435 | 6,205 |
Net income attributable to: | ||||
Shareholders | 590 | 816 | 1,949 | 2,051 |
Non-controlling interests | 885 | 1,613 | 2,486 | 4,154 |
Net income | $ 1,475 | $ 2,429 | $ 4,435 | $ 6,205 |
Net income per share: | ||||
Diluted | $ 0.34 | $ 0.49 | $ 1.16 | $ 1.26 |
Basic | $ 0.35 | $ 0.51 | $ 1.20 | $ 1.29 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Billions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common Domain Members [Abstract] | |||
Depreciation and amortisation expense, reclassified as direct costs | $ 1.9 | $ 3.7 | |
Increase in operating expenses | $ 3.1 | $ 1.6 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 1,475 | $ 2,429 | $ 4,435 | $ 6,205 |
Items that may be reclassified to net income | ||||
Financial contracts and power sale agreements | 312 | (102) | 830 | 289 |
Marketable securities | (496) | 26 | (612) | 131 |
Equity accounted investments | (339) | 22 | (308) | 81 |
Foreign currency translation | (2,721) | 1,559 | (1,287) | (86) |
Income taxes | (137) | 21 | (163) | 0 |
Other comprehensive income that may be reclassified to net income | (3,381) | 1,526 | (1,540) | 415 |
Items that will not be reclassified to net income | ||||
Revaluation of property, plant and equipment | 53 | (153) | 76 | (381) |
Revaluation of pension obligations | 21 | 13 | 39 | 48 |
Equity accounted investments | (256) | 0 | (244) | 0 |
Marketable securities | (191) | 206 | (322) | 515 |
Income taxes | 11 | (188) | 9 | (220) |
Other comprehensive income that will not be reclassified to net income | (362) | (122) | (442) | (38) |
Other comprehensive (loss) income | (3,743) | 1,404 | (1,982) | 377 |
Comprehensive (loss) income | (2,268) | 3,833 | 2,453 | 6,582 |
Attributable to: | ||||
Net income attributable to shareholders | 590 | 816 | 1,949 | 2,051 |
Other comprehensive (loss) income | (1,632) | 508 | (1,250) | |
Comprehensive (loss) income | (1,042) | 1,324 | 699 | 2,281 |
Net income | 885 | 1,613 | 2,486 | 4,154 |
Other comprehensive (loss) income | (2,111) | 896 | (732) | |
Comprehensive (loss) income | $ (1,226) | $ 2,509 | $ 1,754 | $ 4,301 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Non-controlling interests | Common shares Common Share Capital | Common shares Contributed Surplus | Common shares Retained Earnings | Common shares Ownership Changes1 | Common shares Revaluation Surplus | Common shares Currency Translation | Common shares Other Reserves2 | Common shares Common equity | Preferred shares Preferred equity |
Beginning balance (Previously stated) at Dec. 31, 2020 | $ 122,642 | $ 86,804 | $ 7,368 | $ 285 | $ 15,178 | $ 2,691 | $ 7,530 | $ (2,133) | $ 774 | $ 31,693 | $ 4,145 |
Changes in period: | |||||||||||
Net income attributable to shareholders | 2,051 | 2,051 | 2,051 | ||||||||
Non-controlling interests | 4,154 | 4,154 | |||||||||
Net income | 6,205 | ||||||||||
Other comprehensive (loss) income | (116) | 93 | 253 | 230 | |||||||
Other comprehensive (loss) income | 147 | ||||||||||
Other comprehensive income | 377 | ||||||||||
Comprehensive income, attributable to owners of parent | 2,281 | (116) | 93 | 253 | 2,281 | ||||||
Comprehensive income, attributable to non-controlling interests | 4,301 | 4,301 | |||||||||
Comprehensive income | 6,582 | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (930) | (930) | (930) | ||||||||
Preferred equity | (75) | (75) | (75) | ||||||||
Non-controlling interests | (5,350) | (5,350) | |||||||||
Other items | |||||||||||
Issue of equity | 2,503 | 2,791 | 17 | (17) | (288) | (288) | 0 | ||||
Share-based compensation | 30 | 0 | 34 | (4) | 30 | ||||||
Ownership changes | 535 | (123) | 236 | 904 | (628) | 161 | (15) | 658 | |||
Total change in period | 3,295 | 1,619 | 17 | 17 | 990 | 904 | (744) | 254 | 238 | 1,676 | 0 |
Ending balance at Jun. 30, 2021 | 125,937 | 88,423 | 7,385 | 302 | 16,168 | 3,595 | 6,786 | (1,879) | 1,012 | 33,369 | 4,145 |
Beginning balance (Previously stated) at Mar. 31, 2021 | 125,934 | 88,836 | 7,392 | 289 | 16,093 | 3,558 | 7,159 | (2,467) | 929 | 32,953 | |
Beginning balance at Mar. 31, 2021 | 4,145 | ||||||||||
Changes in period: | |||||||||||
Net income attributable to shareholders | 816 | 816 | 816 | ||||||||
Non-controlling interests | 1,613 | 1,613 | |||||||||
Net income | 2,429 | ||||||||||
Other comprehensive (loss) income | 508 | (35) | 468 | 75 | 508 | ||||||
Other comprehensive (loss) income | 896 | 896 | |||||||||
Other comprehensive income | 1,404 | ||||||||||
Comprehensive income, attributable to owners of parent | 1,324 | (35) | 468 | 75 | 1,324 | ||||||
Comprehensive income, attributable to non-controlling interests | 2,509 | 2,509 | |||||||||
Comprehensive income | 3,833 | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (734) | (734) | (734) | ||||||||
Preferred equity | (38) | (38) | (38) | ||||||||
Non-controlling interests | (2,823) | (2,823) | |||||||||
Other items | |||||||||||
Issue of equity | (343) | (125) | (7) | (3) | (208) | (218) | 0 | ||||
Share-based compensation | 19 | 0 | 16 | 3 | 19 | ||||||
Ownership changes | 89 | 26 | 236 | 37 | (338) | 120 | 8 | 63 | |||
Total change in period | 3 | (413) | (7) | 13 | 75 | 37 | (373) | 588 | 83 | 416 | 0 |
Ending balance at Jun. 30, 2021 | 125,937 | 88,423 | 7,385 | 302 | 16,168 | 3,595 | 6,786 | (1,879) | 1,012 | 33,369 | 4,145 |
Beginning balance (Previously stated) at Dec. 31, 2021 | 134,741 | 88,386 | 8,281 | (2,287) | 1,410 | 42,210 | 4,145 | ||||
Beginning balance at Dec. 31, 2021 | 134,741 | 88,386 | 10,538 | 320 | 17,705 | 6,243 | 42,210 | 4,145 | |||
Changes in period: | |||||||||||
Net income attributable to shareholders | 1,949 | 1,949 | 1,949 | ||||||||
Non-controlling interests | 2,486 | 2,486 | |||||||||
Net income | 4,435 | ||||||||||
Other comprehensive (loss) income | (1,250) | 0 | (527) | (723) | (1,250) | ||||||
Other comprehensive (loss) income | (732) | (732) | |||||||||
Other comprehensive income | (1,982) | ||||||||||
Comprehensive income, attributable to owners of parent | 699 | 0 | (527) | (723) | 699 | ||||||
Comprehensive income, attributable to non-controlling interests | 1,754 | 1,754 | |||||||||
Comprehensive income | 2,453 | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (439) | (439) | (439) | ||||||||
Preferred equity | (74) | (74) | (74) | ||||||||
Non-controlling interests | (5,728) | (5,728) | |||||||||
Other items | |||||||||||
Issue of equity | 1,335 | 1,744 | (12) | (7) | (390) | (409) | 0 | ||||
Share-based compensation | (33) | 0 | 38 | (71) | (33) | ||||||
Ownership changes | 1,757 | 2,059 | 72 | (306) | (11) | 4 | (61) | (302) | |||
Total change in period | (729) | (171) | (12) | 31 | 1,047 | (306) | (11) | (523) | (784) | (558) | 0 |
Ending balance at Jun. 30, 2022 | 134,012 | 88,215 | 10,526 | 351 | 18,752 | 5,937 | 8,270 | (2,810) | 626 | 41,652 | 4,145 |
Beginning balance (Previously stated) at Mar. 31, 2022 | 136,433 | 88,889 | 10,538 | 334 | 18,601 | 6,150 | 8,285 | (1,940) | 1,431 | 43,399 | 4,145 |
Changes in period: | |||||||||||
Net income attributable to shareholders | 590 | 590 | 590 | ||||||||
Non-controlling interests | 885 | 885 | |||||||||
Net income | 1,475 | ||||||||||
Other comprehensive (loss) income | (1,632) | 0 | (874) | (758) | (1,632) | ||||||
Other comprehensive (loss) income | (2,111) | (2,111) | |||||||||
Other comprehensive income | (3,743) | ||||||||||
Comprehensive income, attributable to owners of parent | (1,042) | 0 | (874) | (758) | (1,042) | ||||||
Comprehensive income, attributable to non-controlling interests | (1,226) | (1,226) | |||||||||
Comprehensive income | (2,268) | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (219) | (219) | (219) | ||||||||
Preferred equity | (37) | (37) | (37) | ||||||||
Non-controlling interests | (2,736) | (2,736) | |||||||||
Other items | |||||||||||
Issue of equity | 2,828 | 3,045 | (12) | (2) | (203) | (217) | 0 | ||||
Share-based compensation | (33) | 0 | 19 | (52) | (33) | ||||||
Ownership changes | 44 | 243 | 72 | (213) | (15) | 4 | (47) | (199) | |||
Total change in period | (2,421) | (674) | (12) | 17 | 151 | (213) | (15) | (870) | (805) | (1,747) | 0 |
Ending balance at Jun. 30, 2022 | $ 134,012 | $ 88,215 | $ 10,526 | $ 351 | $ 18,752 | $ 5,937 | $ 8,270 | $ (2,810) | $ 626 | $ 41,652 | $ 4,145 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||||
Net income | $ 1,475 | $ 2,429 | $ 4,435 | $ 6,205 |
Other income and gains | (465) | (1,251) | (494) | (1,955) |
Share of undistributed equity accounted earnings | 150 | 8 | (439) | (265) |
Fair value changes | 397 | (377) | (1,383) | (2,471) |
Depreciation and amortization | 1,886 | 1,571 | 3,697 | 3,081 |
Deferred income taxes | (189) | 301 | 236 | 490 |
Sales of (investments in) residential inventory | 36 | (37) | (117) | (67) |
Net change in non-cash working capital balances | (162) | (1,111) | (2,337) | (1,654) |
Cash flows from (used in) operating activities | 3,128 | 1,533 | 3,598 | 3,364 |
Financing activities | ||||
Corporate borrowings arranged | 0 | 497 | 828 | 497 |
Corporate borrowings repaid | 0 | (526) | 0 | (526) |
Commercial paper and borrowings, net | 958 | 0 | 402 | 0 |
Non-recourse borrowings arranged | 28,089 | 13,859 | 42,393 | 22,826 |
Non-recourse borrowings repaid | (15,910) | (10,827) | (25,760) | (19,489) |
Non-recourse credit facilities, net | 1,354 | (1,564) | 2,900 | 674 |
Subsidiary equity obligations issued | 0 | 0 | 57 | 0 |
Subsidiary equity obligations redeemed | 0 | (242) | (229) | (248) |
Deposits From Related Party | 37 | 802 | 37 | 802 |
Deposit From Related Parties Repaid | 0 | 0 | (35) | 0 |
Capital provided from non-controlling interests | 3,788 | 3,831 | 5,485 | 7,460 |
Capital repaid to non-controlling interests | (743) | (3,956) | (3,741) | (4,669) |
Repayment of lease liabilities | (208) | (356) | (361) | (584) |
Settlement of deferred consideration | (1,037) | (1,037) | ||
Distributions to non-controlling interests | (2,736) | (2,823) | (5,728) | (5,350) |
Distributions to shareholders | (256) | (772) | (513) | (1,005) |
Cash flows from (used in) financing activities | 13,104 | (2,306) | 14,257 | 81 |
Acquisitions | ||||
Investment properties | (2,944) | (2,274) | (4,435) | (4,489) |
Property, plant and equipment | (1,660) | (1,259) | (3,248) | (2,939) |
Equity accounted investments | (1,917) | (801) | (2,645) | (1,188) |
Financial assets and other | (19,594) | (7,906) | (37,061) | (15,958) |
Acquisition of subsidiaries | (9,383) | (1,043) | (10,184) | (2,773) |
Dispositions | ||||
Investment properties | 1,030 | 1,668 | 1,592 | 3,600 |
Property, plant and equipment | 129 | 70 | 209 | 83 |
Equity accounted investments | 886 | 815 | 1,255 | 1,174 |
Financial assets and other | 17,573 | 7,240 | 34,990 | 15,526 |
Disposition of subsidiaries | 417 | 3,332 | 2,397 | 3,692 |
Restricted cash and deposits | (84) | 1,428 | (1,089) | 383 |
Cash flows from (used in) investing activities | (15,547) | 1,270 | (18,219) | (2,889) |
Cash and cash equivalents | ||||
Change in cash and cash equivalents | 685 | 497 | (364) | 556 |
Supplemental Cash Flow Information [Abstract] | ||||
Net change in cash classified within assets held for sale | (14) | 18 | 0 | (28) |
Foreign exchange revaluation | (282) | 118 | (125) | (2) |
Balance, beginning of period | 11,816 | 9,826 | 12,694 | 9,933 |
Balance, end of period | 12,205 | 10,459 | 12,205 | 10,459 |
Common shares | ||||
Financing activities | ||||
Common shares issued | 5 | 2 | 9 | 15 |
Common shares repurchased | $ (237) | $ (231) | $ (450) | $ (322) |
ORGANIZATION AND CAPITAL MANAGE
ORGANIZATION AND CAPITAL MANAGEMENT | 6 Months Ended |
Jun. 30, 2022 | |
Management Commentary Explanatory [Abstract] | |
ORGANIZATION AND CAPITAL MANAGEMENT | ORGANIZATION AND CAPITAL MANAGEMENT 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 renewable power and transition, infrastructure, private equity, real estate 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 June 30, 2022, the Corporation’s Capital totaled $58.1 billion (December 31, 2021 – $57.5 billion), and is computed as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 2022 2021 Cash and cash equivalents $ 1,606 $ 1,197 Other financial assets 6,353 3,430 Common equity in managed investments 45,069 46,248 Other assets and liabilities of the Corporation 5,053 6,585 Corporation’s Capital $ 58,081 $ 57,460 Corporation’s Capital is comprised of the following: Common equity $ 41,652 $ 42,210 Preferred shares 4,145 4,145 Non-controlling interest 230 230 Corporate borrowings 12,054 10,875 $ 58,081 $ 57,460 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 June 30, 2022 is as follows: AS AT JUN. 30, 2022 (MILLIONS) The Corporation Managed Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,606 $ 10,599 $ — $ 12,205 Other financial assets 6,353 16,749 — 23,102 Accounts receivable and other 1 1,494 25,175 (106) 26,563 Inventory 2 12,868 — 12,870 Assets classified as held for sale — 10,189 — 10,189 Equity accounted investments 6,554 38,694 — 45,248 Investment properties 25 106,927 — 106,952 Property, plant and equipment 224 113,995 — 114,219 Intangible assets 208 34,542 — 34,750 Goodwill 355 21,749 — 22,104 Deferred income tax assets 2,028 1,636 — 3,664 Accounts payable and other 1 (4,991) (46,249) 106 (51,134) Liabilities associated with assets classified as held for sale — (1,556) — (1,556) Deferred income tax liabilities (399) (20,338) — (20,737) Subsidiary equity obligations (447) (4,341) — (4,788) Total 13,012 320,639 — 333,651 Common equity in managed investments 2 45,069 — (45,069) — Corporation’s Capital 58,081 320,639 (45,069) 333,651 Less: Corporate borrowings 12,054 — — 12,054 Non-recourse borrowings of managed entities — 187,585 — 187,585 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 87,985 — 88,215 Common equity $ 41,652 $ 45,069 $ (45,069) $ 41,652 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $106 million and $106 million, 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 Renewable Power and Transition, Infrastructure, Private Equity, Real Estate and Residential Development operating segments. A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2021 is as follows: AS AT DEC. 31, 2021 The Corporation Managed Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,197 $ 11,497 $ — $ 12,694 Other financial assets 3,430 13,116 — 16,546 Accounts receivable and other 1 2,697 19,694 (631) 21,760 Inventory 2 11,413 — 11,415 Assets classified as held for sale — 11,958 — 11,958 Equity accounted investments 6,553 39,547 — 46,100 Investment properties 16 100,849 — 100,865 Property, plant and equipment 215 115,274 — 115,489 Intangible assets 215 30,394 — 30,609 Goodwill 361 19,866 — 20,227 Deferred income tax assets 2,064 1,276 — 3,340 Accounts payable and other 1 (5,104) (48,073) 631 (52,546) Liabilities associated with assets classified as held for sale — (3,148) — (3,148) Deferred income tax liabilities (299) (20,029) — (20,328) Subsidiary equity obligations (135) (4,173) — (4,308) Total 11,212 299,461 — 310,673 Common equity in managed investments 2 46,248 — (46,248) — Corporation’s Capital 57,460 299,461 (46,248) 310,673 Less: Corporate borrowings 10,875 — — 10,875 Non-recourse borrowings of managed entities — 165,057 — 165,057 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 88,156 — 88,386 Common equity $ 42,210 $ 46,248 $ (46,248) $ 42,210 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $631 million and $631 million, respectively, between entities within the Corporation and its managed investments. |
CURRENT AND NON-CURRENT PORTION
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of current and non-current assets and liabilities | CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES a) Assets AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Other Financial Assets Accounts Receivable and Other Inventory 2022 2021 2022 2021 2022 2021 Current portion $ 6,802 $ 6,963 $ 19,933 $ 16,098 $ 9,253 $ 8,557 Non-current portion 16,300 9,583 6,630 5,662 3,617 2,858 $ 23,102 $ 16,546 $ 26,563 $ 21,760 $ 12,870 $ 11,415 b) Liabilities AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Accounts Payable Corporate Borrowings Non-Recourse Borrowings of Managed Entities 2022 2021 2022 2021 2022 2021 Current portion 1 $ 30,084 $ 29,136 $ 1,315 $ 912 $ 42,975 $ 31,879 Non-current portion 21,050 23,410 10,739 9,963 144,610 133,178 $ 51,134 $ 52,546 $ 12,054 $ 10,875 $ 187,585 $ 165,057 1. Current portion of corporate borrowings includes $1.3 billion (December 31, 2021 – $912 million) of short-term commercial paper and revolving facility draws. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 6 Months Ended |
Jun. 30, 2022 | |
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 SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Fair value, beginning of period $ 100,865 Additions 5,881 Acquisitions through business combinations 6,788 Dispositions 1 (6,551) Fair value changes 2,413 Foreign currency translation and other (2,444) Fair value, end of period 2 $ 106,952 1. Includes amounts reclassified to held for sale. 2. Includes $4.1 billion of right-of-use (“ROU”) investment properties (December 31, 2021 – $4.1 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 $5.9 billion primarily relate to the purchases of investment properties within our real estate funds and enhancement of existing assets during the period. The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2022 (MILLIONS) Core $ 19,365 Transitional and Development 28,823 LP Investments 57,353 Other investment properties 1,411 $ 106,952 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: AS AT JUN. 30, 2022 Discount Terminal Investment Core 5.9 % 4.6 % 11 Transitional and Development 1 7.4 % 5.9 % 10 LP Investments 1 9.0 % 6.1 % 14 Other investment properties 2 7.3 % n/a n/a 1. The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method. 2. Other investment properties include investment properties held in our Infrastructure and Residential Development segments. |
CURRENT AND NON-CURRENT PORTI_2
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Current and Non-current Assets [Table Text Block] | Assets AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Other Financial Assets Accounts Receivable and Other Inventory 2022 2021 2022 2021 2022 2021 Current portion $ 6,802 $ 6,963 $ 19,933 $ 16,098 $ 9,253 $ 8,557 Non-current portion 16,300 9,583 6,630 5,662 3,617 2,858 $ 23,102 $ 16,546 $ 26,563 $ 21,760 $ 12,870 $ 11,415 |
Schedule of Current and Non-current Liabilities [Table Text Block] | Liabilities AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Accounts Payable Corporate Borrowings Non-Recourse Borrowings of Managed Entities 2022 2021 2022 2021 2022 2021 Current portion 1 $ 30,084 $ 29,136 $ 1,315 $ 912 $ 42,975 $ 31,879 Non-current portion 21,050 23,410 10,739 9,963 144,610 133,178 $ 51,134 $ 52,546 $ 12,054 $ 10,875 $ 187,585 $ 165,057 1. Current portion of corporate borrowings includes $1.3 billion (December 31, 2021 – $912 million) of short-term commercial paper and revolving facility draws. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment property [abstract] | |
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 SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Fair value, beginning of period $ 100,865 Additions 5,881 Acquisitions through business combinations 6,788 Dispositions 1 (6,551) Fair value changes 2,413 Foreign currency translation and other (2,444) Fair value, end of period 2 $ 106,952 1. Includes amounts reclassified to held for sale. 2. Includes $4.1 billion of right-of-use (“ROU”) investment properties (December 31, 2021 – $4.1 billion). |
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: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 16 $ 1,639 $ — $ 48 $ 1,972 $ — Corporate bonds 129 1,653 348 85 2,050 383 Fixed income securities and other 570 2,267 437 762 1,908 451 Common shares and warrants 1,777 2,490 1,634 4,063 548 1,316 Loans and notes receivables 6 — 5 — — 5 2,498 8,049 2,424 4,958 6,478 2,155 Accounts receivable and other 31 2,703 28 3 2,265 77 $ 2,529 $ 10,752 $ 2,452 $ 4,961 $ 8,743 $ 2,232 Financial liabilities Accounts payable and other $ 63 $ 3,367 $ 1,322 $ 29 $ 4,150 $ 1,311 Subsidiary equity obligations — 447 1,244 — 135 1,403 $ 63 $ 3,814 $ 2,566 $ 29 $ 4,285 $ 2,714 The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2022 (MILLIONS) Core $ 19,365 Transitional and Development 28,823 LP Investments 57,353 Other investment properties 1,411 $ 106,952 |
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 Jun. 30, 2022 Valuation Significant Relationship of Unobservable Corporate bonds $ 348 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 Fixed income securities and other 437 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 1,634 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 Derivative assets/Derivative liabilities (accounts receivable/payable) 28 / (1,322) 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 Limited-life funds (subsidiary equity obligations) (1,244) 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 The following table summarizes the key valuation metrics of the company’s investment properties: AS AT JUN. 30, 2022 Discount Terminal Investment Core 5.9 % 4.6 % 11 Transitional and Development 1 7.4 % 5.9 % 10 LP Investments 1 9.0 % 6.1 % 14 Other investment properties 2 7.3 % n/a n/a 1. The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method. 2. Other investment properties include investment properties held in our Infrastructure and Residential Development segments. |
CURRENT AND NON-CURRENT PORTI_3
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current portion other financial assets | $ 6,802 | $ 6,963 |
Other non-current financial assets | 16,300 | 9,583 |
Other financial assets | 23,102 | 16,546 |
Current portion of accounts receivable and other | 19,933 | 16,098 |
Non-current portion of accounts receivable and other | 6,630 | 5,662 |
Accounts receivable and other | 26,563 | 21,760 |
Current portion of inventory | 9,253 | 8,557 |
Non-current portion of inventory | 3,617 | 2,858 |
Inventory | 12,870 | 11,415 |
Current portion of accounts payable and other | 30,084 | 29,136 |
Non-current portion of accounts payable and other | 21,050 | 23,410 |
Accounts payable and other | 51,134 | 52,546 |
Current portion of corporate borrowings | 1,315 | 912 |
Non-current portion of corporate borrowings | 10,739 | 9,963 |
Corporate Borrowings | 12,054 | 10,875 |
Current portion of non-recourse borrowings of managed entities | 42,975 | 31,879 |
Non-current non-recourse borrowings of managed entities | 144,610 | 133,178 |
Non-recourse borrowings of managed entities | $ 187,585 | $ 165,057 |
INVESTMENT PROPERTIES - Schedul
INVESTMENT PROPERTIES - Schedule of Changes in Fair Value of Investment Properties (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Disclosure of detailed information about investment property [line items] | |
Fair value, beginning of period | $ 100,865 |
Additions | 5,881 |
Dispositions | (6,551) |
Fair value changes | 2,413 |
Foreign currency translation and other | (2,444) |
Fair value, end of period2 | 106,952 |
Right-of-use assets | 4,100 |
Total | |
Disclosure of detailed information about investment property [line items] | |
Investment properties | $ 6,788 |
INVESTMENT PROPERTIES - Narrati
INVESTMENT PROPERTIES - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Investment property [abstract] | |
Additions | $ 5,881 |
INVESTMENT PROPERTIES - Sched_2
INVESTMENT PROPERTIES - Schedule of Investment Properties Measured at Fair Value (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Disclosure of fair value measurement of assets [line items] | |
Investment properties | $ 106,952 |
Core | |
Disclosure of fair value measurement of assets [line items] | |
Investment properties | 19,365 |
Transitional and Development [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Investment properties | 28,823 |
LP Investments and Other [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Investment properties | 57,353 |
Other investment properties | |
Disclosure of fair value measurement of assets [line items] | |
Investment properties | $ 1,411 |
INVESTMENT PROPERTIES - Sched_3
INVESTMENT PROPERTIES - Schedule of Significant Unobservable Inputs (Details) | Jun. 30, 2022 |
Core | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 5.90% |
Terminal Capitalization Rate | 4.60% |
Investment Horizon (years) | 11,000,000 |
Transitional and Development [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 7.40% |
Terminal Capitalization Rate | 5.90% |
Investment Horizon (years) | 10,000,000 |
LP Investments and Other [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 9% |
Terminal Capitalization Rate | 6.10% |
Investment Horizon (years) | 14,000,000 |
Bottom of range | Other investment properties | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 7.30% |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES a) Statement of Compliance The consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) on a basis consistent with the accounting policies disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2021. The consolidated financial statements should be read in conjunction with the most recently issued Annual Report of the company which includes information necessary or useful to understanding the company’s businesses and financial statement presentation. In particular, the company’s significant accounting policies were presented in Note 2 of the Consolidated Financial Statements for the fiscal year ended December 31, 2021 that were included in that report. The consolidated financial statements are unaudited and reflect any adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for fair statement of results for the interim periods in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The consolidated financial statements were authorized for issuance by the Board of Directors of the company on August 10, 2022 . b) Estimates The preparation of the interim financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the company’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Significant Accounting Policies, to the company’s consolidated financial statements for the year ended December 31, 2021 and have been consistently applied in the preparation of the interim financial statements as of and for the three and six months ended June 30, 2022. c) Recently Adopted Accounting Standards The company has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2022. The new standards were applied as follows: i. Amendments to IFRS 3 – Business Combinations (“IFRS 3”) - Reference to Conceptual Framework The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising from liabilities and contingent liabilities that would be within the scope of IAS 37, Provisions, Contingent Liabilities and Contingent Assets (“IAS 37”), or IFRIC 21, Levies (“IFRIC 21”), if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments apply to annual reporting periods beginning on or after January 1, 2022. The adoption did not have a significant impact on our company’s financial reporting . d) 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. Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of financial information by segment | SEGMENTED INFORMATION a) Operating Segments Our operations are organized into five operating business groups in addition to our corporate and asset management activities, which collectively represent seven operating segments for internal and external reporting purposes. We measure performance using funds from operations (“FFO”) generated by each operating segment and the amount of capital invested by the Corporation in each segment using common equity by segment. Our operating segments are as follows: The Corporation: i. Asset Management business include managing our long-term private funds, perpetual strategies and liquid strategies 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, our share of the investment in our insurance solutions business, 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: i. Renewable Power and Transition business includes the ownership, operation and development of hydroelectric, wind, solar and energy transition power generating assets. ii. Infrastructure business includes the ownership, operation and development of utilities, transport, midstream, data and sustainable resource assets. iii. Private Equity business includes a broad range of industries, and is mostly focused on business services, infrastructure services and industrials. iv. Real Estate business includes the ownership, operation and development of core investments, transitional and development investments, and our share of LP investments, which sit within our private funds. v. Residential Development business consists 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 perpetual affiliates, private funds and liquid strategies 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 differs 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 expenses 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 THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 135 $ 64 $ 1,340 $ 3,759 $ 14,642 $ 2,757 $ 559 $ 23,256 Inter-segment and other revenues 1 957 (71) — 2 56 8 — 952 i Segmented revenues 1,092 (7) 1,340 3,761 14,698 2,765 559 24,208 FFO from equity accounted investments 1 87 49 38 463 161 227 74 1,099 ii Interest expense — (126) (275) (476) (574) (932) (22) (2,405) iii Current income taxes — (24) (31) (183) (76) (5) (11) (330) iv FFO 1 573 (128) 122 245 264 223 100 1,399 v Common equity 4,754 (8,171) 5,049 2,781 3,620 31,542 2,077 41,652 Equity accounted investments 4,351 2,202 2,062 10,298 3,341 22,584 410 45,248 Additions to non-current assets 2 — 706 845 1,639 9,224 5,704 38 18,156 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 64%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2022, $347 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. AS AT DEC. 31, 2021 Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 91 $ 94 $ 1,279 $ 2,853 $ 11,134 $ 2,226 $ 609 $ 18,286 Inter-segment and other revenues 1 1,134 (6) — 3 128 8 — 1,267 i Segmented revenues 1,225 88 1,279 2,856 11,262 2,234 609 19,553 FFO from equity accounted investments 1 74 8 52 401 86 182 13 816 ii Interest expense — (100) (223) (372) (362) (757) (17) (1,831) iii Current income taxes — (10) (22) (93) (119) — (2) (246) iv FFO 1 688 (61) 88 317 337 189 42 1,600 v Common equity 4,905 (8,942) 5,264 3,022 3,565 32,004 2,392 42,210 Equity accounted investments 4,496 2,056 1,801 9,569 2,945 24,829 404 46,100 Additions to non-current assets 2 — 797 300 514 410 6,462 67 8,550 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2021, $376 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. FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 240 $ 102 $ 2,586 $ 7,245 $ 28,066 $ 5,744 $ 1,155 $ 45,138 Inter-segment and other revenues 1 2,120 (70) — 3 128 15 — 2,196 i Segmented revenues 2,360 32 2,586 7,248 28,194 5,759 1,155 47,334 FFO from equity accounted investments 1 212 72 136 923 290 452 83 2,168 ii Interest expense — (243) (524) (894) (1,039) (1,801) (42) (4,543) iii Current income taxes — (47) (73) (307) (155) (12) (19) (613) iv FFO 1 1,202 (234) 192 360 483 821 172 2,996 v Additions to non-current assets 2 — 855 2,257 2,989 9,904 13,540 113 29,658 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 64%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2022, $851 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. FOR THE SIX MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 168 $ 180 $ 2,368 $ 5,616 $ 20,846 $ 4,320 $ 1,198 $ 34,696 Inter-segment and other revenues 1 2,539 (7) — 4 283 16 — 2,835 i Segmented revenues 2,707 173 2,368 5,620 21,129 4,336 1,198 37,531 FFO from equity accounted investments 1 311 23 77 828 173 335 25 1,772 ii Interest expense — (208) (436) (734) (725) (1,524) (34) (3,661) iii Current income taxes — (24) (38) (190) (312) (32) (5) (601) iv FFO 1 1,324 (94) 911 447 1,329 439 65 4,421 v Additions to non-current assets 2 — 860 3,248 1,342 2,461 9,652 77 17,640 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2021, $1.3 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. i. Inter-Segment Revenues For the three months ended June 30, 2022, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by Oaktree totaling $957 million (2021 – $1.1 billion), revenues earned on construction projects between consolidated entities totaling $53 million (2021 – $127 million), and other revenues totaling a net loss of $58 million (2021 – income of $6 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues. For the six months ended June 30, 2022, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by Oaktree totaling $2.1 billion (2021 – $2.5 billion), revenues earned on construction projects between consolidated entities totaling $124 million (2021 – $279 million), and other revenues totaling a net loss of $48 million (2021 – income of $17 million), which were 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Consolidated equity accounted income $ 564 $ 488 $ 1,407 $ 1,156 Non-FFO items from equity accounted investments 1 535 328 761 616 FFO from equity accounted investments $ 1,099 $ 816 $ 2,168 $ 1,772 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 three months ended June 30, 2022, the adjustment to interest expense consists of interest on loans between consolidated entities totaling $3 million (2021 – $11 million) that is eliminated on consolidation, along with the associated revenue. For the six months ended June 30, 2022, the adjustment to interest expense consists of interest on loans between consolidated entities totaling $5 million (2021 – $18 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Current income tax expense $ (330) $ (246) $ (613) $ (601) Deferred income tax recovery (expense) 189 (301) (236) (490) Income tax expense $ (141) $ (547) $ (849) $ (1,091) v. Reconciliation of Net Income to Total FFO The following table reconciles net income to total FFO: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Note 2022 2021 2022 2021 Net income $ 1,475 $ 2,429 $ 4,435 $ 6,205 Financial statement components not included in FFO Equity accounted fair value changes and other non-FFO items 535 328 761 616 Fair value changes 397 (377) (1,383) (2,471) Depreciation and amortization 1,886 1,571 3,697 3,081 Deferred income taxes (189) 301 236 490 Realized disposition gains in fair value changes or equity vi 152 488 520 2,212 Non-controlling interests in FFO (2,857) (3,140) (5,270) (5,712) Total FFO $ 1,399 $ 1,600 $ 2,996 $ 4,421 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 $152 million for the three months ended June 30, 2022 (2021 – $488 million), of which $170 million relates to prior periods (2021 – $491 million), $nil has been recorded directly in equity as changes in ownership (2021 – $nil) and a loss of $18 million has been recorded in fair value changes (2021 – $3 million). The realized disposition gains recorded in fair value changes, revaluation surplus or directly in equity were $520 million for the six months ended June 30, 2022 (2021 – $2.2 billion), of which $361 million relates to prior periods (2021 – $1.4 billion), $nil has been recorded directly in equity as changes in ownership (2021 – $751 million) and a gain of $159 million has been recorded in fair value changes (2021 – $20 million). d) Geographic Allocation The company’s revenues by location of operations are as follows: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 U.S. $ 5,441 $ 4,294 $ 11,015 $ 9,023 Canada 2,903 1,793 5,433 3,289 U.K. 6,877 5,385 12,862 9,532 Brazil 1,341 934 2,553 1,699 Europe 2,740 2,162 5,521 3,902 Australia 1,538 1,547 2,999 2,922 India 697 615 1,375 1,202 Colombia 527 467 1,064 928 Other Asia 689 626 1,411 1,307 Other 503 463 905 892 $ 23,256 $ 18,286 $ 45,138 $ 34,696 The company’s consolidated assets by location are as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) 2022 2021 U.S. $ 178,847 $ 172,952 Canada 54,683 52,989 U.K. 37,963 36,740 Brazil 23,947 22,052 Europe 37,644 32,065 Australia 27,446 20,767 India 20,296 20,935 Colombia 10,701 11,065 Other Asia 12,562 12,866 Other 7,777 8,572 $ 411,866 $ 391,003 |
ACQUISITIONS OF CONSOLIDATED EN
ACQUISITIONS OF CONSOLIDATED ENTITIES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES The following table summarizes the balance sheet impact as a result of business combinations that occurred in the six months ended June 30, 2022. No material changes were made to provisional allocations. AS AT JUN. 30, 2022 (MILLIONS) Real Estate Renewable Power and Transition Private Equity Infrastructure and Other Total Cash and cash equivalents $ 424 $ 27 $ 294 $ 4 $ 749 Accounts receivable and other 209 146 5,190 11 5,556 Inventory — 29 311 — 340 Equity accounted investments — — 338 — 338 Investment properties 6,788 — — — 6,788 Property, plant and equipment 43 713 663 34 1,453 Intangible assets — — 5,651 72 5,723 Goodwill 242 264 2,124 103 2,733 Deferred income tax assets — 1 43 — 44 Total assets 7,706 1,180 14,614 224 23,724 Less: Accounts payable and other (286) (105) (737) (28) (1,156) Non-recourse borrowings (2,174) (53) (4,542) (15) (6,784) Deferred income tax liabilities (419) (68) (670) (17) (1,174) Non-controlling interests 1 (1,720) — (1) (64) (1,785) (4,599) (226) (5,950) (124) (10,899) Net assets acquired $ 3,107 $ 954 $ 8,664 $ 100 $ 12,825 Consideration 2 $ 3,107 $ 954 $ 8,664 $ 100 $ 12,825 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. During the six months ended June 30, 2022, Brookfield acquired $23.7 billion of total assets as well as assumed $10.9 billion of total liabilities and non-controlling interests in equity through business combinations. Total consideration transferred for the business combinations was $12.8 billion. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. Brookfield recorded $637 million of revenue and $38 million of net loss in 2022 from the acquired operations as a result of the acquisitions made during the first six months. If the acquisitions had occurred at the beginning of the year, they would have contributed $1.8 billion and $11 million to total revenues and net income, respectively. Real Estate A subsidiary of the company, alongside institutional partners, acquired a 95% interest in a German office portfolio. The transaction was acquired in stages and was accounted for as a business combination as of the date in which control was attained on January 11, 2022. The total consideration paid for the portfolio was $2.0 billion, comprising of $188 million of debt raised on closing, and an existing 46% interest valued at $1.8 billion. Goodwill of $238 million was recognized. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $132 million and $53 million, respectively. On June 15, 2022, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in a real estate investment trust comprised of primarily office properties in Ireland. The total consideration paid for the business was $1.1 billion, comprising of $754 million of debt proceeds and $360 million of equity. Goodwill of $3 million was recognized. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $32 million and $14 million, respectively. Renewable Power and Transition On January 24, 2022, a subsidiary of the company, alongside institutional partners, completed the acquisition of 100% of a utility scale development business in the U.S. The total consideration paid for the business was $702 million, with $125 million of additional incentive payments to be paid contingent upon certain milestones being achieved. Goodwill of $178 million was recognized. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $2 million and $20 million, respectively. Private Equity On April 4, 2022, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in a lottery services operation. Total consideration was $5.8 billion, comprising $2.5 billion of equity, $3.3 billion of debt and $29 million of contingent consideration payable to the former shareholder if certain performance targets are met. Goodwill of $1.1 billion was recognized. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $518 million and $76 million, respectively. On May 31, 2022, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in an Australian residential mortgage lender, for total consideration of $1.1 billion, inclusive of $17 million of non-cash consideration and $40 million of contingent consideration payable to the former shareholder if certain performance targets are met. Goodwill of $375 million was recognized. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $165 million and $49 million, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair value changes | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS a) Risk Management The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. We use financial instruments primarily to manage these risks. There have been no material changes to the company’s financial risk exposure or risk management activities since December 31, 2021. Please refer to Note 26 of the December 31, 2021 audited consolidated financial statements for a detailed description of the company’s financial risk exposure and risk management activities. b) Financial Instruments The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2022 and December 31, 2021: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 12,205 $ 12,205 $ 12,694 $ 12,694 Other financial assets Government bonds 1,655 1,655 2,020 2,020 Corporate bonds 2,134 2,134 2,521 2,521 Fixed income securities and other 5,877 5,877 3,241 3,241 Common shares and warrants 5,901 5,901 5,927 5,927 Loans and notes receivable 7,535 7,535 2,837 2,837 23,102 23,102 16,546 16,546 Accounts receivable and other 19,240 19,240 15,318 15,318 $ 54,547 $ 54,547 $ 44,558 $ 44,558 Financial liabilities Corporate borrowings $ 12,054 $ 11,652 $ 10,875 $ 11,993 Non-recourse borrowings of managed entities Property-specific borrowings 172,666 171,382 152,008 153,844 Subsidiary borrowings 14,919 14,124 13,049 13,415 187,585 185,506 165,057 167,259 Accounts payable and other 42,846 42,846 43,504 43,504 Subsidiary equity obligations 4,788 4,788 4,308 4,308 $ 247,273 $ 244,792 $ 223,744 $ 227,064 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: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 16 $ 1,639 $ — $ 48 $ 1,972 $ — Corporate bonds 129 1,653 348 85 2,050 383 Fixed income securities and other 570 2,267 437 762 1,908 451 Common shares and warrants 1,777 2,490 1,634 4,063 548 1,316 Loans and notes receivables 6 — 5 — — 5 2,498 8,049 2,424 4,958 6,478 2,155 Accounts receivable and other 31 2,703 28 3 2,265 77 $ 2,529 $ 10,752 $ 2,452 $ 4,961 $ 8,743 $ 2,232 Financial liabilities Accounts payable and other $ 63 $ 3,367 $ 1,322 $ 29 $ 4,150 $ 1,311 Subsidiary equity obligations — 447 1,244 — 135 1,403 $ 63 $ 3,814 $ 2,566 $ 29 $ 4,285 $ 2,714 During the three and six months ended June 30, 2022, 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 Jun. 30, 2022 Valuation Techniques and Key Inputs Other financial assets $ 8,049 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 2,703 / (3,367) 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 Redeemable fund units (subsidiary equity obligations) (447) 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 Jun. 30, 2022 Valuation Significant Relationship of Unobservable Corporate bonds $ 348 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 Fixed income securities and other 437 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 1,634 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 Derivative assets/Derivative liabilities (accounts receivable/payable) 28 / (1,322) 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 Limited-life funds (subsidiary equity obligations) (1,244) 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 The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods months ended June 30, 2022 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2022 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 2,410 $ 2,738 $ 2,232 $ 2,714 Fair value changes in net income 54 50 158 99 Fair value changes in other comprehensive income 1 9 (44) (3) 33 Additions, net of disposals (21) (178) 65 (280) Balance, end of period $ 2,452 $ 2,566 $ 2,452 $ 2,566 1. Includes foreign currency translation. 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Investment properties $ 567 $ 880 $ 2,413 $ 1,707 Transaction related (losses) gains, net of expenses (156) (282) (229) 999 Financial contracts (46) 138 (30) 653 Impairment and provisions 38 (149) 21 (384) Other fair value changes (800) (210) (792) (504) $ (397) $ 377 $ 1,383 $ 2,471 |
HELD FOR SALE
HELD FOR SALE | 6 Months Ended |
Jun. 30, 2022 | |
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 JUN. 30, 2022 (MILLIONS) Real Estate Infrastructure Private Equity Total Assets Cash and cash equivalents $ 174 $ 30 $ — $ 204 Accounts receivable and other 102 80 2 184 Equity accounted investments 78 140 — 218 Investment properties 8,215 — — 8,215 Property, plant and equipment 433 3 70 506 Other long-term assets 207 624 — 831 Deferred income tax assets 31 — — 31 Assets classified as held for sale $ 9,240 $ 877 $ 72 $ 10,189 Liabilities Accounts payable and other $ 355 $ 67 $ 41 $ 463 Non-recourse borrowings of managed entities — 436 — 436 Deferred income tax liabilities 651 6 — 657 Liabilities associated with assets classified as held for sale $ 1,006 $ 509 $ 41 $ 1,556 As at June 30, 2022, assets held for sale within our Real Estate segment include eight malls in the U.S., five hospitality assets in the U.S., four office assets in the U.S., a portfolio of student housing assets in the U.K., a mixed-use asset in South Korea, and a multifamily asset in the U.S. |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Balance, beginning of period $ 46,100 Acquisitions through business combinations 338 Disposals, net of additions 1 (89) Share of comprehensive income 855 Distributions received (968) Return of capital (325) Foreign currency translation and other (663) Balance, end of period $ 45,248 1. Includes assets sold and amounts reclassified to held for sale, as well as changes in accounting basis. Disposals, net of additions, of $89 million during the period primarily relate to the consolidation of our German office portfolio within our Real Estate segment, which was previously recorded as an equity accounted investment. This was partially offset by the acquisitions of equity accounted investments in AusNet Services Ltd. and a smart meter business in Australia and New Zealand within our Infrastructure segment. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The company’s property, plant and equipment relates to the operating segments as shown below: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Renewable Infrastructure Real Estate Private Equity Total Balance, beginning of period $ 50,317 $ 38,655 $ 10,864 $ 15,653 $ 115,489 Additions 932 1,288 491 968 3,679 Acquisitions through business combinations 713 33 43 664 1,453 Dispositions and assets reclassified as held for sale (102) (74) (98) (182) (456) Depreciation expense (795) (795) (262) (902) (2,754) Foreign currency translation and other (600) (1,637) (470) (485) (3,192) Total change 148 (1,185) (296) 63 (1,270) Balance, end of period 1 $ 50,465 $ 37,470 $ 10,568 $ 15,716 $ 114,219 |
SUBSIDIARY PUBLIC ISSUERS AND F
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of subsidiaries [text block] | SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY Brookfield Finance Inc. (“BFI”) was incorporated on March 31, 2015 under the Business Corporations Act (Ontario) and is an indirect 100% owned subsidiary of the Corporation that may offer and sell debt securities. Any debt securities issued by BFI are fully and unconditionally guaranteed by the Corporation. BFI issued: • $500 million of 4.25% notes due in 2026 on June 2, 2016; • $550 million of 4.70% notes due in 2047 on September 14, 2017; • $350 million of 4.70% notes due in 2047 on January 17, 2018; • $650 million of 3.90% notes due in 2028 on January 17, 2018; • $1.0 billion of 4.85% notes due in 2029 on January 29, 2019; • $600 million of 4.35% notes due in 2030 on April 9, 2020; • $150 million of 4.35% notes due in 2030 on April 14, 2020; • $500 million of 3.50% notes due in 2051 on September 28, 2 020; • $400 million of 4.625% subordinated notes due in 2080 on October 16, 2020; • $500 million of 2.724% notes due in 2031 on April 12, 2021; • $250 million of 3.50% notes due in 2051 on July 26, 2021; • $400 million of 3.90% notes due in 2028 on February 4, 2022; and • $400 million of 3.625% notes due in 2052 on February 4, 2022. Brookfield Finance LLC (“BFL”) is a Delaware limited liability company formed on February 6, 2017 and an indirect 100% owned subsidiary of the Corporation. Brookfield Finance II Inc. (“BFI II”) was incorporated on September 24, 2020 under the Business Corporations Act (Ontario) and is a direct 100% owned subsidiary of the Corporation. Brookfield Finance (Australia) Pty Ltd (“BF AUS”) was incorporated on September 24, 2020 under the Corporations Act 2001 (Commonwealth of Australia) and is an indirect 100% owned subsidiary of the Corporation. Brookfield Finance I (UK) PLC (“BF U.K.”) was incorporated on September 25, 2020 under the U.K. Companies Act 2006 and is an indirect 100% owned subsidiary of the Corporation. Brookfield Finance II LLC (“BFL II”) was formed on September 24, 2020 under the Delaware Limited Liability Company Act and is an indirect 100% owned subsidiary of the Corporation. BFL, BFL II, BF AUS and BF U.K. are consolidated subsidiaries of the Corporation that may offer and sell debt securities or, in the case of BFL II, preferred shares representing limited liability company interests. Any debt securities issued by BFL and BF U.K. are, and any debt securities issued by BF AUS and BFI II and any preferred shares representing limited liability company interests issued by BFL II will be, fully and unconditionally guaranteed as to payment of principal, premium (if any), interest and certain other amounts by the Corporation. On March 10, 2017, BFL issued $750 million of 4.00% notes due in 2024. On December 31, 2018, as part of an internal reorganization, the 2024 notes were transferred to BFI. On February 21, 2020, BFL issued $600 million of 3.45% notes due in 2050. On November 24, 2020, BF U.K. issued $230 million of 4.50% perpetual subordinated notes. On July 26, 2021, BF U.K. issued $600 million of 2.34% notes due in 2032. BFI II, BFL, BFL II, BF AUS and BF U.K. have no independent activities, assets or operations other than in connection with any securities that they may issue. Brookfield Investments Corporation (“BIC”) is an investment company that holds investments in the real estate, renewable power and infrastructure sectors, as well as a portfolio of preferred shares issued by the Corporation’s subsidiaries. The Corporation provided a full and unconditional guarantee of the Class 1 Senior Preferred Shares, Series A issued by BIC. As at June 30 , 2022, C$37 million of the se senior preferred shares were held by third-party shareholders and are retractable at the option of the holder. 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 THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 196 $ 72 $ — $ 8 $ — $ — $ — $ 38 $ 25,729 $ (2,787) $ 23,256 Net income (loss) attributable to shareholders 590 (88) — — — — — 62 2,154 (2,128) 590 Total assets 83,396 8,964 — 607 — — 845 5,282 427,420 (114,648) 411,866 Total liabilities 37,599 7,276 — 597 — — 605 3,628 260,696 (32,547) 277,854 Non-controlling interest – preferred equity — — — — — — 230 — — — 230 AS AT DEC. 31, 2021 AND FOR THE THREE MONTHS ENDED JUN. 30 2021 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ (19) $ 63 $ — $ 8 $ — $ — $ (2) $ 14 $ 20,086 $ (1,864) $ 18,286 Net income (loss) attributable to shareholders 816 (1) — — — — (1) (33) 1,152 (1,117) 816 Total assets 84,793 8,256 — 607 — — 843 5,433 400,288 (109,217) 391,003 Total liabilities 38,438 6,387 — 597 — — 603 3,734 237,100 (30,597) 256,262 Non-controlling interest –preferred equity — — — — — — 230 — — — 230 FOR THE SIX MONTHS ENDED JUN. 30, 2022 The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 254 $ 141 $ — $ 16 $ — $ — $ 9 $ 75 $ 49,528 $ (4,885) $ 45,138 Net income (loss) attributable to shareholders 1,949 (89) — — — — 4 49 3,595 (3,559) 1,949 FOR THE SIX MONTHS ENDED JUN. 30, 2021 The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 52 $ 121 $ — $ 16 $ — $ — $ 2 $ 48 $ 38,163 $ (3,706) $ 34,696 Net income (loss) attributable to shareholders 2,051 (6) — — — — 2 (37) 2,424 (2,383) 2,051 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, BFL, BIC, BFI II, BF AUS, BF U.K. and BFL II on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [abstract] | |
EQUITY | EQUITY Common Equity The company’s common equity is comprised of the following: AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) 2022 2021 Common shares $ 10,526 $ 10,538 Contributed surplus 351 320 Retained earnings 18,752 17,705 Ownership changes 5,937 6,243 Accumulated other comprehensive income 6,086 7,404 Common equity $ 41,652 $ 42,210 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. The holders of the company’s Class A shares and Class B shares received cash dividends during the second quarter of 2022 of $0.14 per share (2021 – $0.13 per share). The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 2022 2021 Class A shares 1 1,561,825,093 1,568,743,821 Class B shares 85,120 85,120 Shares outstanding 1 1,561,910,213 1,568,828,941 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 76,213,826 82,825,207 Total diluted shares 1,638,124,039 1,651,654,148 1. Net of 77,112,939 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2022 (December 31, 2021 – 69,663,192). 2. 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 2022 2021 2022 2021 Outstanding, beginning of period 1 1,566,315,679 1,510,021,253 1,568,828,941 1,510,720,411 Issued (Repurchased) Issuances 2,194 — 34,559 — Repurchases (5,080,468) (4,177,571) (8,981,612) (6,669,992) Long-term share ownership plans 2 606,497 842,404 1,914,829 2,598,054 Dividend reinvestment plan and other 66,311 22,855 113,496 60,468 Outstanding, end of period 3 1,561,910,213 1,506,708,941 1,561,910,213 1,506,708,941 1. Net of 72,058,294 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2022 (March 31, 2021 – 65,816,784) and 69,663,192 as at December 31, 2021 (December 31, 2020 – 64,197,815). 2. Includes management share option plan and restricted stock plan. 3. Net of 77,112,939 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2022 (June 30, 2021 – 69,921,784). Earnings Per Share The components of basic and diluted earnings per share are summarized in the following table: FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income attributable to shareholders $ 590 $ 816 $ 1,949 $ 2,051 Preferred share dividends (37) (38) (74) (75) Dilutive effect of conversion of subsidiary preferred shares — (14) — (25) Net income available to shareholders 553 764 1,875 1,951 Dilutive impact of exchangeable shares 1 — 3 — Net income available to shareholders including dilutive impact of exchangeable shares $ 554 $ 764 $ 1,878 $ 1,951 FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average – Class A and Class B shares 1,564.4 1,508.2 1,566.0 1,509.3 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 52.7 41.8 55.9 38.0 Class A and Class B shares and share equivalents 1,617.1 1,550.0 1,621.9 1,547.3 Share-Based Compensation The company and its consolidated subsidiaries account for stock options using the fair value method. Under the fair value method, compensation expense for stock options that are direct awards of stock is measured at fair value at the grant date using an option pricing model and recognized over the vesting period. 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. During the three months ended June 30, 2022, the company did not grant any stock options. During the six months ended June 30, 2022, the company granted 4.0 million stock options at a weighted average exercise price of $56.93. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5-year term, 24.8% volatility, a weighted average expected dividend yield of 1.4% annually, a risk-free rate of 1.9% and a liquidity discount of 25%. The company previously established an Escrowed Stock Plan whereby a private company is capitalized with preferred shares issued to Brookfield for cash proceeds and common shares (the “escrowed shares”) that are granted to executives. The proceeds are used to purchase Class A shares and therefore the escrowed shares represent an interest in the underlying Class A shares. The escrowed shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than 10 years from the grant date, all escrowed shares held will be exchanged for a number of Class A shares issued from treasury of the company, based on the market value of Class A shares at the time of exchange. During the three months ended June 30, 2022, the company did not grant any escrowed shares. During the six months ended June 30, 2022, the company granted 5.1 million escrowed shares at a weighted average price of $56.93. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5-year term, 24.8% volatility, a weighted average expected dividend yield of 1.4% annually, a risk-free rate of 1.9% and a liquidity discount of 25%. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
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 THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 135 $ — $ 1,302 $ 3,575 $ 13,955 $ 1,119 $ 527 $ 20,613 Other revenue — 64 38 184 687 1,638 32 2,643 $ 135 $ 64 $ 1,340 $ 3,759 $ 14,642 $ 2,757 $ 559 $ 23,256 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 240 $ — $ 2,548 $ 6,886 $ 26,693 $ 2,084 $ 1,099 $ 39,550 Other revenue — 102 38 359 1,373 3,660 56 5,588 $ 240 $ 102 $ 2,586 $ 7,245 $ 28,066 $ 5,744 $ 1,155 $ 45,138 FOR THE THREE MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 91 $ — $ 999 $ 2,604 $ 10,737 $ 685 $ 586 $ 15,702 Other revenue — 94 280 249 397 1,541 23 2,584 $ 91 $ 94 $ 1,279 $ 2,853 $ 11,134 $ 2,226 $ 609 $ 18,286 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 168 $ — $ 1,996 $ 5,214 $ 20,043 $ 1,216 $ 1,157 $ 29,794 Other revenue — 180 372 402 803 3,104 41 4,902 $ 168 $ 180 $ 2,368 $ 5,616 $ 20,846 $ 4,320 $ 1,198 $ 34,696 b) Timing of Recognition of Revenue from Contracts with Customers FOR THE THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 57 $ 16 $ 11,971 $ 264 $ 521 $ 12,829 Services transferred over a period of time 135 — 1,245 3,559 1,984 855 6 7,784 $ 135 $ — $ 1,302 $ 3,575 $ 13,955 $ 1,119 $ 527 $ 20,613 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 96 $ 41 $ 22,959 $ 470 $ 1,089 $ 24,655 Services transferred over a period of time 240 — 2,452 6,845 3,734 1,614 10 14,895 $ 240 $ — $ 2,548 $ 6,886 $ 26,693 $ 2,084 $ 1,099 $ 39,550 FOR THE THREE MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 54 $ 55 $ 8,910 $ 128 $ 585 $ 9,732 Services transferred over a period of time 91 — 945 2,549 1,827 557 1 5,970 $ 91 $ — $ 999 $ 2,604 $ 10,737 $ 685 $ 586 $ 15,702 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 84 $ 93 $ 16,628 $ 218 $ 1,156 $ 18,179 Services transferred over a period of time 168 — 1,912 5,121 3,415 998 1 11,615 $ 168 $ — $ 1,996 $ 5,214 $ 20,043 $ 1,216 $ 1,157 $ 29,794 |
FAIR VALUE CHANGES
FAIR VALUE CHANGES | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurement [Abstract] | |
Fair value changes | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS a) Risk Management The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. We use financial instruments primarily to manage these risks. There have been no material changes to the company’s financial risk exposure or risk management activities since December 31, 2021. Please refer to Note 26 of the December 31, 2021 audited consolidated financial statements for a detailed description of the company’s financial risk exposure and risk management activities. b) Financial Instruments The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2022 and December 31, 2021: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 12,205 $ 12,205 $ 12,694 $ 12,694 Other financial assets Government bonds 1,655 1,655 2,020 2,020 Corporate bonds 2,134 2,134 2,521 2,521 Fixed income securities and other 5,877 5,877 3,241 3,241 Common shares and warrants 5,901 5,901 5,927 5,927 Loans and notes receivable 7,535 7,535 2,837 2,837 23,102 23,102 16,546 16,546 Accounts receivable and other 19,240 19,240 15,318 15,318 $ 54,547 $ 54,547 $ 44,558 $ 44,558 Financial liabilities Corporate borrowings $ 12,054 $ 11,652 $ 10,875 $ 11,993 Non-recourse borrowings of managed entities Property-specific borrowings 172,666 171,382 152,008 153,844 Subsidiary borrowings 14,919 14,124 13,049 13,415 187,585 185,506 165,057 167,259 Accounts payable and other 42,846 42,846 43,504 43,504 Subsidiary equity obligations 4,788 4,788 4,308 4,308 $ 247,273 $ 244,792 $ 223,744 $ 227,064 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: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 16 $ 1,639 $ — $ 48 $ 1,972 $ — Corporate bonds 129 1,653 348 85 2,050 383 Fixed income securities and other 570 2,267 437 762 1,908 451 Common shares and warrants 1,777 2,490 1,634 4,063 548 1,316 Loans and notes receivables 6 — 5 — — 5 2,498 8,049 2,424 4,958 6,478 2,155 Accounts receivable and other 31 2,703 28 3 2,265 77 $ 2,529 $ 10,752 $ 2,452 $ 4,961 $ 8,743 $ 2,232 Financial liabilities Accounts payable and other $ 63 $ 3,367 $ 1,322 $ 29 $ 4,150 $ 1,311 Subsidiary equity obligations — 447 1,244 — 135 1,403 $ 63 $ 3,814 $ 2,566 $ 29 $ 4,285 $ 2,714 During the three and six months ended June 30, 2022, 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 Jun. 30, 2022 Valuation Techniques and Key Inputs Other financial assets $ 8,049 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 2,703 / (3,367) 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 Redeemable fund units (subsidiary equity obligations) (447) 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 Jun. 30, 2022 Valuation Significant Relationship of Unobservable Corporate bonds $ 348 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 Fixed income securities and other 437 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 1,634 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 Derivative assets/Derivative liabilities (accounts receivable/payable) 28 / (1,322) 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 Limited-life funds (subsidiary equity obligations) (1,244) 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 The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods months ended June 30, 2022 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2022 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 2,410 $ 2,738 $ 2,232 $ 2,714 Fair value changes in net income 54 50 158 99 Fair value changes in other comprehensive income 1 9 (44) (3) 33 Additions, net of disposals (21) (178) 65 (280) Balance, end of period $ 2,452 $ 2,566 $ 2,452 $ 2,566 1. Includes foreign currency translation. 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Investment properties $ 567 $ 880 $ 2,413 $ 1,707 Transaction related (losses) gains, net of expenses (156) (282) (229) 999 Financial contracts (46) 138 (30) 653 Impairment and provisions 38 (149) 21 (384) Other fair value changes (800) (210) (792) (504) $ (397) $ 377 $ 1,383 $ 2,471 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Significant Accounting Policies [Abstract] | |
Statement of Compliance | Statement of Compliance The consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) on a basis consistent with the accounting policies disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2021. The consolidated financial statements should be read in conjunction with the most recently issued Annual Report of the company which includes information necessary or useful to understanding the company’s businesses and financial statement presentation. In particular, the company’s significant accounting policies were presented in Note 2 of the Consolidated Financial Statements for the fiscal year ended December 31, 2021 that were included in that report. The consolidated financial statements are unaudited and reflect any adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for fair statement of results for the interim periods in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The consolidated financial statements were authorized for issuance by the Board of Directors of the company on August 10, 2022 . |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | ) 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. Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. |
ORGANIZATION AND CAPITAL MANA_2
ORGANIZATION AND CAPITAL MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Management Commentary Explanatory [Abstract] | |
Summary of the Corporation's Capital [Table] | As at June 30, 2022, the Corporation’s Capital totaled $58.1 billion (December 31, 2021 – $57.5 billion), and is computed as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 2022 2021 Cash and cash equivalents $ 1,606 $ 1,197 Other financial assets 6,353 3,430 Common equity in managed investments 45,069 46,248 Other assets and liabilities of the Corporation 5,053 6,585 Corporation’s Capital $ 58,081 $ 57,460 Corporation’s Capital is comprised of the following: Common equity $ 41,652 $ 42,210 Preferred shares 4,145 4,145 Non-controlling interest 230 230 Corporate borrowings 12,054 10,875 $ 58,081 $ 57,460 |
Reconciliation of the Corporation's Capital [Table] | A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at June 30, 2022 is as follows: AS AT JUN. 30, 2022 (MILLIONS) The Corporation Managed Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,606 $ 10,599 $ — $ 12,205 Other financial assets 6,353 16,749 — 23,102 Accounts receivable and other 1 1,494 25,175 (106) 26,563 Inventory 2 12,868 — 12,870 Assets classified as held for sale — 10,189 — 10,189 Equity accounted investments 6,554 38,694 — 45,248 Investment properties 25 106,927 — 106,952 Property, plant and equipment 224 113,995 — 114,219 Intangible assets 208 34,542 — 34,750 Goodwill 355 21,749 — 22,104 Deferred income tax assets 2,028 1,636 — 3,664 Accounts payable and other 1 (4,991) (46,249) 106 (51,134) Liabilities associated with assets classified as held for sale — (1,556) — (1,556) Deferred income tax liabilities (399) (20,338) — (20,737) Subsidiary equity obligations (447) (4,341) — (4,788) Total 13,012 320,639 — 333,651 Common equity in managed investments 2 45,069 — (45,069) — Corporation’s Capital 58,081 320,639 (45,069) 333,651 Less: Corporate borrowings 12,054 — — 12,054 Non-recourse borrowings of managed entities — 187,585 — 187,585 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 87,985 — 88,215 Common equity $ 41,652 $ 45,069 $ (45,069) $ 41,652 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $106 million and $106 million, respectively, between entities within the Corporation and its managed investments. 2. Represents the value of the Corporation’s managed investments. A reconciliation of the Corporation’s Capital to the company’s consolidated balance sheet as at December 31, 2021 is as follows: AS AT DEC. 31, 2021 The Corporation Managed Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,197 $ 11,497 $ — $ 12,694 Other financial assets 3,430 13,116 — 16,546 Accounts receivable and other 1 2,697 19,694 (631) 21,760 Inventory 2 11,413 — 11,415 Assets classified as held for sale — 11,958 — 11,958 Equity accounted investments 6,553 39,547 — 46,100 Investment properties 16 100,849 — 100,865 Property, plant and equipment 215 115,274 — 115,489 Intangible assets 215 30,394 — 30,609 Goodwill 361 19,866 — 20,227 Deferred income tax assets 2,064 1,276 — 3,340 Accounts payable and other 1 (5,104) (48,073) 631 (52,546) Liabilities associated with assets classified as held for sale — (3,148) — (3,148) Deferred income tax liabilities (299) (20,029) — (20,328) Subsidiary equity obligations (135) (4,173) — (4,308) Total 11,212 299,461 — 310,673 Common equity in managed investments 2 46,248 — (46,248) — Corporation’s Capital 57,460 299,461 (46,248) 310,673 Less: Corporate borrowings 10,875 — — 10,875 Non-recourse borrowings of managed entities — 165,057 — 165,057 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 88,156 — 88,386 Common equity $ 42,210 $ 46,248 $ (46,248) $ 42,210 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $631 million and $631 million, respectively, between entities within the Corporation and its managed investments. |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of entity's operating segments | Reportable Segment Measures AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 135 $ 64 $ 1,340 $ 3,759 $ 14,642 $ 2,757 $ 559 $ 23,256 Inter-segment and other revenues 1 957 (71) — 2 56 8 — 952 i Segmented revenues 1,092 (7) 1,340 3,761 14,698 2,765 559 24,208 FFO from equity accounted investments 1 87 49 38 463 161 227 74 1,099 ii Interest expense — (126) (275) (476) (574) (932) (22) (2,405) iii Current income taxes — (24) (31) (183) (76) (5) (11) (330) iv FFO 1 573 (128) 122 245 264 223 100 1,399 v Common equity 4,754 (8,171) 5,049 2,781 3,620 31,542 2,077 41,652 Equity accounted investments 4,351 2,202 2,062 10,298 3,341 22,584 410 45,248 Additions to non-current assets 2 — 706 845 1,639 9,224 5,704 38 18,156 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 64%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2022, $347 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. AS AT DEC. 31, 2021 Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 91 $ 94 $ 1,279 $ 2,853 $ 11,134 $ 2,226 $ 609 $ 18,286 Inter-segment and other revenues 1 1,134 (6) — 3 128 8 — 1,267 i Segmented revenues 1,225 88 1,279 2,856 11,262 2,234 609 19,553 FFO from equity accounted investments 1 74 8 52 401 86 182 13 816 ii Interest expense — (100) (223) (372) (362) (757) (17) (1,831) iii Current income taxes — (10) (22) (93) (119) — (2) (246) iv FFO 1 688 (61) 88 317 337 189 42 1,600 v Common equity 4,905 (8,942) 5,264 3,022 3,565 32,004 2,392 42,210 Equity accounted investments 4,496 2,056 1,801 9,569 2,945 24,829 404 46,100 Additions to non-current assets 2 — 797 300 514 410 6,462 67 8,550 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2021, $376 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. FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 240 $ 102 $ 2,586 $ 7,245 $ 28,066 $ 5,744 $ 1,155 $ 45,138 Inter-segment and other revenues 1 2,120 (70) — 3 128 15 — 2,196 i Segmented revenues 2,360 32 2,586 7,248 28,194 5,759 1,155 47,334 FFO from equity accounted investments 1 212 72 136 923 290 452 83 2,168 ii Interest expense — (243) (524) (894) (1,039) (1,801) (42) (4,543) iii Current income taxes — (47) (73) (307) (155) (12) (19) (613) iv FFO 1 1,202 (234) 192 360 483 821 172 2,996 v Additions to non-current assets 2 — 855 2,257 2,989 9,904 13,540 113 29,658 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 64%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2022, $851 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. FOR THE SIX MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Note External revenues $ 168 $ 180 $ 2,368 $ 5,616 $ 20,846 $ 4,320 $ 1,198 $ 34,696 Inter-segment and other revenues 1 2,539 (7) — 4 283 16 — 2,835 i Segmented revenues 2,707 173 2,368 5,620 21,129 4,336 1,198 37,531 FFO from equity accounted investments 1 311 23 77 828 173 335 25 1,772 ii Interest expense — (208) (436) (734) (725) (1,524) (34) (3,661) iii Current income taxes — (24) (38) (190) (312) (32) (5) (601) iv FFO 1 1,324 (94) 911 447 1,329 439 65 4,421 v Additions to non-current assets 2 — 860 3,248 1,342 2,461 9,652 77 17,640 1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2021, $1.3 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. |
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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Consolidated equity accounted income $ 564 $ 488 $ 1,407 $ 1,156 Non-FFO items from equity accounted investments 1 535 328 761 616 FFO from equity accounted investments $ 1,099 $ 816 $ 2,168 $ 1,772 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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Current income tax expense $ (330) $ (246) $ (613) $ (601) Deferred income tax recovery (expense) 189 (301) (236) (490) Income tax expense $ (141) $ (547) $ (849) $ (1,091) |
Summary of reconciliation of FFO to net income | The following table reconciles net income to total FFO: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Note 2022 2021 2022 2021 Net income $ 1,475 $ 2,429 $ 4,435 $ 6,205 Financial statement components not included in FFO Equity accounted fair value changes and other non-FFO items 535 328 761 616 Fair value changes 397 (377) (1,383) (2,471) Depreciation and amortization 1,886 1,571 3,697 3,081 Deferred income taxes (189) 301 236 490 Realized disposition gains in fair value changes or equity vi 152 488 520 2,212 Non-controlling interests in FFO (2,857) (3,140) (5,270) (5,712) Total FFO $ 1,399 $ 1,600 $ 2,996 $ 4,421 |
Summary of financial information by geographic regions | The company’s revenues by location of operations are as follows: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 U.S. $ 5,441 $ 4,294 $ 11,015 $ 9,023 Canada 2,903 1,793 5,433 3,289 U.K. 6,877 5,385 12,862 9,532 Brazil 1,341 934 2,553 1,699 Europe 2,740 2,162 5,521 3,902 Australia 1,538 1,547 2,999 2,922 India 697 615 1,375 1,202 Colombia 527 467 1,064 928 Other Asia 689 626 1,411 1,307 Other 503 463 905 892 $ 23,256 $ 18,286 $ 45,138 $ 34,696 The company’s consolidated assets by location are as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) 2022 2021 U.S. $ 178,847 $ 172,952 Canada 54,683 52,989 U.K. 37,963 36,740 Brazil 23,947 22,052 Europe 37,644 32,065 Australia 27,446 20,767 India 20,296 20,935 Colombia 10,701 11,065 Other Asia 12,562 12,866 Other 7,777 8,572 $ 411,866 $ 391,003 |
ACQUISITIONS OF CONSOLIDATED _2
ACQUISITIONS OF CONSOLIDATED ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
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 six months ended June 30, 2022. No material changes were made to provisional allocations. AS AT JUN. 30, 2022 (MILLIONS) Real Estate Renewable Power and Transition Private Equity Infrastructure and Other Total Cash and cash equivalents $ 424 $ 27 $ 294 $ 4 $ 749 Accounts receivable and other 209 146 5,190 11 5,556 Inventory — 29 311 — 340 Equity accounted investments — — 338 — 338 Investment properties 6,788 — — — 6,788 Property, plant and equipment 43 713 663 34 1,453 Intangible assets — — 5,651 72 5,723 Goodwill 242 264 2,124 103 2,733 Deferred income tax assets — 1 43 — 44 Total assets 7,706 1,180 14,614 224 23,724 Less: Accounts payable and other (286) (105) (737) (28) (1,156) Non-recourse borrowings (2,174) (53) (4,542) (15) (6,784) Deferred income tax liabilities (419) (68) (670) (17) (1,174) Non-controlling interests 1 (1,720) — (1) (64) (1,785) (4,599) (226) (5,950) (124) (10,899) Net assets acquired $ 3,107 $ 954 $ 8,664 $ 100 $ 12,825 Consideration 2 $ 3,107 $ 954 $ 8,664 $ 100 $ 12,825 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) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of fair value of financial instruments [text block] | The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2022 and December 31, 2021: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 12,205 $ 12,205 $ 12,694 $ 12,694 Other financial assets Government bonds 1,655 1,655 2,020 2,020 Corporate bonds 2,134 2,134 2,521 2,521 Fixed income securities and other 5,877 5,877 3,241 3,241 Common shares and warrants 5,901 5,901 5,927 5,927 Loans and notes receivable 7,535 7,535 2,837 2,837 23,102 23,102 16,546 16,546 Accounts receivable and other 19,240 19,240 15,318 15,318 $ 54,547 $ 54,547 $ 44,558 $ 44,558 Financial liabilities Corporate borrowings $ 12,054 $ 11,652 $ 10,875 $ 11,993 Non-recourse borrowings of managed entities Property-specific borrowings 172,666 171,382 152,008 153,844 Subsidiary borrowings 14,919 14,124 13,049 13,415 187,585 185,506 165,057 167,259 Accounts payable and other 42,846 42,846 43,504 43,504 Subsidiary equity obligations 4,788 4,788 4,308 4,308 $ 247,273 $ 244,792 $ 223,744 $ 227,064 |
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: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 16 $ 1,639 $ — $ 48 $ 1,972 $ — Corporate bonds 129 1,653 348 85 2,050 383 Fixed income securities and other 570 2,267 437 762 1,908 451 Common shares and warrants 1,777 2,490 1,634 4,063 548 1,316 Loans and notes receivables 6 — 5 — — 5 2,498 8,049 2,424 4,958 6,478 2,155 Accounts receivable and other 31 2,703 28 3 2,265 77 $ 2,529 $ 10,752 $ 2,452 $ 4,961 $ 8,743 $ 2,232 Financial liabilities Accounts payable and other $ 63 $ 3,367 $ 1,322 $ 29 $ 4,150 $ 1,311 Subsidiary equity obligations — 447 1,244 — 135 1,403 $ 63 $ 3,814 $ 2,566 $ 29 $ 4,285 $ 2,714 The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2022 (MILLIONS) Core $ 19,365 Transitional and Development 28,823 LP Investments 57,353 Other investment properties 1,411 $ 106,952 |
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: 2022 2021 AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 16 $ 1,639 $ — $ 48 $ 1,972 $ — Corporate bonds 129 1,653 348 85 2,050 383 Fixed income securities and other 570 2,267 437 762 1,908 451 Common shares and warrants 1,777 2,490 1,634 4,063 548 1,316 Loans and notes receivables 6 — 5 — — 5 2,498 8,049 2,424 4,958 6,478 2,155 Accounts receivable and other 31 2,703 28 3 2,265 77 $ 2,529 $ 10,752 $ 2,452 $ 4,961 $ 8,743 $ 2,232 Financial liabilities Accounts payable and other $ 63 $ 3,367 $ 1,322 $ 29 $ 4,150 $ 1,311 Subsidiary equity obligations — 447 1,244 — 135 1,403 $ 63 $ 3,814 $ 2,566 $ 29 $ 4,285 $ 2,714 |
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 Jun. 30, 2022 Valuation Techniques and Key Inputs Other financial assets $ 8,049 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 2,703 / (3,367) 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 Redeemable fund units (subsidiary equity obligations) (447) Aggregated market prices of underlying investments |
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 Jun. 30, 2022 Valuation Significant Relationship of Unobservable Corporate bonds $ 348 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 Fixed income securities and other 437 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 1,634 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 Derivative assets/Derivative liabilities (accounts receivable/payable) 28 / (1,322) 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 Limited-life funds (subsidiary equity obligations) (1,244) 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 The following table summarizes the key valuation metrics of the company’s investment properties: AS AT JUN. 30, 2022 Discount Terminal Investment Core 5.9 % 4.6 % 11 Transitional and Development 1 7.4 % 5.9 % 10 LP Investments 1 9.0 % 6.1 % 14 Other investment properties 2 7.3 % n/a n/a 1. The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method. 2. Other investment properties include investment properties held in our Infrastructure and Residential Development segments. |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [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 Jun. 30, 2022 Valuation Significant Relationship of Unobservable Corporate bonds $ 348 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 Fixed income securities and other 437 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 1,634 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 Derivative assets/Derivative liabilities (accounts receivable/payable) 28 / (1,322) 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 Limited-life funds (subsidiary equity obligations) (1,244) 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 |
Disclosure of financial assets | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods months ended June 30, 2022 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2022 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 2,410 $ 2,738 $ 2,232 $ 2,714 Fair value changes in net income 54 50 158 99 Fair value changes in other comprehensive income 1 9 (44) (3) 33 Additions, net of disposals (21) (178) 65 (280) Balance, end of period $ 2,452 $ 2,566 $ 2,452 $ 2,566 1. Includes foreign currency translation. |
Disclosure of financial liabilities | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods months ended June 30, 2022 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2022 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 2,410 $ 2,738 $ 2,232 $ 2,714 Fair value changes in net income 54 50 158 99 Fair value changes in other comprehensive income 1 9 (44) (3) 33 Additions, net of disposals (21) (178) 65 (280) Balance, end of period $ 2,452 $ 2,566 $ 2,452 $ 2,566 1. Includes foreign currency translation. |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 JUN. 30, 2022 (MILLIONS) Real Estate Infrastructure Private Equity Total Assets Cash and cash equivalents $ 174 $ 30 $ — $ 204 Accounts receivable and other 102 80 2 184 Equity accounted investments 78 140 — 218 Investment properties 8,215 — — 8,215 Property, plant and equipment 433 3 70 506 Other long-term assets 207 624 — 831 Deferred income tax assets 31 — — 31 Assets classified as held for sale $ 9,240 $ 877 $ 72 $ 10,189 Liabilities Accounts payable and other $ 355 $ 67 $ 41 $ 463 Non-recourse borrowings of managed entities — 436 — 436 Deferred income tax liabilities 651 6 — 657 Liabilities associated with assets classified as held for sale $ 1,006 $ 509 $ 41 $ 1,556 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Schedule of investments in associates | The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Balance, beginning of period $ 46,100 Acquisitions through business combinations 338 Disposals, net of additions 1 (89) Share of comprehensive income 855 Distributions received (968) Return of capital (325) Foreign currency translation and other (663) Balance, end of period $ 45,248 1. Includes assets sold and amounts reclassified to held for sale, as well as changes in accounting basis. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The company’s property, plant and equipment relates to the operating segments as shown below: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS) Renewable Infrastructure Real Estate Private Equity Total Balance, beginning of period $ 50,317 $ 38,655 $ 10,864 $ 15,653 $ 115,489 Additions 932 1,288 491 968 3,679 Acquisitions through business combinations 713 33 43 664 1,453 Dispositions and assets reclassified as held for sale (102) (74) (98) (182) (456) Depreciation expense (795) (795) (262) (902) (2,754) Foreign currency translation and other (600) (1,637) (470) (485) (3,192) Total change 148 (1,185) (296) 63 (1,270) Balance, end of period 1 $ 50,465 $ 37,470 $ 10,568 $ 15,716 $ 114,219 |
SUBSIDIARY PUBLIC ISSUERS AND_2
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of interests in subsidiaries [text block] | 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 THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 196 $ 72 $ — $ 8 $ — $ — $ — $ 38 $ 25,729 $ (2,787) $ 23,256 Net income (loss) attributable to shareholders 590 (88) — — — — — 62 2,154 (2,128) 590 Total assets 83,396 8,964 — 607 — — 845 5,282 427,420 (114,648) 411,866 Total liabilities 37,599 7,276 — 597 — — 605 3,628 260,696 (32,547) 277,854 Non-controlling interest – preferred equity — — — — — — 230 — — — 230 AS AT DEC. 31, 2021 AND FOR THE THREE MONTHS ENDED JUN. 30 2021 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ (19) $ 63 $ — $ 8 $ — $ — $ (2) $ 14 $ 20,086 $ (1,864) $ 18,286 Net income (loss) attributable to shareholders 816 (1) — — — — (1) (33) 1,152 (1,117) 816 Total assets 84,793 8,256 — 607 — — 843 5,433 400,288 (109,217) 391,003 Total liabilities 38,438 6,387 — 597 — — 603 3,734 237,100 (30,597) 256,262 Non-controlling interest –preferred equity — — — — — — 230 — — — 230 FOR THE SIX MONTHS ENDED JUN. 30, 2022 The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 254 $ 141 $ — $ 16 $ — $ — $ 9 $ 75 $ 49,528 $ (4,885) $ 45,138 Net income (loss) attributable to shareholders 1,949 (89) — — — — 4 49 3,595 (3,559) 1,949 FOR THE SIX MONTHS ENDED JUN. 30, 2021 The Corporation 1 BFI BFI II BFL BFL II BF BF BIC Other subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 52 $ 121 $ — $ 16 $ — $ — $ 2 $ 48 $ 38,163 $ (3,706) $ 34,696 Net income (loss) attributable to shareholders 2,051 (6) — — — — 2 (37) 2,424 (2,383) 2,051 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, BFL, BIC, BFI II, BF AUS, BF U.K. and BFL II on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [abstract] | |
Schedule of equity | The company’s common equity is comprised of the following: AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS) 2022 2021 Common shares $ 10,526 $ 10,538 Contributed surplus 351 320 Retained earnings 18,752 17,705 Ownership changes 5,937 6,243 Accumulated other comprehensive income 6,086 7,404 Common equity $ 41,652 $ 42,210 The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT JUN. 30, 2022 AND DEC. 31, 2021 2022 2021 Class A shares 1 1,561,825,093 1,568,743,821 Class B shares 85,120 85,120 Shares outstanding 1 1,561,910,213 1,568,828,941 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 76,213,826 82,825,207 Total diluted shares 1,638,124,039 1,651,654,148 1. Net of 77,112,939 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2022 (December 31, 2021 – 69,663,192). Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 2022 2021 2022 2021 Outstanding, beginning of period 1 1,566,315,679 1,510,021,253 1,568,828,941 1,510,720,411 Issued (Repurchased) Issuances 2,194 — 34,559 — Repurchases (5,080,468) (4,177,571) (8,981,612) (6,669,992) Long-term share ownership plans 2 606,497 842,404 1,914,829 2,598,054 Dividend reinvestment plan and other 66,311 22,855 113,496 60,468 Outstanding, end of period 3 1,561,910,213 1,506,708,941 1,561,910,213 1,506,708,941 1. Net of 72,058,294 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2022 (March 31, 2021 – 65,816,784) and 69,663,192 as at December 31, 2021 (December 31, 2020 – 64,197,815). 2. 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 PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income attributable to shareholders $ 590 $ 816 $ 1,949 $ 2,051 Preferred share dividends (37) (38) (74) (75) Dilutive effect of conversion of subsidiary preferred shares — (14) — (25) Net income available to shareholders 553 764 1,875 1,951 Dilutive impact of exchangeable shares 1 — 3 — Net income available to shareholders including dilutive impact of exchangeable shares $ 554 $ 764 $ 1,878 $ 1,951 FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average – Class A and Class B shares 1,564.4 1,508.2 1,566.0 1,509.3 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 52.7 41.8 55.9 38.0 Class A and Class B shares and share equivalents 1,617.1 1,550.0 1,621.9 1,547.3 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of disaggregation of revenue [Table Text Block] | Revenue by Type FOR THE THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 135 $ — $ 1,302 $ 3,575 $ 13,955 $ 1,119 $ 527 $ 20,613 Other revenue — 64 38 184 687 1,638 32 2,643 $ 135 $ 64 $ 1,340 $ 3,759 $ 14,642 $ 2,757 $ 559 $ 23,256 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 240 $ — $ 2,548 $ 6,886 $ 26,693 $ 2,084 $ 1,099 $ 39,550 Other revenue — 102 38 359 1,373 3,660 56 5,588 $ 240 $ 102 $ 2,586 $ 7,245 $ 28,066 $ 5,744 $ 1,155 $ 45,138 FOR THE THREE MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 91 $ — $ 999 $ 2,604 $ 10,737 $ 685 $ 586 $ 15,702 Other revenue — 94 280 249 397 1,541 23 2,584 $ 91 $ 94 $ 1,279 $ 2,853 $ 11,134 $ 2,226 $ 609 $ 18,286 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Revenue from contracts with customers $ 168 $ — $ 1,996 $ 5,214 $ 20,043 $ 1,216 $ 1,157 $ 29,794 Other revenue — 180 372 402 803 3,104 41 4,902 $ 168 $ 180 $ 2,368 $ 5,616 $ 20,846 $ 4,320 $ 1,198 $ 34,696 |
Disclosure of maturity analysis of finance lease payments receivable [text block] | Timing of Recognition of Revenue from Contracts with Customers FOR THE THREE MONTHS ENDED JUN. 30, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 57 $ 16 $ 11,971 $ 264 $ 521 $ 12,829 Services transferred over a period of time 135 — 1,245 3,559 1,984 855 6 7,784 $ 135 $ — $ 1,302 $ 3,575 $ 13,955 $ 1,119 $ 527 $ 20,613 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 96 $ 41 $ 22,959 $ 470 $ 1,089 $ 24,655 Services transferred over a period of time 240 — 2,452 6,845 3,734 1,614 10 14,895 $ 240 $ — $ 2,548 $ 6,886 $ 26,693 $ 2,084 $ 1,099 $ 39,550 FOR THE THREE MONTHS ENDED JUN. 30, 2021 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 54 $ 55 $ 8,910 $ 128 $ 585 $ 9,732 Services transferred over a period of time 91 — 945 2,549 1,827 557 1 5,970 $ 91 $ — $ 999 $ 2,604 $ 10,737 $ 685 $ 586 $ 15,702 FOR THE SIX MONTHS ENDED Asset Corporate Renewable Infrastructure Private Real Estate Residential Total Goods and services provided at a point in time $ — $ — $ 84 $ 93 $ 16,628 $ 218 $ 1,156 $ 18,179 Services transferred over a period of time 168 — 1,912 5,121 3,415 998 1 11,615 $ 168 $ — $ 1,996 $ 5,214 $ 20,043 $ 1,216 $ 1,157 $ 29,794 |
FAIR VALUE CHANGES (Tables)
FAIR VALUE CHANGES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2022 2021 2022 2021 Investment properties $ 567 $ 880 $ 2,413 $ 1,707 Transaction related (losses) gains, net of expenses (156) (282) (229) 999 Financial contracts (46) 138 (30) 653 Impairment and provisions 38 (149) 21 (384) Other fair value changes (800) (210) (792) (504) $ (397) $ 377 $ 1,383 $ 2,471 |
ORGANIZATION AND CAPITAL MANA_3
ORGANIZATION AND CAPITAL MANAGEMENT - Narrative (Details) | Dec. 31, 2022 |
Bottom of range | |
Summary of the Corporation's Capital [Line Items] | |
Target return | 1,200% |
Top of range | |
Summary of the Corporation's Capital [Line Items] | |
Target return | 1,500% |
ORGANIZATION AND CAPITAL MANA_4
ORGANIZATION AND CAPITAL MANAGEMENT - Summary of the Corporation's capital (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Management Commentary Explanatory [Line Items] | ||||
Financial assets | $ 54,547 | $ 44,558 | ||
Other financial assets | 23,102 | 16,546 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 333,651 | 310,673 | ||
Equity | 134,012 | 134,741 | $ 125,937 | |
Non-controlling interest - preferred equity | 230 | 230 | ||
Financial liabilities | 247,273 | 223,744 | ||
Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 12,054 | 10,875 | ||
Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 88,215 | 88,386 | 88,423 | |
Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 41,652 | 42,210 | 33,369 | |
Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | $ 4,145 | $ 4,145 |
Cash And Cash Equivalents1 | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 12,205 | 12,694 | ||
The Corporation | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 6,353 | 3,430 | ||
Common Equity in Managed Investments | 45,069 | 46,248 | ||
Other Assets and Liabilities | 5,053 | 6,585 | ||
Corporation's Capital | 58,081 | 57,460 | ||
The Corporation | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 12,054 | 10,875 | ||
The Corporation | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 41,652 | 42,210 | ||
The Corporation | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Non-controlling interest - preferred equity | 230 | 230 | ||
The Corporation | Cash And Cash Equivalents1 | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 1,606 | 1,197 | ||
Managed Investments | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 10,599 | 11,497 | ||
Other financial assets | 16,749 | 13,116 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 320,639 | 299,461 | ||
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 | 45,069 | 46,248 | ||
Managed Investments | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 0 | 0 | ||
Non-controlling interest - preferred equity | 87,985 | 88,156 | ||
Elimination | ||||
Management Commentary Explanatory [Line Items] | ||||
Common Equity in Managed Investments | (45,069) | (46,248) | ||
Corporation's Capital | (45,069) | (46,248) | ||
Elimination | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | $ (45,069) | $ (46,248) |
ORGANIZATION AND CAPITAL MANA_5
ORGANIZATION AND CAPITAL MANAGEMENT - Reconciliation of the Corporation's Capital (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Management Commentary Explanatory [Line Items] | ||||
Financial assets | $ 54,547 | $ 44,558 | ||
Other financial assets | 23,102 | 16,546 | ||
Accounts receivable and other | 26,563 | 21,760 | ||
Inventory | 12,870 | 11,415 | ||
Equity accounted investments | 45,248 | 46,100 | ||
Investment properties | 106,952 | 100,865 | ||
Property, plant and equipment | 114,219 | 115,489 | ||
Intangible assets | 34,750 | 30,609 | ||
Goodwill | 22,104 | 20,227 | ||
Deferred income tax assets | 3,664 | 3,340 | ||
Accounts payable and other | (51,134) | (52,546) | ||
Liabilities associated with assets classified as held for sale | (1,556) | (3,148) | ||
Deferred income tax liabilities | (20,737) | (20,328) | ||
Subsidiary equity obligations | (4,788) | (4,308) | ||
Net Assets Before Common Equity in Managed Investments | 333,651 | 310,673 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 333,651 | 310,673 | ||
Financial liabilities | 247,273 | 223,744 | ||
Non-recourse borrowings of managed entities | 187,585 | 165,057 | ||
Equity | 134,012 | 134,741 | $ 125,937 | |
Non-controlling interest - preferred equity | 230 | 230 | ||
Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 12,054 | 10,875 | ||
Cash And Cash Equivalents1 | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 12,205 | 12,694 | ||
Assets and liabilities classified as held for sale | ||||
Management Commentary Explanatory [Line Items] | ||||
Accounts receivable and other | 184 | |||
Assets classified as held for sale | 11,958 | |||
Equity accounted investments | 218 | |||
Investment properties | 8,215 | |||
Property, plant and equipment | 506 | |||
Deferred income tax assets | 31 | |||
Accounts payable and other | (463) | |||
Liabilities associated with assets classified as held for sale | (1,556) | |||
Deferred income tax liabilities | (657) | |||
Non-recourse borrowings of managed entities | 436 | |||
Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 88,215 | 88,386 | 88,423 | |
Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | 4,145 | $ 4,145 |
Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 41,652 | 42,210 | $ 33,369 | |
The Corporation | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 6,353 | 3,430 | ||
Accounts receivable and other | 1,494 | 2,697 | ||
Inventory | 2 | 2 | ||
Equity accounted investments | 6,554 | 6,553 | ||
Investment properties | 25 | 16 | ||
Property, plant and equipment | 224 | 215 | ||
Intangible assets | 208 | 215 | ||
Goodwill | 355 | 361 | ||
Deferred income tax assets | 2,028 | 2,064 | ||
Accounts payable and other | (4,991) | (5,104) | ||
Deferred income tax liabilities | (399) | (299) | ||
Subsidiary equity obligations | (447) | (135) | ||
Net Assets Before Common Equity in Managed Investments | 13,012 | 11,212 | ||
Common Equity in Managed Investments | 45,069 | 46,248 | ||
Corporation's Capital | 58,081 | 57,460 | ||
The Corporation | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 12,054 | 10,875 | ||
The Corporation | Cash And Cash Equivalents1 | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 1,606 | 1,197 | ||
The Corporation | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Non-controlling interest - preferred equity | 230 | 230 | ||
The Corporation | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 41,652 | 42,210 | ||
The Corporation | Preferred equity | Preferred shares | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,145 | 4,145 | ||
Managed Investments | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial assets | 10,599 | 11,497 | ||
Other financial assets | 16,749 | 13,116 | ||
Accounts receivable and other | 25,175 | 19,694 | ||
Inventory | 12,868 | 11,413 | ||
Assets classified as held for sale | 10,189 | 11,958 | ||
Equity accounted investments | 38,694 | 39,547 | ||
Investment properties | 106,927 | 100,849 | ||
Property, plant and equipment | 113,995 | 115,274 | ||
Intangible assets | 34,542 | 30,394 | ||
Goodwill | 21,749 | 19,866 | ||
Deferred income tax assets | 1,636 | 1,276 | ||
Accounts payable and other | (46,249) | (48,073) | ||
Liabilities associated with assets classified as held for sale | (1,556) | (3,148) | ||
Deferred income tax liabilities | (20,338) | (20,029) | ||
Subsidiary equity obligations | (4,341) | (4,173) | ||
Net Assets Before Common Equity in Managed Investments | 320,639 | 299,461 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 320,639 | 299,461 | ||
Non-recourse borrowings of managed entities | 187,585 | 165,057 | ||
Managed Investments | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Managed Investments | Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 0 | 0 | ||
Non-controlling interest - preferred equity | 87,985 | 88,156 | ||
Managed Investments | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 45,069 | 46,248 | ||
Elimination | ||||
Management Commentary Explanatory [Line Items] | ||||
Accounts receivable and other | (106) | (631) | ||
Accounts payable and other | (106) | 631 | ||
Subsidiary equity obligations | 0 | |||
Common Equity in Managed Investments | (45,069) | (46,248) | ||
Corporation's Capital | (45,069) | (46,248) | ||
Elimination | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | $ (45,069) | $ (46,248) |
SEGMENTED INFORMATION - Narrati
SEGMENTED INFORMATION - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Disclosure of operating segments [line items] | ||||
Number of reportable segments | 7 | 7 | ||
Revenue | $ 23,256 | $ 18,286 | $ 45,138 | $ 34,696 |
Interest | (2,405) | (1,831) | (4,543) | (3,661) |
Realized disposition gains in fair value changes or equity | 152 | 488 | 520 | 2,212 |
Realized disposition gains related to prior periods | 170 | 491 | 361 | 1,400 |
Realized disposition gains recorded directly in equity | 0 | 0 | 0 | 751 |
Realized Disposition Gain (Loss), in Fair Value Changes | $ (18) | 3 | $ 159 | 20 |
Number of operating business groups | 5 | 5 | ||
Asset management | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 135 | 91 | $ 240 | 168 |
Private Equity | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 14,642 | 11,134 | 28,066 | 20,846 |
Elimination of intersegment amounts | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 952 | 1,267 | 2,196 | 2,835 |
Intersegment interest income and other revenues | (58) | 6 | (48) | 17 |
Interest | 3 | 11 | 5 | 18 |
Elimination of intersegment amounts | Asset management | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 957 | 1,134 | 2,120 | 2,539 |
Elimination of intersegment amounts | Private Equity | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 56 | 128 | 128 | 283 |
Revenue from construction contracts | $ 53 | $ 127 | $ 124 | $ 279 |
SEGMENTED INFORMATION - Financi
SEGMENTED INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||||
Revenue | $ 23,256 | $ 18,286 | $ 45,138 | $ 34,696 | |
Funds From Operations From Equity Accounted Investments | 1,099 | 816 | 2,168 | 1,772 | |
Interest | (2,405) | (1,831) | (4,543) | (3,661) | |
Current income tax expense | (330) | (246) | (613) | (601) | |
Funds from operations | (1,399) | (1,600) | (2,996) | (4,421) | |
Equity | 134,012 | 125,937 | 134,012 | 125,937 | $ 134,741 |
Equity accounted investments | 45,248 | 45,248 | 46,100 | ||
Additions to non-current assets | $ 18,156 | $ 8,550 | $ 29,658 | $ 17,640 | |
Oaktree [Member] | |||||
Disclosure of operating segments [line items] | |||||
Proportion of ownership interest in associate or joint venture | 64% | 62% | 64% | 62% | |
Basis of Calculation | 100% | 100% | 100% | ||
Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | $ 41,652 | $ 33,369 | $ 41,652 | $ 33,369 | 42,210 |
Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 952 | 1,267 | 2,196 | 2,835 | |
Interest | 3 | 11 | 5 | 18 | |
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 24,208 | 19,553 | 47,334 | 37,531 | |
Interest | (2,405) | (1,831) | (4,543) | (3,661) | |
Asset management | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 135 | 91 | 240 | 168 | |
Funds From Operations From Equity Accounted Investments | 87 | 74 | 212 | 311 | |
Current income tax expense | 0 | 0 | 0 | 0 | |
Funds from operations | (573) | (688) | (1,202) | (1,324) | |
Equity accounted investments | 4,351 | 4,351 | 4,496 | ||
Additions to non-current assets | 0 | 0 | 0 | 0 | |
Asset management | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 4,754 | 4,754 | 4,905 | ||
Asset management | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 957 | 1,134 | 2,120 | 2,539 | |
Asset management | Elimination of intersegment amounts | Oaktree [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 347 | 376 | 851 | 1,300 | |
Asset management | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,092 | 1,225 | 2,360 | 2,707 | |
Interest | 0 | 0 | 0 | 0 | |
Corporate Activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 64 | 94 | 102 | 180 | |
Funds From Operations From Equity Accounted Investments | 49 | 8 | 72 | 23 | |
Current income tax expense | (24) | (10) | (47) | (24) | |
Funds from operations | 128 | 61 | 234 | 94 | |
Equity accounted investments | 2,202 | 2,202 | 2,056 | ||
Additions to non-current assets | 706 | 797 | 855 | 860 | |
Corporate Activities | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | (8,171) | (8,171) | (8,942) | ||
Corporate Activities | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (71) | (6) | (70) | (7) | |
Corporate Activities | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (7) | 88 | 32 | 173 | |
Interest | (126) | (100) | (243) | (208) | |
Renewable Power and Transition | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,340 | 1,279 | 2,586 | 2,368 | |
Funds From Operations From Equity Accounted Investments | 38 | 52 | 136 | 77 | |
Current income tax expense | (31) | (22) | (73) | (38) | |
Funds from operations | (122) | (88) | (192) | (911) | |
Additions to non-current assets | 845 | 300 | 2,257 | 3,248 | |
Renewable Power and Transition | Other [Member] | |||||
Disclosure of operating segments [line items] | |||||
Equity accounted investments | 2,062 | 2,062 | 1,801 | ||
Renewable Power and Transition | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 5,049 | 5,049 | 5,264 | ||
Renewable Power and Transition | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Renewable Power and Transition | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,340 | 1,279 | 2,586 | 2,368 | |
Interest | (275) | (223) | (524) | (436) | |
Infrastructure | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 3,759 | 2,853 | 7,245 | 5,616 | |
Funds From Operations From Equity Accounted Investments | 463 | 401 | 923 | 828 | |
Current income tax expense | (183) | (93) | (307) | (190) | |
Funds from operations | (245) | (317) | (360) | (447) | |
Equity accounted investments | 10,298 | 10,298 | 9,569 | ||
Additions to non-current assets | 1,639 | 514 | 2,989 | 1,342 | |
Infrastructure | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 2,781 | 2,781 | 3,022 | ||
Infrastructure | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2 | 3 | 3 | 4 | |
Infrastructure | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 3,761 | 2,856 | 7,248 | 5,620 | |
Interest | (476) | (372) | (894) | (734) | |
Private Equity | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 14,642 | 11,134 | 28,066 | 20,846 | |
Funds From Operations From Equity Accounted Investments | 161 | 86 | 290 | 173 | |
Current income tax expense | (76) | (119) | (155) | (312) | |
Funds from operations | (264) | (337) | (483) | (1,329) | |
Equity accounted investments | 3,341 | 3,341 | 2,945 | ||
Additions to non-current assets | 9,224 | 410 | 9,904 | 2,461 | |
Private Equity | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 3,620 | 3,620 | 3,565 | ||
Private Equity | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 56 | 128 | 128 | 283 | |
Private Equity | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 14,698 | 11,262 | 28,194 | 21,129 | |
Interest | (574) | (362) | (1,039) | (725) | |
Real Estate | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,757 | 2,226 | 5,744 | 4,320 | |
Funds From Operations From Equity Accounted Investments | 227 | 182 | 452 | 335 | |
Current income tax expense | (5) | 0 | (12) | (32) | |
Funds from operations | (223) | (189) | (821) | (439) | |
Equity accounted investments | 22,584 | 22,584 | 24,829 | ||
Additions to non-current assets | 5,704 | 6,462 | 13,540 | 9,652 | |
Real Estate | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 31,542 | 31,542 | 32,004 | ||
Real Estate | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 8 | 8 | 15 | 16 | |
Real Estate | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,765 | 2,234 | 5,759 | 4,336 | |
Interest | (932) | (757) | (1,801) | (1,524) | |
Residential Development | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 559 | 609 | 1,155 | 1,198 | |
Funds From Operations From Equity Accounted Investments | 74 | 13 | 83 | 25 | |
Current income tax expense | (11) | (2) | (19) | (5) | |
Funds from operations | (100) | (42) | (172) | (65) | |
Equity accounted investments | 410 | 410 | 404 | ||
Additions to non-current assets | 38 | 67 | 113 | 77 | |
Residential Development | Common shares | Common equity | |||||
Disclosure of operating segments [line items] | |||||
Equity | 2,077 | 2,077 | $ 2,392 | ||
Residential Development | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Residential Development | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 559 | 609 | 1,155 | 1,198 | |
Interest | $ (22) | $ (17) | $ (42) | $ (34) |
SEGMENTED INFORMATION - Reconci
SEGMENTED INFORMATION - Reconciliation of FFO to Equity Accounted Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [abstract] | ||||
Consolidated equity accounted income | $ 564 | $ 488 | $ 1,407 | $ 1,156 |
Non-FFO items from equity accounted investments | 535 | 328 | 761 | 616 |
FFO from equity accounted investments | $ 1,099 | $ 816 | $ 2,168 | $ 1,772 |
SEGMENTED INFORMATION - Schedul
SEGMENTED INFORMATION - Schedule of components of income tax expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [abstract] | ||||
Current income tax expense | $ (330) | $ (246) | $ (613) | $ (601) |
Deferred income tax recovery (expense) | 189 | (301) | (236) | (490) |
Income tax expense | $ (141) | $ (547) | $ (849) | $ (1,091) |
SEGMENTED INFORMATION - Recon_2
SEGMENTED INFORMATION - Reconciliation of FFO to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [abstract] | ||||
Net income | $ 1,475 | $ 2,429 | $ 4,435 | $ 6,205 |
Financial statement components not included in FFO | ||||
Equity Accounted Fair Value Changes And Other Non Funds From Operations | 535 | 328 | 761 | 616 |
Fair value changes | 397 | (377) | (1,383) | (2,471) |
Depreciation and amortization | 1,886 | 1,571 | 3,697 | 3,081 |
Deferred income taxes | (189) | 301 | 236 | 490 |
Realized disposition gains in fair value changes or equity | 152 | 488 | 520 | 2,212 |
Non-controlling interests in FFO | (2,857) | (3,140) | (5,270) | (5,712) |
Total FFO | $ 1,399 | $ 1,600 | $ 2,996 | $ 4,421 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue Allocation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of geographical areas [line items] | ||||
Revenue | $ 23,256 | $ 18,286 | $ 45,138 | $ 34,696 |
UNITED STATES | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 5,441 | 4,294 | 11,015 | 9,023 |
Canada | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 2,903 | 1,793 | 5,433 | 3,289 |
United Kingdom | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 6,877 | 5,385 | 12,862 | 9,532 |
Brazil | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,341 | 934 | 2,553 | 1,699 |
Other Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 2,740 | 2,162 | 5,521 | 3,902 |
Australia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,538 | 1,547 | 2,999 | 2,922 |
INDIA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 697 | 615 | 1,375 | 1,202 |
Colombia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 527 | 467 | 1,064 | 928 |
Other Asia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 689 | 626 | 1,411 | 1,307 |
Other | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 503 | $ 463 | $ 905 | $ 892 |
SEGMENTED INFORMATION - Asset A
SEGMENTED INFORMATION - Asset Allocation (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of products and services [line items] | ||
Assets | $ 411,866 | $ 391,003 |
UNITED STATES | ||
Disclosure of products and services [line items] | ||
Assets | 178,847 | 172,952 |
Canada | ||
Disclosure of products and services [line items] | ||
Assets | 54,683 | 52,989 |
United Kingdom | ||
Disclosure of products and services [line items] | ||
Assets | 37,963 | 36,740 |
Brazil | ||
Disclosure of products and services [line items] | ||
Assets | 23,947 | 22,052 |
Other Europe | ||
Disclosure of products and services [line items] | ||
Assets | 37,644 | 32,065 |
Australia | ||
Disclosure of products and services [line items] | ||
Assets | 27,446 | 20,767 |
INDIA | ||
Disclosure of products and services [line items] | ||
Assets | 20,296 | 20,935 |
Colombia | ||
Disclosure of products and services [line items] | ||
Assets | 10,701 | 11,065 |
Other Asia | ||
Disclosure of products and services [line items] | ||
Assets | 12,562 | 12,866 |
Other | ||
Disclosure of products and services [line items] | ||
Assets | $ 7,777 | $ 8,572 |
ACQUISITIONS OF CONSOLIDATED _3
ACQUISITIONS OF CONSOLIDATED ENTITIES - Business Combinations By Type (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 22,104 | $ 20,227 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 749 | ||
Accounts receivable and other | 5,556 | ||
Inventory | 340 | ||
Equity accounted investments | 338 | ||
Investment properties | 6,788 | ||
Identifiable intangible assets recognised as of acquisition date | 5,723 | ||
Goodwill | 2,733 | ||
Deferred income tax assets | 44 | ||
Total assets | 23,724 | ||
Accounts payable and other | (1,156) | ||
Non-recourse borrowings | (6,784) | ||
Deferred income tax liabilities | (1,174) | ||
Non-controlling interests | (1,785) | ||
Total liabilities | (10,899) | ||
Identifiable assets acquired (liabilities assumed) | 12,825 | ||
Consideration transferred, acquisition-date fair value | 12,825 | ||
Total | Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 424 | ||
Accounts receivable and other | 209 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 6,788 | ||
Property, plant and equipment | 43 | ||
Identifiable intangible assets recognised as of acquisition date | 0 | ||
Goodwill | 242 | ||
Deferred income tax assets | 0 | ||
Total assets | 7,706 | ||
Accounts payable and other | (286) | ||
Non-recourse borrowings | (2,174) | ||
Deferred income tax liabilities | (419) | ||
Non-controlling interests | (1,720) | ||
Total liabilities | (4,599) | ||
Identifiable assets acquired (liabilities assumed) | 3,107 | ||
Consideration transferred, acquisition-date fair value | 3,107 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 27 | ||
Accounts receivable and other | 146 | ||
Inventory | 29 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 713 | ||
Identifiable intangible assets recognised as of acquisition date | 0 | ||
Goodwill | 264 | ||
Deferred income tax assets | 1 | ||
Total assets | 1,180 | ||
Accounts payable and other | (105) | ||
Non-recourse borrowings | (53) | ||
Deferred income tax liabilities | (68) | ||
Non-controlling interests | 0 | ||
Total liabilities | (226) | ||
Identifiable assets acquired (liabilities assumed) | 954 | ||
Consideration transferred, acquisition-date fair value | 954 | ||
Total | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 294 | ||
Accounts receivable and other | 5,190 | ||
Inventory | 311 | ||
Equity accounted investments | 338 | ||
Investment properties | 0 | ||
Property, plant and equipment | 663 | ||
Identifiable intangible assets recognised as of acquisition date | 5,651 | ||
Goodwill | 2,124 | ||
Deferred income tax assets | 43 | ||
Total assets | 14,614 | ||
Accounts payable and other | (737) | ||
Non-recourse borrowings | (4,542) | ||
Deferred income tax liabilities | (670) | ||
Non-controlling interests | (1) | ||
Total liabilities | (5,950) | ||
Identifiable assets acquired (liabilities assumed) | 8,664 | ||
Consideration transferred, acquisition-date fair value | 8,664 | ||
Total | Infrastructure and Other | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 4 | ||
Accounts receivable and other | 11 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 34 | ||
Identifiable intangible assets recognised as of acquisition date | 72 | ||
Goodwill | 103 | ||
Deferred income tax assets | $ 0 | ||
Total assets | 224 | ||
Accounts payable and other | (28) | ||
Non-recourse borrowings | (15) | ||
Deferred income tax liabilities | (17) | ||
Non-controlling interests | (64) | ||
Total liabilities | (124) | ||
Identifiable assets acquired (liabilities assumed) | 100 | ||
Consideration transferred, acquisition-date fair value | $ 100 |
ACQUISITIONS OF CONSOLIDATED _4
ACQUISITIONS OF CONSOLIDATED ENTITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jan. 11, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 04, 2022 | Jan. 24, 2022 | |
Disclosure of detailed information about business combination [line items] | ||||||
Liabilities and Non Controlling interest Equity | $ (10,900) | |||||
Revenue of acquired entities since acquisition date | 637 | |||||
Profit (loss) of acquired entities since acquisition date | 38 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 1,800 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 11 | |||||
Total | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total assets | 23,724 | |||||
Consideration transferred, acquisition-date fair value | 12,825 | |||||
Total | Real Estate | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total assets | 7,706 | |||||
Consideration transferred, acquisition-date fair value | 3,107 | |||||
Total | Renewable Power and Transition | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total assets | 1,180 | |||||
Consideration transferred, acquisition-date fair value | 954 | |||||
Total | Private Equity | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total assets | 14,614 | |||||
Consideration transferred, acquisition-date fair value | 8,664 | |||||
Hibernia | Real Estate | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Consideration transferred, acquisition-date fair value | $ 1,100 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 32 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 14 | |||||
Percentage of interests acquired | 100% | |||||
Debt interests of acquirer | $ 754 | |||||
Equity interests of acquirer | 360 | |||||
Goodwill recognised as of acquisition date | $ 3 | |||||
German Office Portfolio | Real Estate | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 132 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 53 | |||||
Percentage of interests acquired | 95% | |||||
Debt interests of acquirer | $ 188 | |||||
Equity interests of acquirer | 1,800 | |||||
Goodwill recognised as of acquisition date | 238 | |||||
Consideration transferred, acquisition-date asset level debt | $ 2,000 | |||||
Proportion of ownership interest in subsidiary | 46% | |||||
Oregon Wind Portfolio | Renewable Power and Transition | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Consideration transferred, acquisition-date fair value | $ 702 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 2 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 20 | |||||
Percentage of interests acquired | 100% | |||||
Goodwill recognised as of acquisition date | $ 178 | |||||
Contingent consideration recognised as of acquisition date | $ 125 | |||||
Scientific Games, LLC | Renewable Power and Transition | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Debt interests of acquirer | $ 3,300 | |||||
Equity interests of acquirer | 2,500 | |||||
Contingent consideration recognised as of acquisition date | $ 29 | |||||
Scientific Games, LLC | Private Equity | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 518 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 76 | |||||
Percentage of interests acquired | 100% | |||||
Goodwill recognised as of acquisition date | $ 1,100 | |||||
Consideration transferred, acquisition-date asset level debt | $ 5,800 | |||||
Australian Non-Bank Lender and Asset Manager | Private Equity | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 165 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 49 | |||||
Percentage of interests acquired | 100% | |||||
Goodwill recognised as of acquisition date | $ 375 | |||||
Consideration transferred, acquisition-date asset level debt | 1,100 | |||||
Contingent consideration recognised as of acquisition date | 40 | |||||
Non-cash consideration | $ 17 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 54,547 | $ 44,558 |
Financial assets, at fair value | 54,547 | 44,558 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 247,273 | 223,744 |
Financial liabilities | 244,792 | 227,064 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,054 | 10,875 |
Financial liabilities | 11,652 | 11,993 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 172,666 | 152,008 |
Financial liabilities | 171,382 | 153,844 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,919 | 13,049 |
Financial liabilities | 14,124 | 13,415 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 187,585 | 165,057 |
Financial liabilities | 185,506 | 167,259 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 42,846 | 43,504 |
Financial liabilities | 42,846 | 43,504 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,788 | 4,308 |
Financial liabilities | 4,788 | 4,308 |
Equity investments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 5,901 | 5,927 |
Financial assets, at fair value | 5,901 | 5,927 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 7,535 | 2,837 |
Financial assets, at fair value | 7,535 | 2,837 |
Cash And Cash Equivalents1 | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 12,205 | 12,694 |
Financial assets, at fair value | 12,205 | 12,694 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 23,102 | 16,546 |
Financial assets, at fair value | 23,102 | 16,546 |
Trade receivables and other [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 19,240 | 15,318 |
Financial assets, at fair value | 19,240 | 15,318 |
Loans to government [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,655 | 2,020 |
Financial assets, at fair value | 1,655 | 2,020 |
Loans to corporate entities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,134 | 2,521 |
Financial assets, at fair value | 2,134 | 2,521 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 5,877 | 3,241 |
Financial assets, at fair value | $ 5,877 | $ 3,241 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 54,547 | $ 44,558 |
Financial liabilities | 244,792 | 227,064 |
Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 23,102 | 16,546 |
Level 1 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,529 | 4,961 |
Financial liabilities | 63 | 29 |
Level 1 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,498 | 4,958 |
Level 1 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 63 | 29 |
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 | 16 | 48 |
Level 1 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 129 | 85 |
Level 1 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 570 | 762 |
Level 1 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,777 | 4,063 |
Level 1 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 6 | 0 |
Level 1 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 31 | 3 |
Level 2 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 10,752 | 8,743 |
Financial liabilities | 3,814 | 4,285 |
Level 2 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,049 | 6,478 |
Level 2 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,367 | 4,150 |
Level 2 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,367 | |
Level 2 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 447 | 135 |
Level 2 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,639 | 1,972 |
Level 2 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,653 | 2,050 |
Level 2 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,267 | 1,908 |
Level 2 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,490 | 548 |
Level 2 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 0 |
Level 2 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,703 | 2,265 |
Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,452 | 2,232 |
Financial liabilities | 2,566 | 2,714 |
Level 3 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,424 | 2,155 |
Level 3 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 1,322 | 1,311 |
Level 3 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 1,322 | |
Level 3 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 1,244 | 1,403 |
Level 3 | Subsidiary equity obligations | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 1,244 | |
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 | 383 | |
Level 3 | Corporate bonds | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 348 | |
Level 3 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 437 | 451 |
Level 3 | Fixed income securities and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 437 | |
Level 3 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,634 | 1,316 |
Level 3 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5 | 5 |
Level 3 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 28 | $ 77 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | $ 54,547 | $ 44,558 |
Financial liabilities | (244,792) | (227,064) |
Level 2 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 10,752 | 8,743 |
Financial liabilities | (3,814) | (4,285) |
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 | (3,367) | (4,150) |
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 | (3,367) | |
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 | (447) | (135) |
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 | (447) | |
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 | 2,703 | 2,265 |
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 | 8,049 | |
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 | 2,267 | 1,908 |
Level 2 | Corporate bonds | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 1,653 | 2,050 |
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 | 2,490 | 548 |
Level 3 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 2,452 | 2,232 |
Financial liabilities | (2,566) | (2,714) |
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 | (1,322) | (1,311) |
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 | (1,322) | |
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 | (1,244) | (1,403) |
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 | (1,244) | |
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 | 28 | 77 |
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 | 437 | 451 |
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 | 437 | |
Level 3 | Corporate bonds | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 383 | |
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 | 348 | |
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 | 1,634 | $ 1,316 |
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 | 1,634 | |
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 | $ 28 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | $ 54,547 | $ 54,547 | $ 44,558 | |
Financial liabilities | 244,792 | 244,792 | 227,064 | |
Level 3 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | 2,452 | 2,452 | 2,232 | |
Financial liabilities | 2,566 | 2,566 | 2,714 | |
Level 3 | At fair value | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | 2,452 | 2,452 | $ 2,410 | 2,232 |
Financial liabilities | 2,566 | 2,566 | $ 2,738 | $ 2,714 |
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, assets | 54 | 158 | ||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | 50 | 99 | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 9 | (3) | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities | (44) | 33 | ||
Additions, net of disposals | (21) | 65 | ||
Additions, net of disposals | $ (178) | $ (280) |
HELD FOR SALE - Schedule Of Ass
HELD FOR SALE - Schedule Of Assets And Liabilities Classified As Held-For-Sale (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Accounts receivable and other | $ 26,563 | $ 21,760 |
Equity accounted investments | 45,248 | 46,100 |
Investment properties | 106,952 | 100,865 |
Property, plant and equipment | 114,219 | 115,489 |
Deferred income tax assets | 3,664 | 3,340 |
Assets classified as held for sale | 10,189 | 11,958 |
Liabilities | ||
Accounts payable and other | 51,134 | 52,546 |
Non-recourse borrowings of managed entities | 187,585 | 165,057 |
Deferred income tax liabilities | 20,737 | 20,328 |
Liabilities associated with assets classified as held for sale | 1,556 | 3,148 |
Assets and liabilities classified as held for sale | ||
Assets | ||
Cash and cash equivalents | 204 | |
Accounts receivable and other | 184 | |
Equity accounted investments | 218 | |
Investment properties | 8,215 | |
Property, plant and equipment | 506 | |
Other long-term assets | 831 | |
Deferred income tax assets | 31 | |
Assets classified as held for sale | 10,189 | |
Liabilities | ||
Accounts payable and other | 463 | |
Non-recourse borrowings of managed entities | 436 | |
Deferred income tax liabilities | 657 | |
Liabilities associated with assets classified as held for sale | 1,556 | |
Real Estate | ||
Assets | ||
Equity accounted investments | 22,584 | 24,829 |
Property, plant and equipment | 10,568 | 10,864 |
Real Estate | Assets and liabilities classified as held for sale | ||
Assets | ||
Cash and cash equivalents | 174 | |
Accounts receivable and other | 102 | |
Equity accounted investments | 78 | |
Investment properties | 8,215 | |
Property, plant and equipment | 433 | |
Other long-term assets | 207 | |
Deferred income tax assets | 31 | |
Assets classified as held for sale | 9,240 | |
Liabilities | ||
Accounts payable and other | 355 | |
Non-recourse borrowings of managed entities | 0 | |
Deferred income tax liabilities | 651 | |
Liabilities associated with assets classified as held for sale | 1,006 | |
Infrastructure | ||
Assets | ||
Equity accounted investments | 10,298 | 9,569 |
Property, plant and equipment | 37,470 | 38,655 |
Infrastructure | Assets and liabilities classified as held for sale | ||
Assets | ||
Cash and cash equivalents | 30 | |
Accounts receivable and other | 80 | |
Equity accounted investments | 140 | |
Investment properties | 0 | |
Property, plant and equipment | 3 | |
Other long-term assets | 624 | |
Deferred income tax assets | 0 | |
Assets classified as held for sale | 877 | |
Liabilities | ||
Accounts payable and other | 67 | |
Non-recourse borrowings of managed entities | 436 | |
Deferred income tax liabilities | 6 | |
Liabilities associated with assets classified as held for sale | 509 | |
Renewable Power and Transition | ||
Assets | ||
Property, plant and equipment | 50,465 | $ 50,317 |
Renewable Power and Transition | Assets and liabilities classified as held for sale | ||
Assets | ||
Cash and cash equivalents | 0 | |
Accounts receivable and other | 2 | |
Equity accounted investments | 0 | |
Investment properties | 0 | |
Property, plant and equipment | 70 | |
Other long-term assets | 0 | |
Deferred income tax assets | 0 | |
Assets classified as held for sale | 72 | |
Liabilities | ||
Accounts payable and other | 41 | |
Non-recourse borrowings of managed entities | 0 | |
Deferred income tax liabilities | 0 | |
Liabilities associated with assets classified as held for sale | $ 41 |
HELD FOR SALE - Narrative (Deta
HELD FOR SALE - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Assets | $ 411,866 | $ 391,003 |
Total liabilities | 277,854 | $ 256,262 |
Assets and liabilities classified as held for sale | ||
Disclosure of financial assets [line items] | ||
Assets | 7,900 | |
Total liabilities | $ 3,200 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Changes In Balance Of Investments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Disclosure Of Associates And Joint Ventures [Line Items] | |
Balance, beginning of period | $ 46,100 |
Disposals, net of additions1 | (89) |
Investment Accounted for Using Equity Method, Share of comprehensive income | 855 |
Distributions received | (968) |
Return of Capital | (325) |
Foreign currency translation and other | (663) |
Balance, end of period | 45,248 |
Total | |
Disclosure Of Associates And Joint Ventures [Line Items] | |
Equity accounted investments | $ 338 |
EQUITY ACCOUNTED INVESTMENTS EQ
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Equity Accounted Income - Narrative [Abstract] | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ (89) |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Operating Segments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 114,219 | $ 115,489 |
Additions, net of disposals and assets reclassified as held for sale | 3,679 | |
Acquisitions through business combinations, property, plant and equipment | 1,453 | |
Disposals, property, plant and equipment | 456 | |
Depreciation expenses | (2,754) | |
Foreign currency translation | (3,192) | |
Increase (decrease) in property, plant and equipment | (1,270) | |
Right-of-use assets | 4,100 | 4,100 |
Renewable Power and Transition | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 50,465 | 50,317 |
Additions, net of disposals and assets reclassified as held for sale | 932 | |
Acquisitions through business combinations, property, plant and equipment | 713 | |
Disposals, property, plant and equipment | 102 | |
Depreciation expenses | (795) | |
Foreign currency translation | (600) | |
Increase (decrease) in property, plant and equipment | 148 | |
Right-of-use assets | 392 | 415 |
Infrastructure | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 37,470 | 38,655 |
Additions, net of disposals and assets reclassified as held for sale | 1,288 | |
Acquisitions through business combinations, property, plant and equipment | 33 | |
Disposals, property, plant and equipment | 74 | |
Depreciation expenses | (795) | |
Foreign currency translation | (1,637) | |
Increase (decrease) in property, plant and equipment | (1,185) | |
Right-of-use assets | 3,700 | 4,000 |
Real Estate | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 10,568 | 10,864 |
Additions, net of disposals and assets reclassified as held for sale | 491 | |
Acquisitions through business combinations, property, plant and equipment | 43 | |
Disposals, property, plant and equipment | 98 | |
Depreciation expenses | (262) | |
Foreign currency translation | (470) | |
Increase (decrease) in property, plant and equipment | (296) | |
Right-of-use assets | 813 | 905 |
Private Equity and Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 15,716 | 15,653 |
Additions, net of disposals and assets reclassified as held for sale | 968 | |
Acquisitions through business combinations, property, plant and equipment | 664 | |
Disposals, property, plant and equipment | 182 | |
Depreciation expenses | (902) | |
Foreign currency translation | (485) | |
Increase (decrease) in property, plant and equipment | 63 | |
Right-of-use assets | 6,600 | 7,000 |
Private Equity and Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 1,700 | $ 1,700 |
SUBSIDIARY PUBLIC ISSUERS AND_3
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Narrative (Details) $ in Millions, $ in Millions | 6 Months Ended | |||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Jul. 26, 2021 | Jun. 30, 2021 USD ($) | Nov. 24, 2020 USD ($) | Feb. 21, 2020 USD ($) | Mar. 10, 2017 USD ($) | |
Disclosure of subsidiaries [line items] | ||||||||
Issued capital | $ 134,012 | $ 134,741 | $ 125,937 | |||||
BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Proportion of voting rights held in subsidiary | 100% | |||||||
BFL | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Proportion of voting rights held in subsidiary | 100% | |||||||
Brookfield Finance Inc II [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Proportion of voting rights held in subsidiary | 100% | |||||||
$500 4.25% Unsecured Notes Due 2026 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 4.25% | 4.25% | ||||||
$550 4.70% Unsecured Notes Due 2047 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 550 | |||||||
Annual Rate | 4.70% | 4.70% | ||||||
$350 4.70% Unsecured Notes Due 2047 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 350 | |||||||
Annual Rate | 4.70% | 4.70% | ||||||
$650 3.90% Unsecured Notes Due 2028 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 650 | |||||||
Annual Rate | 3.90% | 3.90% | ||||||
$1,100 4.85% Unsecured Notes Due 2029 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 1,000 | |||||||
Annual Rate | 4.85% | 4.85% | ||||||
$600 4.35% Unsecured Notes Due 2030 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 4.35% | 4.35% | ||||||
$150 4.35% Unsecured Notes Due 2030 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 150 | |||||||
Annual Rate | 4.35% | 4.35% | ||||||
$500 3.50% Unsecured Notes Due 2051 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 3.50% | 3.50% | ||||||
$400 4.625% Subordinated Notes Due in 2080 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 4.625% | 4.625% | ||||||
$500 2.724% Unsecured Notes Due 2031 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 2.724% | 2.724% | ||||||
$250 3.50% Subordinated Notes Due in 2051 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 250 | |||||||
Annual Rate | 3.50% | 3.50% | ||||||
$400 3.90% Unsecured Notes Due 2028 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 3.90% | 3.90% | ||||||
$400 3.625% Unsecured Notes Due 2052 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 3.625% | 3.625% | ||||||
$600 2.34% Senior Notes Due 2032 | Brookfield Finance I (UK) PLC | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 2.34% | |||||||
$750 4.00% Unsecured Notes Due 2024 | BFL | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 750 | |||||||
Annual Rate | 4% | |||||||
$600 3.45% Unsecured Notes Due 2050 | BFL | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 3.45% | |||||||
Perpetual Preferred Shares | Brookfield Finance I (UK) PLC | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||||
Revenue | $ 23,256 | $ 18,286 | $ 45,138 | $ 34,696 | |
Net income attributable to shareholders | 590 | 816 | 1,949 | 2,051 | |
Total assets | 411,866 | 411,866 | $ 391,003 | ||
Total liabilities | 277,854 | 277,854 | 256,262 | ||
Non-controlling interest - preferred equity | 230 | 230 | 230 | ||
The Corporation | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 196 | (19) | 254 | 52 | |
Net income attributable to shareholders | 590 | 816 | 1,949 | 2,051 | |
Total assets | 83,396 | 83,396 | 84,793 | ||
Total liabilities | 37,599 | 37,599 | 38,438 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
BFI | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 72 | 63 | 141 | 121 | |
Net income attributable to shareholders | (88) | (1) | (89) | (6) | |
Total assets | 8,964 | 8,964 | 8,256 | ||
Total liabilities | 7,276 | 7,276 | 6,387 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance Inc II [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
BFL | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 8 | 8 | 16 | 16 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 607 | 607 | 607 | ||
Total liabilities | 597 | 597 | 597 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance LLC II [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance Australia [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance I (UK) PLC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | (2) | 9 | 2 | |
Net income attributable to shareholders | 0 | (1) | 4 | 2 | |
Total assets | 845 | 845 | 843 | ||
Total liabilities | 605 | 605 | 603 | ||
Non-controlling interest - preferred equity | 230 | 230 | 230 | ||
BIC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 38 | 14 | 75 | 48 | |
Net income attributable to shareholders | 62 | (33) | 49 | (37) | |
Total assets | 5,282 | 5,282 | 5,433 | ||
Total liabilities | 3,628 | 3,628 | 3,734 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Subsidiaries of the Corporation other than BFI, BFL and BIC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 25,729 | 20,086 | 49,528 | 38,163 | |
Net income attributable to shareholders | 2,154 | 1,152 | 3,595 | 2,424 | |
Total assets | 427,420 | 427,420 | 400,288 | ||
Total liabilities | 260,696 | 260,696 | 237,100 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Material reconciling items | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | (2,787) | (1,864) | (4,885) | (3,706) | |
Net income attributable to shareholders | (2,128) | $ (1,117) | (3,559) | $ (2,383) | |
Total assets | (114,648) | (114,648) | (109,217) | ||
Total liabilities | (32,547) | (32,547) | (30,597) | ||
Non-controlling interest - preferred equity | $ 0 | $ 0 | $ 0 |
EQUITY - Schedule Of Equity (De
EQUITY - Schedule Of Equity (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Disclosure of classes of share capital [line items] | |||
Total Equity | $ 134,012 | $ 134,741 | $ 125,937 |
Common Share Capital | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | 10,526 | 10,538 | 7,385 |
Contributed Surplus | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | 351 | 320 | 302 |
Retained Earnings | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | 18,752 | 17,705 | 16,168 |
Ownership Changes1 | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | 5,937 | 6,243 | 3,595 |
Accumulated other comprehensive income | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | 6,086 | 7,404 | |
Common equity | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Total Equity | $ 41,652 | $ 42,210 | $ 33,369 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2022 yr shares $ / shares | Jun. 30, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | ||
Dividends paid, ordinary shares per share | $ / shares | $ 0.14 | $ 0.13 |
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Number of share options granted in share-based payment arrangement | 4,000,000 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 56.93 | |
Average term to exercise | yr | 7.5 | |
Expected volatility, share options granted | 24.80% | |
Expected dividend as percentage, share options granted | 1.40% | |
Risk free interest rate, share options granted | 1.90% | |
Liquidity Discount | 25% | |
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Number of share options granted in share-based payment arrangement | 5,100,000 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 56.93 | |
Average term to exercise | yr | 7.5 | |
Expected volatility, share options granted | 24.80% | |
Expected dividend as percentage, share options granted | 1.40% | |
Risk free interest rate, share options granted | 1.90% | |
Liquidity Discount | 25% | |
Common Class A | Management Share Option Plan | Executives [Member] | Top of range | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Share based compensation, vesting period | 5 years | |
Share-Based Compensation Arrangement by Share-based Payment Award, Number of Shares Granted | 10 | |
Common Class A | Escrowed Stock Plan | Executives [Member] | Top of range | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Share based compensation, vesting period | 5 years | |
Share-Based Compensation Arrangement by Share-based Payment Award, Number of Shares Granted | 10 | |
Common shares | Common Class B | ||
Disclosure of classes of share capital [line items] | ||
Number of shares authorised (in shares) | 85,120 |
EQUITY - Schedule Of Number Of
EQUITY - Schedule Of Number Of Issued And Outstanding Common Shares And Unexercised Options (Details) - shares | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | ||||||
Number of Common Shares Held by the Company | 77,112,939 | 72,058,294 | 69,663,192 | 69,921,784 | 65,816,784 | 64,197,815 |
Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued and Outstanding (in shares) | 1,561,910,213 | 1,566,315,679 | 1,568,828,941 | 1,506,708,941 | 1,510,021,253 | 1,510,720,411 |
Unexercised options and other share-based plans (in shares) | 76,213,826 | 82,825,207 | ||||
Total diluted shares (in shares) | 1,638,124,039 | 1,651,654,148 | ||||
Class A shares | Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued and Outstanding (in shares) | 1,561,825,093 | 1,568,743,821 | ||||
Common Class B | 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 | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Issued (Repurchased) | ||||||||
Number of Common Shares Held by the Company | 77,112,939 | 69,921,784 | 77,112,939 | 69,921,784 | 72,058,294 | 69,663,192 | 65,816,784 | 64,197,815 |
Common shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Beginning balance (in shares) | 1,566,315,679 | 1,510,021,253 | 1,568,828,941 | 1,510,720,411 | ||||
Issued (Repurchased) | ||||||||
Share issuance | 2,194 | 0 | 34,559 | 0 | ||||
Repurchases (in shares) | (5,080,468) | (4,177,571) | (8,981,612) | (6,669,992) | ||||
Long-term share ownership plans (in shares) | 606,497 | 842,404 | 1,914,829 | 2,598,054 | ||||
Dividend reinvestment plan and others (in shares) | 66,311 | 22,855 | 113,496 | 60,468 | ||||
Ending balance (in shares) | 1,561,910,213 | 1,506,708,941 | 1,561,910,213 | 1,506,708,941 |
EQUITY - Schedule Of Basic And
EQUITY - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [abstract] | ||||
Net income (loss) | $ 590 | $ 816 | $ 1,949 | $ 2,051 |
Dilutive effect of conversion of subsidiary preferred shares | (37) | (38) | (74) | (75) |
Dilutive effect of mandatorily redeemable preferred shares issued in a consolidated subsidiary | 0 | (14) | 0 | (25) |
Profit (loss), attributable to ordinary equity holders of parent entity | 553 | 764 | 1,875 | 1,951 |
Dilutive effect of exchangeable shares issued in a consolidated subsidiary | 1 | 0 | 3 | 0 |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | $ 554 | $ 764 | $ 1,878 | $ 1,951 |
Weighted average - common shares | 1,564.4 | 1,508.2 | 1,566 | 1,509.3 |
Dilutive effect of the conversion of options and escrowed shares using the treasury stock method | 52.7 | 41.8 | 55.9 | 38 |
Common shares and common share equivalents | 1,617.1 | 1,550 | 1,621.9 | 1,547.3 |
REVENUES - BY TYPE (Details)
REVENUES - BY TYPE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 20,613 | $ 15,702 | $ 39,550 | $ 29,794 |
Other revenue | 2,643 | 2,584 | 5,588 | 4,902 |
Revenue | 23,256 | 18,286 | 45,138 | 34,696 |
Asset management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 135 | 91 | 240 | 168 |
Other revenue | 0 | 0 | 0 | 0 |
Revenue | 135 | 91 | 240 | 168 |
Corporate Activities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other revenue | 64 | 94 | 102 | 180 |
Revenue | 64 | 94 | 102 | 180 |
Renewable Power and Transition | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,302 | 999 | 2,548 | 1,996 |
Other revenue | 38 | 280 | 38 | 372 |
Revenue | 1,340 | 1,279 | 2,586 | 2,368 |
Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,575 | 2,604 | 6,886 | 5,214 |
Other revenue | 184 | 249 | 359 | 402 |
Revenue | 3,759 | 2,853 | 7,245 | 5,616 |
Private Equity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13,955 | 10,737 | 26,693 | 20,043 |
Other revenue | 687 | 397 | 1,373 | 803 |
Revenue | 14,642 | 11,134 | 28,066 | 20,846 |
Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,119 | 685 | 2,084 | 1,216 |
Other revenue | 1,638 | 1,541 | 3,660 | 3,104 |
Revenue | 2,757 | 2,226 | 5,744 | 4,320 |
Residential Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 527 | 586 | 1,099 | 1,157 |
Other revenue | 32 | 23 | 56 | 41 |
Revenue | $ 559 | $ 609 | $ 1,155 | $ 1,198 |
REVENUES - BY TIMING OF RECOGNI
REVENUES - BY TIMING OF RECOGNITION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 20,613 | $ 15,702 | $ 39,550 | $ 29,794 |
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 | 12,829 | 9,732 | 24,655 | 18,179 |
Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 7,784 | 5,970 | 14,895 | 11,615 |
Asset management | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 135 | 91 | 240 | 168 |
Asset management | 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 | 0 | 0 | 0 | 0 |
Asset management | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 135 | 91 | 240 | 168 |
Corporate Activities | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Corporate Activities | 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 | 0 | 0 | 0 | 0 |
Corporate Activities | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Renewable Power and Transition | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,302 | 999 | 2,548 | 1,996 |
Renewable Power and Transition | 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 | 57 | 54 | 96 | 84 |
Renewable Power and Transition | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,245 | 945 | 2,452 | 1,912 |
Infrastructure | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 3,575 | 2,604 | 6,886 | 5,214 |
Infrastructure | 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 | 16 | 55 | 41 | 93 |
Infrastructure | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 3,559 | 2,549 | 6,845 | 5,121 |
Private Equity | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 13,955 | 10,737 | 26,693 | 20,043 |
Private Equity | 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 | 11,971 | 8,910 | 22,959 | 16,628 |
Private Equity | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,984 | 1,827 | 3,734 | 3,415 |
Real Estate | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,119 | 685 | 2,084 | 1,216 |
Real Estate | 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 | 264 | 128 | 470 | 218 |
Real Estate | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 855 | 557 | 1,614 | 998 |
Residential Development | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 527 | 586 | 1,099 | 1,157 |
Residential Development | 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 | 521 | 585 | 1,089 | 1,156 |
Residential Development | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 6 | $ 1 | $ 10 | $ 1 |
FAIR VALUE CHANGES (Details)
FAIR VALUE CHANGES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | $ (397) | $ 377 | $ 1,383 | $ 2,471 |
Investment property [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | 567 | 880 | 2,413 | 1,707 |
Transaction related gains, net of deal costs | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | (156) | (282) | (229) | 999 |
Financial contracts | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | (46) | 138 | (30) | 653 |
Impairment and provisions | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | 38 | (149) | 21 | (384) |
Other fair value changes | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | $ (800) | $ (210) | $ (792) | $ (504) |