Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Entity Registrant Name | BROOKFIELD CORPORATION |
Entity Central Index Key | 0001001085 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Registration Statement | false |
Document Annual Report | true |
Entity File Number | 001-15160 |
Entity Incorporation, State or Country Code | A6 |
Entity Primary SIC Number | 6282 |
Entity Address, Address Line One | Suite 100 |
Entity Address, Address Line Two | Brookfield Place, 181 Bay Street |
Entity Address, Address Line Three | P.O. Box 762 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5J 2T3 |
City Area Code | 416 |
Local Phone Number | 363-9491 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Auditor Firm ID | 1208 |
ICFR Auditor Attestation Flag | true |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Subordinated Notes Due 2080 [Member] | BFI | |
Document Information [Line Items] | |
Title of 12(b) Security | 4.625% Subordinated Notes due October 16, 2080 |
Trading Symbol | BNH |
Security Exchange Name | NYSE |
Perpetual Preferred Shares | Brookfield Finance I (UK) PLC | |
Document Information [Line Items] | |
Title of 12(b) Security | 4.50% Perpetual Subordinated Notes |
Trading Symbol | BNJ |
Security Exchange Name | NYSE |
Senior Notes Due 2032 [Member] | Brookfield Finance I (UK) PLC | |
Document Information [Line Items] | |
Title of 12(b) Security | 2.34% Senior Notes Due 2032 |
Trading Symbol | BN / 32 |
Security Exchange Name | NYSE |
Class A Limited Voting Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A Limited Voting Shares |
Trading Symbol | BN |
Security Exchange Name | NYSE |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 1114 Avenue of the Americas |
Entity Address, Address Line Two | 23rd Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10036-7703 |
City Area Code | 212 |
Local Phone Number | 880-6000 |
Contact Personnel Name | Torys LLP |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte LLP |
Auditor Location | Toronto, Canada |
Auditor Firm ID | 1208 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | ||
Cash and cash equivalents | $ 11,222 | $ 14,396 |
Other financial assets | 28,324 | 26,899 |
Accounts receivable and other | 28,512 | 27,378 |
Inventory | 11,412 | 12,843 |
Assets classified as held for sale | 2,489 | 2,830 |
Equity accounted investments | 59,124 | 47,094 |
Investment properties | 124,152 | 115,100 |
Property, plant and equipment | 147,617 | 124,268 |
Intangible assets | 38,994 | 38,411 |
Goodwill | 34,911 | 28,662 |
Deferred income tax assets | 3,338 | 3,403 |
Total assets | 490,095 | 441,284 |
Liabilities and Equity | ||
Corporate Borrowings | 12,160 | 11,390 |
Accounts payable and other | 58,893 | 57,065 |
Liabilities associated with assets classified as held for sale | 118 | 876 |
Non-recourse borrowings of managed entities | 221,550 | 202,684 |
Deferred income tax liabilities | 24,987 | 23,190 |
Subsidiary equity obligations | 4,145 | 4,188 |
Equity [abstract] | ||
Equity | 168,242 | 141,891 |
Total liabilities and equity | $ 490,095 | 441,284 |
Document Fiscal Year Focus | 2023 | |
Non-controlling interests | ||
Equity [abstract] | ||
Equity | $ 122,465 | 98,138 |
Preferred shares | Preferred equity | ||
Equity [abstract] | ||
Equity | 4,103 | 4,145 |
Preferred shares | Non-controlling interests | ||
Equity [abstract] | ||
Equity | 5,147 | 5,147 |
Common shares | Non-controlling interests | ||
Equity [abstract] | ||
Equity | 117,318 | 92,991 |
Common shares | Common equity | ||
Equity [abstract] | ||
Equity | $ 41,674 | $ 39,608 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Profit or loss [abstract] | ||
Revenue | $ 95,924 | $ 92,769 |
Direct costs | (81,409) | (78,511) |
Other income and gains | 6,501 | 1,594 |
Equity accounted income | 2,068 | 2,613 |
Expenses | ||
Interest expense on borrowings | (596) | (527) |
Interest Expense on Non-Recourse Borrowings | (14,907) | (10,175) |
Corporate costs | (69) | (122) |
Fair value changes | (1,396) | (977) |
Tax expense (income) | (1,011) | (1,469) |
Net income | 5,105 | 5,195 |
Net income attributable to: | ||
Shareholders | 1,130 | 2,056 |
Non-controlling interests | 3,975 | 3,139 |
Net income | $ 5,105 | $ 5,195 |
Net income per share: | ||
Diluted | $ 0.61 | $ 1.19 |
Basic | $ 0.62 | $ 1.22 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 5,105 | $ 5,195 |
Items that may be reclassified to net income | ||
Financial contracts and power sale agreements | (354) | 1,917 |
Marketable securities | 210 | (773) |
Equity accounted investments | 106 | (508) |
Foreign currency translation | 1,770 | (1,932) |
Income taxes | 78 | (310) |
Other comprehensive income that may be reclassified to net income | 1,810 | (1,606) |
Items that will not be reclassified to net income | ||
Revaluation of property, plant and equipment | 1,489 | 5,387 |
Revaluation of pension obligations | (11) | 308 |
Equity accounted investments | 581 | 360 |
Marketable securities | 39 | (207) |
Income taxes | (178) | (1,213) |
Other comprehensive income that will not be reclassified to net income | 1,920 | 4,635 |
Other comprehensive income | 3,730 | 3,029 |
Comprehensive income | 8,835 | 8,224 |
Attributable to: | ||
Net income attributable to shareholders | 1,130 | 2,056 |
Other comprehensive income (loss) | 803 | (263) |
Comprehensive income | 1,933 | 1,793 |
Net income | 3,975 | 3,139 |
Other comprehensive income | 2,927 | 3,292 |
Comprehensive income | $ 6,902 | $ 6,431 |
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 | Common shares Non-controlling interests | Preferred shares Preferred equity | Preferred shares Non-controlling interests |
Beginning balance (Previously stated) at Dec. 31, 2021 | $ 134,741 | $ 88,386 | $ 10,538 | $ 320 | $ 17,705 | $ 6,243 | $ 8,281 | $ (2,287) | $ 1,410 | $ 42,210 | $ 4,145 | ||
Changes in period: | |||||||||||||
Net income attributable to shareholders | 2,056 | 2,056 | 2,056 | ||||||||||
Non-controlling interests | 3,139 | 3,139 | |||||||||||
Net income | 5,195 | ||||||||||||
Other comprehensive income (loss) | (263) | 884 | (542) | (605) | (263) | ||||||||
Other comprehensive income | 3,292 | 3,292 | |||||||||||
Other comprehensive income | 3,029 | ||||||||||||
Comprehensive income, attributable to owners of parent | 1,793 | 6,431 | 884 | (542) | (605) | 1,793 | |||||||
Comprehensive income, attributable to non-controlling interests | 6,431 | ||||||||||||
Comprehensive income | 8,224 | ||||||||||||
Shareholder distributions | |||||||||||||
Common equity | (879) | (879) | (879) | ||||||||||
Preferred equity | (150) | (150) | (150) | ||||||||||
Non-controlling interests | (11,102) | (11,102) | |||||||||||
Other items | |||||||||||||
Issue of equity | 10,221 | 10,786 | 363 | (287) | (641) | (565) | 0 | ||||||
Share-based compensation | (42) | 0 | 115 | (157) | (42) | ||||||||
Ownership changes | 878 | 3,637 | 72 | (3,284) | 357 | 3 | 93 | (2,759) | |||||
Total change in period | 7,150 | 9,752 | 363 | (172) | 301 | (3,284) | 1,241 | (539) | (512) | (2,602) | 0 | ||
Ending balance (Previously stated) at Dec. 31, 2022 | 141,891 | 98,138 | 9,522 | (2,826) | 898 | 39,608 | 4,145 | ||||||
Ending balance at Dec. 31, 2022 | 141,891 | 98,138 | 10,901 | 148 | 18,006 | 2,959 | 9,522 | (2,826) | 898 | 39,608 | $ 92,991 | 4,145 | $ 5,147 |
Other items | |||||||||||||
Non-cash distribution | $ 2,400 | ||||||||||||
Proportion of ownership interest in subsidiary | 25% | ||||||||||||
Net income attributable to shareholders | $ 1,130 | 1,130 | 1,130 | ||||||||||
Non-controlling interests | 3,975 | 3,975 | |||||||||||
Net income | 5,105 | ||||||||||||
Other comprehensive income (loss) | 803 | 11 | 271 | 521 | 803 | ||||||||
Other comprehensive income | 2,927 | 2,927 | |||||||||||
Other comprehensive income | 3,730 | ||||||||||||
Comprehensive income, attributable to owners of parent | 1,933 | 11 | 271 | 521 | 1,933 | ||||||||
Comprehensive income, attributable to non-controlling interests | 6,902 | 6,902 | |||||||||||
Comprehensive income | 8,835 | ||||||||||||
Common equity | (436) | (436) | 436 | ||||||||||
Preferred equity | (166) | (166) | 166 | ||||||||||
Non-controlling interests | (12,842) | ||||||||||||
Issue of equity | 26,604 | 27,226 | (22) | (59) | (499) | (580) | (42) | ||||||
Share-based compensation | (6) | 0 | 23 | (29) | (6) | ||||||||
Ownership changes | 4,362 | 3,041 | 0 | 1,551 | (575) | 78 | 267 | 1,321 | |||||
Total change in period | 26,351 | 24,327 | (22) | (36) | 0 | 1,551 | (564) | 349 | 788 | 2,066 | (42) | ||
Ending balance at Dec. 31, 2023 | $ 168,242 | $ 122,465 | $ 10,879 | $ 112 | $ 18,006 | $ 4,510 | $ 8,958 | $ (2,477) | $ 1,686 | $ 41,674 | $ 117,318 | $ 4,103 | $ 5,147 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 09, 2022 | Dec. 31, 2022 | |
Statement of changes in equity [abstract] | ||
Non-cash distribution | $ 2,400 | $ 2,400 |
Proportion of ownership interest in subsidiary | 25% | 25% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income | $ 5,105 | $ 5,195 |
Other income and gains | (6,501) | (1,594) |
Equity accounted earnings, net of distributions | (441) | (355) |
Fair value changes | 1,396 | 977 |
Depreciation and amortization | 9,075 | 7,683 |
Deferred income taxes | (897) | 191 |
Sales of (investments in) residential inventory | 152 | (119) |
Net change in non-cash working capital balances | (1,422) | (3,227) |
Cash flows from (used in) operating activities | 6,467 | 8,751 |
Financing activities | ||
Corporate borrowings arranged | 1,246 | 1,567 |
Repayments of borrowings, classified as financing activities | 550 | 0 |
Commercial paper and borrowings, net | 31 | (912) |
Non-recourse borrowings arranged | 83,620 | 89,459 |
Non-recourse borrowings repaid | (71,328) | (61,067) |
Non-recourse credit facilities, net | (3,558) | 6,869 |
Subsidiary equity obligations issued | 277 | 75 |
Subsidiary equity obligations redeemed | (456) | (563) |
Deposits From Related Party | 173 | 1,563 |
Deposit From Related Parties Repaid | (1,261) | (35) |
Capital provided by non-controlling interests | 29,401 | 15,263 |
Capital repaid to non-controlling interests | (2,175) | (4,477) |
Repayment of lease liabilities | (969) | (773) |
Settlement of deferred consideration | (483) | (1,706) |
Distributions to non-controlling interests | (12,842) | (11,102) |
Distributions to shareholders | (602) | (1,029) |
Cash flows from (used in) financing activities | 19,927 | 32,460 |
Acquisitions | ||
Investment properties | (8,213) | (9,664) |
Property, plant and equipment | (8,069) | (7,236) |
Equity accounted investments | (10,492) | (5,142) |
Financial assets and other | (51,887) | (67,974) |
Acquisition of subsidiaries, net of cash acquired | (12,922) | (26,306) |
Dispositions | ||
Investment properties | 1,573 | 3,874 |
Property, plant and equipment | 1,175 | 595 |
Equity accounted investments | 3,258 | 1,645 |
Financial assets and other | 50,086 | 63,953 |
Disposition of subsidiaries, net of cash disposed | 5,688 | 6,325 |
Restricted cash and deposits | 41 | 280 |
Cash flows from (used in) investing activities | (29,762) | (39,650) |
Cash and cash equivalents | ||
Change in cash and cash equivalents | (3,368) | 1,561 |
Foreign exchange revaluation | 205 | (17) |
Balance, beginning of period | 14,396 | 12,694 |
Balance, end of period | 11,222 | 14,396 |
Supplemental Cash Flow Information [Abstract] | ||
Net change in cash classified within assets held for sale | (11) | 158 |
Incomes Taxes Paid Classified As Supplemental Cash Flow Disclosure | 1,677 | 1,079 |
Interest Paid Classified As Supplemental Cash Flow Disclosure | 13,902 | 9,009 |
Common shares | ||
Financing activities | ||
Common shares repurchased | (624) | (686) |
Common shares issued | 49 | 14 |
Preferred shares | ||
Financing activities | ||
Common shares repurchased | $ (22) | $ 0 |
ORGANIZATION AND CAPITAL MANAGE
ORGANIZATION AND CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Management Commentary Explanatory [Abstract] | |
ORGANIZATION AND CAPITAL MANAGEMENT | ORGANIZATION AND CAPITAL MANAGEMENT Brookfield Corporation (the “Corporation”) is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. 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 Corporation is listed on the New York and Toronto stock exchanges (“NYSE” and “TSX”, respectively) under the symbol BN. 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 100, 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 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 business, including investments in entities that it manages, its Insurance Solutions business, its corporate investments that are held outside of managed entities, and its net working capital. The Corporation’s capital is funded with common equity, preferred equity and corporate borrowings issued by the Corporation. As at December 31, 2023, the Corporation’s capital totaled $58.2 billion (December 31, 2022 – $55.4 billion), and is computed as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Cash and cash equivalents $ 134 $ 1,282 Other financial assets 4,004 6,870 Common equity in investments 53,523 49,391 Other assets and liabilities of the Corporation 506 (2,170) Corporation’s Capital $ 58,167 $ 55,373 Corporation’s Capital is comprised of the following: Common equity $ 41,674 $ 39,608 Preferred equity 4,103 4,145 Non-controlling interest 230 230 Corporate borrowings 12,160 11,390 $ 58,167 $ 55,373 The Corporation generates returns on its capital through management fees and performance revenues earned through its Asset Management business, distributable earnings from its Insurance Solutions business, distributions or dividends earned from its capital invested in managed entities, and through performance of the Corporation’s financial assets. Prudent levels of corporate borrowings and preferred equity are utilized to enhance returns to shareholders’ common equity. A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2023 is as follows: AS AT DEC. 31, 2023 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 134 $ 11,088 $ — $ 11,222 Other financial assets 4,004 24,320 — 28,324 Accounts receivable and other 1 1,191 27,836 (515) 28,512 Inventory — 11,412 — 11,412 Assets classified as held for sale — 2,489 — 2,489 Equity accounted investments 2,081 57,043 — 59,124 Investment properties 21 124,131 — 124,152 Property, plant and equipment 144 147,473 — 147,617 Intangible assets 84 38,910 — 38,994 Goodwill — 34,911 — 34,911 Deferred income tax assets 489 2,849 — 3,338 Accounts payable and other 1 (3,383) (56,025) 515 (58,893) Liabilities associated with assets classified as held for sale — (118) — (118) Deferred income tax liabilities (117) (24,870) — (24,987) Subsidiary equity obligations (4) (4,141) — (4,145) Total 4,644 397,308 — 401,952 Common equity in investments 2 53,523 — (53,523) — Corporation’s Capital 58,167 397,308 (53,523) 401,952 Less: Corporate borrowings 12,160 — — 12,160 Non-recourse borrowings of managed entities — 221,550 — 221,550 Amounts attributable to preferred equity 4,103 — — 4,103 Amounts attributable to non-controlling interests 230 122,235 — 122,465 Common equity $ 41,674 $ 53,523 $ (53,523) $ 41,674 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $515 million and $515 million, respectively, between entities within the Corporation and its investments. 2. Represents the carrying value of the Corporation’s investments. Common equity in 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 Activities. This measure is equal to the sum of the common equity in our Asset Management, Insurance Solutions, Renewable Power and Transition, Infrastructure, Private Equity, and Real Estate operating segments. A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2022 is as follows: AS AT DEC. 31, 2022 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,282 $ 13,114 $ — $ 14,396 Other financial assets 6,870 20,029 — 26,899 Accounts receivable and other 1 2,196 25,431 (249) 27,378 Inventory 2 12,841 — 12,843 Assets classified as held for sale — 2,830 — 2,830 Equity accounted investments 1,460 45,634 — 47,094 Investment properties 27 115,073 — 115,100 Property, plant and equipment 146 124,122 — 124,268 Intangible assets 81 38,330 — 38,411 Goodwill — 28,662 — 28,662 Deferred income tax assets 475 2,928 — 3,403 Accounts payable and other 1 (6,004) (51,310) 249 (57,065) Liabilities associated with assets classified as held for sale — (876) — (876) Deferred income tax liabilities (112) (23,078) — (23,190) Subsidiary equity obligations (441) (3,747) — (4,188) Total 5,982 349,983 — 355,965 Common equity in investments 2 49,391 — (49,391) — Corporation’s Capital 55,373 349,983 (49,391) 355,965 Less: Corporate borrowings 11,390 — — 11,390 Non-recourse borrowings of managed entities — 202,684 — 202,684 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 97,908 — 98,138 Common equity $ 39,608 $ 49,391 $ (49,391) $ 39,608 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $249 million and $249 million, respectively, between entities within the Corporation and its investments. 2. Represents the carrying value of the Corporation’s investments. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Significant Accounting Policies [Abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | MATERIAL ACCOUNTING POLICY INFORMATION a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS”). These consolidated financial statements were authorized for issuance by the Board of Directors of the company on March 18, 2024. b) Adoption of 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, 2023. The new standards were applied as follows: i. IFRS 17 – Insurance Contracts (“IFRS 17”) IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 supersedes IFRS 4, Insurance Contracts (“IFRS 4”) and related interpretations. The company adopted IFRS 17 effective January 1, 2023 and the adoption did not have a significant impact on our company’s financial reporting . ii. Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify the requirement for companies to identify and disclose its material accounting policies instead of its significant accounting policies. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. The adoption did not have a significant impact on our company’s financial reporting. iii. International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) The company operates in countries which have enacted new legislation to implement the global minimum top-up tax. The company has applied a temporary mandatory relief from recognizing and disclosing information related to the top-up tax and will account for it as a current tax when it is incurred. The newly enacted legislation is effective from January 1, 2024 and there is no current tax impact for the year ended December 31, 2023. The global minimum top-up tax is not expected to have a significant impact on the financial position of the company. c) Future Changes in Accounting Standards i. 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, 2024. The company is currently assessing the impact of this amendment. d) Basis of Presentation The consolidated financial statements are prepared on a going concern basis. i. Subsidiaries The consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company exercises control. Control exists when the company is able to exercise power over the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. Subsidiaries are consolidated from the date control is obtained and continue to be consolidated until the date when control is lost. The company includes 100% of its subsidiaries’ revenues and expenses in the Consolidated Statements of Operations and 100% of its subsidiaries’ assets and liabilities on the Consolidated Balance Sheets, with non-controlling interests in the equity of the company’s subsidiaries included within the company’s equity. All intercompany balances, transactions, unrealized gains and losses are eliminated in full. The company continually reassesses whether or not it controls an investee, particularly if facts and circumstances indicate there is a change to one or more of the control criteria previously mentioned. In certain circumstances when the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights are sufficient to give it control of an investee. Certain of the company’s subsidiaries are subject to profit sharing arrangements, such as carried interest, between the company and the non-controlling equity holders, whereby the company is entitled to a participation in profits, as determined under the agreements. The attribution of net income amongst equity holders in these subsidiaries reflects the impact of these profit-sharing arrangements when the attribution of profits as determined in the agreement is no longer subject to adjustment based on future events and correspondingly reduces non-controlling interests’ attributable share of those profits. Gains or losses resulting from changes in the company’s ownership interest of a subsidiary that do not result in a loss of control are accounted for as equity transactions and are recorded within ownership changes as a component of equity. When we dispose of all or part of a subsidiary resulting in a loss of control, the difference between the carrying value of what is sold and the proceeds from disposition is recognized within other income and gains in the Consolidated Statements of Operations. Refer to Note 2(r) for an explanation of the company’s accounting policy for business combinations and to Note 4 for additional information on subsidiaries of the company with significant non-controlling interests. ii. Associates and Joint Ventures Associates are entities over which the company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The company accounts for associates and joint ventures using the equity method of accounting within equity accounted investments on the Consolidated Balance Sheets. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the company records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the company’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the company’s interest in an associate or joint venture is adjusted for the company’s share of comprehensive income and distributions of the investee. Profit and losses resulting from the sale of a business to an associate or joint venture are recognized in full in the consolidated financial statements. Profit and losses resulting from all other transactions with an associate or joint venture that do not constitute the sale of a business are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for indicators of impairment at each balance sheet date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(m). iii. Joint Operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, related to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement that exists only when decisions about the relevant activities require unanimous consent of parties sharing control. The company recognizes only its assets, liabilities and share of the results of operations of the joint operation. The assets, liabilities and results of joint operations are included within the respective line items of the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. e) Foreign Currency Translation The U.S. dollar is the functional and presentation currency of the company. Each of the company’s subsidiaries, associates, joint ventures and joint operations determines its own functional currency and items included in the consolidated financial statements of each subsidiary, associate, joint venture and joint operation are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are accumulated as a component of equity. On the disposal of a foreign operation, or the loss of control, joint control or significant influence, the component of accumulated other comprehensive income relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency-denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. Foreign currency-denominated monetary assets and liabilities of the company are translated using the rate of exchange prevailing at the reporting date, and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains or losses on transactions that hedge these items are also included in net income. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. f) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and highly liquid short-term investments with original maturities of three months or less. g) Related Party Transactions In the normal course of operations, the company enters into various transactions on market terms with related parties. The majority of transactions with related parties are between consolidated entities and eliminate on consolidation. The company and its subsidiaries may also transact with entities over which the company has significant influence or joint control. Amounts owed to and by associates and joint ventures are not eliminated on consolidation. The company’s subsidiaries with significant non-controlling interests are described in Note 4 and its associates and joint ventures are described in Note 10. In addition to our subsidiaries and equity accounted investments, we consider key management personnel, the Board of Directors and material shareholders to be related parties. See Note 27 for additional details. h) Operating Assets i. Investment Properties The company uses the fair value method to account for real estate classified as investment properties. A property is determined to be an investment property when it is principally held either to earn rental income or for capital appreciation, or both. Investment properties also include properties that are under development or redevelopment for future use as investment property. Investment properties are initially measured at cost including transaction costs, or at fair value if acquired in a business combination. Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in net income during the period in which they arise. Fair values are completed by undertaking one of two accepted approaches: (i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 net operating income, typically used for our office, retail and logistics assets; or (ii) undertaking a direct capitalization approach for certain of our LP investments and directly held multifamily assets whereby a capitalization rate is applied to estimated stabilized annual net operating income. The future cash flows of each property are based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting current conditions, less future cash outflows relating to such current and future leases. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets. ii. Property, Plant and Equipment The company uses the revaluation method of accounting for certain classes of property, plant and equipment (“PP&E”) as well as certain assets which are under development for future use as PP&E. PP&E measured using the revaluation method is initially measured at cost, or at fair value if acquired in a business combination, and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed on an annual basis at the end of each fiscal year, commencing in the first year subsequent to the date of acquisition, unless there is an indication that assets are impaired. Where the carrying amount of an asset increases as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity in revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset decreases, the decrease is recognized in other comprehensive income to the extent there is any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Depreciation of an asset commences when it is available for use. On loss of control or partial disposition of an asset measured using the revaluation method, all accumulated revaluation surplus or the portion disposed of, respectively, is transferred into retained earnings or ownership changes, respectively. PP&E held in our Private Equity segment, which include right-of-use assets, are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Land is carried at cost whereas finite-life assets such as buildings and equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a systematic basis over the assets’ useful life. Depreciation methods and useful lives are reassessed at least annually regardless of the measurement method used. Renewable Power and Transition Renewable Power and Transition generally determines the fair value of its PP&E by using a 20-year discounted cash flow model for the majority of its assets. This model incorporates future cash flows from long-term power purchase agreements that are in place where it is determined that the power purchase agreements are linked specifically to the related power generating assets. The model also includes estimates of future electricity prices, anticipated long-term average generation, estimated operating and capital expenditures, terminal rates and assumptions about future inflation rates and discount rates by geographical location. Depreciation on renewable power assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: (YEARS) Useful Lives Dams Up to 115 Penstocks Up to 60 Powerhouses Up to 115 Hydroelectric generating units Up to 115 Wind generating units Up to 30 Solar generating units Up to 35 Gas-fired cogenerating (“Cogeneration”) units Up to 40 Other assets Up to 60 Costs are allocated to the significant components of power generating assets and each component is depreciated separately. The depreciation of PP&E in our Brazilian Renewable Power and Transition operations is based on the duration of the authorization or the useful life of a concession asset. The weighted-average remaining duration as at December 31, 2023 is 34 years (2022 – 35 years). Land rights are included as part of the concession or authorization and are subject to depreciation. Infrastructure Utilities, tran sport, midstream and data assets within our Infrastructure segment as well as assets under development classified as PP&E on the Consolidated Balance Sheet are accounted for using the revaluation method. The company determines the fair value of its utilities, transport, midstream and data assets using both the discounted cash flow and depreciated replacement cost methods, which include estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Valuations are performed internally on an annual basis. Discount rates are selected for each asset, giving consideration to the volatility and geography of its revenue streams. Depreciation on utilities, transport, midstream and data assets i s calculated on a straight-line or declining balance basis over the estimated service lives of the components of the assets, which are as follows: (YEARS) Useful Lives Buildings Up to 60 Transmission stations, towers and related fixtures Up to 50 Leasehold improvements Up to 50 Plant and equipment Up to 50 Network systems Up to 65 Track Up to 40 Intermodal containers Up to 20 Pipelines and gas storage assets Up to 80 Public service concessions that provide the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as intangible assets. Private Equity The company accounts for its Private Equity PP&E using the cost model. Costs include expenditures that are directly attributable to the acquisition of the asset. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the following asset classes as follows: (YEARS, UNLESS OTHERWISE NOTED) Useful Lives Buildings Up to 50 Right-of-use assets Up to 40 Machinery and equipment Up to 25 Vessels Up to 35 Oil and gas related equipment and mining property Units of production Real Estate and Other Hospitality operating assets are classified as PP&E and are accounted for using the revaluation method. The company determines the fair value for these assets by using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Depreciation on hospitality assets is calculated on a straight-line basis over the estimated useful lives of each component of the asset as follows: (YEARS) Useful Lives Building and building improvements 1 to 50+ Land improvements 15 Furniture, fixtures and equipment 1 to 20 iii. Inventory Private Equity Fuel inventories within our Private Equity segment are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the Consolidated Statements of Operations through direct costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels and renewable transport fuel obligations (“RTFO”) certificates are valued at the lower of cost and net realizable value. Real Estate Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, which includes pre-development expenditures and capitalized borrowing costs and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. Inventories consist of land held for development, land under development, homes under construction, completed homes and model homes. In addition to direct land acquisitions, land development and improvement costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction or development. Indirect costs are allocated to homes or lots based on the number of units in a community. Land and housing assets are recorded at the lower of cost and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. i) Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset or liability’s anticipated life. Level 3: Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Refer to the investment properties and revaluation of PP&E explanations for the approach taken to determine the fair value of these operating assets. Further information on fair value measurements is available in Notes 6, 11 and 12. j) Accounts Receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less an allowance for expected credit losses for uncollectibility. k) Intangible Assets Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within direct costs in the Consolidated Statements of Operations. Certain of the company’s intangible assets have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds, if any, and the carrying amount of the asset and are recognized in the Consolidated Statements of Operations in other income and gains when the asset is derecognized. Infrastructure Intangible assets within our Infrastructure segment primarily consist of conservancy rights, service concession arrangements, customer order backlogs, track access rights, operating network agreements and customer contracts and relationships. Concession arrangements, accounted for as intangible assets under IFRIC 12, Service Concession Arrangements (“IFRIC 12”), were mostly acquired through acquisitions of gas transmission, electricity transmission and toll road businesses and are amortized on a straight-line basis over the term of the arrangement. The intangible assets at the Brazilian regulated gas transmission operation and Brazilian electricity transmission operation relate to concession contracts. For our Brazilian regulated gas transmission operation, the concession arrangement provides the operation with the right to operate the asset perpetually. As a result, the intangible asset is amortized over its estimated useful life. For our Brazilian electricity transmission operation, the intangible asset is amortized on a straight-line basis over the life of the contractual arrangement. The intangible assets at the Peruvian toll roads relate to the right to operate a road and charge users a specified tariff for a contractual length of time and is amortized over the life of the contractual arrangement with an average of 20 years remaining. Refer to Note 13 for additional information on these concession arrangements. The intangible assets at our residential infrastructure operation are comprised of contractual customer relationships, customer contracts, proprietary technology and brands. The contractual customer relationships and customer contracts represent ongoing economic benefits from leasing customers and annuity-based management agreements. Proprietary technology is recognized for the development of new metering technology, which allows the business to generate revenue through its sub-metering business. Brands represent the intrinsic value customers place on the operation’s various brand names. Private Equity Our Private Equity segment includes intangible assets across a number of operating companies. The majority are finite life intangible assets that are amortized on a straight-line basis over the following useful lives: (YEARS) Useful Lives Water and sewage concession agreements Up to 50 Brand names and trademarks Up to 40 Computer software Up to 20 Customer relationships Up to 20 Proprietary technology Up to 15 Real Estate Intangible assets in our Real Estate segment are primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. l) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company identifies cash-generating units as identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. m) Impairment of Long-Lived Assets At each balance sheet date or more often if events or circumstances indicate there may be impairment, the company assesses whether its assets, other than those measured at fair value with changes in value recorded in net income, have any indication of impairment. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal and the discounted future cash flows generated from use and eventual disposal from an asset or cash-generating unit, is less than their carrying value. Impairment losses are recorded as fair value changes within the Consolidated Statements of Operations. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. n) Subsidiary Equity Obligations Subsidiary equity obligations include subsidiary preferred equity units, subsidiary preferred shares and capital securities as well as limited-life funds and redeemable fund units. Subsidiary preferred equity units and capital securities are preferred shares that may be settled by a variable number of common equity units upon their conversion by the holders or the company. These instruments, as well as the related accrued distributions, are classified as liabilities at amortized cost on the Consolidated Balance Sheets. Dividends or yield distributions on these instruments are recorded as interest expense. To the extent conversion features are not closely related to the underlying liability the instruments are bifurcated into debt and equity components. Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life. Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice. Limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within subsidiary equity obligations on the Consolidated Balance Sheets. Changes in fair value are recorded in net income in the period of the change. o) Revenue from Contracts with Customers IFRS 15 Revenue from Contracts with Customers (“IFRS 15”), specifies how and when revenue should be recognized and requires disclosures about the nature, |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION | 3. SEGMENTED INFORMATION a) Operating Segments Our operations are organized into six business groups in addition to our corporate activities, which collectively represent seven operating segments for internal and external reporting purposes. Our operating segments are as follows: The Corporation: i. Corporate Activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are incurred on behalf of our operating segments and allocated to each operating segment based on an internal pricing framework. Asset Management: i. The Asset Management business includes managing 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. We also include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within the results of our Asset Management business. These investments include flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns, as well as capital invested in other real estate and private equity funds managed by BAM, opportunistic credit funds managed by Oaktree, and other investments. Insurance Solutions: i. The Insurance Solutions business includes our equity accounted interest in Brookfield Reinsurance Ltd. (“BNRE”), a leading capital solutions business providing insurance and reinsurance services to individuals and institutions across a broad range of insurance products including life insurance and annuities, and personal and commercial property and casualty insurance. Operating Businesses: i. The Renewable Power and Transition business includes the ownership, operation and development of hydroelectric, wind, utility-scale solar power generating assets and distributed energy & sustainable solutions. ii. The Infrastructure business includes the ownership, operation and development of utilities, transport, midstream, and data assets. iii. The Private Equity business includes a broad range of industries, and is mostly focused on the ownership and operation of business services and industrial operations. iv. The Real Estate business includes the ownership, operation and development of core and transitional and development investments (including residential development properties). Beginning in the second quarter of 2023, the company presented an Insurance Solutions operating segment for internal and external reporting purposes. Additionally, our direct investments into and alongside private funds managed by BAM are now presented within the Asset Management segment. These amounts were previously presented in our Corporate Activities segment and our Operating Businesses, respectively. Beginning in the first quarter of 2023, subsequent to the special distribution of a 25% interest in our asset management business described in Note 21 (b), our Asset Management segment includes our investment in BAM and certain corporate costs and tax items that were previously presented in our Corporate Activities segment. Beginning in the fourth quarter of 2022, the company no longer presented a Residential Development operating segment for internal or external reporting purposes. Our North American and Australian residential development operations are now presented within the Real Estate segment and the Brazilian residential development operations are now presented within the Asset Management segment. This presentation aligns our operating segments with how our Chief Operating Decision Maker assesses the operating results and performance of our businesses on a segmented basis. The company has retrospectively applied these presentation changes for all periods presented. b) Segment Financial Measures We assess our performance using distributable earnings (“DE”) from our Asset Management segment and Insurance Solutions segments, net operating income (“NOI”) from our Real Estate segment, and funds from operations (“FFO”) generated by each other segment as our key measures of financial performance and our segment measures of profit and loss. We also provide the amount of capital invested by the Corporation in each segment using common equity by segment. These metrics are used by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis. Beginning in the first quarter of 2023, the company changed its segment financial measures to use DE rather than FFO for the Asset Management segment as it is more representative of cash flows and profitability from that segment, and NOI rather than FFO for the Real Estate segment as NOI provides a performance measure that, when compared year-over-year, reflects the impact on operations from trends in occupancy and rental rates. Our segment financial measures are defined as follows: i. Distributable Earnings DE from our Asset Management segment is defined as the earnings received by the Corporation that are available for distribution to common shareholders or to be reinvested in the business. It is calculated as the sum of distributable earnings from our Asset Management business and realized carried interest, net of equity-based compensation costs. DE 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. Our Asset Management segment distributes substantially all of its distributable earnings as a dividend to its shareholders; therefore, DE represents our cash flows and profitability from our Asset Management segment. We do not use DE as a measure of cash generated from our operations. Distributable earnings from our Insurance Solutions business is equivalent to its distributable operating earnings (“DOE”), which is calculated as our share of equity accounted net income from our Insurance Solutions business, excluding the impact of depreciation and amortization, deferred income taxes, net income from our equity accounted investments, gains and losses on investments and derivatives, breakage and transaction costs, and is inclusive of our proportionate share of DOE from investments in associates. ii. Net Operating Income NOI from our Real Estate segment is defined as: i) property-specific revenues from our commercial properties operations less direct commercial property expenses before the impact of depreciation and amortization; and ii) revenues from our hospitality operations less direct hospitality expenses before the impact of depreciation and amortization. NOI represents an income-generating property’s profitability before adding costs from financing or taxes, and is a strong indication of our Real Estate business’ ability to impact the operating performance of its properties through proactive management and leasing. Depreciation and capital expenditures are excluded from NOI as we believe that the value of most of our properties 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. We do not use NOI as a measure of cash generated from our operations. iii. Funds from Operations We define FFO from our Corporate Activities segment and our Operating Businesses, excluding the Real Estate business, 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. 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. Generally Accepted Accounting Principles (“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 reconcile the financial measure for each operating segment to net income in Note 3(c)(ii) and (iii) 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 YEAR ENDED DEC. 31, 2023 (MILLIONS) Asset Insurance Solutions 2 Renewable Infrastructure Private Real Estate Corporate Total Note External revenues $ 10,219 n/a $ 5,310 $ 18,234 $ 55,683 $ 6,169 $ 309 $ 95,924 Inter-segment and other revenues 1 4,820 n/a — 6 56 35 32 4,949 i Segmented revenues 15,039 n/a 5,310 18,240 55,739 6,204 341 100,873 DE 3,135 740 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 418 653 1,876 n/a (463) n/a ii NOI n/a n/a n/a n/a n/a 3,616 n/a n/a ii Common Equity 19,484 6,144 4,887 2,537 3,291 22,413 (17,082) 41,674 1. We equity account for our investment in Oaktree and include our share of the FFO at 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2023, $1.7 billion of Oaktree’s revenue was included in our Asset Management segment revenue. 2. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) Asset Insurance Solutions 2 Renewable Infrastructure Private Real Estate Corporate Total Note External revenues $ 8,955 n/a $ 5,198 $ 14,660 $ 57,333 $ 6,457 $ 166 $ 92,769 Inter-segment and other revenues 1 4,289 n/a — 4 207 32 (41) 4,491 i Segmented revenues 13,244 n/a 5,198 14,664 57,540 6,489 125 97,260 DE 3,678 388 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 401 576 857 n/a (366) n/a ii NOI n/a n/a n/a n/a n/a 3,472 n/a n/a ii Common Equity 19,645 3,996 5,274 2,524 2,439 22,825 (17,095) 39,608 1. We equity account for our investment in Oaktree and include our share of the FFO at 64%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For year ended December 31, 2022, $1.5 billion of Oaktree’s revenue was included in our Asset Management segment revenue. 2. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. i. Inter-Segment Revenues For the year ended December 31, 2023, 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 $4.8 billion (2022 – $4.3 billion), revenues earned on construction projects between consolidated entities totaling $89 million (2022 – $220 million), and other revenues totaling a net income of $40 million (2022 – loss of $18 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues. ii. Reconciliation of Net Income to Segment Measures of Profit or Loss The following table reconciles net income to the total of the segments’ measures of profit or loss. FOR THE YEARS ENDED DEC. 31 (MILLIONS) Note 2023 2022 Net income $ 5,105 $ 5,195 Add/(Deduct): Equity accounted fair value changes and other non-FFO items 2,902 1,840 Fair value changes 1,396 977 Depreciation and amortization 9,075 7,683 Deferred income taxes (897) 191 Realized disposition gains in fair value changes or equity iii 634 903 Non-controlling interests on above items (12,550) (10,495) Real Estate segment disposition gains (256) 42 Real Estate segment adjustments and other, net 1 4,566 2,670 Total segments’ measures of profit or loss 2 $ 9,975 $ 9,006 1. Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Renewable Power and Transition segment. 2. Comprised of DE from our Asset Management and Insurance Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment. iii. 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 an entity which was consolidated before and after the respective transaction. Within FFO, the realized disposition gains recorded in fair value changes, revaluation surplus or directly in equity were $634 million for the year ended December 31, 2023 (2022 – $903 million), of which $569 million relates to prior periods (2022 – $794 million), and a gain of $65 million has been recorded in fair value changes (2022 – $109 million). d) Geographic Allocation The company’s revenues by location are as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 U.S. $ 28,257 $ 24,724 U.K. 23,432 25,090 Canada 10,036 10,752 Australia 6,079 6,041 Brazil 5,778 5,294 India 2,983 2,743 Colombia 2,373 2,135 Germany 2,192 1,909 Other Europe 9,501 9,084 Other Asia 2,992 3,042 Other 2,301 1,955 $ 95,924 $ 92,769 The company’s consolidated assets by location are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 U.S. $ 211,947 $ 206,714 Canada 50,899 50,894 U.K. 36,289 31,940 Brazil 29,306 25,500 Australia 27,599 27,068 India 23,093 19,521 Germany 15,636 12,262 Colombia 13,344 10,567 Other Europe 45,583 31,713 Other Asia 21,149 14,655 Other 15,250 10,450 $ 490,095 $ 441,284 |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES | SUBSIDIARIES The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2023 2022 Brookfield Asset Management ULC (“BAM”) British Columbia 25.0 % 25.0 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 54.6 % 51.7 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 73.9 % 72.9 % Brookfield Business Partners L.P. (“BBU”) 5 Bermuda 34.5 % 34.8 % 1. Control and associated voting rights of the limited partnerships (BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by non-controlling interests represents the combined units not held in BEP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by non-controlling interests represents the combined units not held in BIP and Brookfield Infrastructure Corporation (“BIPC”). 5. Ownership interest held by non-controlling interests represents the combined units not held in BBU and Brookfield Business Corporation (“BBUC”). The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2023: NYSE TSX BEP BEP BEP.UN BIP BIP BIP.UN BBU BBU BBU.UN The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2023 2022 BAM $ 2,247 $ 2,377 BEP 25,677 21,651 BIP 31,479 23,030 BBU 15,241 16,026 BPG 1 35,314 29,321 Individually immaterial subsidiaries with non-controlling interests 12,507 5,733 $ 122,465 $ 98,138 1. This balance represents non-controlling interests within the consolidated funds of Brookfield Properties Group (“BPG”). All publicly listed subsidiaries are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations: BAM BEP BIP BBU BPG AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Current assets $ 5,455 $ 5,690 $ 4,610 $ 4,183 $ 7,979 $ 6,686 $ 14,885 $ 18,312 $ 14,950 $ 15,626 Non-current assets 6,973 6,820 71,518 59,928 92,805 66,283 67,500 71,186 168,744 162,198 Current liabilities (2,302) (2,093) (8,038) (4,943) (11,705) (8,377) (14,355) (16,954) (49,286) (41,653) Non-current liabilities (1,096) (915) (38,111) (32,882) (55,063) (39,038) (49,498) (54,079) (68,538) (74,982) Non-controlling interests (2,247) (2,377) (25,677) (21,651) (31,479) (23,030) (15,241) (16,026) (35,314) (29,321) Equity attributable to Brookfield $ 6,783 $ 7,125 $ 4,302 $ 4,635 $ 2,537 $ 2,524 $ 3,291 $ 2,439 $ 30,556 $ 31,868 Revenues $ 3,569 $ 3,375 $ 5,038 $ 4,711 $ 17,931 $ 14,427 $ 55,068 $ 57,545 $ 15,034 $ 13,835 Net income (loss) attributable to: Non-controlling interests $ 433 $ 442 $ 684 $ 327 $ 1,391 $ 1,350 $ 2,865 $ 275 $ (551) $ 2,639 Shareholders 1,269 2,276 (68) (189) 57 25 912 80 (1,033) 496 $ 1,702 $ 2,718 $ 616 $ 138 $ 1,448 $ 1,375 $ 3,777 $ 355 $ (1,584) $ 3,135 Other comprehensive income (loss) attributable to: Non-controlling interests $ 4 $ (8) $ 1,400 $ 1,868 $ 778 $ 39 $ 258 $ (297) $ 459 $ 356 Shareholders 11 (24) 20 622 101 109 30 (97) 420 13 $ 15 $ (32) $ 1,420 $ 2,490 $ 879 $ 148 $ 288 $ (394) $ 879 $ 369 The summarized cash flows of the company’s subsidiaries with significant non-controlling interests are as follows: BAM 1 BEP BIP BBU BPG FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Cash flows from (used in): Operating activities $ 1,439 $ (374) $ 1,865 $ 1,711 $ 4,078 $ 3,131 $ 2,130 $ 1,011 $ (786) $ (1,657) Financing activities (475) 1,706 2,596 3,489 9,419 56 (4,371) 18,070 4,135 6,871 Investing activities (1,842) (280) (4,356) (5,066) (12,990) (3,365) 2,537 (18,721) (6,556) (3,756) Distributions paid to non-controlling interests in common equity $ 526 $ — $ 503 $ 477 $ 868 $ 810 $ 19 $ 19 $ — $ — 1. Brookfield Finance Inc. (“BFI”) was incorporated on March 31, 2015 under the Business Corporations Act (Ontario) and is a subsidiary of the Corporation. Historically, we have also issued debt securities through other subsidiaries, including Brookfield Finance LLC (“BFL”) and Brookfield Finance I (UK) PLC (“BF U.K.”). As at December 31, 2023, BFI is the issuer of the following series of notes (together with BFL and BF U.K. as co-obligors, as noted below): • $500 million of 4.25% notes due in 2026; • $550 million of 4.70% notes due in 2047; • $350 million of 4.70% notes due in 2047; • $650 million of 3.90% notes due in 2028; • $200 million of 4.00% notes due in 2024 (BFL co-obligor); • $1.0 billion of 4.85% notes due in 2029; • $600 million of 4.35% notes due in 2030; • $150 million of 4.35% notes due in 2030; • $500 million of 3.50% notes due in 2051; • $400 million of 4.625% subordinated notes due in 2080; • $500 million of 2.724% notes due in 2031; • $250 million of 3.50% notes due in 2051; • $400 million of 3.90% notes due in 2028; • $400 million of 3.625% notes due in 2052; • $700 million of 6.35% notes due in 2034; • $600 million of 3.45% notes due in 2050 (BFL co-obligor); and • $600 million of 2.34% notes due in 2032 (BF U.K. co-obligor). Subsequent to year-end, BFI issued $750 million of 5.968% notes due in 2054. In addition, Brookfield Finance II Inc. (“BFI II”) is the issuer of C$1.0 billion of 5.431% notes due in 2032, Brookfield Capital Finance LLC (the “US LLC Issuer”) is the issuer of $550 million of 6.087% notes due in 2033, and BF U.K. is the issuer of $230 million of 4.50% perpetual subordinated notes. BFL is a Delaware limited liability company formed on February 6, 2017 and is a subsidiary of the Corporation. The US LLC Issuer is a Delaware limited liability company formed on August 12, 2022 and a subsidiary of the Corporation. BFI II was incorporated on September 24, 2020 under the Business Corporations Act (Ontario) and is a 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 a subsidiary of the Corporation. BF U.K. (collectively with BFI, BFI II, BFL, BF AUS, and the US LLC Issuer, the “Debt Issuers”) was incorporated on September 25, 2020 under the U.K. Companies Act 2006 and is a 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 a subsidiary of the Corporation. The Debt Issuers are consolidated subsidiaries of the Corporation that may offer and sell debt securities. BFL II is a consolidated subsidiary of the Corporation that may offer and sell preferred shares representing limited liability company interests. Any debt securities issued by the Debt Issuers are, or will be, fully and unconditionally guaranteed as to payment of principal, premium (if any), interest and certain other amounts by the Corporation. Any preferred shares representing limited liability company interests issued by BFL II will be fully and unconditionally guaranteed as to payment of distributions when due, amounts due on redemption, and amounts due on the liquidation, dissolution or winding-up of BFL II, in each case by the Corporation. The US LLC Issuer, 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 December 31, 2023, C$26 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., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,787 $ 312 $ 24 $ — $ — $ — $ 15 $ 24 $ 188 $ 104,516 $ (11,942) $ 95,924 Net income (loss) attributable to shareholders 1,130 (27) (17) — — — 15 — 34 8,348 (8,353) 1,130 Total assets 77,567 10,813 757 — — — 160 552 4,165 561,498 (165,417) 490,095 Total liabilities 31,790 8,793 752 2 — — 1 549 3,546 320,691 (44,271) 321,853 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,491 $ 284 $ 2 $ 30 $ — $ — $ 35 $ — $ 507 $ 111,633 $ (22,213) $ 92,769 Net income (loss) attributable to shareholders 2,056 (8) — — — — 11 — 487 18,598 (19,088) 2,056 Total assets 71,514 9,769 740 16 — — 232 — 4,170 492,799 (137,956) 441,284 Total liabilities 27,761 8,544 737 6 — — 4 — 3,520 297,397 (38,576) 299,393 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
ACQUISITIONS OF CONSOLIDATED EN
ACQUISITIONS OF CONSOLIDATED ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES a) Completed During 2023 The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2023 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis: AS AT DEC. 31, 2023 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Total Cash and cash equivalents $ 228 $ 921 $ 22 $ 1,171 Accounts receivable and other 585 1,475 10 2,070 Other financial assets 47 1,519 1 1,567 Assets classified as held for sale 293 — — 293 Investment properties — 3,244 — 3,244 Property, plant and equipment 7,200 8,964 240 16,404 Intangible assets 8 4,020 83 4,111 Goodwill 1,674 5,334 203 7,211 Deferred income tax assets 97 — — 97 Total assets 10,132 25,477 559 36,168 Less: Accounts payable and other (1,944) (1,500) (46) (3,490) Liabilities associated with assets classified as held for sale (138) — — (138) Non-recourse borrowings (2,868) (9,084) — (11,952) Deferred income tax liabilities (333) (1,558) (47) (1,938) Non-controlling interests 1 (414) — (1) (415) Preferred equity — (641) — (641) (5,697) (12,783) (94) (18,574) Net assets acquired 2 $ 4,435 $ 12,694 $ 465 $ 17,594 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Brookfield recorded $3.1 billion of revenue and $464 million of net income in 2023 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $5.1 billion and $644 million to total revenues and net income, respectively. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2023 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. Infrastructure Renewable Power and Transition AS AT DEC. 31, 2023 (MILLIONS) HomeServe Triton Data4 X-Elio Deriva Banks Cash and cash equivalents $ 205 $ 491 $ 189 $ 42 $ 88 $ 60 Accounts receivable and other 806 376 284 53 328 27 Other financial assets 21 1,495 3 1 38 8 Assets classified as held for sale — — — 293 — — Investment properties — — 3,244 — — — Property, plant and equipment 118 8,811 35 1,160 4,024 995 Intangible assets 2,827 710 6 — — — Goodwill 3,337 1,163 808 1,333 — 159 Deferred income tax assets — — — 75 — — Total assets 7,314 13,046 4,569 2,957 4,478 1,249 Less: Accounts payable and other (792) (406) (260) (126) (1,561) (142) Liabilities associated with assets classified as held for sale — — — (138) — — Non-recourse borrowings (1,006) (7,041) (845) (795) (1,092) (297) Deferred income tax liabilities (613) (446) (416) (105) (29) (151) Non-controlling interests 1 — — — — (343) (34) Preferred equity — (641) — — — — (2,411) (8,534) (1,521) (1,164) (3,025) (624) Net assets acquired 2 $ 4,903 $ 4,512 $ 3,048 $ 1,793 $ 1,453 $ 625 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Infrastructure On January 4, 2023, a subsidiary of the company, alongside institutional partners, completed the acquisition of HomeServe PLC (“HomeServe”), a residential infrastructure business operating in North America and Europe. The subsidiary has an effective 26% and 25% interest in HomeServe’s North American and European businesses, respectively. The total consideration paid for the business was $4.9 billion. Goodwill of $3.3 billion was recognized, which is not deductible for tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $2.3 billion and $36 million, respectively. On August 1, 2023, a subsidiary of the company, alongside institutional partners, completed the acquisition of Data4 Group (“Data4”), a high-quality European hyperscale data center platform. The subsidiary has an effective 19% interest in Data4. The total consideration paid for the business was $3.0 billion. Goodwill of $808 million was recognized, which is not deductible for income tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $364 million and $47 million, respectively. On September 28, 2023, a subsidiary of the company, alongside institutional partners completed the acquisition of Triton International Limited (“Triton”), the world’s largest owner and lessor of intermodal shipping containers. The subsidiary has an effective 28% interest in Triton. The total consideration for the business was $4.5 billion. Goodwill of $1.2 billion was recognized, which is not deductible for tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $1.6 billion and $407 million, respectively. Renewable Power and Transition On October 10, 2023, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 100% interest in X-Elio Energy S.L. (“X-Elio”), a global solar development platform headquartered in Spain. The transaction was acquired in stages and was accounted for as a business combination as of the date on which control was attained. The total consideration paid for the business was $1.8 billion, comprising of $893 million of debt and an existing 50% interest valued at $900 million. Goodwill of $1.3 billion was recognized, which is not deductible for income tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $58 million and $77 million, respectively. On October 25, 2023, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in Deriva Energy (“Deriva”), a U.S. renewable portfolio. The total consideration paid for the business was $1.1 billion. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $401 million and $263 million, respectively. On December 14, 2023, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in Banks Renewables (“Banks”), a U.K. renewable developer. The total consideration paid for the business was $625 million. Goodwill of $159 million was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $100 million and $35 million, respectively. b) Completed During 2022 The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2022. No material changes were made to those allocations disclosed in the 2022 consolidated financial statements. AS AT DEC. 31, 2022 (MILLIONS) Private Equity Real Estate (LP Investments) 3 Renewable Power and Transition Infrastructure and Other Total Cash and cash equivalents $ 953 $ 605 $ 85 $ 7 $ 1,650 Accounts receivable and other 1,446 302 379 10 2,137 Other financial assets 4,558 188 12 11 4,769 Inventory 485 5 31 2 523 Equity accounted investments 461 222 — 683 Investment properties — 9,805 — — 9,805 Property, plant and equipment 1,502 3,224 3,087 160 7,973 Intangible assets 11,594 82 302 11,978 Goodwill 8,155 456 691 279 9,581 Deferred income tax assets 62 — 10 1 73 Total assets 29,216 14,889 4,295 772 49,172 Less: Accounts payable and other (2,300) (795) (1,201) (55) (4,351) Non-recourse borrowings (4,924) (3,707) (424) (52) (9,107) Deferred income tax liabilities (1,911) (878) (50) (18) (2,857) Non-controlling interests 1 (96) (1,788) (32) (64) (1,980) (9,231) (7,168) (1,707) (189) (18,295) Net assets acquired 2 $ 19,985 $ 7,721 $ 2,588 $ 583 $ 30,877 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. 3. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Brookfield recorded $4.0 billion of revenue and $528 million of net loss in 2022 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $8.1 billion and $344 million to total revenues and net loss, respectively. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2022 . No material changes were made to those allocations disclosed in the 2022 consolidated financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS a) Financial Instruments Classification The following tables list the company’s financial instruments by their respective classification as at December 31, 2023 and 2022: AS AT DEC. 31, 2023 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 11,222 $ 11,222 Other financial assets Government bonds — 1,600 — 1,600 Corporate bonds 866 1,573 2 2,441 Fixed income securities and other 4,451 1,865 2,882 9,198 Common shares and warrants 3,354 1,827 — 5,181 Loans and notes receivable 63 — 9,841 9,904 8,734 6,865 12,725 28,324 Accounts receivable and other 2 2,615 — 16,849 19,464 $ 11,349 $ 6,865 $ 40,796 $ 59,010 Financial liabilities Corporate borrowings $ — $ — $ 12,160 $ 12,160 Non-recourse borrowings of managed entities Property-specific borrowings — — 205,336 205,336 Subsidiary borrowings — — 16,214 16,214 — — 221,550 221,550 Accounts payable and other 2 8,387 — 41,622 50,009 Subsidiary equity obligations 263 — 3,882 4,145 $ 8,650 $ — $ 279,214 $ 287,864 1. Financial assets include $9.4 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $2.1 billion included in accounts receivable and other and $3.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2022 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 14,396 $ 14,396 Other financial assets Government bonds — 1,566 — 1,566 Corporate bonds 426 1,717 4 2,147 Fixed income securities and other 4,170 1,798 2,794 8,762 Common shares and warrants 4,953 1,519 — 6,472 Loans and notes receivable 53 — 7,899 7,952 9,602 6,600 10,697 26,899 Accounts receivable and other 2 3,749 — 16,131 19,880 $ 13,351 $ 6,600 $ 41,224 $ 61,175 Financial liabilities Corporate borrowings $ — $ — $ 11,390 $ 11,390 Non-recourse borrowings of managed entities Property-specific borrowings — — 187,544 187,544 Subsidiary borrowings — — 15,140 15,140 — — 202,684 202,684 Accounts payable and other 2 6,895 — 41,664 48,559 Subsidiary equity obligations 1,114 — 3,074 4,188 $ 8,009 $ — $ 258,812 $ 266,821 1. Financial assets include $14.0 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $3.0 billion included in accounts receivable and other and $2.1 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. Gains or losses arising from changes in fair value through profit or loss (“FVTPL”) financial assets are presented in the Consolidated Statements of Operations in the period in which they arise. Dividends from FVTPL and fair value through other comprehensive income (“FVTOCI”) financial assets are recognized in the Consolidated Statements of Operations when the company’s right to receive payment is established. Interest on FVTOCI financial assets is calculated using the effective interest method and reported in the Consolidated Statements of Operations. FVTOCI debt and equity securities are recorded on the balance sheet at fair value with changes in FVTOCI. As at December 31, 2023, the unrealized gains and losses relating to the fair value of FVTOCI securities amounted to $500 million (2022 – $78 million) and $278 million (2022 – $1.1 billion), respectively. During the year ended December 31, 2023, net deferred income of $27 million (2022 – $10 million) previously recognized in accumulated other comprehensive income was reclassified to net income as a result of the disposition or impairment of certain of our FVTOCI financial assets that are not equity instruments. Included in cash and cash equivalents is cash of $8.8 billion (2022 – $12.0 billion) and short-term deposits of $2.4 billion (2022 – $2.4 billion) as at December 31, 2023. b) Carrying and Fair Value The following table lists the company’s financial instruments by their respective classification as at December 31, 2023 and 2022: 2023 2022 AS AT DEC. 31 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 11,222 $ 11,222 $ 14,396 $ 14,396 Other financial assets Government bonds 1,600 1,600 1,566 1,566 Corporate bonds 2,441 2,441 2,147 2,147 Fixed income securities and other 9,198 9,198 8,762 8,762 Common shares and warrants 5,181 5,181 6,472 6,472 Loans and notes receivable 9,904 9,904 7,952 7,952 28,324 28,324 26,899 26,899 Accounts receivable and other 19,464 19,464 19,880 19,880 $ 59,010 $ 59,010 $ 61,175 $ 61,175 Financial liabilities Corporate borrowings $ 12,160 $ 11,350 $ 11,390 $ 9,599 Non-recourse borrowings of managed entities Property-specific borrowings 205,336 205,003 187,544 184,254 Subsidiary borrowings 16,214 16,030 15,140 14,708 221,550 221,033 202,684 198,962 Accounts payable and other 50,009 50,009 48,559 48,559 Subsidiary equity obligations 4,145 4,145 4,188 4,188 $ 287,864 $ 286,537 $ 266,821 $ 261,308 The current and non-current balances of other financial assets are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 5,670 $ 7,565 Non-current 22,654 19,334 Total $ 28,324 $ 26,899 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: 2023 2022 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 25 $ 1,575 $ — $ 91 $ 1,475 $ — Corporate bonds — 1,662 777 65 1,754 324 Fixed income securities and other 455 958 4,903 493 2,099 3,376 Common shares and warrants 857 1,309 3,015 3,975 377 2,120 Loans and notes receivables — 46 17 22 26 5 1,337 5,550 8,712 4,646 5,731 5,825 Accounts receivable and other 6 2,520 89 12 3,731 6 $ 1,343 $ 8,070 $ 8,801 $ 4,658 $ 9,462 $ 5,831 Financial liabilities Accounts payable and other $ 9 $ 5,119 $ 3,259 $ 7 $ 4,469 $ 2,419 Subsidiary equity obligations 4 — 259 — 441 673 $ 13 $ 5,119 $ 3,518 $ 7 $ 4,910 $ 3,092 Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2023 Valuation Techniques and Key Inputs Other financial assets $ 5,550 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 2,520 / (5,119) 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 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 Valuation Significant Relationship of Unobservable Corporate bonds $ 777 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 4,903 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 3,015 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) 89 / (3,259) 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) (259) 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 years ended December 31, 2023 and 2022 : 2023 2022 AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial Financial Financial Financial Balance, beginning of year $ 5,831 $ 3,092 $ 2,232 $ 2,714 Fair value changes in net income 317 (444) 95 (394) Fair value changes in other comprehensive income (loss) 1 654 (108) (13) (3) Transfers in 773 — 460 — Transfers out (44) (56) — — Additions, net of disposals 1,270 1,034 3,057 775 Balance, end of year $ 8,801 $ 3,518 $ 5,831 $ 3,092 1. Includes foreign currency translation. During the year ended December 31, 2023, $773 million of direct investments in equity securities within our Asset Management segment were transferred from Level 2 to Level 3 of the fair value hierarchy due to the implied price or cost previously used in the fair valuation of the investments not being observable due to minimal market activity for the securities. No other significant transfers were made between Levels 1, 2, or 3 during the year ended December 31, 2023. During the year ended December 31, 2022, there was a transfer of $460 million to Level 3 of the fair value hierarchy, reflecting a change in valuation technique to a discounted cash flow approach driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates. No other transfers were made between Levels 1, 2, or 3 during the year ended December 31, 2022. The following table categorizes financial liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels: 2023 2022 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Corporate borrowings $ 11,280 $ 70 $ — $ 9,524 $ 75 $ — Property-specific borrowings 8,526 108,076 88,401 6,742 87,764 89,748 Subsidiary borrowings 7,527 — 8,503 7,547 2,100 5,061 Subsidiary equity obligations — 1,211 2,671 — 689 2,385 Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows. d) Hedging Activities The company uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest, currency, credit and other market risks. Derivative financial instruments are recorded at fair value. For certain derivatives which are used to manage exposures, the company determines whether hedge accounting can be applied. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and liabilities, respectively. i. Cash Flow Hedges The company uses the following cash flow hedges: energy derivative contracts to hedge the sale of power; interest rate swaps to hedge the variability in cash flows or future cash flows related to a variable rate asset or liability; and equity derivatives to hedge long-term compensation arrangements. For the year ended December 31, 2023, pre-tax net unrealized loss of $754 million (2022 – $2.1 billion of gains) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2023, there was an unrealized derivative asset balance of $1.0 billion (2022 – $1.6 billion liability) relating to derivative contracts designated as cash flow hedges. ii. Net Investment Hedges The company uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2023, unrealized pre-tax net loss of $1.2 billion (2022 – $3.0 billion of gains) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2023, there was an unrealized derivative liability balance of $2.2 billion (2022 – $756 million) relating to derivative contracts designated as net investment hedges. e) Netting of Financial Instruments Financial assets and liabilities are offset with the net amount reported in the Consolidated Balance Sheets, where the company currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The company enters into derivative transactions under International Swaps and Derivatives Association (“ISDA”) master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day are aggregated into a single net amount that is payable by one party to the other. The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements: Accounts Receivable and Other Accounts Payable and Other AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Gross amounts of financial instruments before netting $ 3,204 $ 4,638 $ 5,305 $ 4,703 Gross amounts of financial instruments set-off in the Consolidated Balance Sheets (589) (889) (506) (861) Net amounts of financial instruments in the Consolidated Balance Sheets $ 2,615 $ 3,749 $ 4,799 $ 3,842 |
ACCOUNTS RECEIVABLE AND OTHER
ACCOUNTS RECEIVABLE AND OTHER | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS RECEIVABLE AND OTHER | ACCOUNTS RECEIVABLE AND OTHER AS AT DEC. 31 (MILLIONS) Note 2023 2022 Accounts receivable (a) $ 14,879 $ 14,155 Prepaid expenses and other assets 11,363 10,557 Restricted cash (b) 2,270 2,666 Total $ 28,512 $ 27,378 The current and non-current balances of accounts receivable and other are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 20,263 $ 19,489 Non-current 8,249 7,889 Total $ 28,512 $ 27,378 a) Accounts Receivable Accounts receivable includes contract assets of $451 million (2022 – $703 million). Contract assets primarily relate to work-in-progress on our long-term construction services contracts for which customers have not yet been billed. b) Restricted Cash Restricted cash primarily relates to the financing arrangements including defeasement of debt obligations, debt service accounts and deposits held by the company’s insurance operations across our segments. |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
INVENTORY | INVENTORY The following table presents the components of inventory: AS AT DEC. 31 (MILLIONS) 2023 2022 Industrial products $ 2,303 $ 2,911 Residential properties under development 2,109 1,558 Land held for development 1,715 1,895 Completed residential properties 1,396 2,342 Other 1 3,889 4,137 Total $ 11,412 $ 12,843 1. As at December 31, 2023, the significant components of other inventory are fuel inventory of $597 million (2022 – $850 million) and logistics buildings of $773 million (2022 – $575 million). The current and non-current balances of inventory are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 7,060 $ 9,108 Non-current 4,352 3,735 Total $ 11,412 $ 12,843 During the year ended December 31, 2023, the company recognized $41.9 billion of inventory relating to cost of goods sold (2022 – $44.1 billion) and a $315 million expense for impaired inventory (2022 – $110 million). The carrying amount of inventory pledged as collateral as at December 31, 2023 was $5.4 billion (2022 – $7.1 billion). |
HELD FOR SALE
HELD FOR SALE | 12 Months Ended |
Dec. 31, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
HELD FOR SALE | HELD FOR SALE The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2023 and 2022: AS AT DEC. 31 (MILLIONS) Real Estate (Core and Transitional & Development) 1 Real Estate (LP Investments) 1 Private Equity 2023 Total 2022 Total Assets Cash and cash equivalents $ 2 $ 9 $ — $ 11 $ 46 Accounts receivable and other 48 31 — 79 154 Equity accounted investments — 132 — 132 407 Investment properties 1,376 765 — 2,141 388 Property, plant and equipment — 11 101 112 1,027 Intangible assets — — 10 10 712 Goodwill — — — — 32 Other long-term assets — — — — 61 Deferred income tax assets — — 4 4 3 Assets classified as held for sale $ 1,426 $ 948 $ 115 $ 2,489 $ 2,830 Liabilities Accounts payable and other $ 57 $ 38 $ 17 $ 112 $ 304 Non-recourse borrowings of managed entities — — 4 4 569 Deferred income tax liabilities — — 2 2 3 Liabilities associated with assets classified as held for sale $ 57 $ 38 $ 23 $ 118 $ 876 1. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. As at December 31, 2023, assets held for sale primarily relate to five office assets, four malls, two hotels, and one logistics asset, all in the U.S. During the year, we disposed of $5.2 billion and $1.9 billion of assets and liabilities, respectively, primarily related to the sales of: • Five hospitality assets and five malls in the U.S. and certain office assets across Europe, U.S. and Australia in our Real Estate segment and our real estate LP portfolio included within our Asset Management segment; • A 378 MW operating hydroelectric portfolio and wind assets in the U.S., as well as a portfolio of non-core wind and solar assets in Uruguay within our Renewable Power and Transition segment; • Our Indian toll roads operation and our 50% interest in a freeland port in Victoria, Australia, within our Infrastructure segment; and • Our North American road fuels operation and a non-core division in our dealer software and technology services within our Private Equity segment. |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest 1 Carrying Value AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Renewable Power and Transition Associates Sustainable solutions 4 – 51% 8 – 49% $ 2,586 $ 251 Other 8 – 65% 3 – 65% 2,325 2,010 4,911 2,261 Infrastructure Associates Utilities 50% 8 – 38% 783 1,244 Transport 26 – 58% 26 – 58% 1,799 1,772 Data 26 – 49% 3% 6,023 1,719 Other 11 – 65% 22 – 50% 179 297 Joint ventures Utilities 50% 15 – 49% 1,200 1,117 Transport 21 – 50% 6 – 31% 2,599 2,367 Midstream 25% 20 – 38% 461 757 Data 49 – 50% 12 – 50% 4,042 2,571 17,086 11,844 Private Equity Associates Industrial operations 13 – 54% 9 – 54% 553 1,471 Other 14 – 50% 14 – 50% 2,950 1,790 3,503 3,261 Real Estate Associates Transitional and development 25 – 27% 26 – 50% 96 485 Joint ventures Core 22 – 56% 22 – 56% 10,702 10,794 Transitional and development 5 – 60% 9 – 68% 7,394 7,625 18,192 18,904 Insurance Solutions 2 71% 82% 4,411 1,027 Asset Management and Other Associates Oaktree 68 % 64 % 6,974 5,927 Real estate LP Investments 3 16 – 50% 16 – 31% 258 41 Joint ventures Real estate LP Investments 3 18 – 93% 6 – 98% 3,387 3,319 Other equity accounted investments 25 – 85% 12 – 85% 402 510 11,021 9,797 Total $ 59,124 $ 47,094 1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate Insurance Solutions 2 Asset Management and Other 3 2023 Total 2022 Total Balance, beginning of year $ 2,261 $ 11,844 $ 3,261 $ 18,904 $ 1,027 $ 9,797 $ 47,094 $ 46,100 Additions, net of disposals 1 2,367 4,625 293 (134) 2,518 1,129 10,798 1,284 Acquisitions through business combinations 44 — — — — — 44 682 Share of comprehensive income (loss) 200 1,093 119 (114) 936 521 2,755 2,465 Distributions received — (736) (187) (259) (38) (408) (1,628) (2,334) Return of capital (62) — — (381) — (37) (480) (432) Foreign currency translation 101 260 17 176 (32) 19 541 (671) Balance, end of year $ 4,911 $ 17,086 $ 3,503 $ 18,192 $ 4,411 $ 11,021 $ 59,124 $ 47,094 1. Includes assets sold and amounts reclassified to held for sale. 2. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3. Asset Management equity accounted investments primarily relate to Oaktree and real estate LP investments. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Additions, net of disposals, of $10.8 billion during the year included the acquisition of our equity accounted investment in our nuclear technology services operation in our Renewable Power and Transition segment from Brookfield Business Partners L.P., a subsidiary of the Corporation. In connection with this transaction, the Corporation recognized gains of $3.9 billion in other income and gains within net income upon loss of control due to the disposition of our nuclear technology services operation. Acquisitions, net of disposals, also included the acquisition of our equity accounted investment in our North American hyperscale data center platform and a German telecom tower business in our Infrastructure segment, the additional ownership interest acquired in Oaktree in our Asset Management segment, and capital contributions to Brookfield Reinsurance Ltd. in our Insurance Solutions segment. Our equity accounted investments balance also increased due to our proportionate share of comprehensive income earned by our equity accounted investments. The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures: 2023 2022 AS AT DEC. 31 (MILLIONS) Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Renewable Power and Transition Associates Sustainable solutions $ 2,862 $ 13,952 $ 2,623 $ 6,055 $ 322 $ 2,569 $ 203 $ 938 Other 2,336 12,692 2,030 6,568 3,841 12,309 3,172 7,187 Infrastructure Associates Utilities 208 2,563 74 1,132 363 15,744 364 8,588 Transport 1,641 12,862 2,065 6,994 1,318 12,033 2,259 5,919 Data 1,061 42,547 2,725 21,996 438 8,659 564 4,793 Other 134 1,032 94 321 118 1,362 92 357 Joint ventures Utilities 437 6,025 337 4,177 372 6,167 366 4,088 Transport 239 10,563 148 6,131 237 10,054 118 6,029 Midstream 226 6,143 190 4,058 232 6,279 226 4,067 Data 355 8,272 188 3,883 1,009 6,640 647 3,640 Private Equity Associates Industrial operations 908 650 367 334 1,682 2,352 789 566 Other 3,306 10,917 2,020 6,992 2,749 7,662 1,810 5,551 Real Estate Associates Transitional and development 170 329 11 118 50 2,792 77 1,143 Joint ventures Core 2,315 39,945 3,942 16,150 1,530 40,222 1,588 17,982 Transitional and development 1,265 29,675 7,044 7,096 1,413 30,110 4,722 9,285 Insurance Solutions 1 11,930 49,494 1,654 53,646 3,500 39,999 5,324 36,718 Asset Management and Other Associates Oaktree 2,493 19,733 2,277 10,730 1,999 19,038 1,441 10,332 Real estate LP Investments 2 20 473 11 80 71 109 54 — Joint ventures Real estate LP Investments 2 2,491 9,670 1,575 4,705 1,875 11,309 1,464 5,605 Other equity accounted investments 189 220 126 52 220 709 24 225 $ 34,586 $ 277,757 $ 29,501 $ 161,218 $ 23,339 $ 236,118 $ 25,304 $ 133,013 1. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 2. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures: 2023 2022 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Revenue Net Income OCI Revenue Net Income OCI Renewable Power and Transition Associates Sustainable solutions $ 394 $ (15) $ (67) $ 363 $ 11 $ — Other 3,078 673 (355) 3,124 348 (583) Infrastructure Associates Utilities 1,136 39 (376) 1,306 32 (112) Transport 3,044 27 330 2,561 (132) 307 Data 2,272 (45) 685 815 (23) 247 Other 206 (180) (283) 173 (349) 600 Joint ventures Utilities 724 286 183 869 183 171 Transport 12,102 4,114 36 14,372 1,580 93 Midstream 924 315 188 918 220 67 Data 1,047 511 (53) 1,571 337 522 Private Equity Associates Industrial operations 2,216 80 (5) 3,462 456 9 Other 6,951 208 6 5,925 300 7 Real Estate Associates Transitional and development 26 22 — (12) 128 — Joint ventures Core 2,328 (66) (60) 1,781 1,244 174 Transitional and development 2,956 76 (30) 2,879 708 63 Insurance Solutions 1 6,785 452 484 5,101 492 (867) Asset Management and Other Associates Oaktree 1,503 475 16 1,489 579 15 Real estate LP Investments 2 40 (55) (56) 230 (6) 69 Joint ventures Real estate LP Investments 2 1,878 336 34 1,362 350 312 Other equity accounted investments 285 50 18 151 20 (38) $ 49,895 $ 7,303 $ 695 $ 48,440 $ 6,478 $ 1,056 1. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 2. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
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 YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Fair value, beginning of year $ 115,100 $ 100,865 Additions 9,278 11,580 Acquisitions through business combinations 3,244 9,805 Changes in basis of accounting 74 (274) Dispositions 1 (4,258) (4,430) Fair value changes (105) 629 Foreign currency translation and other 819 (3,075) Fair value, end of year 2 $ 124,152 $ 115,100 1. Includes amounts reclassified to held for sale. 2. As at December 31, 2023, the ending balance includes $114.8 billion (December 31, 2022 – $108.2 billion) of investment properties leased to third parties and $4.8 billion of right-of-use (“ROU”) investment properties (December 31, 2022 – $4.4 billion). Investment properties include the company’s office, retail, multifamily and other properties. Additions and acquisitions of $12.5 billion (2022 – $21.4 billion) primarily relate to the purchases of a European hyperscale data center platform in our Infrastructure segment as well as purchases of investment properties within our Real Estate segment and enhancement of existing assets during the year. Dispositions of $4.3 billion (2022 – $4.4 billion) included the sale of manufactured housing communities in the U.S., and office assets in Brazil, Canada, and the U.S. In addition, the current year includes the reclassification of certain assets held within our real estate funds to assets held for sale. Investment properties generated $6.6 billion (2022 – $6.2 billion) in rental income and incurred $4.8 billion (2022 – $2.9 billion) in direct operating expenses. Most of our investment properties are pledged as collateral for the non-recourse borrowings at their respective properties. The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2023 2022 Core $ 18,970 $ 19,267 Transitional and development 23,016 25,434 LP Investments 77,627 69,501 Other investment properties 4,539 898 $ 124,152 $ 115,100 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: 2023 2022 AS AT DEC. 31 Discount Terminal Investment Discount Terminal Capitalization Rate Investment Horizon (years) Core 6.2 % 4.8 % 11 6.2 % 4.6 % 11 Transitional and development 1 7.9 % 6.2 % 10 7.7 % 5.9 % 10 LP Investments 1 8.6 % 5.8 % 13 8.3 % 5.7 % 13 Other investment properties 2 7.4 % n/a n/a 7.5 % 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 segment and other direct investments within our Asset Management segment. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The company’s PP&E relates to the operating segments as shown below: Renewable Infrastructure (b) Private Equity (c) Real Estate (Core and Transitional & Development) 2 (d) Real Estate (LP Investments) and Other 2 (e) Total AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Costs $ 46,284 $ 34,483 $ 51,635 $ 39,440 $ 22,470 $ 21,548 $ 543 $ 562 $ 16,663 $ 16,281 $ 137,595 $ 112,314 Accumulated fair value changes 31,989 30,726 4,137 3,251 (701) (611) 50 58 2,464 1,506 37,939 34,930 Accumulated depreciation (11,922) (9,966) (7,226) (5,398) (5,934) (5,271) (248) (236) (2,587) (2,105) (27,917) (22,976) Total 1 $ 66,351 $ 55,243 $ 48,546 $ 37,293 $ 15,835 $ 15,666 $ 345 $ 384 $ 16,540 $ 15,682 $ 147,617 $ 124,268 1. As at December 31, 2023, the total includes $6.8 billion (2022 – $5.6 billion) of PP&E leased to third parties as operating leases. Our ROU PP&E assets include $757 million (2022 – $435 million) in our Renewable Power and Transition segment, $3.6 billion (2022 – $3.5 billion) in our Infrastructure segment, $1.3 billion (2022 – $1.5 billion) in our Private Equity, $86 million (2022 – $107 million) in our core and transitional and development investments within our Real Estate segment, and $1.1 billion (2022 – $1.1 billion) within our Asset Management segment, totaling $6.8 billion (2022 – $6.6 billion) of ROU assets. 2. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Renewable Power and Transition, Infrastructure, and Real Estate segments, as well as real estate LP Investments within our Asset Management segment primarily carry PP&E assets at fair value, classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs when determining fair value. The carrying amount that would have been recognized had our assets been accounted for under the cost model is $96.4 billion (2022 – $75.4 billion ). The Private Equity segment carries PP&E assets at amortized cost. As at December 31, 2023 , $92.3 billion (2022 – $88.2 billion) of PP&E, at cost, were pledged as collateral for the property debt at their respective properties. a) Renewable Power and Transition Our Renewable Power and Transition PP&E consists of the following: Hydroelectric Wind Solar and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Cost, beginning of year $ 12,480 $ 13,871 $ 11,904 $ 9,033 $ 10,099 $ 7,684 $ 34,483 $ 30,588 Additions, net of disposals and assets reclassified as held for sale 148 (542) 1,147 950 1,981 1,267 3,276 1,675 Acquisitions through business combinations — — 3,712 1,765 3,488 1,321 7,200 3,086 Foreign currency translation and other 1,028 (849) 24 156 273 (173) 1,325 (866) Cost, end of year 13,656 12,480 16,787 11,904 15,841 10,099 46,284 34,483 Accumulated fair value changes, beginning of year 25,642 23,973 3,253 2,461 1,831 1,704 30,726 28,138 Fair value changes (596) 2,681 296 1,060 (84) 162 (384) 3,903 Dispositions and assets reclassified as held for sale 49 — 6 (135) (23) — 32 (135) Foreign currency translation and other 1,558 (1,012) 59 (133) (2) (35) 1,615 (1,180) Accumulated fair value changes, end of year 26,653 25,642 3,614 3,253 1,722 1,831 31,989 30,726 Accumulated depreciation, beginning of year (5,564) (5,151) (2,861) (2,086) (1,541) (1,172) (9,966) (8,409) Depreciation expenses (667) (624) (709) (557) (499) (413) (1,875) (1,594) Dispositions and assets reclassified as held for sale 5 86 4 4 2 7 11 97 Foreign currency translation and other (106) 125 6 (222) 8 37 (92) (60) Accumulated depreciation, end of year (6,332) (5,564) (3,560) (2,861) (2,030) (1,541) (11,922) (9,966) Balance, end of year $ 33,977 $ 32,558 $ 16,841 $ 12,296 $ 15,533 $ 10,389 $ 66,351 $ 55,243 The following table presents our Renewable Power and Transition PP&E measured at fair value by geography: AS AT DEC. 31 (MILLIONS) 2023 2022 North America $ 41,636 $ 37,016 Colombia 10,585 8,264 Brazil 5,578 4,708 Europe 5,409 3,396 Asia and other 3,143 1,859 $ 66,351 $ 55,243 Renewable Power and Transition assets are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2023. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of Renewable Power and Transition assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows – primarily impacted by future electricity price assumptions • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Terminal year • Increases (decreases) in the terminal year decrease (increase) fair value • Increases (decreases) in the terminal year tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2023 and 2022 are summarized below. North America Colombia Brazil Europe AS AT DEC. 31 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate Contracted 5.1 – 5.7% 4.9 – 5.4% 8.7% 8.5 % 8.4 % 8.2 % 4.8 % 4.4 % Uncontracted 6.3 – 7.0% 6.2 – 6.7% 10.0% 9.7 % 9.7 % 9.5 % 4.8 % 4.4 % Terminal capitalization rate 1 4.4 – 5.0% 4.3 – 4.9% 8.0% 7.7 % n/a n/a n/a n/a Terminal year 2046 2044 2043 2042 2053 2051 2037 2036 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Terminal values are included in the valuation of hydroelectric assets in the U.S., Canada, and Colombia. For the hydroelectric assets in Brazil, cash flows have been included based on the duration of the authorization or useful life of a concession asset plus a one-time 30-year renewal term for the majority of the hydroelectric assets. The weighted-average remaining duration or useful life of a concession asset as at December 31, 2023, including a one-time 30-year renewal for applicable hydroelectric assets, is 34 years (2022 – 35 years). Consequently, there is no terminal value attributed to the hydroelectric assets in Brazil at the end of the authorization term. Key assumptions on contracted generation and future power pricing are summarized below: AS AT DEC. 31, 2023 Total Generation Contracted under Power Purchase Agreements Power Prices from Long-Term Power Purchase Agreements (weighted average) Estimates of Future Electricity Prices (weighted average) 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years North America (prices in US$/MWh) 55 % 19 % 78 72 91 123 Brazil (prices in R$/MWh) 76 % 40 % 313 381 279 424 Colombia (prices in COP$/MWh) 45 % 3 % 294 357 412 600 Europe (prices in €/MWh) 88 % 47 % 73 65 62 65 T he company’s estimate of future renewable power pricing is based on management’s estimate of the cost of securing new energy from renewable sources to meet future demand between 2027 and 2035 (2022 – between 2026 and 2035), which will maintain system reliability and provide adequate levels of reserve generation. b) Infrastructure Our Infrastructure PP&E consists of the following: Utilities Transport Midstream Data and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Cost, beginning of year $ 7,292 $ 7,582 $ 9,285 $ 8,999 $ 14,679 $ 14,862 $ 8,184 $ 8,326 $ 39,440 $ 39,769 Additions, net of disposals and assets reclassified as held for sale 547 345 606 642 407 780 918 561 2,478 2,328 Acquisitions through business combinations 118 108 8,811 — — — 35 53 8,964 161 Foreign currency translation and other 321 (743) 164 (356) 319 (963) (51) (756) 753 (2,818) Cost, end of year 8,278 7,292 18,866 9,285 15,405 14,679 9,086 8,184 51,635 39,440 Accumulated fair value changes, beginning of year 1,624 1,626 1,104 1,045 523 408 — (2) 3,251 3,077 Disposition and assets reclassified as held for sale — — — — — — — — — — Fair value changes 143 176 330 112 312 118 — — 785 406 Foreign currency translation and other 127 (178) (24) (53) (2) (3) — 2 101 (232) Accumulated fair value changes, end of year 1,894 1,624 1,410 1,104 833 523 — — 4,137 3,251 Accumulated depreciation, beginning of year (1,456) (1,272) (2,040) (1,668) (982) (622) (920) (629) (5,398) (4,191) Depreciation expenses (392) (326) (601) (468) (557) (418) (419) (384) (1,969) (1,596) Dispositions and assets reclassified as held for sale 72 21 82 9 30 11 90 41 274 82 Foreign currency translation and other (60) 121 (46) 87 (29) 47 2 52 (133) 307 Accumulated depreciation, end of year (1,836) (1,456) (2,605) (2,040) (1,538) (982) (1,247) (920) (7,226) (5,398) Balance, end of year $ 8,336 $ 7,460 $ 17,671 $ 8,349 $ 14,700 $ 14,220 $ 7,839 $ 7,264 $ 48,546 $ 37,293 Infrastructure’s PP&E assets are accounted for under the revaluation model, and the most recent date of revaluation was December 31, 2023. The utilities assets consist of regulated transmission and regulated distribution networks, which are operated primarily under regulated rate base arrangements. In the transport operations, the PP&E assets consist of railroads, toll roads and ports. PP&E assets in the midstream operations are comprised of energy transmission, distribution and storage. Data PP&E include mainly telecommunications towers, fiber optic networks and data storage assets. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport, midstream and data assets. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization multiple • Increases (decreases) in terminal capitalization multiple increases (decreases) fair value • Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year Key valuation metrics of the company’s utilities, transport, and midstream assets at the end of 2023 and 2022 are summarized below. Utilities Transport Midstream AS AT DEC. 31 2023 2022 2023 2022 2023 2022 Discount rates 8 – 11% 7 – 11% 9% 8 – 14% 15% 15% Terminal capitalization multiples 15x 18x 8 – 20x 9 – 15x 10x 10x Investment horizon 10 – 20 yrs 10 – 20 yrs 10 yrs 10 yrs 6 yrs 5 – 10 yrs c) Private Equity Private Equity PP&E primarily includes assets owned by the company’s Private Equity segment. These assets are accounted for under the cost model, which requires the assets to be carried at cost less accumulated depreciation and any accumulated impairment losses. The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses: Cost Accumulated Impairment Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 21,548 $ 19,781 $ (611) $ (795) $ (5,271) $ (4,036) $ 15,666 $ 14,950 Additions/(dispositions) 1 , net of assets reclassified as held for sale (137) 1,372 93 38 1,469 340 1,425 1,750 Acquisitions through business combinations 239 1,349 — — — — 239 1,349 Foreign currency translation and other 820 (954) (9) 5 (234) 151 577 (798) Depreciation expenses — — — — (1,898) (1,726) (1,898) (1,726) Impairment charges — — (174) 141 — — (174) 141 Balance, end of year $ 22,470 $ 21,548 $ (701) $ (611) $ (5,934) $ (5,271) $ 15,835 $ 15,666 1. For accumulated impairment and accumulated depreciation, (additions)/dispositions. d) Real Estate (Core and Transitional & Development) Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 562 $ 582 $ 58 $ 38 $ (236) $ (227) $ 384 $ 393 Additions/(dispositions) 1 , net of assets reclassified as held for sale (19) 4 — — 30 16 11 20 Foreign currency translation and other — (24) 24 — 1 22 25 (2) Fair value changes — — (32) 20 — — (32) 20 Depreciation expenses — — — — (43) (47) (43) (47) Balance, end of year $ 543 $ 562 $ 50 $ 58 $ (248) $ (236) $ 345 $ 384 1. For accumulated depreciation, (additions)/dispositions. The company’s Real Estate core and transitional and development PP&E assets include assets accounted for under the revaluation model, with the most recent revaluation as at December 31, 2023. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of Real Estate assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. e) Real Estate LP Investments and Other PP&E within the segment primarily consists of our hospitality portfolio within our real estate LP investments, accounted for under the revaluation model, with the most recent revaluation as at December 31, 2023. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of the assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses: Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 16,281 $ 12,288 $ 1,506 $ 616 $ (2,105) $ (1,730) $ 15,682 $ 11,174 Additions/(dispositions) 1 , net of assets reclassified as held for sale 613 1,269 (34) 31 106 75 685 1,375 Acquisitions through business combinations — 3,377 — — — — — 3,377 Foreign currency translation and other (231) (653) 86 (36) 72 148 (73) (541) Fair value changes — — 976 1,019 — — 976 1,019 Depreciation expenses — — — — (660) (598) (660) (598) Impairment charges — — (70) (124) — — (70) (124) Balance, end of year $ 16,663 $ 16,281 $ 2,464 $ 1,506 $ (2,587) $ (2,105) $ 16,540 $ 15,682 1. For accumulated depreciation, (additions)/dispositions. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of intangible assets [text block] | INTANGIBLE ASSETS The following table presents a continuity of the company’s intangible assets: Cost Accumulated Amortization and Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 44,409 $ 34,810 $ (5,998) $ (4,201) $ 38,411 $ 30,609 Additions 899 746 — — 899 746 Disposals 1 (3,989) (2,434) 1,243 259 (2,746) (2,175) Acquisitions through business combinations 4,096 12,011 — 2 4,096 12,013 Amortization — — (2,653) (2,138) (2,653) (2,138) Foreign currency translation 1,177 (724) (190) 80 987 (644) Balance, end of year $ 46,592 $ 44,409 $ (7,598) $ (5,998) $ 38,994 $ 38,411 1. Includes assets sold and amounts reclassified to held for sale. Intangible assets are allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Private Equity (a) $ 21,217 $ 23,649 Infrastructure (b) 15,845 11,822 Real Estate (LP Investments) and Other 1 (c) 1,837 2,640 Real Estate (Core and Transitional & Development) 1 69 71 Renewable Power and Transition 26 229 $ 38,994 $ 38,411 1. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. a) Private Equity The intangible assets in our Private Equity segment are primarily related to: • Customer relationships of $12.4 billion (2022 – $13.8 billion), which decreased from the prior year primarily due to the impact of dispositions completed in the year. The customer relationships are attributable to the acquisitions of our modular building leasing services, lottery services operations, advanced energy storage operations, dealer software and technology services operations and engineered components manufacturing operation. The customer relationships acquired have a useful life of 9 to 20 years. • Brands and trademarks of $2.9 billion (2022 – $3.3 billion), which decreased from the prior year mainly due to the impact of dispositions completed in the year. The brands and trademarks are attributable to our dealer software and technology services operations, modular building leasing services operations, advanced energy storage operations, engineered components manufacturing operations, fleet management and car rental services, and lottery services operations. The majority have an indefinite useful life and the remainder have a useful life of 11 to 40 years. • Water and sewage concession agreements, the majority of which are arrangements with municipal governments across Brazil, of $2.4 billion (2022 – $2.1 billion) increased from the prior year primarily due to the impact of foreign exchange. The concession agreements provide the company the right to charge fees to users over the terms of the agreements in exchange for water treatment services, ongoing and regular maintenance work on water distribution assets and improvements to the water treatment and distribution systems. The concession agreements have an average remaining term of 23 years at which point the underlying concession assets will be returned to the various grantors. • Computer software and proprietary technology of $2.2 billion (2022 – $3.7 billion), which decreased from the prior year mainly due to dispositions completed in the year. The proprietary technology pertains to the combination of processes, tools, techniques and developed systems for exclusive use and benefit within the Private Equity business and has a useful life of 5 to 15 years. b) Infrastructure The intangible assets in our Infrastructure segment are primarily related to: • Contractual customer relationships, customer contracts, proprietary technology and brands of $4.5 billion (2022 – $1.7 billion) at our North American and European residential decarbonization infrastructure operations. This business generates revenue under long-term contracts with a diversified customer base across North America and Europe. • Concession arrangements of $3.0 billion (2022 – $2.8 billion) at our Brazilian regulated transmission operation that provide the right to charge a tariff over the terms of the agreements. On April 8, 2021, new legislation was passed in Brazil which extended these finite authorizations in perpetuity. These assets are amortized on a straight-line basis over the estimated useful life of the underlying infrastructure. • Customer relationships and shipping agreements of $2.1 billion (2022 – $2.2 billion) at our Canadian diversified midstream operation, relating to long-term take-or-pay and fee-for-service contractual arrangements. These agreements are with investment grade counterparties. These assets are amortized on a straight-line basis over the estimated useful life. • Customer relationships, operating network agreements and track access rights of $1.7 billion (2022 – $1.8 billion) at our North American rail operations. These intangible assets include long-term leases. • Concession arrangements of $1.1 billion (2022 – $1.0 billion) relating to our Peruvian toll roads, which provide the right to charge a tariff over the terms of the concessions. The concessions have an expiration date of 2043 at which point the underlying concession assets will be returned. • The remaining intangible assets in our Infrastructure segment relate to other indefinite life assets. c) Real Estate LP Investments and Other The intangible assets in real estate LP Investments are primarily attributable to indefinite life trademarks associated with our real estate LP investments, including short-break destinations across the U.K. and Ireland (“U.K. Short Stay”). The U.K. Short Stay trademark assets have been determined to have an indefinite useful life as the company has the legal right to operate these trademarks exclusively in certain territories and in perpetuity. Inputs Used to Determine Recoverable Amounts of Intangible Assets We test finite life intangible assets for impairment when an impairment indicator is identified. Indefinite life intangible assets are tested for impairment annually. We use a discounted cash flow valuation to determine the recoverable amount and consider the following significant unobservable inputs as part of our valuation: Valuation Technique Significant Unobservable Input(s) Relationship of Unobservable Input(s) to Fair Value Mitigating Factor(s) Discounted cash flow models • Future cash flows • Increases (decreases) in future cash flows increase (decrease) the recoverable amount • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) the recoverable amount • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) the recoverable amount • 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 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES The major components of income tax expense for the years ended December 31, 2023 and 2022 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Current income tax expense $ 1,908 $ 1,278 Deferred income tax (recovery)/expense Origination and reversal of temporary differences (789) 690 Recovery arising from previously unrecognized tax assets (116) (447) Change in tax rates and new legislation 8 (52) Total deferred income tax (recovery)/expense (897) 191 Income tax expense $ 1,011 $ 1,469 The company’s Canadian domestic statutory income tax rate has remained consistent at 26% throughout both of 2023 and 2022. The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below: FOR THE YEARS ENDED DEC. 31 2023 2022 Statutory income tax rate 26 % 26 % (Reduction)/increase in rate resulting from: Portion of gains subject to different tax rates (8) (2) Taxable income attributable to non-controlling interests (6) (3) International operations subject to different tax rates 1 3 Recognition of deferred tax assets (5) (6) Non-recognition of the benefit of current year’s tax losses 5 3 Non-deductible expenses 7 3 Other (3) (2) Effective income tax rate 17 % 22 % Deferred income tax assets and liabilities as at December 31, 2023 and 2022 relate to the following: AS AT DEC. 31 (MILLIONS) 2023 2022 Non-capital losses (Canada) $ 2,132 $ 1,666 Capital losses (Canada) 5 77 Losses (U.S.) 3,472 3,959 Losses (International) 2,900 1,814 Difference in basis (30,158) (27,303) Total net deferred tax liabilities $ (21,649) $ (19,787) The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2023 is approximately $18 billion (2022 – approximately $9 billion). The company regularly assesses the status of open tax examinations and its historical tax filing positions for the potential for adverse outcomes to determine the adequacy of the provision for income and other taxes. The company believes that it has adequately provided for any tax adjustments that are more likely than not to occur as a result of ongoing tax examinations or historical filing positions. The dividend payment on certain preferred shares of the company results in the payment of cash taxes in Canada and the company obtaining a deduction based on the amount of these taxes. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: AS AT DEC. 31 (MILLIONS) 2023 2022 One year from reporting date $ 10 $ 29 Two years from reporting date 13 11 Three years from reporting date 17 12 After three years from reporting date 667 672 Do not expire 2,212 1,833 Total $ 2,919 $ 2,557 The components of the income taxes in other comprehensive income for the years ended December 31, 2023 and 2022 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Revaluation of property, plant and equipment $ 120 $ 1,187 Financial contracts and power sale agreements (29) 315 Fair value through OCI securities 76 (127) Foreign currency translation (72) 87 Revaluation of pension obligation 5 61 Total deferred tax in other comprehensive income $ 100 $ 1,523 |
CORPORATE BORROWINGS
CORPORATE BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
CORPORATE BORROWINGS | CORPORATE BORROWINGS AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2023 2022 Term debt Public – Canadian Mar. 8, 2024 5.04 % C$ $ 377 $ 369 Public – U.S. Apr. 1 , 2024 4.00 % US$ 200 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 645 632 Public – U.S. Jun. 2, 2026 4.25 % US$ 499 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 377 369 Public – U.S. Jan. 25, 2028 3.90 % US$ 1,067 1,073 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 999 Public – U.S. Apr. 15, 2030 4.35 % US$ 750 749 Public – U.S. Apr. 15, 2031 2.72 % US$ 500 500 Public – U.S. Jan. 30, 2032 2.34 % US$ 600 600 Public – Canadian Dec. 14, 2032 5.43 % C$ 755 738 Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – U.S. Jun. 14, 2033 6.09 % US$ 550 — Public – U.S. Jan. 5, 2034 6.35 % US$ 700 — Public – Canadian Jun. 14, 2035 5.95 % C$ 319 312 Private – Japanese Dec. 1, 2038 1.42 % JPY 71 76 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 595 594 Public – U.S. Mar. 30, 2051 3.50 % US$ 758 758 Public – U.S. Feb. 15, 2052 3.63 % US$ 400 400 Public – U.S. Oct. 16, 2080 4.63 % US$ 400 400 12,214 11,467 Revolving facilities 1 31 — Deferred financing costs 2 (85) (77) Total $ 12,160 $ 11,390 1. Reflects commercial paper and credit facility draws outstanding as at December 31, 2023. 2. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.5% (2022 – 4.2%). A portion of corporate borrowings are denominated in foreign currencies, which include C$3.3 billion (2022 – C$3.3 billion) payable in Canadian dollars or $2.5 billion (2022 – $2.4 billion) and ¥10 billion (2022 – ¥10 billion) payable in Japanese Yen or $71 million (2022 – $76 million). AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary borrowings (a) $ 16,214 $ 15,140 Property-specific borrowings (b) 205,336 187,544 Total $ 221,550 $ 202,684 a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 893 $ 183 $ 1,517 $ 3 $ 2,596 2025 377 302 — 54 733 2026 377 — — 94 471 2027 999 377 340 — 1,716 2028 3,229 — 750 1,440 5,419 Thereafter 1,039 1,981 2,325 — 5,345 Total Principal repayments 6,914 2,843 4,932 1,591 16,280 Deferred financing costs and other (32) (11) (21) (2) (66) Total – Dec. 31, 2023 $ 6,882 $ 2,832 $ 4,911 $ 1,589 $ 16,214 Total – Dec. 31, 2022 $ 6,702 $ 2,546 $ 3,666 $ 2,226 $ 15,140 The weighted-average interest rate on subsidiary borrowings as at December 31, 2023 was 5.7% (2022 – 5.2%). The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 2,596 $ 1,469 Non-current 13,618 13,671 Total $ 16,214 $ 15,140 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 7,915 US$ 7,915 $ 7,850 US$ 7,850 Canadian dollars 8,208 C$ 10,875 7,217 C$ 9,776 Brazilian reais 91 Rs 443 73 Rs 381 Total $ 16,214 $ 15,140 b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate 1,2,3 Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 37,626 $ 5,582 $ 6,742 $ 5,026 $ 54,976 2025 18,408 2,530 2,819 3,542 27,299 2026 9,775 3,384 7,890 5,502 26,551 2027 8,936 1,942 5,079 5,132 21,089 2028 4,263 2,469 5,847 8,564 21,143 Thereafter 8,237 12,900 18,938 16,875 56,950 Total Principal repayments 87,245 28,807 47,315 44,641 208,008 Deferred financing costs and other (511) (172) (1,232) (757) (2,672) Total – Dec. 31, 2023 $ 86,734 $ 28,635 $ 46,083 $ 43,884 $ 205,336 Total – Dec. 31, 2022 $ 86,050 $ 22,826 $ 29,881 $ 48,787 $ 187,544 1. Includes $59.4 billion of borrowings associated with real estate LP investments from our Asset Management segment and $27.3 million associated with core and transitional and development investments in our Real Estate segment. 2. Real estate property-specific borrowings of $86.7 billion relate to Brookfield Property Partners L.P. (“BPY”) investment properties of $48.4 billion, BPY PP&E of $11.2 billion, and real estate direct investments of $27.1 billion. 3. Real estate property-specific borrowings maturing in 2024 of $37.6 billion include office of $7.7 billion, retail of $4.6 billion, and LP investments and other of $25.3 billion. Real estate property-specific borrowings maturing in 2025 of $18.4 billion include office of $1.5 billion, retail of $4.1 billion, and LP investments and other of $12.8 billion. The real estate property-specific borrowings included in the table above do not consider available extension options. The weighted-average interest rate on property-specific borrowings as at December 31, 2023 was 7.1% (2022 – 6.4%). The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 54,975 $ 41,828 Non-current 150,361 145,716 Total $ 205,336 $ 187,544 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 112,510 US$ 112,510 $ 109,555 US$ 109,555 British pounds 13,457 £ 10,571 10,660 £ 8,823 Indian rupees 9,930 Rs 826,265 7,653 Rs 632,457 Canadian dollars 17,124 C$ 22,690 15,938 C$ 21,590 Euros 22,825 € 20,670 20,316 € 18,986 Australian dollars 10,051 A$ 14,755 8,650 A$ 12,696 Brazilian reais 10,868 R$ 52,606 7,572 R$ 39,500 Colombian pesos 3,334 COP$ 12,914,945 2,524 COP$ 12,157,354 Korean won 2,199 ₩ 2,855,358 1,822 ₩ 2,296,121 Other currencies 3,038 Various n/a 2,854 Various n/a Total $ 205,336 $ 187,544 |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER AS AT DEC. 31 (MILLIONS) 2023 2022 Accounts payable $ 13,470 $ 12,743 Provisions 3,457 3,591 Lease liabilities 8,882 8,506 Other liabilities 33,084 32,225 Total $ 58,893 $ 57,065 The current and non-current balances of accounts payable, provisions and other liabilities are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 33,414 $ 33,574 Non-current 25,479 23,491 Total $ 58,893 $ 57,065 Post-Employment Benefits The company offers pension and other post-employment benefit plans to employees of certain of its subsidiaries. The company’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The benefit plans’ valuation change during the year was a decrease of $11 million (2022 – increase of $308 million). The discount rate used was 5% (2022 – 5%) with an increase in the rate of compensation of 2% (2022 – 1%), and an investment rate of 5% (2022 – 4%). AS AT DEC. 31 (MILLIONS) 2023 2022 Plan assets $ 1,380 $ 2,560 Less accrued benefit obligation: Defined benefit pension plan (1,583) (3,141) Other post-employment benefits (131) (128) Net liability (334) (709) Less: net actuarial gains (losses) and other 6 (11) Accrued benefit liability $ (328) $ (720) The decrease in post-employment benefit obligations compared to the prior year primarily relates to the deconsolidation upon disposition of our nuclear technology services operation in our Private Equity segment. Refer to Note 10 – Equity Accounted Investments for details. |
NON-RECOURSE BORROWINGS
NON-RECOURSE BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
NON-RECOURSE BORROWINGS | CORPORATE BORROWINGS AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2023 2022 Term debt Public – Canadian Mar. 8, 2024 5.04 % C$ $ 377 $ 369 Public – U.S. Apr. 1 , 2024 4.00 % US$ 200 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 645 632 Public – U.S. Jun. 2, 2026 4.25 % US$ 499 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 377 369 Public – U.S. Jan. 25, 2028 3.90 % US$ 1,067 1,073 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 999 Public – U.S. Apr. 15, 2030 4.35 % US$ 750 749 Public – U.S. Apr. 15, 2031 2.72 % US$ 500 500 Public – U.S. Jan. 30, 2032 2.34 % US$ 600 600 Public – Canadian Dec. 14, 2032 5.43 % C$ 755 738 Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – U.S. Jun. 14, 2033 6.09 % US$ 550 — Public – U.S. Jan. 5, 2034 6.35 % US$ 700 — Public – Canadian Jun. 14, 2035 5.95 % C$ 319 312 Private – Japanese Dec. 1, 2038 1.42 % JPY 71 76 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 595 594 Public – U.S. Mar. 30, 2051 3.50 % US$ 758 758 Public – U.S. Feb. 15, 2052 3.63 % US$ 400 400 Public – U.S. Oct. 16, 2080 4.63 % US$ 400 400 12,214 11,467 Revolving facilities 1 31 — Deferred financing costs 2 (85) (77) Total $ 12,160 $ 11,390 1. Reflects commercial paper and credit facility draws outstanding as at December 31, 2023. 2. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.5% (2022 – 4.2%). A portion of corporate borrowings are denominated in foreign currencies, which include C$3.3 billion (2022 – C$3.3 billion) payable in Canadian dollars or $2.5 billion (2022 – $2.4 billion) and ¥10 billion (2022 – ¥10 billion) payable in Japanese Yen or $71 million (2022 – $76 million). AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary borrowings (a) $ 16,214 $ 15,140 Property-specific borrowings (b) 205,336 187,544 Total $ 221,550 $ 202,684 a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 893 $ 183 $ 1,517 $ 3 $ 2,596 2025 377 302 — 54 733 2026 377 — — 94 471 2027 999 377 340 — 1,716 2028 3,229 — 750 1,440 5,419 Thereafter 1,039 1,981 2,325 — 5,345 Total Principal repayments 6,914 2,843 4,932 1,591 16,280 Deferred financing costs and other (32) (11) (21) (2) (66) Total – Dec. 31, 2023 $ 6,882 $ 2,832 $ 4,911 $ 1,589 $ 16,214 Total – Dec. 31, 2022 $ 6,702 $ 2,546 $ 3,666 $ 2,226 $ 15,140 The weighted-average interest rate on subsidiary borrowings as at December 31, 2023 was 5.7% (2022 – 5.2%). The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 2,596 $ 1,469 Non-current 13,618 13,671 Total $ 16,214 $ 15,140 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 7,915 US$ 7,915 $ 7,850 US$ 7,850 Canadian dollars 8,208 C$ 10,875 7,217 C$ 9,776 Brazilian reais 91 Rs 443 73 Rs 381 Total $ 16,214 $ 15,140 b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate 1,2,3 Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 37,626 $ 5,582 $ 6,742 $ 5,026 $ 54,976 2025 18,408 2,530 2,819 3,542 27,299 2026 9,775 3,384 7,890 5,502 26,551 2027 8,936 1,942 5,079 5,132 21,089 2028 4,263 2,469 5,847 8,564 21,143 Thereafter 8,237 12,900 18,938 16,875 56,950 Total Principal repayments 87,245 28,807 47,315 44,641 208,008 Deferred financing costs and other (511) (172) (1,232) (757) (2,672) Total – Dec. 31, 2023 $ 86,734 $ 28,635 $ 46,083 $ 43,884 $ 205,336 Total – Dec. 31, 2022 $ 86,050 $ 22,826 $ 29,881 $ 48,787 $ 187,544 1. Includes $59.4 billion of borrowings associated with real estate LP investments from our Asset Management segment and $27.3 million associated with core and transitional and development investments in our Real Estate segment. 2. Real estate property-specific borrowings of $86.7 billion relate to Brookfield Property Partners L.P. (“BPY”) investment properties of $48.4 billion, BPY PP&E of $11.2 billion, and real estate direct investments of $27.1 billion. 3. Real estate property-specific borrowings maturing in 2024 of $37.6 billion include office of $7.7 billion, retail of $4.6 billion, and LP investments and other of $25.3 billion. Real estate property-specific borrowings maturing in 2025 of $18.4 billion include office of $1.5 billion, retail of $4.1 billion, and LP investments and other of $12.8 billion. The real estate property-specific borrowings included in the table above do not consider available extension options. The weighted-average interest rate on property-specific borrowings as at December 31, 2023 was 7.1% (2022 – 6.4%). The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 54,975 $ 41,828 Non-current 150,361 145,716 Total $ 205,336 $ 187,544 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 112,510 US$ 112,510 $ 109,555 US$ 109,555 British pounds 13,457 £ 10,571 10,660 £ 8,823 Indian rupees 9,930 Rs 826,265 7,653 Rs 632,457 Canadian dollars 17,124 C$ 22,690 15,938 C$ 21,590 Euros 22,825 € 20,670 20,316 € 18,986 Australian dollars 10,051 A$ 14,755 8,650 A$ 12,696 Brazilian reais 10,868 R$ 52,606 7,572 R$ 39,500 Colombian pesos 3,334 COP$ 12,914,945 2,524 COP$ 12,157,354 Korean won 2,199 ₩ 2,855,358 1,822 ₩ 2,296,121 Other currencies 3,038 Various n/a 2,854 Various n/a Total $ 205,336 $ 187,544 |
SUBSIDIARY EQUITY OBLIGATIONS
SUBSIDIARY EQUITY OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
SUBSIDIARY EQUITY OBLIGATIONS | SUBSIDIARY EQUITY OBLIGATIONS Subsidiary equity obligations consist of the following: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary preferred shares and capital (a) $ 2,257 $ 1,469 Limited-life funds and redeemable fund units (b) 263 1,114 Subsidiary preferred equity units (c) 1,625 1,605 Total $ 4,145 $ 4,188 a) Subsidiary Preferred Shares and Capital Preferred shares are classified as liabilities if the holders of the preferred shares have the right, after a fixed date, to convert the shares into common equity of the issuer based on the market price of the common equity of the issuer at that time unless they are previously redeemed by the issuer. The dividends paid on these securities are recorded in interest expense. As at December 31, 2023 and 2022, the balances consist of the following: AS AT DEC. 31 (MILLIONS, EXCEPT SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2023 2022 India Infrastructure Investment Trusts 664,000,000 See footnote 1 INR $ 1,138 $ 616 Brookfield India Real Estate Trust (“BIRET”) 246,305,005 See footnote 1 US$ 729 456 Rouse Series A preferred shares 5,600,000 5.00% US$ 145 142 Alstria Office Prime Portfolio GmbH & Co. KG 19,472,214 n/a EUR€ 109 129 BIP Investment Corporation Series 1 Senior preferred shares 4,000,000 5.85% C$ 73 73 Brookfield Property Split Corp. (“BOP Split”) Series 1 636,328 5.25 % US$ 16 21 Series 2 362,546 5.75 % C$ 7 10 Series 3 408,962 5.00 % C$ 8 12 Series 4 365,661 5.20 % C$ 7 10 BSREP III U.S. Senior Living Investment n/a n/a US$ 25 — Total $ 2,257 $ 1,469 1. The dividend rate pertaining to India Infrastructure Investment Trusts and BIRET is equal to a minimum of 90% of net distributable cash flows. Subsidiary preferred capital also includes $1.1 billion as at December 31, 2023 (2022 – $616 million) of preferred equity interests held by third-party investors in India Infrastructure Investment Trusts, which have been classified as liabilities, as a result of contractual obligations to make distributions at an amount no less than 90% of net distributable cash flows. Subsidiary preferred capital includes $729 million as at December 31, 2023 (2022 – $456 million) of preferred equity interests held by third-party investors in BIRET, which have been classified as a liability, due to the fact BIRET has a contractual obligation to make distributions to unitholders every six months at an amount no less than 90% of net distributable cash flows. Subsidiary preferred shares include $145 million as at December 31, 2023 (2022 – $142 million) of preferred equity interests held by a third-party investor in Rouse Properties, L.P., which have been classified as a liability, due to the fact that the interests are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. b) Limited-Life Funds and Redeemable Fund Units Limited-life funds and redeemable fund units represent interests held in our consolidated funds by third-party investors that have been classified as a liability, as holders of these interests can cause our funds to redeem their interest in the fund for cash equivalents at a specified time. As at December 31, 2023, we have $263 million (2022 – $1.1 billion) of subsidiary equity obligations arising from limited-life funds and redeemable fund units. In our Real Estate business, limited-life fund obligations include $189 million (2022 – $577 million) of equity interests held by third-party investors in two consolidated funds that have been classified as a liability, as holders of these interests can cause the funds to redeem their interests in the fund for cash equivalents at the fair value of the interest at a set date. As at December 31, 2023, we have $70 million (2022 – $96 million) of subsidiary equity obligations arising from limited-life fund units in our Infrastructure business. These obligations are primarily composed of the portion of the equity interest held by third-party investors in our Infrastructure debt fund. We also have $4 million of redeemable fund units (2022 – $441 million) in certain funds managed by our public securities business. c) Subsidiary Preferred Equity Units In 2014, BPY issued $1.8 billion of exchangeable preferred equity units in three $600 million tranches redeemable in 2021, 2024 and 2026, respectively. The preferred equity units were originally exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. Following the privatization of BPY (“BPY privatization”), the preferred equity units became exchangeable into cash equal to the value of the consideration that would have been received upon the BPY privatization (a combination of cash, BN shares and New LP Preferred Units), based on the value of that consideration on the date of exchange. BPY also has the option of delivering the actual consideration (a combination of cash, BN shares and New LP Preferred Units). Following the BPY privatization, we have agreed with the holder to grant the company the right to purchase all or any portion of the preferred equity units of the holder at maturity, and to grant the holder the right to sell all or any portion of the preferred equity units of the holder at maturity, in each case at a price equal to the issue price for such preferred equity units plus accrued and unpaid distributions. On December 30, 2021, the company acquired the tranche redeemable in 2021 from the holder and exchanged such units for Redemption-Exchange Units. The preferred equity units were subsequently cancelled. Subsidiary preferred equity units include $474 million as at December 31, 2023 (2022 – $474 million) of preferred equity interests issued in connection with the BPY privatization which have been classified as a liability due to the fact the holders of such interests can demand cash payment upon maturity on July 26, 2081, for the liquidation preference of $25.00 per unit and any accumulated unpaid dividends. AS AT DEC. 31 (MILLIONS, EXCEPT SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2023 2022 Series 2 24,000,000 6.50 % US$ $ 587 $ 575 Series 3 24,000,000 6.75 % US$ 564 556 New LP Preferred Units 19,273,654 6.25 % US$ 474 474 Total $ 1,625 $ 1,605 |
SUBSIDIARY PUBLIC ISSUERS AND F
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | SUBSIDIARIES The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2023 2022 Brookfield Asset Management ULC (“BAM”) British Columbia 25.0 % 25.0 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 54.6 % 51.7 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 73.9 % 72.9 % Brookfield Business Partners L.P. (“BBU”) 5 Bermuda 34.5 % 34.8 % 1. Control and associated voting rights of the limited partnerships (BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by non-controlling interests represents the combined units not held in BEP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by non-controlling interests represents the combined units not held in BIP and Brookfield Infrastructure Corporation (“BIPC”). 5. Ownership interest held by non-controlling interests represents the combined units not held in BBU and Brookfield Business Corporation (“BBUC”). The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2023: NYSE TSX BEP BEP BEP.UN BIP BIP BIP.UN BBU BBU BBU.UN The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2023 2022 BAM $ 2,247 $ 2,377 BEP 25,677 21,651 BIP 31,479 23,030 BBU 15,241 16,026 BPG 1 35,314 29,321 Individually immaterial subsidiaries with non-controlling interests 12,507 5,733 $ 122,465 $ 98,138 1. This balance represents non-controlling interests within the consolidated funds of Brookfield Properties Group (“BPG”). All publicly listed subsidiaries are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations: BAM BEP BIP BBU BPG AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Current assets $ 5,455 $ 5,690 $ 4,610 $ 4,183 $ 7,979 $ 6,686 $ 14,885 $ 18,312 $ 14,950 $ 15,626 Non-current assets 6,973 6,820 71,518 59,928 92,805 66,283 67,500 71,186 168,744 162,198 Current liabilities (2,302) (2,093) (8,038) (4,943) (11,705) (8,377) (14,355) (16,954) (49,286) (41,653) Non-current liabilities (1,096) (915) (38,111) (32,882) (55,063) (39,038) (49,498) (54,079) (68,538) (74,982) Non-controlling interests (2,247) (2,377) (25,677) (21,651) (31,479) (23,030) (15,241) (16,026) (35,314) (29,321) Equity attributable to Brookfield $ 6,783 $ 7,125 $ 4,302 $ 4,635 $ 2,537 $ 2,524 $ 3,291 $ 2,439 $ 30,556 $ 31,868 Revenues $ 3,569 $ 3,375 $ 5,038 $ 4,711 $ 17,931 $ 14,427 $ 55,068 $ 57,545 $ 15,034 $ 13,835 Net income (loss) attributable to: Non-controlling interests $ 433 $ 442 $ 684 $ 327 $ 1,391 $ 1,350 $ 2,865 $ 275 $ (551) $ 2,639 Shareholders 1,269 2,276 (68) (189) 57 25 912 80 (1,033) 496 $ 1,702 $ 2,718 $ 616 $ 138 $ 1,448 $ 1,375 $ 3,777 $ 355 $ (1,584) $ 3,135 Other comprehensive income (loss) attributable to: Non-controlling interests $ 4 $ (8) $ 1,400 $ 1,868 $ 778 $ 39 $ 258 $ (297) $ 459 $ 356 Shareholders 11 (24) 20 622 101 109 30 (97) 420 13 $ 15 $ (32) $ 1,420 $ 2,490 $ 879 $ 148 $ 288 $ (394) $ 879 $ 369 The summarized cash flows of the company’s subsidiaries with significant non-controlling interests are as follows: BAM 1 BEP BIP BBU BPG FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Cash flows from (used in): Operating activities $ 1,439 $ (374) $ 1,865 $ 1,711 $ 4,078 $ 3,131 $ 2,130 $ 1,011 $ (786) $ (1,657) Financing activities (475) 1,706 2,596 3,489 9,419 56 (4,371) 18,070 4,135 6,871 Investing activities (1,842) (280) (4,356) (5,066) (12,990) (3,365) 2,537 (18,721) (6,556) (3,756) Distributions paid to non-controlling interests in common equity $ 526 $ — $ 503 $ 477 $ 868 $ 810 $ 19 $ 19 $ — $ — 1. Brookfield Finance Inc. (“BFI”) was incorporated on March 31, 2015 under the Business Corporations Act (Ontario) and is a subsidiary of the Corporation. Historically, we have also issued debt securities through other subsidiaries, including Brookfield Finance LLC (“BFL”) and Brookfield Finance I (UK) PLC (“BF U.K.”). As at December 31, 2023, BFI is the issuer of the following series of notes (together with BFL and BF U.K. as co-obligors, as noted below): • $500 million of 4.25% notes due in 2026; • $550 million of 4.70% notes due in 2047; • $350 million of 4.70% notes due in 2047; • $650 million of 3.90% notes due in 2028; • $200 million of 4.00% notes due in 2024 (BFL co-obligor); • $1.0 billion of 4.85% notes due in 2029; • $600 million of 4.35% notes due in 2030; • $150 million of 4.35% notes due in 2030; • $500 million of 3.50% notes due in 2051; • $400 million of 4.625% subordinated notes due in 2080; • $500 million of 2.724% notes due in 2031; • $250 million of 3.50% notes due in 2051; • $400 million of 3.90% notes due in 2028; • $400 million of 3.625% notes due in 2052; • $700 million of 6.35% notes due in 2034; • $600 million of 3.45% notes due in 2050 (BFL co-obligor); and • $600 million of 2.34% notes due in 2032 (BF U.K. co-obligor). Subsequent to year-end, BFI issued $750 million of 5.968% notes due in 2054. In addition, Brookfield Finance II Inc. (“BFI II”) is the issuer of C$1.0 billion of 5.431% notes due in 2032, Brookfield Capital Finance LLC (the “US LLC Issuer”) is the issuer of $550 million of 6.087% notes due in 2033, and BF U.K. is the issuer of $230 million of 4.50% perpetual subordinated notes. BFL is a Delaware limited liability company formed on February 6, 2017 and is a subsidiary of the Corporation. The US LLC Issuer is a Delaware limited liability company formed on August 12, 2022 and a subsidiary of the Corporation. BFI II was incorporated on September 24, 2020 under the Business Corporations Act (Ontario) and is a 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 a subsidiary of the Corporation. BF U.K. (collectively with BFI, BFI II, BFL, BF AUS, and the US LLC Issuer, the “Debt Issuers”) was incorporated on September 25, 2020 under the U.K. Companies Act 2006 and is a 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 a subsidiary of the Corporation. The Debt Issuers are consolidated subsidiaries of the Corporation that may offer and sell debt securities. BFL II is a consolidated subsidiary of the Corporation that may offer and sell preferred shares representing limited liability company interests. Any debt securities issued by the Debt Issuers are, or will be, fully and unconditionally guaranteed as to payment of principal, premium (if any), interest and certain other amounts by the Corporation. Any preferred shares representing limited liability company interests issued by BFL II will be fully and unconditionally guaranteed as to payment of distributions when due, amounts due on redemption, and amounts due on the liquidation, dissolution or winding-up of BFL II, in each case by the Corporation. The US LLC Issuer, 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 December 31, 2023, C$26 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., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,787 $ 312 $ 24 $ — $ — $ — $ 15 $ 24 $ 188 $ 104,516 $ (11,942) $ 95,924 Net income (loss) attributable to shareholders 1,130 (27) (17) — — — 15 — 34 8,348 (8,353) 1,130 Total assets 77,567 10,813 757 — — — 160 552 4,165 561,498 (165,417) 490,095 Total liabilities 31,790 8,793 752 2 — — 1 549 3,546 320,691 (44,271) 321,853 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,491 $ 284 $ 2 $ 30 $ — $ — $ 35 $ — $ 507 $ 111,633 $ (22,213) $ 92,769 Net income (loss) attributable to shareholders 2,056 (8) — — — — 11 — 487 18,598 (19,088) 2,056 Total assets 71,514 9,769 740 16 — — 232 — 4,170 492,799 (137,956) 441,284 Total liabilities 27,761 8,544 737 6 — — 4 — 3,520 297,397 (38,576) 299,393 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
EQUITY | EQUITY Equity consists of the following: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Preferred equity (a) $ 4,103 $ 4,145 Non-controlling interests (b) 122,465 98,138 Common equity (c) 41,674 39,608 $ 168,242 $ 141,891 a) Preferred Equity Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following: Average Rate AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Perpetual preferred shares Floating rate 5.29 % 4.26 % $ 463 $ 505 Fixed rate 4.82 % 4.82 % 739 739 5.00 % 4.59 % 1,202 1,244 Fixed rate-reset preferred shares 4.72 % 4.31 % 2,901 2,901 4.80 % 4.40 % $ 4,103 $ 4,145 Further details on each series of preferred shares are as follows: Issued and Outstanding AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Rate 2023 2022 2023 2022 Class A preferred shares Perpetual preferred shares Series 2 70% P 10,220,175 10,220,175 $ 169 $ 169 Series 4 70% P 3,983,910 3,983,910 45 45 Series 13 70% P 8,792,596 8,792,596 195 195 Series 15 B.A. + 40 b.p. 1 — 2,000,000 — 42 Series 17 4.75 % 7,840,204 7,840,204 171 171 Series 18 4.75 % 7,681,088 7,681,088 178 178 Series 36 4.85 % 7,842,909 7,842,909 197 197 Series 37 4.90 % 7,830,091 7,830,091 193 193 Series 51 Variable up to P 3,320,486 3,320,486 54 54 1,202 1,244 Rate-reset preferred shares 2 Series 24 3.24 % 10,808,027 10,808,027 265 265 Series 26 3 3.85 % 9,770,928 9,770,928 240 240 Series 28 4 4.61 % 9,233,927 9,233,927 232 232 Series 30 5 6.09 % 9,787,090 9,787,090 241 241 Series 32 6 6.74 % 11,750,299 11,750,299 297 297 Series 34 4.44 % 9,876,735 9,876,735 253 253 Series 38 3.57 % 7,906,132 7,906,132 179 179 Series 40 4.03 % 11,841,025 11,841,025 271 271 Series 42 3.25 % 11,887,500 11,887,500 266 266 Series 44 5.00 % 9,831,929 9,831,929 187 187 Series 46 7 5.39 % 11,740,797 11,740,797 217 217 Series 48 8 6.23 % 11,885,972 11,885,972 244 244 Series 52 2.75 % 1,177,580 1,177,580 9 9 2,901 2,901 Total $ 4,103 $ 4,145 1. Rated determined quarterly. All Series 15 shares were fully redeemed and cancelled as at March 31, 2023. 2. Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points. 3. Dividend rate reset commenced March 31, 2022. 4. Dividend rate reset commenced June 30, 2022. 5. Dividend rate reset commenced December 31, 2022. 6. Dividend rate reset commenced October 1, 2023. 7. Dividend rate reset commenced March 31, 2022. 8. Dividend rate reset commenced December 31, 2022. P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points. The company is authorized to issue an unlimited number of Class A preferred shares and an unlimited number of Class AA preferred shares, issuable in series. No Class AA preferred shares have been issued. The Class A preferred shares are entitled to preference over the Class A and Class B Limited Voting Shares (“Class A and B shares”) on the declaration of dividends and other distributions to shareholders. All series of the outstanding preferred shares have a par value of C$25.00 per share, except for Series 51 and Series 52, which have a par value of C$22.44 and C$22.00 respectively. b) Non-controlling Interests Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders. AS AT DEC. 31 (MILLIONS) 2023 2022 Common equity $ 117,318 $ 92,991 Preferred equity 5,147 5,147 Total $ 122,465 $ 98,138 On December 9, 2022, the company completed the distribution of a 25% interest in Brookfield Asset Management ULC (“BAM”), one of the leading global alternative asset managers, through Brookfield Asset Management Ltd. (the “Manager”), which was incorporated and publicly listed for the purpose of holding an interest in BAM (“special distribution”). As part of the special distribution, the company distributed approximately 410 million shares of the Manager, substantially all of which were distributed to holders of the company’s Class A and Class B shares, representing one share of Manager for every 4 Class A or Class B shares of the company held on the date of the special distribution. In addition, Series 8 and 9 preferred shareholders participated in the special distribution. As the special distribution represented a common control transaction, the $2.4 billion carrying value of the 25% interest in our asset management business that was distributed to the company’s shareholders was recorded as an increase in non-controlling interest with a corresponding reduction in common equity via ownership changes. Further information on non-controlling interests is provided in Note 4 – Subsidiaries. c) Common Equity The company’s common equity is comprised of the following: AS AT DEC. 31 (MILLIONS) 2023 2022 Common shares $ 10,879 $ 10,901 Contributed surplus 112 148 Retained earnings 18,006 18,006 Ownership changes 4,510 2,959 Accumulated other comprehensive income 8,167 7,594 Common equity $ 41,674 $ 39,608 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 2023 of $0.28 per share (2022 – $0.56 per share). Dividends paid by the Corporation decreased following the special distribution. The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT DEC. 31 2023 2022 Class A shares 1,3 1,523,372,339 1,573,286,748 Class B shares 85,120 85,120 Shares outstanding 1 1,523,457,459 1,573,371,868 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 3 91,632,045 55,500,881 Total diluted shares 1,615,089,504 1,628,872,749 1. Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220). 2. Includes management share option plan and escrowed stock plan. 3. During the year, 32,934,574 BN Class A shares (“BN shares”) were voluntarily exchanged for newly-issued BNRE class A-1 exchangeable non-voting shares on a one-for-one basis. BNRE Class A-1 shares are convertible in BN shares. The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows: FOR THE YEARS ENDED DEC. 31 2023 2022 Outstanding, beginning of year 1 1,573,371,868 1,568,828,941 Issued (Repurchased) Issuances 794,418 1,406,586 Repurchases (54,547,332) (17,247,660) Long-term share ownership plans 2 3,722,567 19,138,775 Dividend reinvestment plan and other 115,938 1,245,226 Outstanding, end of year 3 1,523,457,459 1,573,371,868 1. Net of 62,910,220 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2022 (December 31, 2021 – 69,663,192). 2. Includes management share option plan and restricted stock plan. 3. Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220). Earnings Per Share The components of basic and diluted earnings per share are summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Net income attributable to shareholders $ 1,130 $ 2,056 Preferred share dividends (166) (150) Net income available to shareholders 964 1,906 Dilutive impact of exchangeable shares 5 5 Net income available to shareholders including dilutive impact of exchangeable shares $ 969 $ 1,911 FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Weighted average – Class A and Class B shares 1,558.5 1,567.5 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 29.7 40.7 Class A and Class B shares and share equivalents 1,588.2 1,608.2 Share-Based Compensation The expense recognized for share-based compensation is summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Expense arising from equity-settled share-based payment transactions $ 104 $ 159 Expense (recovery) arising from cash-settled share-based payment transactions 290 (621) Total expense (recovery) arising from share-based payment transactions 394 (462) Effect of hedging program (289) 629 Total expense included in consolidated income $ 105 $ 167 The company’s share-based payment plans are described below. Equity-settled Share-based Awards Management Share Option Plan Options issued under the company’s Management Share Option Plan (“MSOP”) vest over a period of up to five years, expire ten years after the grant date and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date. For the year ended December 31, 2023, the total expense incurred with respect to MSOP totaled $17 million (2022 – $30 million). The changes in the number of options during 2023 and 2022 were as follows: NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Outstanding as at January 1, 2023 44,093 US$ 25.16 Granted 716 36.37 Exercised (4,731) 16.25 Cancelled (333) 39.57 Outstanding as at December 31, 2023 39,745 US$ 26.30 1. Options to acquire NYSE listed Class A shares. NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Outstanding as at January 1, 2022 43,794 US$ 22.59 Granted 3,956 46.62 Exercised (3,258) 15.35 Cancelled (399) 35.70 Outstanding as at December 31, 2022 44,093 US$ 25.16 1. Options to acquire NYSE listed Class A shares. The weighted-average fair value of options granted for the year ended December 31, 2023 was $9.61 (2022 – $8.82), and was determined using the Black-Scholes valuation model, with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2023 2022 Weighted-average share price US$ 36.37 46.62 Average term to exercise Years 7.5 7.5 Share price volatility 1 % 28.7 24.8 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.0 1.4 Risk-free rate % 4.0 1.9 1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. As at December 31, 2023 , the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$13.77 – US$16.70 1.8 years 4,845 — 4,845 US$18.43 – US$22.05 3.0 years 16,604 — 16,604 US$24.15 – US$31.64 5.2 years 5,539 1,390 6,929 US$35.56 – US$46.62 7.3 years 4,175 7,192 11,367 31,163 8,582 39,745 As at December 31, 2022, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$13.77 – US$16.70 2.1 years 8,376 — 8,376 US$18.43 – US$22.05 4.0 years 16,569 1,094 17,663 US$24.15 – US$31.64 6.2 years 4,381 2,700 7,081 US$35.56 – US$46.62 8.2 years 2,099 8,874 10,973 31,425 12,668 44,093 Escrowed Stock Plan The Escrowed Stock Plan (the “ES Plan”) provides executives with indirect ownership of Class A shares. Under the ES Plan, executives are granted common shares (the “ES Shares”) in one or more private companies that own Class A shares. The Class A shares are purchased on the open market with the purchase cost funded by the company. The ES shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than ten years from the grant date, all outstanding ES shares will be exchanged for Class A shares issued by the company based on the market value of Class A shares at the time of the exchange. The number of Class A shares issued on exchange will be less than the Class A shares purchased under the ES Plan resulting in a net reduction in the number of Class A shares issued by the company. During 2023 , 2.2 million Class A shares were purchased in respect of ES shares granted to executives under the ES Plan (2022 – 5.1 million Class A shares) during the year. For the year ended December 31, 2023, the total expense incurred with respect to the ES Plan totaled $30 million (2022 – $51 million). The weighted-average fair value of escrowed shares granted for the year ended December 31, 2023 was $9.61 (2022 – $7.66), and was determined using the Black-Scholes model of valuation with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2023 2022 Weighted-average share price US$ 36.37 36.25 Average term to exercise Years 7.5 7.2 Share price volatility 1 % 28.7 26.7 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.0 1.0 Risk-free rate % 4.0 3.7 1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. The change in the number of ES shares during 2023 and 2022 was as follows: Number of Weighted- Average Exercise Price Outstanding as at January 1, 2023 39,425 $ 35.00 Granted 2,155 36.37 Exercised (228) 34.84 Cancelled (15) 43.51 Outstanding as at December 31, 2023 41,337 $ 35.03 Number of Weighted- Average Exercise Price Outstanding as at January 1, 2022 50,378 $ 25.14 Granted 43,650 36.25 Exercised (54,600) 26.94 Cancelled (3) 41.06 Outstanding as at December 31, 2022 39,425 $ 35.00 Restricted Stock Plan The Restricted Stock Plan awards executives with Class A shares purchased on the open market (“Restricted Shares”). Under the Restricted Stock Plan, Restricted Shares awarded vest over a period of up to five years, except for Restricted Shares awarded in lieu of a cash bonus, which may vest immediately. Vested and unvested Restricted Shares are subject to a hold period of up to five years. Holders of Restricted Shares are entitled to vote Restricted Shares and to receive associated dividends. Employee compensation expense for the Restricted Stock Plan is charged against income over the vesting period. During 2023, Brookfield granted 1.5 million Class A shares (2022 – 1.9 million) pursuant to the terms and conditions of the Restricted Stock Plan, resulting in the recognition of $57 million (2022 – $78 million) of compensation expense. Cash-settled Share-based Awards Deferred Share Unit Plan and Restricted Share Unit Plan The Deferred Share Unit Plan and Restricted Share Unit Plan provide for the issuance of DSUs and RSUs, respectively. Under these plans, qualifying employees and directors receive varying percentages of their annual incentive bonus or directors’ fees in the form of DSUs and RSUs. The DSUs and RSUs vest over periods of up to five years, and DSUs accumulate additional DSUs at the same rate as dividends on common shares based on the market value of the common shares at the time of the dividend. Participants are not allowed to convert DSUs and RSUs into cash until retirement or cessation of employment. The value of the DSUs, when converted to cash, will be equivalent to the market value of the common shares at the time the conversion takes place. The value of the RSUs, when converted into cash, will be equivalent to the difference between the market price of equivalent number of common shares at the time the conversion takes place and the market price on the date the RSUs are granted. The company uses equity derivative contracts to offset its exposure to the change in share prices in respect of vested and unvested DSUs and RSUs. The fair value of the vested DSUs and RSUs as at December 31, 2023 was $1.3 billion (2022 – $1.2 billion). Employee compensation expense for these plans is charged against income over the vesting period of the DSUs and RSUs. The amount payable by the company in respect of vested DSUs and RSUs changes as a result of dividends and share price movements. All of the amounts attributable to changes in the amounts payable by the company are recorded as employee compensation expense in the period of the change. For the year ended December 31, 2023 , employee compensation expense totaled $1 million (2022 – $8 million), net of the impact of hedging arrangements. The change in the number of DSUs and RSUs during 2023 and 2022 was as follows: DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding as at January 1, 2023 21,648 13,679 C$ 6.10 Granted and reinvested 271 — — Exercised and cancelled (968) — — Outstanding as at December 31, 2023 20,951 13,679 C$ 6.10 DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding as at January 1, 2022 18,286 13,679 C$ 6.10 Granted and reinvested 3,415 — — Exercised and cancelled (53) — — Outstanding as at December 31, 2022 21,648 13,679 C$ 6.10 The fair value of each DSU is equal to the traded price of the company’s common shares. Unit Dec. 31, 2023 Dec. 31, 2022 Share price on date of measurement C$ 53.15 42.58 Share price on date of measurement US$ 40.12 31.46 The fair value of RSUs was determined primarily using the following inputs: Unit Dec. 31, 2023 Dec. 31, 2022 Share price on date of measurement C$ 53.15 42.58 Weighted-average fair value of a unit C$ 47.05 36.48 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
REVENUES | REVENUES We perform a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of our revenues by segment and type, as well as a breakdown of whether revenues from goods or services are recognized at a point in time or delivered over a period of time. a) Revenue by Type FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Total Revenue from contracts with customers $ 5,229 $ — $ 4,878 $ 16,899 $ 52,570 $ 3,156 $ 82,732 Other revenue 4,990 309 432 1,335 3,113 3,013 13,192 $ 10,219 $ 309 $ 5,310 $ 18,234 $ 55,683 $ 6,169 $ 95,924 FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) Asset Corporate Renewable Infrastructure Private Real Estate Total Revenue from contracts with customers $ 4,793 $ — $ 4,959 $ 13,925 $ 54,541 $ 3,218 $ 81,436 Other revenue 4,162 166 239 735 2,792 3,239 11,333 $ 8,955 $ 166 $ 5,198 $ 14,660 $ 57,333 $ 6,457 $ 92,769 b) Timing of Recognition of Revenue from Contracts with Customers FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) Asset Renewable Infrastructure Private Real Estate Total Goods and services provided at a point in time $ 1,562 $ 221 $ — $ 42,562 $ 2,165 $ 46,510 Services transferred over a period of time 3,667 4,657 16,899 10,008 991 36,222 $ 5,229 $ 4,878 $ 16,899 $ 52,570 $ 3,156 $ 82,732 FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) Asset Renewable Infrastructure Private Real Estate Total Goods and services provided at a point in time $ 1,587 $ 274 $ — $ 45,558 $ 2,209 $ 49,628 Services transferred over a period of time 3,206 4,685 13,925 8,983 1,009 31,808 $ 4,793 $ 4,959 $ 13,925 $ 54,541 $ 3,218 $ 81,436 Remaining Performance Obligation Private Equity In our construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract or work order. As at December 31, 2023, our backlog of construction projects was approximately $6.2 billion (2022 – $5.7 billion). Our dealer software and technology services operation had remaining performance obligations related to its long-term software and maintenance and support contracts of approximately $2.3 billion (2022 – $2.5 billion). In our Brazilian water and wastewater operation business, our long-term, inflation-adjusted concession service contracts with various municipalities have an average remaining contract duration of 23 years as at December 31, 2023 (2022 – 23 years), and the remaining performance obligations were approximately $10.6 billion (2022 – $10.4 billion). Others In our Asset Management, Infrastructure, Renewable Power and Transition, and Real Estate businesses, revenue is generally recognized as invoiced for contracts recognized over a period of time as the amounts invoiced are commensurate with the value provided to the customers. c) Lease Income Our leases in which the company is a lessor are primarily operating in nature. Total lease income from our assets leased out on operating leases totaled $8.8 billion ( 2022 – $8.2 billion) including $155 million ( 2022 – $182 million) of income related to variable lease income that is not dependent on an index or rate. The following table presents the undiscounted contractual earnings receivable of the company’s leases by expected period of receipt: Payments Receivable by Period AS AT DEC. 31, 2023 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 6,826 $ 11,229 $ 8,268 $ 17,671 $ 43,994 Payments Receivable by Period AS AT DEC. 31, 2022 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 5,719 $ 9,072 $ 7,038 $ 15,983 $ 37,812 |
DIRECT COSTS
DIRECT COSTS | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
DIRECT COSTS | DIRECT COSTS Direct costs include all attributable expenses except interest, taxes and fair value changes, and primarily relate to cost of sales and compensation. The following table lists direct costs for 2023 and 2022 by nature: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Cost of sales 1 $ 52,224 $ 54,044 Compensation 11,155 9,849 Depreciation and amortization 9,075 7,683 Selling, general and administrative expenses 5,354 3,931 Property taxes, sales taxes and other 3,601 3,004 $ 81,409 $ 78,511 |
FAIR VALUE CHANGES
FAIR VALUE CHANGES | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE CHANGES | FAIR VALUE CHANGES Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Investment properties $ (105) $ 629 Transaction related expenses, net of income (608) (533) Financial contracts 337 (163) Impairment and provisions (1,276) (293) Other fair value changes 256 (617) $ (1,396) $ (977) |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The company’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The company selectively uses derivative financial instruments principally to manage these risks. The aggregate notional amount of the company’s derivative positions as at December 31, 2023 and 2022 is as follows: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Foreign exchange (a) $ 58,175 $ 50,601 Interest rates (b) 124,265 61,939 Equity derivatives (c) 2,017 1,942 Commodity instruments (d) Energy (GWh) 98,345 69,902 Natural gas (MMBtu – 000’s) 144,104 128,381 a) Foreign Exchange The company held the following foreign exchange contracts with notional amounts as at December 31, 2023 and 2022: Notional Amount (U.S. Dollars) Average Exchange Rate (MILLIONS) 2023 2022 2023 2022 Foreign exchange contracts Canadian dollars $ 7,360 $ 7,381 0.76 0.76 British pounds 7,608 6,880 1.07 1.12 European Union euros 14,814 10,074 1.09 1.01 Australian dollars 3,417 4,088 0.69 0.69 Indian rupee 5,233 3,921 85.57 73.72 Korean won 1 1,091 923 1,303 1,293 Chinese yuan 1 3,083 4,166 6.86 6.07 Japanese yen 1 77 378 138.41 116.26 Colombian pesos 1 2,652 355 4,629 4,800 Brazilian reais 3,969 1,371 0.18 0.16 Swedish krona — — — Other currencies 1,532 2,764 Various Various Cross currency interest rate swaps Canadian dollars 6,457 5,673 0.80 0.77 Australian dollars 502 634 0.68 0.93 Japanese yen 1 — 275 — 130.68 British pounds — 243 — 1.21 Brazilian reais 1 — 749 — 0.19 Foreign exchange options Indian rupee 379 485 74.20 78.73 1. Average rate is quoted using USD as base currency. Included in net income are unrealized net losses on foreign currency derivative contracts amounting to $47 million (2022 – losses of $23 million) and included in the cumulative translation adjustment account in other comprehensive income are losses in respect of foreign currency contracts entered into for hedging purposes amounting to $1.6 billion (2022 – gains of $2.8 billion). b) Interest Rates As at December 31, 2023, the company held interest rate swap and forward starting swap contracts having an aggregate notional amount of $76.1 billion (2022 – $38.6 billion), interest rate swaptions with an aggregate notional amount of $292 million (2022 – $244 million) and interest rate cap contracts with an aggregate notional amount of $47.9 billion (2022 – $22.8 billion). c) Equity Derivatives As at December 31, 2023, the company held equity derivatives with a notional amount of $2.0 billion (2022 – $1.9 billion) which includes $2.0 billion (2022 – $1.9 billion) notional amount that hedges long-term compensation arrangements. The balance represents common equity positions established in connection with the company’s investment activities as well as general equity market hedges. The fair value of these instruments was reflected in the company’s consolidated financial statements at year end. d) Commodity Instruments The company has entered into energy derivative contracts primarily to hedge the sale of generated power. The company endeavors to link forward electricity sale derivatives to specific periods in which it expects to generate electricity for sale. All energy derivative contracts are recorded at an amount equal to fair value and are reflected in the company’s consolidated financial statements. The company has financial contracts outstanding on 144,104,000 MMBtu’s (2022 – 128,381,000 MMBtu’s) of natural gas as part of its electricity sale price risk mitigation strategy. Other Information Regarding Derivative Financial Instruments The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2023 and 2022 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2023 2022 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Notional Effective Portion Ineffective Portion Notional Effective Portion Ineffective Portion Cash flow hedges 1 $ 84,119 $ (754) $ (12) $ 49,199 $ 2,081 $ 13 Net investment hedges 45,979 (1,200) — 35,438 2,998 — $ 130,098 $ (1,954) $ (12) $ 84,637 $ 5,079 $ 13 1. Notional amount does not include 28,952 GWh and 49,386 MMBtu – 000’s – of commodity derivatives as at December 31, 2023 (2022 – 18,133 GWh, 67,803 MMBtu – 000’s). The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2023 and 2022, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting: (MILLIONS) Unrealized Gains During 2023 Unrealized Losses During 2023 Net Change During 2023 Net Change During 2022 Foreign exchange derivatives $ 137 $ (90) $ 47 $ 23 Interest rate derivatives 205 (215) (10) 419 Equity derivatives — (32) (32) (296) Commodity derivatives 221 (123) 98 (292) $ 563 $ (460) $ 103 $ (146) The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2023 and 2022, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting: 2023 2022 AS AT DEC. 31 (MILLIONS) <1 Year 1 to 5 Years >5 Years Total Notional Amount Total Notional Amount Fair value through profit or loss Foreign exchange derivatives $ 4,295 $ 892 $ 946 $ 6,133 $ 7,075 Interest rate derivatives 24,234 19,941 925 45,100 19,976 Equity derivatives 1,231 786 — 2,017 1,942 Commodity instruments Energy (GWh) 8,482 25,938 34,974 69,394 51,770 Natural gas (MMBtu – 000’s) 85,583 9,135 — 94,718 60,578 Elected for hedge accounting Foreign exchange derivatives $ 17,987 $ 32,628 $ 1,426 $ 52,041 $ 43,286 Interest rate derivatives 19,308 53,331 6,526 79,165 41,963 Equity derivatives — — — — — Commodity instruments Energy (GWh) 5,471 10,514 12,966 28,951 18,133 Natural gas (MMBtu – 000’s) 37,142 12,244 — 49,386 67,803 |
MANAGEMENT OF RISKS ARISING FRO
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS | MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS The company is exposed to the following risks as a result of holding financial instruments: market risk (i.e., interest rate risk, currency exchange risk and other price risk that impact the fair value of financial instruments), credit risk and liquidity risk. The following is a description of these risks and how they are managed: a) Market Risk Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the company will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, currency exchange rates and changes in market prices due to factors other than interest rates or currency exchange rates, such as changes in equity prices, commodity prices or credit spreads. The company manages market risk from foreign currency assets and liabilities and the impact of changes in currency exchange rates and interest rates by funding assets with financial liabilities in the same currency and with similar interest rate characteristics, and by holding financial contracts such as interest rate and foreign exchange derivatives to minimize residual exposures. Financial instruments held by the company that are subject to market risk include other financial assets, borrowings and derivative instruments such as interest rate, currency, equity and commodity contracts. i. Interest Rate Risk The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in the net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the value of financial instruments whose cash flows are fixed in nature. The company’s assets largely consist of long-duration interest-sensitive physical assets. Accordingly, the company’s financial liabilities consist primarily of long-term fixed-rate debt or floating-rate debt that has been swapped with interest rate derivatives. These financial liabilities are, with few exceptions, recorded at their amortized cost. The company also holds interest rate caps to limit its exposure to increases in interest rates on floating rate debt that has not been swapped, and holds interest rate contracts to lock in fixed rates on anticipated future debt issuances and as an economic hedge against the changes in value of long duration interest sensitive physical assets that have not been otherwise matched with fixed rate debt. The result of a 50 basis-point increase in interest rates on the company’s net floating rate financial assets and liabilities would have resulted in a corresponding decrease in net income before tax of $278 million (2022 – $416 million) on a current basis. Changes in the value of fair value through profit or loss interest rate contracts are recorded in net income and changes in the value of contracts that are elected for hedge accounting are recorded in other comprehensive income. The impact of a 50 basis-point parallel increase in the yield curve on the aforementioned financial instruments is estimated to result in a corresponding increase in net income before tax of $228 million (2022 – $146 million) and an increase in other comprehensive income of $956 million (2022 – $486 million) for the years ended December 31, 2023 and 2022, respectively. ii. Currency Exchange Rate Risk Changes in currency rates will impact the carrying value of financial instruments denominated in currencies other than the U.S. dollar. The company holds financial instruments with net unmatched exposures in several currencies, changes in the translated value of which are recorded in net income. The impact of a 1% increase in the U.S. dollar against these currencies would have resulted in a $51 million (2022 – $61 million) increase in the value of these positions on a combined basis. The impact on cash flows from financial instruments would be insignificant. The company holds financial instruments to limit its exposure to the impact of foreign currencies on its net investments in foreign operations whose functional and reporting currencies are other than the U.S. dollar. A 1% increase in the U.S. dollar would increase the value of these hedging instruments by $490 million (2022 – $421 million) as at December 31, 2023, which would be recorded in other comprehensive income and offset by changes in the U.S. dollar carrying value of the net investment being hedged. iii. Other Price Risk Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads. Financial instruments held by the company that are exposed to equity price risk include equity securities and equity derivatives. A 5% decrease in the market price of equity securities and equity derivatives held by the company, excluding equity derivatives that hedge compensation arrangements, would have decreased net income by $168 million (2022 – $253 million) and decreased other comprehensive income by $91 million (2022 – $76 million), prior to taxes. The company’s liability in respect of equity compensation arrangements is subject to variability based on changes in the company’s underlying common share price. The company holds equity derivatives to hedge almost all of the variability. A 5% change in the common equity price of the company in respect of compensation agreements would increase the compensation liability and compensation expense by $80 million (2022 – $63 million). This increase would be offset by a $87 million (2022 – $74 million) change in value of the associated equity derivatives of which $80 million (2022 – $63 million) would offset the above-mentioned increase in compensation expense and the remaining $7 million (2022 – $11 million) would be recorded in net income. The company sells power and generation capacity under long-term agreements and financial contracts to stabilize future revenues. Certain of the contracts are considered financial instruments and are recorded at fair value in the consolidated financial statements, with changes in value being recorded in either net income or other comprehensive income as applicable. A 5% increase in energy prices would have decreased net income for the year ended December 31, 2023 by approximately $72 million (2022 – $85 million) and decreased other comprehensive income by $31 million (2022 – $46 million), prior to taxes. The corresponding increase in the value of the revenue or capacity being contracted, however, is not recorded in net income until subsequent periods. b) Credit Risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The company’s exposure to credit risk in respect of financial instruments relates primarily to counterparty obligations regarding derivative contracts, loans receivable and credit investments such as bonds and preferred shares. The company assesses the creditworthiness of each counterparty before entering into contracts with a view to ensuring that counterparties meet minimum credit quality requirements. Management evaluates and monitors counterparty credit risk for derivative financial instruments and endeavors to minimize counterparty credit risk through diversification, collateral arrangements, and other credit risk mitigation techniques. The credit risk of derivative financial instruments is generally limited to the positive fair value of the instruments, which, in general, tends to be a relatively small proportion of the notional value. Substantially all of the company’s derivative financial instruments involve either counterparties that are banks or other financial institutions in North America, the U.K. and Australia, or arrangements that have embedded credit risk mitigation features. The company does not expect to incur credit losses in respect of any of these counterparties. The maximum exposure in respect of loans receivable and credit investments is equal to the carrying value. c) Liquidity Risk Liquidity risk is the risk that the company cannot meet a demand for cash or fund an obligation as it comes due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. To help ensure the company is able to react to contingencies and investment opportunities quickly, the company maintains sources of liquidity at the corporate and subsidiary levels. The primary source of liquidity consists of cash and other financial assets, net of deposits and other associated liabilities, and undrawn committed credit facilities. The company is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. The company believes these risks are mitigated through the use of long-term debt secured by high quality assets, maintaining debt levels that are in management’s opinion relatively conservative, and by diversifying maturities over an extended period of time. The company also seeks to include in its agreements terms that protect the company from liquidity issues of counterparties that might otherwise impact the company’s liquidity. The following tables present the contractual maturities of the company’s financial liabilities as at December 31, 2023 and 2022. Payments Due by Period AS AT DEC. 31, 2023 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings 1 $ 604 $ 1,631 $ 1,434 $ 8,491 $ 12,160 Non-recourse borrowings of managed entities 56,854 54,360 48,795 61,541 221,550 Subsidiary equity obligations 932 774 44 2,395 4,145 Interest expense 2 Corporate borrowings 520 948 821 3,975 6,264 Non-recourse borrowings 13,461 20,000 13,970 22,156 69,587 Subsidiary equity obligations 169 253 174 933 1,529 Lease obligations 3 1,131 2,044 1,638 12,180 16,993 1. Payments due in less than one year includes $31 million of short-term commercial paper as at December 31, 2023. 2. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 3. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. Payments Due by Period AS AT DEC. 31, 2022 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings 1 $ — $ 1,608 $ 1,486 $ 8,296 $ 11,390 Non-recourse borrowings of managed entities 42,883 58,726 44,119 56,956 202,684 Subsidiary equity obligations 1,187 746 553 1,702 4,188 Interest expense 2 Corporate borrowings 484 863 728 3,916 5,991 Non-recourse borrowings 10,597 16,016 11,432 18,320 56,365 Subsidiary equity obligations 152 273 182 563 1,170 Lease obligations 3 1,186 1,855 1,540 13,192 17,773 1. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS a) Related Parties Related parties include subsidiaries, associates, joint ventures, key management personnel, the Board of Directors (“Directors”), immediate family members of key management personnel and Directors and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members. b) Key Management Personnel and Directors Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the company’s activities, directly or indirectly, and consist of the company’s Senior Executives. The company’s Directors do not plan, direct or control the activities of the company directly; they provide oversight over the business. The remuneration of key management personnel and Directors of the company during the years ended December 31, 2023 and 2022 was as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Salaries, incentives and short-term benefits 1 $ 5 $ 14 Share-based payments 1 19 38 $ 24 $ 52 1. For the year ended December 31, 2022, the remuneration of key management personnel and Directors of the company remaining after the special distribution of a 25% interest in our asset management business included salaries, incentives and short-term benefits of $5 million and share-based payments of $13 million. The remuneration of key management personnel and Directors is determined by the Management Resources and Compensation Committee of the Board of Directors having regard to the performance of individuals and alignment of interests between shareholders, Directors, and key management personnel. c) Related Party Transactions In the normal course of operations, the company executes transactions on market terms with related parties that have been measured at exchange value and are recognized in the consolidated financial statements, including, but not limited to: base management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; power purchase and sale agreements; capital commitments to private funds; the acquisition and disposition of assets and businesses; derivative contracts; and the construction and development of assets. Transactions and balances between consolidated entities are fully eliminated upon consolidation. However, transactions and balances between the company and equity accounted investments do not eliminate. The following table lists the related party balances included within the consolidated financial statements for the years ended December 31, 2023 and 2022: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Management fees earned $ 149 $ 102 The company provided BNRE with an equity commitment in the amount of $2.0 billion to fund future growth, which BNRE may draw on from time to time. As of December 31, 2023, there was no amount drawn under this equity commitment. BNRE may seek to add duration and diversification to its investment portfolio by acquiring public and private real assets across many asset classes, including real estate, royalties, or public securities (among other assets). These acquisitions could be made in the open market or from assets currently owned by the Corporation. During the year, the Corporation sold $1.1 billion of real estate and other assets to BNRE for cash. In addition, to support the continued scaling of our Insurance Solutions business’ asset base, the Corporation capitalized BNRE with an economic interest in $2.1 billion of real estate and other assets in exchange for newly-issued BNRE class C shares. |
OTHER INFORMATION
OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Additional information [abstract] | |
OTHER INFORMATION | OTHER INFORMATION a) Guarantees and Contingencies In the normal course of business, the company enters into contractual obligations which include commitments to provide bridge financing and letters of credit and guarantees provided in respect of power sales contracts and reinsurance obligations as well as capital expenditure commitments related to contracted project costs assumed as part of recent acquisitions. As at December 31, 2023, the company had $6.2 billion (2022 – $2.8 billion) of such commitments outstanding. In addition, the company executes agreements that provide for indemnifications and guarantees to third parties in transactions or dealings such as business dispositions, business acquisitions, sales of assets, provision of services, securitization agreements and underwriting and agency agreements. The company has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents the company from making a reasonable estimate of the maximum potential amount the company could be required to pay third parties, as in most cases the agreements do not specify a maximum amount, and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Neither the company nor its consolidated subsidiaries have made significant payments in the past, nor do they expect at this time to make any significant payments under such indemnification agreements in the future. The company periodically enters into joint venture, consortium or other arrangements that have contingent liquidity rights in favor of the company or its counterparties. These include buy sell arrangements, registration rights and other customary arrangements. These agreements generally have embedded protective terms that mitigate the risk to us. The amount, timing and likelihood of any payments by the company under these arrangements is, in most cases, dependent on either future contingent events or circumstances applicable to the counterparty and therefore cannot be determined at this time. The company is contingently liable with respect to litigation and claims that arise in the normal course of business. It is not reasonably possible that any of the ongoing litigation as at December 31, 2023 could result in a material settlement liability. The company has insurance for damage and business interruption costs sustained as a result of an act of terrorism. The amount of coverage is reviewed on an individual basis and can range up to $4 billion. However, a terrorist act could have a material effect on the company’s assets to the extent damages exceed coverage. The company, through its subsidiaries within the residential properties operations, is contingently liable for obligations of its associates in its land development joint ventures. In each case, all of the assets of the joint venture are available first for the purpose of satisfying these obligations, with the balance shared among the participants in accordance with predetermined joint venture arrangements. As discussed in Note 19 Subsidiary Equity Obligations, in 2014, BPY issued $1.8 billion of exchangeable preferred equity units in three $600 million tranches redeemable in 2021, 2024 and 2026, respectively. The preferred equity units were originally exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. Following the BPY privatization, the preferred equity units became exchangeable into cash equal to the value of the consideration that would have been received upon the BPY privatization (a combination of cash, BN shares and New LP Preferred Units), based on the value of that consideration on the date of exchange. BPY also has the option of delivering the actual consideration (a combination of cash, BN shares and New LP Preferred Units). Following the BPY privatization, we have agreed with the holder to grant the company the right to purchase all or any portion of the preferred equity units of the holder at maturity, and to grant the holder the right to sell all or any portion of the preferred equity units of the holder at maturity, in each case at a price equal to the issue price for such preferred equity units plus accrued and unpaid distributions. On December 30, 2021, the company acquired the tranche redeemable in 2021 from the holder and exchanged such units for Redemption-Exchange Units. The preferred equity units were subsequently cancelled. b) Supplemental Cash Flow Information During the year, the company capitalized $471 million (2022 – $508 million) of interest primarily to investment properties and residential inventory under development. |
ORGANIZATION AND CAPITAL MANA_2
ORGANIZATION AND CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Management Commentary Explanatory [Abstract] | |
Summary of the Corporation's Capital [Table] | As at December 31, 2023, the Corporation’s capital totaled $58.2 billion (December 31, 2022 – $55.4 billion), and is computed as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Cash and cash equivalents $ 134 $ 1,282 Other financial assets 4,004 6,870 Common equity in investments 53,523 49,391 Other assets and liabilities of the Corporation 506 (2,170) Corporation’s Capital $ 58,167 $ 55,373 Corporation’s Capital is comprised of the following: Common equity $ 41,674 $ 39,608 Preferred equity 4,103 4,145 Non-controlling interest 230 230 Corporate borrowings 12,160 11,390 $ 58,167 $ 55,373 |
Reconciliation of the Corporation's Capital [Table] | A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2023 is as follows: AS AT DEC. 31, 2023 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 134 $ 11,088 $ — $ 11,222 Other financial assets 4,004 24,320 — 28,324 Accounts receivable and other 1 1,191 27,836 (515) 28,512 Inventory — 11,412 — 11,412 Assets classified as held for sale — 2,489 — 2,489 Equity accounted investments 2,081 57,043 — 59,124 Investment properties 21 124,131 — 124,152 Property, plant and equipment 144 147,473 — 147,617 Intangible assets 84 38,910 — 38,994 Goodwill — 34,911 — 34,911 Deferred income tax assets 489 2,849 — 3,338 Accounts payable and other 1 (3,383) (56,025) 515 (58,893) Liabilities associated with assets classified as held for sale — (118) — (118) Deferred income tax liabilities (117) (24,870) — (24,987) Subsidiary equity obligations (4) (4,141) — (4,145) Total 4,644 397,308 — 401,952 Common equity in investments 2 53,523 — (53,523) — Corporation’s Capital 58,167 397,308 (53,523) 401,952 Less: Corporate borrowings 12,160 — — 12,160 Non-recourse borrowings of managed entities — 221,550 — 221,550 Amounts attributable to preferred equity 4,103 — — 4,103 Amounts attributable to non-controlling interests 230 122,235 — 122,465 Common equity $ 41,674 $ 53,523 $ (53,523) $ 41,674 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $515 million and $515 million, respectively, between entities within the Corporation and its investments. 2. Represents the carrying value of the Corporation’s investments. A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2022 is as follows: AS AT DEC. 31, 2022 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 1,282 $ 13,114 $ — $ 14,396 Other financial assets 6,870 20,029 — 26,899 Accounts receivable and other 1 2,196 25,431 (249) 27,378 Inventory 2 12,841 — 12,843 Assets classified as held for sale — 2,830 — 2,830 Equity accounted investments 1,460 45,634 — 47,094 Investment properties 27 115,073 — 115,100 Property, plant and equipment 146 124,122 — 124,268 Intangible assets 81 38,330 — 38,411 Goodwill — 28,662 — 28,662 Deferred income tax assets 475 2,928 — 3,403 Accounts payable and other 1 (6,004) (51,310) 249 (57,065) Liabilities associated with assets classified as held for sale — (876) — (876) Deferred income tax liabilities (112) (23,078) — (23,190) Subsidiary equity obligations (441) (3,747) — (4,188) Total 5,982 349,983 — 355,965 Common equity in investments 2 49,391 — (49,391) — Corporation’s Capital 55,373 349,983 (49,391) 355,965 Less: Corporate borrowings 11,390 — — 11,390 Non-recourse borrowings of managed entities — 202,684 — 202,684 Amounts attributable to preferred equity 4,145 — — 4,145 Amounts attributable to non-controlling interests 230 97,908 — 98,138 Common equity $ 39,608 $ 49,391 $ (49,391) $ 39,608 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $249 million and $249 million, respectively, between entities within the Corporation and its investments. 2. |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Disclosure of entity's operating segments | c) Reportable Segment Measures AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) Asset Insurance Solutions 2 Renewable Infrastructure Private Real Estate Corporate Total Note External revenues $ 10,219 n/a $ 5,310 $ 18,234 $ 55,683 $ 6,169 $ 309 $ 95,924 Inter-segment and other revenues 1 4,820 n/a — 6 56 35 32 4,949 i Segmented revenues 15,039 n/a 5,310 18,240 55,739 6,204 341 100,873 DE 3,135 740 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 418 653 1,876 n/a (463) n/a ii NOI n/a n/a n/a n/a n/a 3,616 n/a n/a ii Common Equity 19,484 6,144 4,887 2,537 3,291 22,413 (17,082) 41,674 1. We equity account for our investment in Oaktree and include our share of the FFO at 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2023, $1.7 billion of Oaktree’s revenue was included in our Asset Management segment revenue. 2. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) Asset Insurance Solutions 2 Renewable Infrastructure Private Real Estate Corporate Total Note External revenues $ 8,955 n/a $ 5,198 $ 14,660 $ 57,333 $ 6,457 $ 166 $ 92,769 Inter-segment and other revenues 1 4,289 n/a — 4 207 32 (41) 4,491 i Segmented revenues 13,244 n/a 5,198 14,664 57,540 6,489 125 97,260 DE 3,678 388 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 401 576 857 n/a (366) n/a ii NOI n/a n/a n/a n/a n/a 3,472 n/a n/a ii Common Equity 19,645 3,996 5,274 2,524 2,439 22,825 (17,095) 39,608 1. We equity account for our investment in Oaktree and include our share of the FFO at 64%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For year ended December 31, 2022, $1.5 billion of Oaktree’s revenue was included in our Asset Management segment revenue. 2. |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of interests in subsidiaries [text block] | The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2023 2022 Brookfield Asset Management ULC (“BAM”) British Columbia 25.0 % 25.0 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 54.6 % 51.7 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 73.9 % 72.9 % Brookfield Business Partners L.P. (“BBU”) 5 Bermuda 34.5 % 34.8 % 1. Control and associated voting rights of the limited partnerships (BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by non-controlling interests represents the combined units not held in BEP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by non-controlling interests represents the combined units not held in BIP and Brookfield Infrastructure Corporation (“BIPC”). 5. Ownership interest held by non-controlling interests represents the combined units not held in BBU and Brookfield Business Corporation (“BBUC”). The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,787 $ 312 $ 24 $ — $ — $ — $ 15 $ 24 $ 188 $ 104,516 $ (11,942) $ 95,924 Net income (loss) attributable to shareholders 1,130 (27) (17) — — — 15 — 34 8,348 (8,353) 1,130 Total assets 77,567 10,813 757 — — — 160 552 4,165 561,498 (165,417) 490,095 Total liabilities 31,790 8,793 752 2 — — 1 549 3,546 320,691 (44,271) 321,853 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,491 $ 284 $ 2 $ 30 $ — $ — $ 35 $ — $ 507 $ 111,633 $ (22,213) $ 92,769 Net income (loss) attributable to shareholders 2,056 (8) — — — — 11 — 487 18,598 (19,088) 2,056 Total assets 71,514 9,769 740 16 — — 232 — 4,170 492,799 (137,956) 441,284 Total liabilities 27,761 8,544 737 6 — — 4 — 3,520 297,397 (38,576) 299,393 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
Disclosure of non-controlling interests [text block] | The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2023: NYSE TSX BEP BEP BEP.UN BIP BIP BIP.UN BBU BBU BBU.UN The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements: AS AT DEC. 31 (MILLIONS) 2023 2022 BAM $ 2,247 $ 2,377 BEP 25,677 21,651 BIP 31,479 23,030 BBU 15,241 16,026 BPG 1 35,314 29,321 Individually immaterial subsidiaries with non-controlling interests 12,507 5,733 $ 122,465 $ 98,138 1. |
Summarized financial information of subsidiaries [Table Text Block] | The summarized financial information represents amounts before intra-group eliminations: BAM BEP BIP BBU BPG AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Current assets $ 5,455 $ 5,690 $ 4,610 $ 4,183 $ 7,979 $ 6,686 $ 14,885 $ 18,312 $ 14,950 $ 15,626 Non-current assets 6,973 6,820 71,518 59,928 92,805 66,283 67,500 71,186 168,744 162,198 Current liabilities (2,302) (2,093) (8,038) (4,943) (11,705) (8,377) (14,355) (16,954) (49,286) (41,653) Non-current liabilities (1,096) (915) (38,111) (32,882) (55,063) (39,038) (49,498) (54,079) (68,538) (74,982) Non-controlling interests (2,247) (2,377) (25,677) (21,651) (31,479) (23,030) (15,241) (16,026) (35,314) (29,321) Equity attributable to Brookfield $ 6,783 $ 7,125 $ 4,302 $ 4,635 $ 2,537 $ 2,524 $ 3,291 $ 2,439 $ 30,556 $ 31,868 Revenues $ 3,569 $ 3,375 $ 5,038 $ 4,711 $ 17,931 $ 14,427 $ 55,068 $ 57,545 $ 15,034 $ 13,835 Net income (loss) attributable to: Non-controlling interests $ 433 $ 442 $ 684 $ 327 $ 1,391 $ 1,350 $ 2,865 $ 275 $ (551) $ 2,639 Shareholders 1,269 2,276 (68) (189) 57 25 912 80 (1,033) 496 $ 1,702 $ 2,718 $ 616 $ 138 $ 1,448 $ 1,375 $ 3,777 $ 355 $ (1,584) $ 3,135 Other comprehensive income (loss) attributable to: Non-controlling interests $ 4 $ (8) $ 1,400 $ 1,868 $ 778 $ 39 $ 258 $ (297) $ 459 $ 356 Shareholders 11 (24) 20 622 101 109 30 (97) 420 13 $ 15 $ (32) $ 1,420 $ 2,490 $ 879 $ 148 $ 288 $ (394) $ 879 $ 369 The summarized cash flows of the company’s subsidiaries with significant non-controlling interests are as follows: BAM 1 BEP BIP BBU BPG FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Cash flows from (used in): Operating activities $ 1,439 $ (374) $ 1,865 $ 1,711 $ 4,078 $ 3,131 $ 2,130 $ 1,011 $ (786) $ (1,657) Financing activities (475) 1,706 2,596 3,489 9,419 56 (4,371) 18,070 4,135 6,871 Investing activities (1,842) (280) (4,356) (5,066) (12,990) (3,365) 2,537 (18,721) (6,556) (3,756) Distributions paid to non-controlling interests in common equity $ 526 $ — $ 503 $ 477 $ 868 $ 810 $ 19 $ 19 $ — $ — 1. |
ACQUISITIONS OF CONSOLIDATED _2
ACQUISITIONS OF CONSOLIDATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 year ended December 31, 2023 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis: AS AT DEC. 31, 2023 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Total Cash and cash equivalents $ 228 $ 921 $ 22 $ 1,171 Accounts receivable and other 585 1,475 10 2,070 Other financial assets 47 1,519 1 1,567 Assets classified as held for sale 293 — — 293 Investment properties — 3,244 — 3,244 Property, plant and equipment 7,200 8,964 240 16,404 Intangible assets 8 4,020 83 4,111 Goodwill 1,674 5,334 203 7,211 Deferred income tax assets 97 — — 97 Total assets 10,132 25,477 559 36,168 Less: Accounts payable and other (1,944) (1,500) (46) (3,490) Liabilities associated with assets classified as held for sale (138) — — (138) Non-recourse borrowings (2,868) (9,084) — (11,952) Deferred income tax liabilities (333) (1,558) (47) (1,938) Non-controlling interests 1 (414) — (1) (415) Preferred equity — (641) — (641) (5,697) (12,783) (94) (18,574) Net assets acquired 2 $ 4,435 $ 12,694 $ 465 $ 17,594 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2023 . The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. Infrastructure Renewable Power and Transition AS AT DEC. 31, 2023 (MILLIONS) HomeServe Triton Data4 X-Elio Deriva Banks Cash and cash equivalents $ 205 $ 491 $ 189 $ 42 $ 88 $ 60 Accounts receivable and other 806 376 284 53 328 27 Other financial assets 21 1,495 3 1 38 8 Assets classified as held for sale — — — 293 — — Investment properties — — 3,244 — — — Property, plant and equipment 118 8,811 35 1,160 4,024 995 Intangible assets 2,827 710 6 — — — Goodwill 3,337 1,163 808 1,333 — 159 Deferred income tax assets — — — 75 — — Total assets 7,314 13,046 4,569 2,957 4,478 1,249 Less: Accounts payable and other (792) (406) (260) (126) (1,561) (142) Liabilities associated with assets classified as held for sale — — — (138) — — Non-recourse borrowings (1,006) (7,041) (845) (795) (1,092) (297) Deferred income tax liabilities (613) (446) (416) (105) (29) (151) Non-controlling interests 1 — — — — (343) (34) Preferred equity — (641) — — — — (2,411) (8,534) (1,521) (1,164) (3,025) (624) Net assets acquired 2 $ 4,903 $ 4,512 $ 3,048 $ 1,793 $ 1,453 $ 625 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2022. No material changes were made to those allocations disclosed in the 2022 consolidated financial statements. AS AT DEC. 31, 2022 (MILLIONS) Private Equity Real Estate (LP Investments) 3 Renewable Power and Transition Infrastructure and Other Total Cash and cash equivalents $ 953 $ 605 $ 85 $ 7 $ 1,650 Accounts receivable and other 1,446 302 379 10 2,137 Other financial assets 4,558 188 12 11 4,769 Inventory 485 5 31 2 523 Equity accounted investments 461 222 — 683 Investment properties — 9,805 — — 9,805 Property, plant and equipment 1,502 3,224 3,087 160 7,973 Intangible assets 11,594 82 302 11,978 Goodwill 8,155 456 691 279 9,581 Deferred income tax assets 62 — 10 1 73 Total assets 29,216 14,889 4,295 772 49,172 Less: Accounts payable and other (2,300) (795) (1,201) (55) (4,351) Non-recourse borrowings (4,924) (3,707) (424) (52) (9,107) Deferred income tax liabilities (1,911) (878) (50) (18) (2,857) Non-controlling interests 1 (96) (1,788) (32) (64) (1,980) (9,231) (7,168) (1,707) (189) (18,295) Net assets acquired 2 $ 19,985 $ 7,721 $ 2,588 $ 583 $ 30,877 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. Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. 3. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2022 . No material changes were made to those allocations disclosed in the 2022 consolidated financial statements. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of fair value of financial instruments [text block] | The following table lists the company’s financial instruments by their respective classification as at December 31, 2023 and 2022: 2023 2022 AS AT DEC. 31 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 11,222 $ 11,222 $ 14,396 $ 14,396 Other financial assets Government bonds 1,600 1,600 1,566 1,566 Corporate bonds 2,441 2,441 2,147 2,147 Fixed income securities and other 9,198 9,198 8,762 8,762 Common shares and warrants 5,181 5,181 6,472 6,472 Loans and notes receivable 9,904 9,904 7,952 7,952 28,324 28,324 26,899 26,899 Accounts receivable and other 19,464 19,464 19,880 19,880 $ 59,010 $ 59,010 $ 61,175 $ 61,175 Financial liabilities Corporate borrowings $ 12,160 $ 11,350 $ 11,390 $ 9,599 Non-recourse borrowings of managed entities Property-specific borrowings 205,336 205,003 187,544 184,254 Subsidiary borrowings 16,214 16,030 15,140 14,708 221,550 221,033 202,684 198,962 Accounts payable and other 50,009 50,009 48,559 48,559 Subsidiary equity obligations 4,145 4,145 4,188 4,188 $ 287,864 $ 286,537 $ 266,821 $ 261,308 |
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: 2023 2022 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 25 $ 1,575 $ — $ 91 $ 1,475 $ — Corporate bonds — 1,662 777 65 1,754 324 Fixed income securities and other 455 958 4,903 493 2,099 3,376 Common shares and warrants 857 1,309 3,015 3,975 377 2,120 Loans and notes receivables — 46 17 22 26 5 1,337 5,550 8,712 4,646 5,731 5,825 Accounts receivable and other 6 2,520 89 12 3,731 6 $ 1,343 $ 8,070 $ 8,801 $ 4,658 $ 9,462 $ 5,831 Financial liabilities Accounts payable and other $ 9 $ 5,119 $ 3,259 $ 7 $ 4,469 $ 2,419 Subsidiary equity obligations 4 — 259 — 441 673 $ 13 $ 5,119 $ 3,518 $ 7 $ 4,910 $ 3,092 The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2023 2022 Core $ 18,970 $ 19,267 Transitional and development 23,016 25,434 LP Investments 77,627 69,501 Other investment properties 4,539 898 $ 124,152 $ 115,100 |
Description of valuation techniques used in fair value measurement, assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Dec. 31, 2023 Valuation Techniques and Key Inputs Other financial assets $ 5,550 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 2,520 / (5,119) 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 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the key valuation metrics of the company’s investment properties: 2023 2022 AS AT DEC. 31 Discount Terminal Investment Discount Terminal Capitalization Rate Investment Horizon (years) Core 6.2 % 4.8 % 11 6.2 % 4.6 % 11 Transitional and development 1 7.9 % 6.2 % 10 7.7 % 5.9 % 10 LP Investments 1 8.6 % 5.8 % 13 8.3 % 5.7 % 13 Other investment properties 2 7.4 % n/a n/a 7.5 % 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 segment and other direct investments within our Asset Management segment. |
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 Valuation Significant Relationship of Unobservable Corporate bonds $ 777 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 4,903 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 3,015 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) 89 / (3,259) 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) (259) 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 tables list the company’s financial instruments by their respective classification as at December 31, 2023 and 2022: AS AT DEC. 31, 2023 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 11,222 $ 11,222 Other financial assets Government bonds — 1,600 — 1,600 Corporate bonds 866 1,573 2 2,441 Fixed income securities and other 4,451 1,865 2,882 9,198 Common shares and warrants 3,354 1,827 — 5,181 Loans and notes receivable 63 — 9,841 9,904 8,734 6,865 12,725 28,324 Accounts receivable and other 2 2,615 — 16,849 19,464 $ 11,349 $ 6,865 $ 40,796 $ 59,010 Financial liabilities Corporate borrowings $ — $ — $ 12,160 $ 12,160 Non-recourse borrowings of managed entities Property-specific borrowings — — 205,336 205,336 Subsidiary borrowings — — 16,214 16,214 — — 221,550 221,550 Accounts payable and other 2 8,387 — 41,622 50,009 Subsidiary equity obligations 263 — 3,882 4,145 $ 8,650 $ — $ 279,214 $ 287,864 1. Financial assets include $9.4 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $2.1 billion included in accounts receivable and other and $3.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2022 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 14,396 $ 14,396 Other financial assets Government bonds — 1,566 — 1,566 Corporate bonds 426 1,717 4 2,147 Fixed income securities and other 4,170 1,798 2,794 8,762 Common shares and warrants 4,953 1,519 — 6,472 Loans and notes receivable 53 — 7,899 7,952 9,602 6,600 10,697 26,899 Accounts receivable and other 2 3,749 — 16,131 19,880 $ 13,351 $ 6,600 $ 41,224 $ 61,175 Financial liabilities Corporate borrowings $ — $ — $ 11,390 $ 11,390 Non-recourse borrowings of managed entities Property-specific borrowings — — 187,544 187,544 Subsidiary borrowings — — 15,140 15,140 — — 202,684 202,684 Accounts payable and other 2 6,895 — 41,664 48,559 Subsidiary equity obligations 1,114 — 3,074 4,188 $ 8,009 $ — $ 258,812 $ 266,821 1. Financial assets include $14.0 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $3.0 billion included in accounts receivable and other and $2.1 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. The current and non-current balances of other financial assets are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 5,670 $ 7,565 Non-current 22,654 19,334 Total $ 28,324 $ 26,899 |
Disclosure of financial liabilities | The following tables list the company’s financial instruments by their respective classification as at December 31, 2023 and 2022: AS AT DEC. 31, 2023 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 11,222 $ 11,222 Other financial assets Government bonds — 1,600 — 1,600 Corporate bonds 866 1,573 2 2,441 Fixed income securities and other 4,451 1,865 2,882 9,198 Common shares and warrants 3,354 1,827 — 5,181 Loans and notes receivable 63 — 9,841 9,904 8,734 6,865 12,725 28,324 Accounts receivable and other 2 2,615 — 16,849 19,464 $ 11,349 $ 6,865 $ 40,796 $ 59,010 Financial liabilities Corporate borrowings $ — $ — $ 12,160 $ 12,160 Non-recourse borrowings of managed entities Property-specific borrowings — — 205,336 205,336 Subsidiary borrowings — — 16,214 16,214 — — 221,550 221,550 Accounts payable and other 2 8,387 — 41,622 50,009 Subsidiary equity obligations 263 — 3,882 4,145 $ 8,650 $ — $ 279,214 $ 287,864 1. Financial assets include $9.4 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $2.1 billion included in accounts receivable and other and $3.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. AS AT DEC. 31, 2022 (MILLIONS) Fair Value Through Fair Value Through OCI Amortized Cost Total Financial assets 1 Cash and cash equivalents $ — $ — $ 14,396 $ 14,396 Other financial assets Government bonds — 1,566 — 1,566 Corporate bonds 426 1,717 4 2,147 Fixed income securities and other 4,170 1,798 2,794 8,762 Common shares and warrants 4,953 1,519 — 6,472 Loans and notes receivable 53 — 7,899 7,952 9,602 6,600 10,697 26,899 Accounts receivable and other 2 3,749 — 16,131 19,880 $ 13,351 $ 6,600 $ 41,224 $ 61,175 Financial liabilities Corporate borrowings $ — $ — $ 11,390 $ 11,390 Non-recourse borrowings of managed entities Property-specific borrowings — — 187,544 187,544 Subsidiary borrowings — — 15,140 15,140 — — 202,684 202,684 Accounts payable and other 2 6,895 — 41,664 48,559 Subsidiary equity obligations 1,114 — 3,074 4,188 $ 8,009 $ — $ 258,812 $ 266,821 1. Financial assets include $14.0 billion of assets pledged as collateral. 2. Includes derivative instruments which are elected for hedge accounting, totaling $3.0 billion included in accounts receivable and other and $2.1 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income. The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2023 and 2022 : 2023 2022 AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial Financial Financial Financial Balance, beginning of year $ 5,831 $ 3,092 $ 2,232 $ 2,714 Fair value changes in net income 317 (444) 95 (394) Fair value changes in other comprehensive income (loss) 1 654 (108) (13) (3) Transfers in 773 — 460 — Transfers out (44) (56) — — Additions, net of disposals 1,270 1,034 3,057 775 Balance, end of year $ 8,801 $ 3,518 $ 5,831 $ 3,092 1. Includes foreign currency translation. During the year ended December 31, 2023, $773 million of direct investments in equity securities within our Asset Management segment were transferred from Level 2 to Level 3 of the fair value hierarchy due to the implied price or cost previously used in the fair valuation of the investments not being observable due to minimal market activity for the securities. No other significant transfers were made between Levels 1, 2, or 3 during the year ended December 31, 2023. During the year ended December 31, 2022, there was a transfer of $460 million to Level 3 of the fair value hierarchy, reflecting a change in valuation technique to a discounted cash flow approach driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates. No other transfers were made between Levels 1, 2, or 3 during the year ended December 31, 2022. The following table categorizes financial liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels: 2023 2022 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Corporate borrowings $ 11,280 $ 70 $ — $ 9,524 $ 75 $ — Property-specific borrowings 8,526 108,076 88,401 6,742 87,764 89,748 Subsidiary borrowings 7,527 — 8,503 7,547 2,100 5,061 Subsidiary equity obligations — 1,211 2,671 — 689 2,385 |
Disclosure of offsetting of financial assets and financial liabilities | The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements: Accounts Receivable and Other Accounts Payable and Other AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Gross amounts of financial instruments before netting $ 3,204 $ 4,638 $ 5,305 $ 4,703 Gross amounts of financial instruments set-off in the Consolidated Balance Sheets (589) (889) (506) (861) Net amounts of financial instruments in the Consolidated Balance Sheets $ 2,615 $ 3,749 $ 4,799 $ 3,842 |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts receivable and other | AS AT DEC. 31 (MILLIONS) Note 2023 2022 Accounts receivable (a) $ 14,879 $ 14,155 Prepaid expenses and other assets 11,363 10,557 Restricted cash (b) 2,270 2,666 Total $ 28,512 $ 27,378 |
Schedule of current and non-current accounts receivable | The current and non-current balances of accounts receivable and other are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 20,263 $ 19,489 Non-current 8,249 7,889 Total $ 28,512 $ 27,378 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the key valuation metrics of the company’s investment properties: 2023 2022 AS AT DEC. 31 Discount Terminal Investment Discount Terminal Capitalization Rate Investment Horizon (years) Core 6.2 % 4.8 % 11 6.2 % 4.6 % 11 Transitional and development 1 7.9 % 6.2 % 10 7.7 % 5.9 % 10 LP Investments 1 8.6 % 5.8 % 13 8.3 % 5.7 % 13 Other investment properties 2 7.4 % n/a n/a 7.5 % 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 segment and other direct investments within our Asset Management segment. |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of inventory properties | AS AT DEC. 31 (MILLIONS) 2023 2022 Industrial products $ 2,303 $ 2,911 Residential properties under development 2,109 1,558 Land held for development 1,715 1,895 Completed residential properties 1,396 2,342 Other 1 3,889 4,137 Total $ 11,412 $ 12,843 |
Schedule of current and non-current balances of inventory | The current and non-current balances of inventory are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 7,060 $ 9,108 Non-current 4,352 3,735 Total $ 11,412 $ 12,843 |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Schedule of assets and liabilities classified as held-for-sale | The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2023 and 2022: AS AT DEC. 31 (MILLIONS) Real Estate (Core and Transitional & Development) 1 Real Estate (LP Investments) 1 Private Equity 2023 Total 2022 Total Assets Cash and cash equivalents $ 2 $ 9 $ — $ 11 $ 46 Accounts receivable and other 48 31 — 79 154 Equity accounted investments — 132 — 132 407 Investment properties 1,376 765 — 2,141 388 Property, plant and equipment — 11 101 112 1,027 Intangible assets — — 10 10 712 Goodwill — — — — 32 Other long-term assets — — — — 61 Deferred income tax assets — — 4 4 3 Assets classified as held for sale $ 1,426 $ 948 $ 115 $ 2,489 $ 2,830 Liabilities Accounts payable and other $ 57 $ 38 $ 17 $ 112 $ 304 Non-recourse borrowings of managed entities — — 4 4 569 Deferred income tax liabilities — — 2 2 3 Liabilities associated with assets classified as held for sale $ 57 $ 38 $ 23 $ 118 $ 876 1. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. As at December 31, 2023, assets held for sale primarily relate to five office assets, four malls, two hotels, and one logistics asset, all in the U.S. |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Schedule of investments in associates | The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest 1 Carrying Value AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Renewable Power and Transition Associates Sustainable solutions 4 – 51% 8 – 49% $ 2,586 $ 251 Other 8 – 65% 3 – 65% 2,325 2,010 4,911 2,261 Infrastructure Associates Utilities 50% 8 – 38% 783 1,244 Transport 26 – 58% 26 – 58% 1,799 1,772 Data 26 – 49% 3% 6,023 1,719 Other 11 – 65% 22 – 50% 179 297 Joint ventures Utilities 50% 15 – 49% 1,200 1,117 Transport 21 – 50% 6 – 31% 2,599 2,367 Midstream 25% 20 – 38% 461 757 Data 49 – 50% 12 – 50% 4,042 2,571 17,086 11,844 Private Equity Associates Industrial operations 13 – 54% 9 – 54% 553 1,471 Other 14 – 50% 14 – 50% 2,950 1,790 3,503 3,261 Real Estate Associates Transitional and development 25 – 27% 26 – 50% 96 485 Joint ventures Core 22 – 56% 22 – 56% 10,702 10,794 Transitional and development 5 – 60% 9 – 68% 7,394 7,625 18,192 18,904 Insurance Solutions 2 71% 82% 4,411 1,027 Asset Management and Other Associates Oaktree 68 % 64 % 6,974 5,927 Real estate LP Investments 3 16 – 50% 16 – 31% 258 41 Joint ventures Real estate LP Investments 3 18 – 93% 6 – 98% 3,387 3,319 Other equity accounted investments 25 – 85% 12 – 85% 402 510 11,021 9,797 Total $ 59,124 $ 47,094 1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate Insurance Solutions 2 Asset Management and Other 3 2023 Total 2022 Total Balance, beginning of year $ 2,261 $ 11,844 $ 3,261 $ 18,904 $ 1,027 $ 9,797 $ 47,094 $ 46,100 Additions, net of disposals 1 2,367 4,625 293 (134) 2,518 1,129 10,798 1,284 Acquisitions through business combinations 44 — — — — — 44 682 Share of comprehensive income (loss) 200 1,093 119 (114) 936 521 2,755 2,465 Distributions received — (736) (187) (259) (38) (408) (1,628) (2,334) Return of capital (62) — — (381) — (37) (480) (432) Foreign currency translation 101 260 17 176 (32) 19 541 (671) Balance, end of year $ 4,911 $ 17,086 $ 3,503 $ 18,192 $ 4,411 $ 11,021 $ 59,124 $ 47,094 1. Includes assets sold and amounts reclassified to held for sale. 2. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3. Asset Management equity accounted investments primarily relate to Oaktree and real estate LP investments. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. |
Schedule of fair value of equity accounted investments | The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures: 2023 2022 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Revenue Net Income OCI Revenue Net Income OCI Renewable Power and Transition Associates Sustainable solutions $ 394 $ (15) $ (67) $ 363 $ 11 $ — Other 3,078 673 (355) 3,124 348 (583) Infrastructure Associates Utilities 1,136 39 (376) 1,306 32 (112) Transport 3,044 27 330 2,561 (132) 307 Data 2,272 (45) 685 815 (23) 247 Other 206 (180) (283) 173 (349) 600 Joint ventures Utilities 724 286 183 869 183 171 Transport 12,102 4,114 36 14,372 1,580 93 Midstream 924 315 188 918 220 67 Data 1,047 511 (53) 1,571 337 522 Private Equity Associates Industrial operations 2,216 80 (5) 3,462 456 9 Other 6,951 208 6 5,925 300 7 Real Estate Associates Transitional and development 26 22 — (12) 128 — Joint ventures Core 2,328 (66) (60) 1,781 1,244 174 Transitional and development 2,956 76 (30) 2,879 708 63 Insurance Solutions 1 6,785 452 484 5,101 492 (867) Asset Management and Other Associates Oaktree 1,503 475 16 1,489 579 15 Real estate LP Investments 2 40 (55) (56) 230 (6) 69 Joint ventures Real estate LP Investments 2 1,878 336 34 1,362 350 312 Other equity accounted investments 285 50 18 151 20 (38) $ 49,895 $ 7,303 $ 695 $ 48,440 $ 6,478 $ 1,056 1. Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 2. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Fair value, beginning of year $ 115,100 $ 100,865 Additions 9,278 11,580 Acquisitions through business combinations 3,244 9,805 Changes in basis of accounting 74 (274) Dispositions 1 (4,258) (4,430) Fair value changes (105) 629 Foreign currency translation and other 819 (3,075) Fair value, end of year 2 $ 124,152 $ 115,100 1. Includes amounts reclassified to held for sale. 2. As at December 31, 2023, the ending balance includes $114.8 billion (December 31, 2022 – $108.2 billion) of investment properties leased to third parties and $4.8 billion of right-of-use (“ROU”) investment properties (December 31, 2022 – $4.4 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: 2023 2022 AS AT DEC. 31 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 25 $ 1,575 $ — $ 91 $ 1,475 $ — Corporate bonds — 1,662 777 65 1,754 324 Fixed income securities and other 455 958 4,903 493 2,099 3,376 Common shares and warrants 857 1,309 3,015 3,975 377 2,120 Loans and notes receivables — 46 17 22 26 5 1,337 5,550 8,712 4,646 5,731 5,825 Accounts receivable and other 6 2,520 89 12 3,731 6 $ 1,343 $ 8,070 $ 8,801 $ 4,658 $ 9,462 $ 5,831 Financial liabilities Accounts payable and other $ 9 $ 5,119 $ 3,259 $ 7 $ 4,469 $ 2,419 Subsidiary equity obligations 4 — 259 — 441 673 $ 13 $ 5,119 $ 3,518 $ 7 $ 4,910 $ 3,092 The following table presents our investment properties measured at fair value: AS AT DEC. 31 (MILLIONS) 2023 2022 Core $ 18,970 $ 19,267 Transitional and development 23,016 25,434 LP Investments 77,627 69,501 Other investment properties 4,539 898 $ 124,152 $ 115,100 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the key valuation metrics of the company’s investment properties: 2023 2022 AS AT DEC. 31 Discount Terminal Investment Discount Terminal Capitalization Rate Investment Horizon (years) Core 6.2 % 4.8 % 11 6.2 % 4.6 % 11 Transitional and development 1 7.9 % 6.2 % 10 7.7 % 5.9 % 10 LP Investments 1 8.6 % 5.8 % 13 8.3 % 5.7 % 13 Other investment properties 2 7.4 % n/a n/a 7.5 % 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 segment and other direct investments within our Asset Management segment. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The company’s PP&E relates to the operating segments as shown below: Renewable Infrastructure (b) Private Equity (c) Real Estate (Core and Transitional & Development) 2 (d) Real Estate (LP Investments) and Other 2 (e) Total AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Costs $ 46,284 $ 34,483 $ 51,635 $ 39,440 $ 22,470 $ 21,548 $ 543 $ 562 $ 16,663 $ 16,281 $ 137,595 $ 112,314 Accumulated fair value changes 31,989 30,726 4,137 3,251 (701) (611) 50 58 2,464 1,506 37,939 34,930 Accumulated depreciation (11,922) (9,966) (7,226) (5,398) (5,934) (5,271) (248) (236) (2,587) (2,105) (27,917) (22,976) Total 1 $ 66,351 $ 55,243 $ 48,546 $ 37,293 $ 15,835 $ 15,666 $ 345 $ 384 $ 16,540 $ 15,682 $ 147,617 $ 124,268 1. As at December 31, 2023, the total includes $6.8 billion (2022 – $5.6 billion) of PP&E leased to third parties as operating leases. Our ROU PP&E assets include $757 million (2022 – $435 million) in our Renewable Power and Transition segment, $3.6 billion (2022 – $3.5 billion) in our Infrastructure segment, $1.3 billion (2022 – $1.5 billion) in our Private Equity, $86 million (2022 – $107 million) in our core and transitional and development investments within our Real Estate segment, and $1.1 billion (2022 – $1.1 billion) within our Asset Management segment, totaling $6.8 billion (2022 – $6.6 billion) of ROU assets. 2. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Our Renewable Power and Transition PP&E consists of the following: Hydroelectric Wind Solar and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Cost, beginning of year $ 12,480 $ 13,871 $ 11,904 $ 9,033 $ 10,099 $ 7,684 $ 34,483 $ 30,588 Additions, net of disposals and assets reclassified as held for sale 148 (542) 1,147 950 1,981 1,267 3,276 1,675 Acquisitions through business combinations — — 3,712 1,765 3,488 1,321 7,200 3,086 Foreign currency translation and other 1,028 (849) 24 156 273 (173) 1,325 (866) Cost, end of year 13,656 12,480 16,787 11,904 15,841 10,099 46,284 34,483 Accumulated fair value changes, beginning of year 25,642 23,973 3,253 2,461 1,831 1,704 30,726 28,138 Fair value changes (596) 2,681 296 1,060 (84) 162 (384) 3,903 Dispositions and assets reclassified as held for sale 49 — 6 (135) (23) — 32 (135) Foreign currency translation and other 1,558 (1,012) 59 (133) (2) (35) 1,615 (1,180) Accumulated fair value changes, end of year 26,653 25,642 3,614 3,253 1,722 1,831 31,989 30,726 Accumulated depreciation, beginning of year (5,564) (5,151) (2,861) (2,086) (1,541) (1,172) (9,966) (8,409) Depreciation expenses (667) (624) (709) (557) (499) (413) (1,875) (1,594) Dispositions and assets reclassified as held for sale 5 86 4 4 2 7 11 97 Foreign currency translation and other (106) 125 6 (222) 8 37 (92) (60) Accumulated depreciation, end of year (6,332) (5,564) (3,560) (2,861) (2,030) (1,541) (11,922) (9,966) Balance, end of year $ 33,977 $ 32,558 $ 16,841 $ 12,296 $ 15,533 $ 10,389 $ 66,351 $ 55,243 The following table presents our Renewable Power and Transition PP&E measured at fair value by geography: AS AT DEC. 31 (MILLIONS) 2023 2022 North America $ 41,636 $ 37,016 Colombia 10,585 8,264 Brazil 5,578 4,708 Europe 5,409 3,396 Asia and other 3,143 1,859 $ 66,351 $ 55,243 Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2023 and 2022 are summarized below. North America Colombia Brazil Europe AS AT DEC. 31 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate Contracted 5.1 – 5.7% 4.9 – 5.4% 8.7% 8.5 % 8.4 % 8.2 % 4.8 % 4.4 % Uncontracted 6.3 – 7.0% 6.2 – 6.7% 10.0% 9.7 % 9.7 % 9.5 % 4.8 % 4.4 % Terminal capitalization rate 1 4.4 – 5.0% 4.3 – 4.9% 8.0% 7.7 % n/a n/a n/a n/a Terminal year 2046 2044 2043 2042 2053 2051 2037 2036 1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key assumptions on contracted generation and future power pricing are summarized below: AS AT DEC. 31, 2023 Total Generation Contracted under Power Purchase Agreements Power Prices from Long-Term Power Purchase Agreements (weighted average) Estimates of Future Electricity Prices (weighted average) 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years 1 – 10 years 11 – 20 years North America (prices in US$/MWh) 55 % 19 % 78 72 91 123 Brazil (prices in R$/MWh) 76 % 40 % 313 381 279 424 Colombia (prices in COP$/MWh) 45 % 3 % 294 357 412 600 Europe (prices in €/MWh) 88 % 47 % 73 65 62 65 Our Infrastructure PP&E consists of the following: Utilities Transport Midstream Data and Other Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Cost, beginning of year $ 7,292 $ 7,582 $ 9,285 $ 8,999 $ 14,679 $ 14,862 $ 8,184 $ 8,326 $ 39,440 $ 39,769 Additions, net of disposals and assets reclassified as held for sale 547 345 606 642 407 780 918 561 2,478 2,328 Acquisitions through business combinations 118 108 8,811 — — — 35 53 8,964 161 Foreign currency translation and other 321 (743) 164 (356) 319 (963) (51) (756) 753 (2,818) Cost, end of year 8,278 7,292 18,866 9,285 15,405 14,679 9,086 8,184 51,635 39,440 Accumulated fair value changes, beginning of year 1,624 1,626 1,104 1,045 523 408 — (2) 3,251 3,077 Disposition and assets reclassified as held for sale — — — — — — — — — — Fair value changes 143 176 330 112 312 118 — — 785 406 Foreign currency translation and other 127 (178) (24) (53) (2) (3) — 2 101 (232) Accumulated fair value changes, end of year 1,894 1,624 1,410 1,104 833 523 — — 4,137 3,251 Accumulated depreciation, beginning of year (1,456) (1,272) (2,040) (1,668) (982) (622) (920) (629) (5,398) (4,191) Depreciation expenses (392) (326) (601) (468) (557) (418) (419) (384) (1,969) (1,596) Dispositions and assets reclassified as held for sale 72 21 82 9 30 11 90 41 274 82 Foreign currency translation and other (60) 121 (46) 87 (29) 47 2 52 (133) 307 Accumulated depreciation, end of year (1,836) (1,456) (2,605) (2,040) (1,538) (982) (1,247) (920) (7,226) (5,398) Balance, end of year $ 8,336 $ 7,460 $ 17,671 $ 8,349 $ 14,700 $ 14,220 $ 7,839 $ 7,264 $ 48,546 $ 37,293 Key valuation metrics of the company’s utilities, transport, and midstream assets at the end of 2023 and 2022 are summarized below. Utilities Transport Midstream AS AT DEC. 31 2023 2022 2023 2022 2023 2022 Discount rates 8 – 11% 7 – 11% 9% 8 – 14% 15% 15% Terminal capitalization multiples 15x 18x 8 – 20x 9 – 15x 10x 10x Investment horizon 10 – 20 yrs 10 – 20 yrs 10 yrs 10 yrs 6 yrs 5 – 10 yrs Cost Accumulated Impairment Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 21,548 $ 19,781 $ (611) $ (795) $ (5,271) $ (4,036) $ 15,666 $ 14,950 Additions/(dispositions) 1 , net of assets reclassified as held for sale (137) 1,372 93 38 1,469 340 1,425 1,750 Acquisitions through business combinations 239 1,349 — — — — 239 1,349 Foreign currency translation and other 820 (954) (9) 5 (234) 151 577 (798) Depreciation expenses — — — — (1,898) (1,726) (1,898) (1,726) Impairment charges — — (174) 141 — — (174) 141 Balance, end of year $ 22,470 $ 21,548 $ (701) $ (611) $ (5,934) $ (5,271) $ 15,835 $ 15,666 1. For accumulated impairment and accumulated depreciation, (additions)/dispositions. d) Real Estate (Core and Transitional & Development) Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 562 $ 582 $ 58 $ 38 $ (236) $ (227) $ 384 $ 393 Additions/(dispositions) 1 , net of assets reclassified as held for sale (19) 4 — — 30 16 11 20 Foreign currency translation and other — (24) 24 — 1 22 25 (2) Fair value changes — — (32) 20 — — (32) 20 Depreciation expenses — — — — (43) (47) (43) (47) Balance, end of year $ 543 $ 562 $ 50 $ 58 $ (248) $ (236) $ 345 $ 384 1. For accumulated depreciation, (additions)/dispositions. Cost Accumulated Fair Value Changes Accumulated Depreciation Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 16,281 $ 12,288 $ 1,506 $ 616 $ (2,105) $ (1,730) $ 15,682 $ 11,174 Additions/(dispositions) 1 , net of assets reclassified as held for sale 613 1,269 (34) 31 106 75 685 1,375 Acquisitions through business combinations — 3,377 — — — — — 3,377 Foreign currency translation and other (231) (653) 86 (36) 72 148 (73) (541) Fair value changes — — 976 1,019 — — 976 1,019 Depreciation expenses — — — — (660) (598) (660) (598) Impairment charges — — (70) (124) — — (70) (124) Balance, end of year $ 16,663 $ 16,281 $ 2,464 $ 1,506 $ (2,587) $ (2,105) $ 16,540 $ 15,682 1. For accumulated depreciation, (additions)/dispositions. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Schedule of detailed information about intangible assets | The following table presents a continuity of the company’s intangible assets: Cost Accumulated Amortization and Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 44,409 $ 34,810 $ (5,998) $ (4,201) $ 38,411 $ 30,609 Additions 899 746 — — 899 746 Disposals 1 (3,989) (2,434) 1,243 259 (2,746) (2,175) Acquisitions through business combinations 4,096 12,011 — 2 4,096 12,013 Amortization — — (2,653) (2,138) (2,653) (2,138) Foreign currency translation 1,177 (724) (190) 80 987 (644) Balance, end of year $ 46,592 $ 44,409 $ (7,598) $ (5,998) $ 38,994 $ 38,411 1. Includes assets sold and amounts reclassified to held for sale. Intangible assets are allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Private Equity (a) $ 21,217 $ 23,649 Infrastructure (b) 15,845 11,822 Real Estate (LP Investments) and Other 1 (c) 1,837 2,640 Real Estate (Core and Transitional & Development) 1 69 71 Renewable Power and Transition 26 229 $ 38,994 $ 38,411 1. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Disclosure of reconciliation of changes in goodwill | The following table presents the balance and nature of the changes in goodwill: Cost Accumulated Impairment Total AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 2023 2022 2023 2022 Balance, beginning of year $ 29,767 $ 21,216 $ (1,105) $ (989) $ 28,662 $ 20,227 Acquisitions through business combinations 7,211 9,581 — — 7,211 9,581 Impairment losses — — (659) (121) (659) (121) Foreign currency translation and other 1 (220) (1,030) (83) 5 (303) (1,025) Balance, end of year $ 36,758 $ 29,767 $ (1,847) $ (1,105) $ 34,911 $ 28,662 |
Disclosure of detailed information about goodwill | Goodwill is allocated to the following operating segments: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Private Equity (a) $ 14,396 $ 15,005 Infrastructure (b) 14,487 8,789 Renewable Power and Transition (c) 3,335 1,500 Real Estate (LP Investments) and Other 1 (d) 2,674 3,348 Real Estate (Core and Transitional & Development) 1 19 20 Total $ 34,911 $ 28,662 1. Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of components of income tax expense | The major components of income tax expense for the years ended December 31, 2023 and 2022 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Current income tax expense $ 1,908 $ 1,278 Deferred income tax (recovery)/expense Origination and reversal of temporary differences (789) 690 Recovery arising from previously unrecognized tax assets (116) (447) Change in tax rates and new legislation 8 (52) Total deferred income tax (recovery)/expense (897) 191 Income tax expense $ 1,011 $ 1,469 |
Schedule of income tax rates | The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below: FOR THE YEARS ENDED DEC. 31 2023 2022 Statutory income tax rate 26 % 26 % (Reduction)/increase in rate resulting from: Portion of gains subject to different tax rates (8) (2) Taxable income attributable to non-controlling interests (6) (3) International operations subject to different tax rates 1 3 Recognition of deferred tax assets (5) (6) Non-recognition of the benefit of current year’s tax losses 5 3 Non-deductible expenses 7 3 Other (3) (2) Effective income tax rate 17 % 22 % |
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities as at December 31, 2023 and 2022 relate to the following: AS AT DEC. 31 (MILLIONS) 2023 2022 Non-capital losses (Canada) $ 2,132 $ 1,666 Capital losses (Canada) 5 77 Losses (U.S.) 3,472 3,959 Losses (International) 2,900 1,814 Difference in basis (30,158) (27,303) Total net deferred tax liabilities $ (21,649) $ (19,787) |
Disclosure of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: AS AT DEC. 31 (MILLIONS) 2023 2022 One year from reporting date $ 10 $ 29 Two years from reporting date 13 11 Three years from reporting date 17 12 After three years from reporting date 667 672 Do not expire 2,212 1,833 Total $ 2,919 $ 2,557 |
Schedule of components of income taxes in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2023 and 2022 are set out below: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Revaluation of property, plant and equipment $ 120 $ 1,187 Financial contracts and power sale agreements (29) 315 Fair value through OCI securities 76 (127) Foreign currency translation (72) 87 Revaluation of pension obligation 5 61 Total deferred tax in other comprehensive income $ 100 $ 1,523 |
CORPORATE BORROWINGS (Tables)
CORPORATE BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of corporate borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2023 2022 Term debt Public – Canadian Mar. 8, 2024 5.04 % C$ $ 377 $ 369 Public – U.S. Apr. 1 , 2024 4.00 % US$ 200 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 645 632 Public – U.S. Jun. 2, 2026 4.25 % US$ 499 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 377 369 Public – U.S. Jan. 25, 2028 3.90 % US$ 1,067 1,073 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 999 Public – U.S. Apr. 15, 2030 4.35 % US$ 750 749 Public – U.S. Apr. 15, 2031 2.72 % US$ 500 500 Public – U.S. Jan. 30, 2032 2.34 % US$ 600 600 Public – Canadian Dec. 14, 2032 5.43 % C$ 755 738 Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – U.S. Jun. 14, 2033 6.09 % US$ 550 — Public – U.S. Jan. 5, 2034 6.35 % US$ 700 — Public – Canadian Jun. 14, 2035 5.95 % C$ 319 312 Private – Japanese Dec. 1, 2038 1.42 % JPY 71 76 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 595 594 Public – U.S. Mar. 30, 2051 3.50 % US$ 758 758 Public – U.S. Feb. 15, 2052 3.63 % US$ 400 400 Public – U.S. Oct. 16, 2080 4.63 % US$ 400 400 12,214 11,467 Revolving facilities 1 31 — Deferred financing costs 2 (85) (77) Total $ 12,160 $ 11,390 1. Reflects commercial paper and credit facility draws outstanding as at December 31, 2023. 2. AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary borrowings (a) $ 16,214 $ 15,140 Property-specific borrowings (b) 205,336 187,544 Total $ 221,550 $ 202,684 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 893 $ 183 $ 1,517 $ 3 $ 2,596 2025 377 302 — 54 733 2026 377 — — 94 471 2027 999 377 340 — 1,716 2028 3,229 — 750 1,440 5,419 Thereafter 1,039 1,981 2,325 — 5,345 Total Principal repayments 6,914 2,843 4,932 1,591 16,280 Deferred financing costs and other (32) (11) (21) (2) (66) Total – Dec. 31, 2023 $ 6,882 $ 2,832 $ 4,911 $ 1,589 $ 16,214 Total – Dec. 31, 2022 $ 6,702 $ 2,546 $ 3,666 $ 2,226 $ 15,140 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 2,596 $ 1,469 Non-current 13,618 13,671 Total $ 16,214 $ 15,140 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 7,915 US$ 7,915 $ 7,850 US$ 7,850 Canadian dollars 8,208 C$ 10,875 7,217 C$ 9,776 Brazilian reais 91 Rs 443 73 Rs 381 Total $ 16,214 $ 15,140 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate 1,2,3 Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 37,626 $ 5,582 $ 6,742 $ 5,026 $ 54,976 2025 18,408 2,530 2,819 3,542 27,299 2026 9,775 3,384 7,890 5,502 26,551 2027 8,936 1,942 5,079 5,132 21,089 2028 4,263 2,469 5,847 8,564 21,143 Thereafter 8,237 12,900 18,938 16,875 56,950 Total Principal repayments 87,245 28,807 47,315 44,641 208,008 Deferred financing costs and other (511) (172) (1,232) (757) (2,672) Total – Dec. 31, 2023 $ 86,734 $ 28,635 $ 46,083 $ 43,884 $ 205,336 Total – Dec. 31, 2022 $ 86,050 $ 22,826 $ 29,881 $ 48,787 $ 187,544 1. Includes $59.4 billion of borrowings associated with real estate LP investments from our Asset Management segment and $27.3 million associated with core and transitional and development investments in our Real Estate segment. 2. Real estate property-specific borrowings of $86.7 billion relate to Brookfield Property Partners L.P. (“BPY”) investment properties of $48.4 billion, BPY PP&E of $11.2 billion, and real estate direct investments of $27.1 billion. 3. The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 54,975 $ 41,828 Non-current 150,361 145,716 Total $ 205,336 $ 187,544 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 112,510 US$ 112,510 $ 109,555 US$ 109,555 British pounds 13,457 £ 10,571 10,660 £ 8,823 Indian rupees 9,930 Rs 826,265 7,653 Rs 632,457 Canadian dollars 17,124 C$ 22,690 15,938 C$ 21,590 Euros 22,825 € 20,670 20,316 € 18,986 Australian dollars 10,051 A$ 14,755 8,650 A$ 12,696 Brazilian reais 10,868 R$ 52,606 7,572 R$ 39,500 Colombian pesos 3,334 COP$ 12,914,945 2,524 COP$ 12,157,354 Korean won 2,199 ₩ 2,855,358 1,822 ₩ 2,296,121 Other currencies 3,038 Various n/a 2,854 Various n/a Total $ 205,336 $ 187,544 |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts payable and other liabilities | AS AT DEC. 31 (MILLIONS) 2023 2022 Accounts payable $ 13,470 $ 12,743 Provisions 3,457 3,591 Lease liabilities 8,882 8,506 Other liabilities 33,084 32,225 Total $ 58,893 $ 57,065 |
Disclosure of current and non-current accounts payable and other [Table Text Block] | The current and non-current balances of accounts payable, provisions and other liabilities are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 33,414 $ 33,574 Non-current 25,479 23,491 Total $ 58,893 $ 57,065 |
Schedule of post-employment benefit plans | AS AT DEC. 31 (MILLIONS) 2023 2022 Plan assets $ 1,380 $ 2,560 Less accrued benefit obligation: Defined benefit pension plan (1,583) (3,141) Other post-employment benefits (131) (128) Net liability (334) (709) Less: net actuarial gains (losses) and other 6 (11) Accrued benefit liability $ (328) $ (720) |
NON-RECOURSE BORROWINGS (Tables
NON-RECOURSE BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of corporate borrowings | AS AT DEC. 31 (MILLIONS) Maturity Annual Rate Currency 2023 2022 Term debt Public – Canadian Mar. 8, 2024 5.04 % C$ $ 377 $ 369 Public – U.S. Apr. 1 , 2024 4.00 % US$ 200 749 Public – U.S. Jan. 15, 2025 4.00 % US$ 500 500 Public – Canadian Jan. 28, 2026 4.82 % C$ 645 632 Public – U.S. Jun. 2, 2026 4.25 % US$ 499 497 Public – Canadian Mar. 16, 2027 3.80 % C$ 377 369 Public – U.S. Jan. 25, 2028 3.90 % US$ 1,067 1,073 Public – U.S. Mar. 29, 2029 4.85 % US$ 999 999 Public – U.S. Apr. 15, 2030 4.35 % US$ 750 749 Public – U.S. Apr. 15, 2031 2.72 % US$ 500 500 Public – U.S. Jan. 30, 2032 2.34 % US$ 600 600 Public – Canadian Dec. 14, 2032 5.43 % C$ 755 738 Public – U.S. Mar. 1, 2033 7.38 % US$ 250 250 Public – U.S. Jun. 14, 2033 6.09 % US$ 550 — Public – U.S. Jan. 5, 2034 6.35 % US$ 700 — Public – Canadian Jun. 14, 2035 5.95 % C$ 319 312 Private – Japanese Dec. 1, 2038 1.42 % JPY 71 76 Public – U.S. Sep. 20, 2047 4.70 % US$ 902 902 Public – U.S. Apr. 15, 2050 3.45 % US$ 595 594 Public – U.S. Mar. 30, 2051 3.50 % US$ 758 758 Public – U.S. Feb. 15, 2052 3.63 % US$ 400 400 Public – U.S. Oct. 16, 2080 4.63 % US$ 400 400 12,214 11,467 Revolving facilities 1 31 — Deferred financing costs 2 (85) (77) Total $ 12,160 $ 11,390 1. Reflects commercial paper and credit facility draws outstanding as at December 31, 2023. 2. AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary borrowings (a) $ 16,214 $ 15,140 Property-specific borrowings (b) 205,336 187,544 Total $ 221,550 $ 202,684 Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 893 $ 183 $ 1,517 $ 3 $ 2,596 2025 377 302 — 54 733 2026 377 — — 94 471 2027 999 377 340 — 1,716 2028 3,229 — 750 1,440 5,419 Thereafter 1,039 1,981 2,325 — 5,345 Total Principal repayments 6,914 2,843 4,932 1,591 16,280 Deferred financing costs and other (32) (11) (21) (2) (66) Total – Dec. 31, 2023 $ 6,882 $ 2,832 $ 4,911 $ 1,589 $ 16,214 Total – Dec. 31, 2022 $ 6,702 $ 2,546 $ 3,666 $ 2,226 $ 15,140 The current and non-current balances of subsidiary borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 2,596 $ 1,469 Non-current 13,618 13,671 Total $ 16,214 $ 15,140 Subsidiary borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 7,915 US$ 7,915 $ 7,850 US$ 7,850 Canadian dollars 8,208 C$ 10,875 7,217 C$ 9,776 Brazilian reais 91 Rs 443 73 Rs 381 Total $ 16,214 $ 15,140 Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows: (MILLIONS) Real Estate 1,2,3 Renewable Power and Transition Infrastructure Private Equity Total 2024 $ 37,626 $ 5,582 $ 6,742 $ 5,026 $ 54,976 2025 18,408 2,530 2,819 3,542 27,299 2026 9,775 3,384 7,890 5,502 26,551 2027 8,936 1,942 5,079 5,132 21,089 2028 4,263 2,469 5,847 8,564 21,143 Thereafter 8,237 12,900 18,938 16,875 56,950 Total Principal repayments 87,245 28,807 47,315 44,641 208,008 Deferred financing costs and other (511) (172) (1,232) (757) (2,672) Total – Dec. 31, 2023 $ 86,734 $ 28,635 $ 46,083 $ 43,884 $ 205,336 Total – Dec. 31, 2022 $ 86,050 $ 22,826 $ 29,881 $ 48,787 $ 187,544 1. Includes $59.4 billion of borrowings associated with real estate LP investments from our Asset Management segment and $27.3 million associated with core and transitional and development investments in our Real Estate segment. 2. Real estate property-specific borrowings of $86.7 billion relate to Brookfield Property Partners L.P. (“BPY”) investment properties of $48.4 billion, BPY PP&E of $11.2 billion, and real estate direct investments of $27.1 billion. 3. The current and non-current balances of property-specific borrowings are as follows: AS AT DEC. 31 (MILLIONS) 2023 2022 Current $ 54,975 $ 41,828 Non-current 150,361 145,716 Total $ 205,336 $ 187,544 Property-specific borrowings by currency include the following: AS AT DEC. 31 (MILLIONS) 2023 Local Currency 2022 Local Currency U.S. dollars $ 112,510 US$ 112,510 $ 109,555 US$ 109,555 British pounds 13,457 £ 10,571 10,660 £ 8,823 Indian rupees 9,930 Rs 826,265 7,653 Rs 632,457 Canadian dollars 17,124 C$ 22,690 15,938 C$ 21,590 Euros 22,825 € 20,670 20,316 € 18,986 Australian dollars 10,051 A$ 14,755 8,650 A$ 12,696 Brazilian reais 10,868 R$ 52,606 7,572 R$ 39,500 Colombian pesos 3,334 COP$ 12,914,945 2,524 COP$ 12,157,354 Korean won 2,199 ₩ 2,855,358 1,822 ₩ 2,296,121 Other currencies 3,038 Various n/a 2,854 Various n/a Total $ 205,336 $ 187,544 |
SUBSIDIARY EQUITY OBLIGATIONS (
SUBSIDIARY EQUITY OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of detailed information about equity interests classified as liabilities [Table Text Block] | Subsidiary equity obligations consist of the following: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Subsidiary preferred shares and capital (a) $ 2,257 $ 1,469 Limited-life funds and redeemable fund units (b) 263 1,114 Subsidiary preferred equity units (c) 1,625 1,605 Total $ 4,145 $ 4,188 AS AT DEC. 31 (MILLIONS, EXCEPT SHARE INFORMATION) Shares Outstanding Cumulative Dividend Rate Local Currency 2023 2022 Series 2 24,000,000 6.50 % US$ $ 587 $ 575 Series 3 24,000,000 6.75 % US$ 564 556 New LP Preferred Units 19,273,654 6.25 % US$ 474 474 Total $ 1,625 $ 1,605 |
SUBSIDIARY PUBLIC ISSUERS AND_2
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of interests in subsidiaries [text block] | The following table presents the details of the company’s subsidiaries with significant non-controlling interests: Jurisdiction of Formation Ownership Interest Held by Non-Controlling Interests 1, 2 AS AT DEC. 31 2023 2022 Brookfield Asset Management ULC (“BAM”) British Columbia 25.0 % 25.0 % Brookfield Renewable Partners L.P. (“BEP”) 3 Bermuda 54.6 % 51.7 % Brookfield Infrastructure Partners L.P. (“BIP”) 4 Bermuda 73.9 % 72.9 % Brookfield Business Partners L.P. (“BBU”) 5 Bermuda 34.5 % 34.8 % 1. Control and associated voting rights of the limited partnerships (BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees. 2. The company’s ownership interest in BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary. 3. Ownership interest held by non-controlling interests represents the combined units not held in BEP and Brookfield Renewable Corporation (“BEPC”). 4. Ownership interest held by non-controlling interests represents the combined units not held in BIP and Brookfield Infrastructure Corporation (“BIPC”). 5. Ownership interest held by non-controlling interests represents the combined units not held in BBU and Brookfield Business Corporation (“BBUC”). The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,787 $ 312 $ 24 $ — $ — $ — $ 15 $ 24 $ 188 $ 104,516 $ (11,942) $ 95,924 Net income (loss) attributable to shareholders 1,130 (27) (17) — — — 15 — 34 8,348 (8,353) 1,130 Total assets 77,567 10,813 757 — — — 160 552 4,165 561,498 (165,417) 490,095 Total liabilities 31,790 8,793 752 2 — — 1 549 3,546 320,691 (44,271) 321,853 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS) The Corporation 1 BFI BFI II BFL BFL II BF BF US LLC Issuer BIC Other Subsidiaries of the Corporation 2 Consolidating Adjustments 3 The Company Revenues $ 2,491 $ 284 $ 2 $ 30 $ — $ — $ 35 $ — $ 507 $ 111,633 $ (22,213) $ 92,769 Net income (loss) attributable to shareholders 2,056 (8) — — — — 11 — 487 18,598 (19,088) 2,056 Total assets 71,514 9,769 740 16 — — 232 — 4,170 492,799 (137,956) 441,284 Total liabilities 27,761 8,544 737 6 — — 4 — 3,520 297,397 (38,576) 299,393 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 1. This column accounts for investments in all subsidiaries of the Corporation under the equity method. 2. This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer and BIC on a combined basis. 3. This column includes the necessary amounts to present the company on a consolidated basis. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Schedule of equity | Equity consists of the following: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Preferred equity (a) $ 4,103 $ 4,145 Non-controlling interests (b) 122,465 98,138 Common equity (c) 41,674 39,608 $ 168,242 $ 141,891 Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following: Average Rate AS AT DEC. 31 (MILLIONS) 2023 2022 2023 2022 Perpetual preferred shares Floating rate 5.29 % 4.26 % $ 463 $ 505 Fixed rate 4.82 % 4.82 % 739 739 5.00 % 4.59 % 1,202 1,244 Fixed rate-reset preferred shares 4.72 % 4.31 % 2,901 2,901 4.80 % 4.40 % $ 4,103 $ 4,145 Further details on each series of preferred shares are as follows: Issued and Outstanding AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) Rate 2023 2022 2023 2022 Class A preferred shares Perpetual preferred shares Series 2 70% P 10,220,175 10,220,175 $ 169 $ 169 Series 4 70% P 3,983,910 3,983,910 45 45 Series 13 70% P 8,792,596 8,792,596 195 195 Series 15 B.A. + 40 b.p. 1 — 2,000,000 — 42 Series 17 4.75 % 7,840,204 7,840,204 171 171 Series 18 4.75 % 7,681,088 7,681,088 178 178 Series 36 4.85 % 7,842,909 7,842,909 197 197 Series 37 4.90 % 7,830,091 7,830,091 193 193 Series 51 Variable up to P 3,320,486 3,320,486 54 54 1,202 1,244 Rate-reset preferred shares 2 Series 24 3.24 % 10,808,027 10,808,027 265 265 Series 26 3 3.85 % 9,770,928 9,770,928 240 240 Series 28 4 4.61 % 9,233,927 9,233,927 232 232 Series 30 5 6.09 % 9,787,090 9,787,090 241 241 Series 32 6 6.74 % 11,750,299 11,750,299 297 297 Series 34 4.44 % 9,876,735 9,876,735 253 253 Series 38 3.57 % 7,906,132 7,906,132 179 179 Series 40 4.03 % 11,841,025 11,841,025 271 271 Series 42 3.25 % 11,887,500 11,887,500 266 266 Series 44 5.00 % 9,831,929 9,831,929 187 187 Series 46 7 5.39 % 11,740,797 11,740,797 217 217 Series 48 8 6.23 % 11,885,972 11,885,972 244 244 Series 52 2.75 % 1,177,580 1,177,580 9 9 2,901 2,901 Total $ 4,103 $ 4,145 1. Rated determined quarterly. All Series 15 shares were fully redeemed and cancelled as at March 31, 2023. 2. Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points. 3. Dividend rate reset commenced March 31, 2022. 4. Dividend rate reset commenced June 30, 2022. 5. Dividend rate reset commenced December 31, 2022. 6. Dividend rate reset commenced October 1, 2023. 7. Dividend rate reset commenced March 31, 2022. 8. Dividend rate reset commenced December 31, 2022. P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points. Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders. AS AT DEC. 31 (MILLIONS) 2023 2022 Common equity $ 117,318 $ 92,991 Preferred equity 5,147 5,147 Total $ 122,465 $ 98,138 The company’s common equity is comprised of the following: AS AT DEC. 31 (MILLIONS) 2023 2022 Common shares $ 10,879 $ 10,901 Contributed surplus 112 148 Retained earnings 18,006 18,006 Ownership changes 4,510 2,959 Accumulated other comprehensive income 8,167 7,594 Common equity $ 41,674 $ 39,608 The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT DEC. 31 2023 2022 Class A shares 1,3 1,523,372,339 1,573,286,748 Class B shares 85,120 85,120 Shares outstanding 1 1,523,457,459 1,573,371,868 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 3 91,632,045 55,500,881 Total diluted shares 1,615,089,504 1,628,872,749 1. Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220). 2. Includes management share option plan and escrowed stock plan. 3. During the year, 32,934,574 BN Class A shares (“BN shares”) were voluntarily exchanged for newly-issued BNRE class A-1 exchangeable non-voting shares on a one-for-one basis. BNRE Class A-1 shares are convertible in BN shares. The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows: FOR THE YEARS ENDED DEC. 31 2023 2022 Outstanding, beginning of year 1 1,573,371,868 1,568,828,941 Issued (Repurchased) Issuances 794,418 1,406,586 Repurchases (54,547,332) (17,247,660) Long-term share ownership plans 2 3,722,567 19,138,775 Dividend reinvestment plan and other 115,938 1,245,226 Outstanding, end of year 3 1,523,457,459 1,573,371,868 1. Net of 62,910,220 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2022 (December 31, 2021 – 69,663,192). 2. Includes management share option plan and restricted stock plan. 3. Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220). The expense recognized for share-based compensation is summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Expense arising from equity-settled share-based payment transactions $ 104 $ 159 Expense (recovery) arising from cash-settled share-based payment transactions 290 (621) Total expense (recovery) arising from share-based payment transactions 394 (462) Effect of hedging program (289) 629 Total expense included in consolidated income $ 105 $ 167 The changes in the number of options during 2023 and 2022 were as follows: NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Outstanding as at January 1, 2023 44,093 US$ 25.16 Granted 716 36.37 Exercised (4,731) 16.25 Cancelled (333) 39.57 Outstanding as at December 31, 2023 39,745 US$ 26.30 1. Options to acquire NYSE listed Class A shares. NYSE Number of Options (000’s) 1 Weighted- Average Exercise Price Outstanding as at January 1, 2022 43,794 US$ 22.59 Granted 3,956 46.62 Exercised (3,258) 15.35 Cancelled (399) 35.70 Outstanding as at December 31, 2022 44,093 US$ 25.16 1. Options to acquire NYSE listed Class A shares. The weighted-average fair value of options granted for the year ended December 31, 2023 was $9.61 (2022 – $8.82), and was determined using the Black-Scholes valuation model, with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2023 2022 Weighted-average share price US$ 36.37 46.62 Average term to exercise Years 7.5 7.5 Share price volatility 1 % 28.7 24.8 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.0 1.4 Risk-free rate % 4.0 1.9 1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. As at December 31, 2023 , the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$13.77 – US$16.70 1.8 years 4,845 — 4,845 US$18.43 – US$22.05 3.0 years 16,604 — 16,604 US$24.15 – US$31.64 5.2 years 5,539 1,390 6,929 US$35.56 – US$46.62 7.3 years 4,175 7,192 11,367 31,163 8,582 39,745 As at December 31, 2022, the following options to purchase Class A shares were outstanding: Options Outstanding (000’s) Exercise Price Weighted-Average Remaining Life Vested Unvested Total US$13.77 – US$16.70 2.1 years 8,376 — 8,376 US$18.43 – US$22.05 4.0 years 16,569 1,094 17,663 US$24.15 – US$31.64 6.2 years 4,381 2,700 7,081 US$35.56 – US$46.62 8.2 years 2,099 8,874 10,973 31,425 12,668 44,093 The weighted-average fair value of escrowed shares granted for the year ended December 31, 2023 was $9.61 (2022 – $7.66), and was determined using the Black-Scholes model of valuation with inputs to the model as follows: FOR THE YEARS ENDED DEC. 31 Unit 2023 2022 Weighted-average share price US$ 36.37 36.25 Average term to exercise Years 7.5 7.2 Share price volatility 1 % 28.7 26.7 Liquidity discount % 25.0 25.0 Weighted-average annual dividend yield % 1.0 1.0 Risk-free rate % 4.0 3.7 1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise. The change in the number of ES shares during 2023 and 2022 was as follows: Number of Weighted- Average Exercise Price Outstanding as at January 1, 2023 39,425 $ 35.00 Granted 2,155 36.37 Exercised (228) 34.84 Cancelled (15) 43.51 Outstanding as at December 31, 2023 41,337 $ 35.03 Number of Weighted- Average Exercise Price Outstanding as at January 1, 2022 50,378 $ 25.14 Granted 43,650 36.25 Exercised (54,600) 26.94 Cancelled (3) 41.06 Outstanding as at December 31, 2022 39,425 $ 35.00 The change in the number of DSUs and RSUs during 2023 and 2022 was as follows: DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding as at January 1, 2023 21,648 13,679 C$ 6.10 Granted and reinvested 271 — — Exercised and cancelled (968) — — Outstanding as at December 31, 2023 20,951 13,679 C$ 6.10 DSUs RSUs Number Number Weighted- Average Exercise Price Outstanding as at January 1, 2022 18,286 13,679 C$ 6.10 Granted and reinvested 3,415 — — Exercised and cancelled (53) — — Outstanding as at December 31, 2022 21,648 13,679 C$ 6.10 The fair value of each DSU is equal to the traded price of the company’s common shares. Unit Dec. 31, 2023 Dec. 31, 2022 Share price on date of measurement C$ 53.15 42.58 Share price on date of measurement US$ 40.12 31.46 The fair value of RSUs was determined primarily using the following inputs: Unit Dec. 31, 2023 Dec. 31, 2022 Share price on date of measurement C$ 53.15 42.58 Weighted-average fair value of a unit C$ 47.05 36.48 |
Schedule of basic and diluted earnings per share | The components of basic and diluted earnings per share are summarized in the following table: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Net income attributable to shareholders $ 1,130 $ 2,056 Preferred share dividends (166) (150) Net income available to shareholders 964 1,906 Dilutive impact of exchangeable shares 5 5 Net income available to shareholders including dilutive impact of exchangeable shares $ 969 $ 1,911 FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Weighted average – Class A and Class B shares 1,558.5 1,567.5 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 29.7 40.7 Class A and Class B shares and share equivalents 1,588.2 1,608.2 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of maturity analysis of finance lease payments receivable [text block] | Lease Income Our leases in which the company is a lessor are primarily operating in nature. Total lease income from our assets leased out on operating leases totaled $8.8 billion ( 2022 – $8.2 billion) including $155 million ( 2022 – $182 million) of income related to variable lease income that is not dependent on an index or rate. The following table presents the undiscounted contractual earnings receivable of the company’s leases by expected period of receipt: Payments Receivable by Period AS AT DEC. 31, 2023 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 6,826 $ 11,229 $ 8,268 $ 17,671 $ 43,994 Payments Receivable by Period AS AT DEC. 31, 2022 (MILLIONS) Less than 1 Year 1 – 3 Years 4 – 5 Years After 5 Years Total Receivables from lease contracts $ 5,719 $ 9,072 $ 7,038 $ 15,983 $ 37,812 |
DIRECT COSTS (Tables)
DIRECT COSTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of direct costs | Direct costs include all attributable expenses except interest, taxes and fair value changes, and primarily relate to cost of sales and compensation. The following table lists direct costs for 2023 and 2022 by nature: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Cost of sales 1 $ 52,224 $ 54,044 Compensation 11,155 9,849 Depreciation and amortization 9,075 7,683 Selling, general and administrative expenses 5,354 3,931 Property taxes, sales taxes and other 3,601 3,004 $ 81,409 $ 78,511 |
FAIR VALUE CHANGES (Tables)
FAIR VALUE CHANGES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement [Abstract] | |
Fair value changes | Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Investment properties $ (105) $ 629 Transaction related expenses, net of income (608) (533) Financial contracts 337 (163) Impairment and provisions (1,276) (293) Other fair value changes 256 (617) $ (1,396) $ (977) |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | The aggregate notional amount of the company’s derivative positions as at December 31, 2023 and 2022 is as follows: AS AT DEC. 31 (MILLIONS) Note 2023 2022 Foreign exchange (a) $ 58,175 $ 50,601 Interest rates (b) 124,265 61,939 Equity derivatives (c) 2,017 1,942 Commodity instruments (d) Energy (GWh) 98,345 69,902 Natural gas (MMBtu – 000’s) 144,104 128,381 The company held the following foreign exchange contracts with notional amounts as at December 31, 2023 and 2022: Notional Amount (U.S. Dollars) Average Exchange Rate (MILLIONS) 2023 2022 2023 2022 Foreign exchange contracts Canadian dollars $ 7,360 $ 7,381 0.76 0.76 British pounds 7,608 6,880 1.07 1.12 European Union euros 14,814 10,074 1.09 1.01 Australian dollars 3,417 4,088 0.69 0.69 Indian rupee 5,233 3,921 85.57 73.72 Korean won 1 1,091 923 1,303 1,293 Chinese yuan 1 3,083 4,166 6.86 6.07 Japanese yen 1 77 378 138.41 116.26 Colombian pesos 1 2,652 355 4,629 4,800 Brazilian reais 3,969 1,371 0.18 0.16 Swedish krona — — — Other currencies 1,532 2,764 Various Various Cross currency interest rate swaps Canadian dollars 6,457 5,673 0.80 0.77 Australian dollars 502 634 0.68 0.93 Japanese yen 1 — 275 — 130.68 British pounds — 243 — 1.21 Brazilian reais 1 — 749 — 0.19 Foreign exchange options Indian rupee 379 485 74.20 78.73 1. Average rate is quoted using USD as base currency. The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2023 and 2022, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting: (MILLIONS) Unrealized Gains During 2023 Unrealized Losses During 2023 Net Change During 2023 Net Change During 2022 Foreign exchange derivatives $ 137 $ (90) $ 47 $ 23 Interest rate derivatives 205 (215) (10) 419 Equity derivatives — (32) (32) (296) Commodity derivatives 221 (123) 98 (292) $ 563 $ (460) $ 103 $ (146) The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2023 and 2022, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting: 2023 2022 AS AT DEC. 31 (MILLIONS) <1 Year 1 to 5 Years >5 Years Total Notional Amount Total Notional Amount Fair value through profit or loss Foreign exchange derivatives $ 4,295 $ 892 $ 946 $ 6,133 $ 7,075 Interest rate derivatives 24,234 19,941 925 45,100 19,976 Equity derivatives 1,231 786 — 2,017 1,942 Commodity instruments Energy (GWh) 8,482 25,938 34,974 69,394 51,770 Natural gas (MMBtu – 000’s) 85,583 9,135 — 94,718 60,578 Elected for hedge accounting Foreign exchange derivatives $ 17,987 $ 32,628 $ 1,426 $ 52,041 $ 43,286 Interest rate derivatives 19,308 53,331 6,526 79,165 41,963 Equity derivatives — — — — — Commodity instruments Energy (GWh) 5,471 10,514 12,966 28,951 18,133 Natural gas (MMBtu – 000’s) 37,142 12,244 — 49,386 67,803 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2023 and 2022 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2023 2022 FOR THE YEARS ENDED DEC. 31 (MILLIONS) Notional Effective Portion Ineffective Portion Notional Effective Portion Ineffective Portion Cash flow hedges 1 $ 84,119 $ (754) $ (12) $ 49,199 $ 2,081 $ 13 Net investment hedges 45,979 (1,200) — 35,438 2,998 — $ 130,098 $ (1,954) $ (12) $ 84,637 $ 5,079 $ 13 1. Notional amount does not include 28,952 GWh and 49,386 MMBtu – 000’s – of commodity derivatives as at December 31, 2023 (2022 – 18,133 GWh, 67,803 MMBtu – 000’s). |
MANAGEMENT OF RISKS ARISING F_2
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of maturity analysis for financial liabilities | The following tables present the contractual maturities of the company’s financial liabilities as at December 31, 2023 and 2022. Payments Due by Period AS AT DEC. 31, 2023 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings 1 $ 604 $ 1,631 $ 1,434 $ 8,491 $ 12,160 Non-recourse borrowings of managed entities 56,854 54,360 48,795 61,541 221,550 Subsidiary equity obligations 932 774 44 2,395 4,145 Interest expense 2 Corporate borrowings 520 948 821 3,975 6,264 Non-recourse borrowings 13,461 20,000 13,970 22,156 69,587 Subsidiary equity obligations 169 253 174 933 1,529 Lease obligations 3 1,131 2,044 1,638 12,180 16,993 1. Payments due in less than one year includes $31 million of short-term commercial paper as at December 31, 2023. 2. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. 3. The lease obligations as disclosed in the table above include leases that are classified as finance leases, short-term leases, low-value leases and variable lease payments not based on an index or rate, which are immaterial. Payments Due by Period AS AT DEC. 31, 2022 (MILLIONS) <1 Year 1 to 3 Years 4 to 5 Years After 5 Years Total Principal repayments Corporate borrowings 1 $ — $ 1,608 $ 1,486 $ 8,296 $ 11,390 Non-recourse borrowings of managed entities 42,883 58,726 44,119 56,956 202,684 Subsidiary equity obligations 1,187 746 553 1,702 4,188 Interest expense 2 Corporate borrowings 484 863 728 3,916 5,991 Non-recourse borrowings 10,597 16,016 11,432 18,320 56,365 Subsidiary equity obligations 152 273 182 563 1,170 Lease obligations 3 1,186 1,855 1,540 13,192 17,773 1. |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Schedule of renumeration of directors and other key management personnel of the company | The remuneration of key management personnel and Directors of the company during the years ended December 31, 2023 and 2022 was as follows: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Salaries, incentives and short-term benefits 1 $ 5 $ 14 Share-based payments 1 19 38 $ 24 $ 52 |
Schedule of related party balances included within the consolidated financial statements | The following table lists the related party balances included within the consolidated financial statements for the years ended December 31, 2023 and 2022: FOR THE YEARS ENDED DEC. 31 (MILLIONS) 2023 2022 Management fees earned $ 149 $ 102 |
ORGANIZATION AND CAPITAL MANA_3
ORGANIZATION AND CAPITAL MANAGEMENT - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of the Corporation's Capital [Line Items] | ||
Corporation's Capital | $ 401,952 | $ 355,965 |
The Corporation | ||
Summary of the Corporation's Capital [Line Items] | ||
Corporation's Capital | $ 58,167 | $ 55,373 |
Bottom 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Management Commentary Explanatory [Line Items] | ||
Financial assets | $ 59,010 | $ 61,175 |
Other financial assets | 28,324 | 26,899 |
Common Equity in Managed Investments | 0 | 0 |
Corporation's Capital | 401,952 | 355,965 |
Equity | 168,242 | 141,891 |
Non-controlling interest - preferred equity | 230 | 230 |
Financial liabilities | 287,864 | 266,821 |
Corporate borrowings | ||
Management Commentary Explanatory [Line Items] | ||
Financial liabilities | 12,160 | 11,390 |
Non-controlling interests | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 122,465 | 98,138 |
Non-controlling interest - preferred equity | 122,465 | 98,138 |
Common shares | Common equity | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 41,674 | 39,608 |
Common shares | Non-controlling interests | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 117,318 | 92,991 |
Preferred shares | Preferred equity | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 4,103 | 4,145 |
Preferred shares | Non-controlling interests | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 5,147 | 5,147 |
The Corporation | ||
Management Commentary Explanatory [Line Items] | ||
Other financial assets | 4,004 | 6,870 |
Common Equity in Managed Investments | 53,523 | 49,391 |
Other Assets and Liabilities | 506 | (2,170) |
Corporation's Capital | 58,167 | 55,373 |
The Corporation | Corporate borrowings | ||
Management Commentary Explanatory [Line Items] | ||
Financial liabilities | 12,160 | 11,390 |
The Corporation | Common shares | Common equity | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 41,674 | 39,608 |
The Corporation | Preferred shares | Preferred equity | ||
Management Commentary Explanatory [Line Items] | ||
Equity | 4,103 | |
The Corporation | Preferred shares | Non-controlling interests | ||
Management Commentary Explanatory [Line Items] | ||
Non-controlling interest - preferred equity | $ 230 | $ 230 |
ORGANIZATION AND CAPITAL MANA_5
ORGANIZATION AND CAPITAL MANAGEMENT - Reconciliation of the Corporation's Capital (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Management Commentary Explanatory [Line Items] | |||
Cash and cash equivalents | $ 11,222 | $ 14,396 | $ 12,694 |
Other financial assets | 28,324 | 26,899 | |
Accounts receivable and other | 28,512 | 27,378 | |
Inventory | 11,412 | 12,843 | |
Assets classified as held for sale | 2,489 | 2,830 | |
Equity accounted investments | 59,124 | 47,094 | 46,100 |
Investment properties | 124,152 | 115,100 | 100,865 |
Property, plant and equipment | 147,617 | 124,268 | |
Intangible assets | 38,994 | 38,411 | 30,609 |
Goodwill | 34,911 | 28,662 | $ 20,227 |
Deferred income tax assets | 3,338 | 3,403 | |
Accounts payable and other | (58,893) | (57,065) | |
Liabilities associated with assets classified as held for sale | (118) | (876) | |
Deferred income tax liabilities | (24,987) | (23,190) | |
Subsidiary equity obligations | (4,145) | (4,188) | |
Net Assets Before Common Equity in Managed Investments | 401,952 | 355,965 | |
Common Equity in Managed Investments | 0 | 0 | |
Corporation's Capital | 401,952 | 355,965 | |
Financial liabilities | 287,864 | 266,821 | |
Non-recourse borrowings of managed entities | 221,550 | 202,684 | |
Equity | 168,242 | 141,891 | |
Non-controlling interest - preferred equity | 230 | 230 | |
Corporate borrowings | |||
Management Commentary Explanatory [Line Items] | |||
Financial liabilities | 12,160 | 11,390 | |
Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 122,465 | 98,138 | |
Non-controlling interest - preferred equity | 122,465 | 98,138 | |
Preferred shares | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 4,103 | 4,145 | |
Preferred shares | Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 5,147 | 5,147 | |
Common shares | Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 117,318 | 92,991 | |
Common shares | Common equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 41,674 | 39,608 | |
Preferred equity | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 4,103 | 4,145 | |
The Corporation | |||
Management Commentary Explanatory [Line Items] | |||
Cash and cash equivalents | 134 | 1,282 | |
Other financial assets | 4,004 | 6,870 | |
Accounts receivable and other | 1,191 | 2,196 | |
Inventory | 0 | 2 | |
Assets classified as held for sale | 0 | 0 | |
Equity accounted investments | 2,081 | 1,460 | |
Investment properties | 21 | 27 | |
Property, plant and equipment | 144 | 146 | |
Intangible assets | 84 | 81 | |
Goodwill | 0 | 0 | |
Deferred income tax assets | 489 | 475 | |
Accounts payable and other | (3,383) | (6,004) | |
Liabilities associated with assets classified as held for sale | 0 | 0 | |
Deferred income tax liabilities | (117) | (112) | |
Subsidiary equity obligations | (4) | (441) | |
Net Assets Before Common Equity in Managed Investments | 4,644 | 5,982 | |
Common Equity in Managed Investments | 53,523 | 49,391 | |
Corporation's Capital | 58,167 | 55,373 | |
Non-recourse borrowings of managed entities | 0 | 0 | |
The Corporation | Corporate borrowings | |||
Management Commentary Explanatory [Line Items] | |||
Financial liabilities | 12,160 | 11,390 | |
The Corporation | Preferred shares | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 4,103 | ||
The Corporation | Preferred shares | Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Non-controlling interest - preferred equity | 230 | 230 | |
The Corporation | Common shares | Common equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 41,674 | 39,608 | |
The Corporation | Preferred equity | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 4,103 | 4,145 | |
Managed Investments | |||
Management Commentary Explanatory [Line Items] | |||
Cash and cash equivalents | 11,088 | 13,114 | |
Other financial assets | 24,320 | 20,029 | |
Accounts receivable and other | 27,836 | 25,431 | |
Inventory | 11,412 | 12,841 | |
Assets classified as held for sale | 2,489 | 2,830 | |
Equity accounted investments | 57,043 | 45,634 | |
Investment properties | 124,131 | 115,073 | |
Property, plant and equipment | 147,473 | 124,122 | |
Intangible assets | 38,910 | 38,330 | |
Goodwill | 34,911 | 28,662 | |
Deferred income tax assets | 2,849 | 2,928 | |
Accounts payable and other | (56,025) | (51,310) | |
Liabilities associated with assets classified as held for sale | (118) | (876) | |
Deferred income tax liabilities | (24,870) | (23,078) | |
Subsidiary equity obligations | (4,141) | (3,747) | |
Net Assets Before Common Equity in Managed Investments | 397,308 | 349,983 | |
Common Equity in Managed Investments | 0 | 0 | |
Corporation's Capital | 397,308 | 349,983 | |
Non-recourse borrowings of managed entities | 221,550 | 202,684 | |
Managed Investments | Corporate borrowings | |||
Management Commentary Explanatory [Line Items] | |||
Financial liabilities | 0 | 0 | |
Managed Investments | Preferred shares | Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Non-controlling interest - preferred equity | 122,235 | 97,908 | |
Managed Investments | Common shares | Common equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 53,523 | 49,391 | |
Managed Investments | Preferred equity | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | 0 | 0 | |
Elimination | |||
Management Commentary Explanatory [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Other financial assets | 0 | 0 | |
Accounts receivable and other | (515) | (249) | |
Inventory | 0 | 0 | |
Assets classified as held for sale | 0 | 0 | |
Equity accounted investments | 0 | 0 | |
Investment properties | 0 | 0 | |
Property, plant and equipment | 0 | 0 | |
Intangible assets | 0 | 0 | |
Goodwill | 0 | 0 | |
Deferred income tax assets | 0 | 0 | |
Accounts payable and other | 515 | 249 | |
Liabilities associated with assets classified as held for sale | 0 | 0 | |
Deferred income tax liabilities | 0 | 0 | |
Subsidiary equity obligations | 0 | 0 | |
Net Assets Before Common Equity in Managed Investments | 0 | 0 | |
Common Equity in Managed Investments | (53,523) | (49,391) | |
Corporation's Capital | (53,523) | (49,391) | |
Non-recourse borrowings of managed entities | 0 | 0 | |
Elimination | Corporate borrowings | |||
Management Commentary Explanatory [Line Items] | |||
Financial liabilities | 0 | 0 | |
Elimination | Preferred shares | Non-controlling interests | |||
Management Commentary Explanatory [Line Items] | |||
Non-controlling interest - preferred equity | 0 | 0 | |
Elimination | Common shares | Common equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | (53,523) | (49,391) | |
Elimination | Preferred equity | |||
Management Commentary Explanatory [Line Items] | |||
Equity | $ 0 | $ 0 |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr | |
Disclosure of initial application of standards or interpretations [line items] | ||
Assets | $ 490,095 | $ 441,284 |
Right-of-use assets | $ 4,800 | $ 4,400 |
Renewable Power | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Useful lives or depreciation rates, property, plant and equipment | yr | 34 | 35 |
Top of range | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
MATERIAL ACCOUNTING POLICY IN_3
MATERIAL ACCOUNTING POLICY INFORMATION - Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 yr | |
Dams [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 |
Penstocks [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 60 |
Powerhouses [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 |
Hydroelectric Generating Units [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 115 |
Wind Generating Units [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 30 |
Solar Generating units [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 35 |
Cogeneration Units [Member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 |
Other assets [member] | Renewable Power | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 60 |
Buildings [member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 60 |
Buildings [member] | Real Estate | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 1 |
Buildings [member] | Real Estate | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 |
Buildings [member] | Private Equity | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 |
Transmission stations, towers and related fixtures [Member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 |
Leasehold improvements [member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 |
Leasehold improvements [member] | Private Equity | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 |
Plant and equipment [Member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 50 |
Network Systems [Member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 65 |
7948 Services, Racing, Including Track Operation | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 40 |
District energy systems [Member] | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 20 |
486990 All Other Pipeline Transportation | Infrastructure | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 80 |
Land improvements [Member] | Real Estate | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 15 |
Equipment, and fixtures improvements [Member] | Real Estate | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 1 |
Equipment, and fixtures improvements [Member] | Real Estate | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 20 |
Machinery And Equipment1 [Member] | Private Equity | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 25 |
Ships [member] | Private Equity | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, property, plant and equipment | 35 |
MATERIAL ACCOUNTING POLICY IN_4
MATERIAL ACCOUNTING POLICY INFORMATION - Intangible Assets Other Than Goodwill (Details) (Details) - Private Equity | 12 Months Ended |
Dec. 31, 2023 | |
Water and sewage concession agreements [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 50 years |
Brand names [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 40 years |
Computer software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years |
Customer-related intangible assets [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years |
Proprietary technology | |
Disclosure of detailed information about intangible assets [line items] | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 15 years |
SEGMENTED INFORMATION - Narrati
SEGMENTED INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of operating segments [abstract] | ||
Number of operating business groups | 6 | |
Number of reportable segments | 7 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 95,924 | $ 92,769 |
Realized disposition gains in fair value changes or equity | 634 | 903 |
Realized disposition gains related to prior periods | 569 | 794 |
Realized Disposition Gain (Loss), in Fair Value Changes | 65 | 109 |
Asset management | ||
Disclosure of operating segments [line items] | ||
Revenue | 10,219 | 8,955 |
Private Equity | ||
Disclosure of operating segments [line items] | ||
Revenue | 55,683 | 57,333 |
Elimination of intersegment amounts | ||
Disclosure of operating segments [line items] | ||
Revenue | 4,949 | 4,491 |
Intersegment interest income and other revenues | 40 | 18 |
Elimination of intersegment amounts | Asset management | ||
Disclosure of operating segments [line items] | ||
Revenue | 4,820 | 4,289 |
Elimination of intersegment amounts | Private Equity | ||
Disclosure of operating segments [line items] | ||
Revenue | 56 | 207 |
Revenue from construction contracts | $ 89 | $ 220 |
SEGMENTED INFORMATION - Financi
SEGMENTED INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 95,924 | $ 92,769 | |
Equity | 168,242 | 141,891 | |
Equity accounted investments | 59,124 | 47,094 | $ 46,100 |
Other financial assets | 28,324 | 26,899 | |
Goodwill | 34,911 | 28,662 | $ 20,227 |
Revenue from contracts with customers | $ 82,732 | $ 81,436 | |
Oaktree [Member] | |||
Disclosure of operating segments [line items] | |||
Proportion of ownership interest in associate or joint venture | 68% | 64% | |
Basis of Calculation | 100% | 100% | |
Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | $ 41,674 | $ 39,608 | |
Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,949 | 4,491 | |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 100,873 | 97,260 | |
Asset management | |||
Disclosure of operating segments [line items] | |||
Revenue | 10,219 | 8,955 | |
Distributable Earnings | 3,135 | 3,678 | |
Equity accounted investments | 11,021 | 9,797 | |
Goodwill | 2,674 | 3,348 | |
Revenue from contracts with customers | 5,229 | 4,793 | |
Asset management | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | 19,645 | ||
Asset management | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,820 | 4,289 | |
Asset management | Elimination of intersegment amounts | Oaktree [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,700 | 1,500 | |
Asset management | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 15,039 | 13,244 | |
Reinsurance | |||
Disclosure of operating segments [line items] | |||
Distributable Earnings | $ 740 | $ 388 | |
Proportion of ownership interest in associate or joint venture | 7,100% | 8,200% | |
Reinsurance | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | $ 6,144 | $ 3,996 | |
Renewable Power and Transition | |||
Disclosure of operating segments [line items] | |||
Revenue | 5,310 | 5,198 | |
Funds from operations | (418) | (401) | |
Equity accounted investments | 4,911 | 2,261 | |
Goodwill | 3,335 | 1,500 | |
Revenue from contracts with customers | 4,878 | 4,959 | |
Renewable Power and Transition | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | 4,887 | 5,274 | |
Renewable Power and Transition | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | |
Renewable Power and Transition | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 5,310 | 5,198 | |
Corporate Activities | |||
Disclosure of operating segments [line items] | |||
Revenue | 309 | 166 | |
Funds from operations | 463 | 366 | |
Revenue from contracts with customers | 0 | 0 | |
Corporate Activities | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | (17,082) | (17,095) | |
Corporate Activities | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 32 | (41) | |
Corporate Activities | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 341 | 125 | |
Infrastructure | |||
Disclosure of operating segments [line items] | |||
Revenue | 18,234 | 14,660 | |
Funds from operations | (653) | (576) | |
Equity accounted investments | 17,086 | 11,844 | |
Goodwill | 14,487 | 8,789 | |
Revenue from contracts with customers | 16,899 | 13,925 | |
Infrastructure | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | 2,537 | 2,524 | |
Infrastructure | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 6 | 4 | |
Infrastructure | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 18,240 | 14,664 | |
Private Equity | |||
Disclosure of operating segments [line items] | |||
Revenue | 55,683 | 57,333 | |
Funds from operations | (1,876) | (857) | |
Equity accounted investments | 3,503 | 3,261 | |
Goodwill | 14,396 | 15,005 | |
Revenue from contracts with customers | 52,570 | 54,541 | |
Private Equity | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | 3,291 | 2,439 | |
Private Equity | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 56 | 207 | |
Private Equity | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 55,739 | 57,540 | |
Real Estate | |||
Disclosure of operating segments [line items] | |||
Revenue | 6,169 | 6,457 | |
NOI | 3,616 | 3,472 | |
Equity accounted investments | 18,192 | 18,904 | |
Goodwill | 19 | 20 | |
Revenue from contracts with customers | 3,156 | 3,218 | |
Real Estate | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | 22,413 | 22,825 | |
Real Estate | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Revenue | 35 | 32 | |
Real Estate | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 6,204 | $ 6,489 | |
Asset Management | Common shares | Common equity | |||
Disclosure of operating segments [line items] | |||
Equity | $ 19,484 |
SEGMENTED INFORMATION - Reconci
SEGMENTED INFORMATION - Reconciliation of FFO to Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | ||
Net income | $ 5,105 | $ 5,195 |
Financial statement components not included in FFO | ||
Equity Accounted Fair Value Changes And Other Non Funds From Operations | 2,902 | 1,840 |
Fair value changes | 1,396 | 977 |
Depreciation and amortization | 9,075 | 7,683 |
Deferred income taxes | 897 | (191) |
Realized disposition gains in fair value changes or equity | 634 | 903 |
Less: NCI on above items | (12,550) | (10,495) |
Less: Real Estate segment disposition gains | (256) | 42 |
Add: Real Estate segment adjustment and other, net | 4,566 | 2,670 |
Total segment measures of profit and loss | $ 9,975 | $ 9,006 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 95,924 | $ 92,769 |
UNITED STATES | ||
Disclosure of geographical areas [line items] | ||
Revenue | 28,257 | 24,724 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue | 10,036 | 10,752 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Revenue | 23,432 | 25,090 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 6,079 | 6,041 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Revenue | 5,778 | 5,294 |
INDIA | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,983 | 2,743 |
GERMANY | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,192 | 1,909 |
Other Europe | ||
Disclosure of geographical areas [line items] | ||
Revenue | 9,501 | 9,084 |
Colombia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,373 | 2,135 |
Other Asia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,992 | 3,042 |
Other | ||
Disclosure of geographical areas [line items] | ||
Revenue | $ 2,301 | $ 1,955 |
SEGMENTED INFORMATION - Asset A
SEGMENTED INFORMATION - Asset Allocation (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of products and services [line items] | ||
Assets | $ 490,095 | $ 441,284 |
UNITED STATES | ||
Disclosure of products and services [line items] | ||
Assets | 211,947 | 206,714 |
Canada | ||
Disclosure of products and services [line items] | ||
Assets | 50,899 | 50,894 |
United Kingdom | ||
Disclosure of products and services [line items] | ||
Assets | 36,289 | 31,940 |
Australia | ||
Disclosure of products and services [line items] | ||
Assets | 27,599 | 27,068 |
Brazil | ||
Disclosure of products and services [line items] | ||
Assets | 29,306 | 25,500 |
INDIA | ||
Disclosure of products and services [line items] | ||
Assets | 23,093 | 19,521 |
GERMANY | ||
Disclosure of products and services [line items] | ||
Assets | 15,636 | 12,262 |
Colombia | ||
Disclosure of products and services [line items] | ||
Assets | 13,344 | 10,567 |
Other Europe | ||
Disclosure of products and services [line items] | ||
Assets | 45,583 | 31,713 |
Other Asia | ||
Disclosure of products and services [line items] | ||
Assets | 21,149 | 14,655 |
Other | ||
Disclosure of products and services [line items] | ||
Assets | $ 15,250 | $ 10,450 |
SUBSIDIARIES - Schedule Of Non-
SUBSIDIARIES - Schedule Of Non-Controlling Interests In Subsidiaries With Significant Non-Controlling Interests (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Brookfield Renewable Partners L.P. (“BEP”)3 | ||
Disclosure of subsidiaries [line items] | ||
Ownership Interest Held by Non-Controlling Interest | 54.60% | 51.70% |
Brookfield Infrastructure Partners L.P. (“BIP”)4 | ||
Disclosure of subsidiaries [line items] | ||
Ownership Interest Held by Non-Controlling Interest | 73.90% | 72.90% |
Brookfield Business Partners L.P. (“BBU”) | ||
Disclosure of subsidiaries [line items] | ||
Ownership Interest Held by Non-Controlling Interest | 34.50% | 34.80% |
Brookfield Asset Management ULC (BAM) | ||
Disclosure of subsidiaries [line items] | ||
Ownership Interest Held by Non-Controlling Interest | 25% | 25% |
SUBSIDIARIES - Schedule of Comp
SUBSIDIARIES - Schedule of Composition Of Accumulated Non-Controlling Interest (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of subsidiaries [line items] | ||
Equity | $ 168,242,000,000 | $ 141,891,000,000 |
Non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Equity | 122,465,000,000 | 98,138,000,000 |
Non-controlling interests | BEP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 25,677,000,000 | 21,651,000,000 |
Non-controlling interests | BIP | ||
Disclosure of subsidiaries [line items] | ||
Equity | 31,479,000,000 | 23,030,000,000 |
Non-controlling interests | BBU | ||
Disclosure of subsidiaries [line items] | ||
Equity | 15,241,000,000 | 16,026,000,000 |
Non-controlling interests | Brookfield Property Partners L.P. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Equity | 35,314,000,000 | 29,321,000,000 |
Non-controlling interests | Brookfield Asset Management ULC (BAM) | ||
Disclosure of subsidiaries [line items] | ||
Equity | 2,247,000,000 | 2,377,000,000 |
Non-controlling interests | Individually immaterial subsidiaries with non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Equity | $ 12,507,000,000 | $ 5,733,000,000 |
SUBSIDIARIES - Schedule Of Summ
SUBSIDIARIES - Schedule Of Summarized Financial Information Before Intra-Group Eliminations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | $ (168,242,000,000) | $ (141,891,000,000) |
Revenue | 95,924,000,000 | 92,769,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | 3,975,000,000 | 3,139,000,000 |
Shareholders | 1,130,000,000 | 2,056,000,000 |
Net income | 5,105,000,000 | 5,195,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 2,927,000,000 | 3,292,000,000 |
Shareholders | 803,000,000 | (263,000,000) |
Other comprehensive income | 3,730,000,000 | 3,029,000,000 |
BEP | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 4,610,000,000 | 4,183,000,000 |
Non-current assets | 71,518,000,000 | 59,928,000,000 |
Current liabilities | (8,038,000,000) | (4,943,000,000) |
Non-current liabilities | (38,111,000,000) | (32,882,000,000) |
Revenue | 5,038,000,000 | 4,711,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | 684,000,000 | 327,000,000 |
Shareholders | (68,000,000) | (189,000,000) |
Net income | 616,000,000 | 138,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 1,400,000,000 | 1,868,000,000 |
Shareholders | 20,000,000 | 622,000,000 |
Other comprehensive income | 1,420,000,000 | 2,490,000,000 |
BIP | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 7,979,000,000 | 6,686,000,000 |
Non-current assets | 92,805,000,000 | 66,283,000,000 |
Current liabilities | (11,705,000,000) | (8,377,000,000) |
Non-current liabilities | (55,063,000,000) | (39,038,000,000) |
Revenue | 17,931,000,000 | 14,427,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | 1,391,000,000 | 1,350,000,000 |
Shareholders | 57,000,000 | 25,000,000 |
Net income | 1,448,000,000 | 1,375,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 778,000,000 | 39,000,000 |
Shareholders | 101,000,000 | 109,000,000 |
Other comprehensive income | 879,000,000 | 148,000,000 |
BBU | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 14,885,000,000 | 18,312,000,000 |
Non-current assets | 67,500,000,000 | 71,186,000,000 |
Current liabilities | (14,355,000,000) | (16,954,000,000) |
Non-current liabilities | (49,498,000,000) | (54,079,000,000) |
Revenue | 55,068,000,000 | 57,545,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | 2,865,000,000 | 275,000,000 |
Shareholders | 912,000,000 | 80,000,000 |
Net income | 3,777,000,000 | 355,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 258,000,000 | (297,000,000) |
Shareholders | 30,000,000 | (97,000,000) |
Other comprehensive income | 288,000,000 | (394,000,000) |
BPG [Member] | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 14,950,000,000 | 15,626,000,000 |
Non-current assets | 168,744,000,000 | 162,198,000,000 |
Current liabilities | (49,286,000,000) | (41,653,000,000) |
Non-current liabilities | (68,538,000,000) | (74,982,000,000) |
Revenue | 15,034,000,000 | 13,835,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | (551,000,000) | 2,639,000,000 |
Shareholders | (1,033,000,000) | 496,000,000 |
Net income | (1,584,000,000) | 3,135,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 459,000,000 | 356,000,000 |
Shareholders | 420,000,000 | 13,000,000 |
Other comprehensive income | 879,000,000 | 369,000,000 |
Brookfield Asset Management ULC (BAM) | ||
Disclosure of subsidiaries [line items] | ||
Current assets | 5,455,000,000 | 5,690,000,000 |
Non-current assets | 6,973,000,000 | 6,820,000,000 |
Current liabilities | (2,302,000,000) | (2,093,000,000) |
Non-current liabilities | (1,096,000,000) | (915,000,000) |
Revenue | 3,569,000,000 | 3,375,000,000 |
Net income (loss) attributable to: | ||
Non-controlling interests | 433,000,000 | 442,000,000 |
Shareholders | 1,269,000,000 | 2,276,000,000 |
Net income | 1,702,000,000 | 2,718,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 4,000,000 | (8,000,000) |
Shareholders | 11,000,000 | (24,000,000) |
Other comprehensive income | 15,000,000 | (32,000,000) |
Non-controlling interests | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (122,465,000,000) | (98,138,000,000) |
Net income (loss) attributable to: | ||
Non-controlling interests | 3,975,000,000 | 3,139,000,000 |
Other comprehensive income (loss) attributable to: | ||
Non-controlling interests | 2,927,000,000 | 3,292,000,000 |
Non-controlling interests | BEP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (25,677,000,000) | (21,651,000,000) |
Non-controlling interests | BIP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (31,479,000,000) | (23,030,000,000) |
Non-controlling interests | BBU | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (15,241,000,000) | (16,026,000,000) |
Non-controlling interests | BPG [Member] | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (35,314,000,000) | (29,321,000,000) |
Non-controlling interests | Brookfield Asset Management ULC (BAM) | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (2,247,000,000) | (2,377,000,000) |
Equity attributable to Brookfield | BEP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (4,302,000,000) | (4,635,000,000) |
Equity attributable to Brookfield | BIP | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (2,537,000,000) | (2,524,000,000) |
Equity attributable to Brookfield | BBU | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (3,291,000,000) | (2,439,000,000) |
Equity attributable to Brookfield | BPG [Member] | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | (30,556,000,000) | (31,868,000,000) |
Equity attributable to Brookfield | Brookfield Asset Management ULC (BAM) | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests | $ (6,783,000,000) | $ (7,125,000,000) |
SUBSIDIARIES - Schedule Of Cash
SUBSIDIARIES - Schedule Of Cash Flow With Material Non-Controlling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | $ 6,467 | $ 8,751 |
Cash flows from (used in) financing activities | 19,927 | 32,460 |
Cash flows from (used in) investing activities | (29,762) | (39,650) |
BIP | ||
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | 4,078 | 3,131 |
Cash flows from (used in) financing activities | 9,419 | 56 |
Cash flows from (used in) investing activities | (12,990) | (3,365) |
Distributions paid to non-controlling interests in common equity | 868 | 810 |
BEP | ||
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | 1,865 | 1,711 |
Cash flows from (used in) financing activities | 2,596 | 3,489 |
Cash flows from (used in) investing activities | (4,356) | (5,066) |
Distributions paid to non-controlling interests in common equity | 503 | 477 |
BBU | ||
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | 2,130 | 1,011 |
Cash flows from (used in) financing activities | (4,371) | 18,070 |
Cash flows from (used in) investing activities | 2,537 | (18,721) |
Distributions paid to non-controlling interests in common equity | 19 | 19 |
Brookfield Property Partners L.P. [Member] | ||
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | (786) | (1,657) |
Cash flows from (used in) financing activities | 4,135 | 6,871 |
Cash flows from (used in) investing activities | (6,556) | (3,756) |
Distributions paid to non-controlling interests in common equity | 0 | 0 |
Brookfield Asset Management ULC (BAM) | ||
Cash flows from (used in): | ||
Cash flows from (used in) operating activities | 1,439 | (374) |
Cash flows from (used in) financing activities | (475) | 1,706 |
Cash flows from (used in) investing activities | (1,842) | (280) |
Distributions paid to non-controlling interests in common equity | $ 526 | $ 0 |
ACQUISITIONS OF CONSOLIDATED _3
ACQUISITIONS OF CONSOLIDATED ENTITIES - Business Combinations By Type (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Other financial assets | $ 28,324 | $ 26,899 | |
Assets classified as held for sale | 2,489 | 2,830 | |
Goodwill | 34,911 | 28,662 | $ 20,227 |
Liabilities associated with assets classified as held for sale | 118 | 876 | |
Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,396 | 15,005 | |
Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 3,335 | 1,500 | |
Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 19 | 20 | |
Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 2,674 | 3,348 | |
Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,487 | 8,789 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 1,171 | 1,650 | |
Accounts receivable and other | 2,070 | 2,137 | |
Other financial assets | 1,567 | 4,769 | |
Inventory | 523 | ||
Assets classified as held for sale | 293 | ||
Equity accounted investments | 683 | ||
Property, plant and equipment | 16,404 | 7,973 | |
Identifiable intangible assets recognised as of acquisition date | 4,111 | 11,978 | |
Goodwill | 7,211 | 9,581 | |
Deferred income tax assets | 97 | 73 | |
Total assets | 36,168 | 49,172 | |
Accounts payable and other | 3,490 | 4,351 | |
Liabilities associated with assets classified as held for sale | 138 | ||
Non-recourse borrowings | 11,952 | 9,107 | |
Deferred income tax liabilities | 1,938 | 2,857 | |
Non-controlling interests | 415 | 1,980 | |
Preferred Equity from Business Combinations [Member] | (641) | ||
Preferred equity | |||
Total liabilities | (18,574) | (18,295) | |
Identifiable assets acquired (liabilities assumed) | 17,594 | 30,877 | |
Total | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 953 | ||
Accounts receivable and other | 1,446 | ||
Other financial assets | 4,558 | ||
Inventory | 485 | ||
Equity accounted investments | 461 | ||
Investment properties | 0 | ||
Property, plant and equipment | 1,502 | ||
Identifiable intangible assets recognised as of acquisition date | 11,594 | ||
Goodwill | 8,155 | ||
Deferred income tax assets | 62 | ||
Total assets | 29,216 | ||
Accounts payable and other | 2,300 | ||
Non-recourse borrowings | 4,924 | ||
Deferred income tax liabilities | 1,911 | ||
Non-controlling interests | 96 | ||
Preferred equity | |||
Total liabilities | (9,231) | ||
Identifiable assets acquired (liabilities assumed) | 19,985 | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 7 | ||
Accounts receivable and other | 10 | ||
Other financial assets | 11 | ||
Inventory | 2 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 160 | ||
Identifiable intangible assets recognised as of acquisition date | 302 | ||
Goodwill | 279 | ||
Deferred income tax assets | 1 | ||
Total assets | 772 | ||
Accounts payable and other | 55 | ||
Non-recourse borrowings | 52 | ||
Deferred income tax liabilities | 18 | ||
Non-controlling interests | 64 | ||
Preferred equity | |||
Total liabilities | (189) | ||
Identifiable assets acquired (liabilities assumed) | 583 | ||
Total | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 605 | ||
Accounts receivable and other | 302 | ||
Other financial assets | 188 | ||
Inventory | 5 | ||
Equity accounted investments | 222 | ||
Investment properties | 9,805 | ||
Property, plant and equipment | 3,224 | ||
Identifiable intangible assets recognised as of acquisition date | 82 | ||
Goodwill | 456 | ||
Deferred income tax assets | 0 | ||
Total assets | 14,889 | ||
Accounts payable and other | 795 | ||
Non-recourse borrowings | 3,707 | ||
Deferred income tax liabilities | 878 | ||
Non-controlling interests | 1,788 | ||
Preferred equity | |||
Total liabilities | (7,168) | ||
Identifiable assets acquired (liabilities assumed) | 7,721 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 228 | 85 | |
Accounts receivable and other | 585 | 379 | |
Other financial assets | 47 | 12 | |
Inventory | 31 | ||
Assets classified as held for sale | 293 | ||
Equity accounted investments | |||
Investment properties | 0 | 0 | |
Property, plant and equipment | 7,200 | 3,087 | |
Identifiable intangible assets recognised as of acquisition date | 8 | ||
Goodwill | 1,674 | 691 | |
Deferred income tax assets | 97 | 10 | |
Total assets | 10,132 | 4,295 | |
Accounts payable and other | 1,944 | 1,201 | |
Liabilities associated with assets classified as held for sale | 138 | ||
Non-recourse borrowings | 2,868 | 424 | |
Deferred income tax liabilities | 333 | 50 | |
Non-controlling interests | 414 | 32 | |
Preferred Equity from Business Combinations [Member] | 0 | ||
Preferred equity | |||
Total liabilities | (5,697) | (1,707) | |
Identifiable assets acquired (liabilities assumed) | 4,435 | $ 2,588 | |
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 921 | ||
Accounts receivable and other | 1,475 | ||
Other financial assets | 1,519 | ||
Assets classified as held for sale | 0 | ||
Investment properties | 3,244 | ||
Property, plant and equipment | 8,964 | ||
Identifiable intangible assets recognised as of acquisition date | 4,020 | ||
Goodwill | 5,334 | ||
Deferred income tax assets | 0 | ||
Total assets | 25,477 | ||
Accounts payable and other | 1,500 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Non-recourse borrowings | 9,084 | ||
Deferred income tax liabilities | 1,558 | ||
Non-controlling interests | 0 | ||
Preferred Equity from Business Combinations [Member] | (641) | ||
Preferred equity | |||
Total liabilities | (12,783) | ||
Identifiable assets acquired (liabilities assumed) | 12,694 | ||
Total | Private Equity and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 22 | ||
Accounts receivable and other | 10 | ||
Other financial assets | 1 | ||
Assets classified as held for sale | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 240 | ||
Identifiable intangible assets recognised as of acquisition date | 83 | ||
Goodwill | 203 | ||
Deferred income tax assets | 0 | ||
Total assets | 559 | ||
Accounts payable and other | 46 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Non-recourse borrowings | 0 | ||
Deferred income tax liabilities | 47 | ||
Non-controlling interests | 1 | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Preferred equity | |||
Total liabilities | (94) | ||
Identifiable assets acquired (liabilities assumed) | $ 465 |
ACQUISITIONS OF CONSOLIDATED _4
ACQUISITIONS OF CONSOLIDATED ENTITIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |||
Revenue of acquired entities since acquisition date | $ 3,100 | $ 4,000 | |
Profit (loss) of acquired entities since acquisition date | 464 | 528 | |
Revenue of combined entity as if combination occurred at beginning of period | 5,100 | 8,100 | |
Profit (loss) of combined entity as if combination occurred at beginning of period | 644 | 344 | |
Goodwill | 34,911 | 28,662 | $ 20,227 |
Assets classified as held for sale | 2,489 | 2,830 | |
Liabilities associated with assets classified as held for sale | (118) | (876) | |
Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,487 | 8,789 | |
Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,396 | 15,005 | |
Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 2,674 | 3,348 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 36,168 | 49,172 | |
Identifiable assets acquired (liabilities assumed) | 17,594 | 30,877 | |
Goodwill | 7,211 | 9,581 | |
Assets classified as held for sale | 293 | ||
Liabilities associated with assets classified as held for sale | (138) | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 25,477 | ||
Identifiable assets acquired (liabilities assumed) | 12,694 | ||
Goodwill | 5,334 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Total | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 29,216 | ||
Identifiable assets acquired (liabilities assumed) | 19,985 | ||
Goodwill | 8,155 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 10,132 | 4,295 | |
Identifiable assets acquired (liabilities assumed) | 4,435 | 2,588 | |
Goodwill | 1,674 | 691 | |
Assets classified as held for sale | 293 | ||
Liabilities associated with assets classified as held for sale | $ (138) | ||
Total | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 14,889 | ||
Identifiable assets acquired (liabilities assumed) | 7,721 | ||
Goodwill | 456 | ||
HomeServe- North American | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of interests acquired | 26% | ||
HomeServe- European | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of interests acquired | 25% | ||
HomeServe | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | $ 7,314 | ||
Identifiable assets acquired (liabilities assumed) | 4,903 | ||
Revenue of combined entity as if combination occurred at beginning of period | 2,300 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | 36 | ||
Goodwill | 3,337 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
X-Elio [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 2,957 | ||
Identifiable assets acquired (liabilities assumed) | 1,793 | ||
Revenue of combined entity as if combination occurred at beginning of period | 58 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 77 | ||
Percentage of interests acquired | 100% | ||
Goodwill | $ 1,333 | ||
Assets classified as held for sale | 293 | ||
Liabilities associated with assets classified as held for sale | $ (138) | ||
Economic interest before business transaction | 50% | ||
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date | $ 900 | ||
Debt incurred | 893 | ||
Deriva (Duke) [Member] | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration transferred, acquisition-date fair value | 1,100 | ||
Deriva (Duke) [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 4,478 | ||
Identifiable assets acquired (liabilities assumed) | 1,453 | ||
Revenue of combined entity as if combination occurred at beginning of period | 401 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 263 | ||
Percentage of interests acquired | 100% | ||
Goodwill | $ 0 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Banks [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 1,249 | ||
Identifiable assets acquired (liabilities assumed) | 625 | ||
Revenue of combined entity as if combination occurred at beginning of period | 100 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 35 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 625 | ||
Goodwill | 159 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Triton [Member] | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 13,046 | ||
Identifiable assets acquired (liabilities assumed) | 4,512 | ||
Revenue of combined entity as if combination occurred at beginning of period | 1,600 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 407 | ||
Percentage of interests acquired | 28% | ||
Goodwill | $ 1,163 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Data4 [Member] | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 4,569 | ||
Identifiable assets acquired (liabilities assumed) | 3,048 | ||
Revenue of combined entity as if combination occurred at beginning of period | 364 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 47 | ||
Percentage of interests acquired | 19% | ||
Goodwill | $ 808 | ||
Assets classified as held for sale | 0 | ||
Liabilities associated with assets classified as held for sale | $ 0 | ||
Scientific Games, LLC | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 6,318 | ||
Identifiable assets acquired (liabilities assumed) | 5,779 | ||
Revenue of combined entity as if combination occurred at beginning of period | 1,100 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 83 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 5,800 | ||
Goodwill | 1,235 | ||
La Trobe [Member] | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 5,754 | ||
Identifiable assets acquired (liabilities assumed) | 1,050 | ||
Revenue of combined entity as if combination occurred at beginning of period | 402 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 90 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 1,100 | ||
Goodwill | 392 | ||
CDK Global [Member] | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 10,558 | ||
Identifiable assets acquired (liabilities assumed) | 8,312 | ||
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 | $ 338 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 8,300 | ||
Goodwill | 4,580 | ||
German Office Portfolio | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 6,472 | ||
Identifiable assets acquired (liabilities assumed) | 1,995 | ||
Revenue of combined entity as if combination occurred at beginning of period | 238 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 17 | ||
Percentage of interests acquired | 95% | ||
Consideration transferred, acquisition-date fair value | $ 2,000 | ||
Goodwill | $ 453 | ||
Economic interest before business transaction | 46% | ||
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date | $ 1,800 | ||
Debt incurred | 188 | ||
Irish Office [Member] | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 1,449 | ||
Identifiable assets acquired (liabilities assumed) | 1,114 | ||
Revenue of combined entity as if combination occurred at beginning of period | 61 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 49 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 1,100 | ||
Goodwill | 3 | ||
Watermark Lodging [Member] | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 3,781 | ||
Identifiable assets acquired (liabilities assumed) | 3,137 | ||
Revenue of combined entity as if combination occurred at beginning of period | 760 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 5 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 3,100 | ||
Goodwill | 0 | ||
US Distributed Generation Portfolio | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 928 | ||
Identifiable assets acquired (liabilities assumed) | 760 | ||
Revenue of combined entity as if combination occurred at beginning of period | 11 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 68 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 760 | ||
Goodwill | 287 | ||
U.S. Wind [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Total assets | 2,113 | ||
Identifiable assets acquired (liabilities assumed) | 1,092 | ||
Revenue of combined entity as if combination occurred at beginning of period | 82 | ||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 7 | ||
Percentage of interests acquired | 100% | ||
Consideration transferred, acquisition-date fair value | $ 1,100 | ||
Goodwill | $ 9 |
ACQUISITIONS OF CONSOLIDATED _5
ACQUISITIONS OF CONSOLIDATED ENTITIES - Business Combinations by Name (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Other financial assets | $ 28,324 | $ 26,899 | |
Goodwill | 34,911 | 28,662 | $ 20,227 |
Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,396 | 15,005 | |
Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 14,487 | 8,789 | |
Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 3,335 | 1,500 | |
Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 19 | 20 | |
Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 2,674 | 3,348 | |
CDK Global [Member] | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 301 | ||
Accounts receivable and other | 544 | ||
Other financial assets | 32 | ||
Inventory | 15 | ||
Equity accounted investments | 175 | ||
Investment properties | 0 | ||
Property, plant and equipment | 82 | ||
Intangible assets | 4,827 | ||
Goodwill | 4,580 | ||
Deferred income tax assets | 2 | ||
Total assets | 10,558 | ||
Less: | |||
Accounts payable and other | (995) | ||
Non-recourse borrowings | (72) | ||
Deferred income tax liabilities | (1,098) | ||
Non-controlling interests | (81) | ||
Total liabilities | (2,246) | ||
Identifiable assets acquired (liabilities assumed) | 8,312 | ||
Consideration | 8,300 | ||
Watermark Lodging [Member] | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 172 | ||
Accounts receivable and other | 144 | ||
Other financial assets | 0 | ||
Inventory | 5 | ||
Equity accounted investments | 222 | ||
Investment properties | 0 | ||
Property, plant and equipment | 3,161 | ||
Intangible assets | 77 | ||
Goodwill | 0 | ||
Deferred income tax assets | 0 | ||
Total assets | 3,781 | ||
Less: | |||
Accounts payable and other | (327) | ||
Non-recourse borrowings | (317) | ||
Deferred income tax liabilities | 0 | ||
Non-controlling interests | 0 | ||
Total liabilities | (644) | ||
Identifiable assets acquired (liabilities assumed) | 3,137 | ||
Consideration | 3,100 | ||
Irish Office [Member] | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 74 | ||
Accounts receivable and other | 1 | ||
Other financial assets | 4 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 1,359 | ||
Property, plant and equipment | 8 | ||
Intangible assets | 0 | ||
Goodwill | 3 | ||
Deferred income tax assets | 0 | ||
Total assets | 1,449 | ||
Less: | |||
Accounts payable and other | (42) | ||
Non-recourse borrowings | (209) | ||
Deferred income tax liabilities | (84) | ||
Non-controlling interests | 0 | ||
Total liabilities | (335) | ||
Identifiable assets acquired (liabilities assumed) | 1,114 | ||
Consideration | 1,100 | ||
La Trobe [Member] | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 155 | ||
Accounts receivable and other | 37 | ||
Other financial assets | 4,511 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 4 | ||
Intangible assets | 646 | ||
Goodwill | 392 | ||
Deferred income tax assets | 9 | ||
Total assets | 5,754 | ||
Less: | |||
Accounts payable and other | (39) | ||
Non-recourse borrowings | (4,471) | ||
Deferred income tax liabilities | (194) | ||
Non-controlling interests | 0 | ||
Total liabilities | (4,704) | ||
Identifiable assets acquired (liabilities assumed) | 1,050 | ||
Consideration | 1,100 | ||
Scientific Games, LLC | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 61 | ||
Accounts receivable and other | 272 | ||
Other financial assets | 4 | ||
Inventory | 169 | ||
Equity accounted investments | 277 | ||
Investment properties | 0 | ||
Property, plant and equipment | 313 | ||
Intangible assets | 3,983 | ||
Goodwill | 1,235 | ||
Deferred income tax assets | 4 | ||
Total assets | 6,318 | ||
Less: | |||
Accounts payable and other | (333) | ||
Non-recourse borrowings | 0 | ||
Deferred income tax liabilities | (206) | ||
Non-controlling interests | 0 | ||
Total liabilities | (539) | ||
Identifiable assets acquired (liabilities assumed) | 5,779 | ||
Consideration | 5,800 | ||
German Office Portfolio | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 357 | ||
Accounts receivable and other | 93 | ||
Other financial assets | 105 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 5,429 | ||
Property, plant and equipment | 35 | ||
Intangible assets | 0 | ||
Goodwill | 453 | ||
Deferred income tax assets | 0 | ||
Total assets | 6,472 | ||
Less: | |||
Accounts payable and other | (243) | ||
Non-recourse borrowings | (1,965) | ||
Deferred income tax liabilities | (760) | ||
Non-controlling interests | (1,509) | ||
Total liabilities | (4,477) | ||
Identifiable assets acquired (liabilities assumed) | 1,995 | ||
Consideration | 2,000 | ||
U.S. Wind [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 26 | ||
Accounts receivable and other | 280 | ||
Other financial assets | 2 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 1,796 | ||
Intangible assets | 0 | ||
Goodwill | 9 | ||
Deferred income tax assets | 0 | ||
Total assets | 2,113 | ||
Less: | |||
Accounts payable and other | (970) | ||
Non-recourse borrowings | (25) | ||
Deferred income tax liabilities | 0 | ||
Non-controlling interests | (26) | ||
Total liabilities | (1,021) | ||
Identifiable assets acquired (liabilities assumed) | 1,092 | ||
Consideration | 1,100 | ||
US Distributed Generation Portfolio | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 22 | ||
Accounts receivable and other | 58 | ||
Other financial assets | 0 | ||
Inventory | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 561 | ||
Intangible assets | 0 | ||
Goodwill | 287 | ||
Deferred income tax assets | 0 | ||
Total assets | 928 | ||
Less: | |||
Accounts payable and other | (77) | ||
Non-recourse borrowings | (48) | ||
Deferred income tax liabilities | (43) | ||
Non-controlling interests | 0 | ||
Total liabilities | (168) | ||
Identifiable assets acquired (liabilities assumed) | 760 | ||
Consideration | 760 | ||
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 1,171 | 1,650 | |
Accounts receivable and other | 2,070 | 2,137 | |
Other financial assets | 1,567 | 4,769 | |
Inventory | 523 | ||
Equity accounted investments | 683 | ||
Property, plant and equipment | 16,404 | 7,973 | |
Intangible assets | 4,111 | 11,978 | |
Goodwill | 7,211 | 9,581 | |
Deferred income tax assets | 97 | 73 | |
Total assets | 36,168 | 49,172 | |
Less: | |||
Accounts payable and other | (3,490) | (4,351) | |
Non-recourse borrowings | (11,952) | (9,107) | |
Deferred income tax liabilities | (1,938) | (2,857) | |
Non-controlling interests | (415) | (1,980) | |
Total liabilities | (18,574) | (18,295) | |
Preferred Equity from Business Combinations [Member] | 641 | ||
Identifiable assets acquired (liabilities assumed) | 17,594 | 30,877 | |
Total | Private Equity | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 953 | ||
Accounts receivable and other | 1,446 | ||
Other financial assets | 4,558 | ||
Inventory | 485 | ||
Equity accounted investments | 461 | ||
Investment properties | 0 | ||
Property, plant and equipment | 1,502 | ||
Intangible assets | 11,594 | ||
Goodwill | 8,155 | ||
Deferred income tax assets | 62 | ||
Total assets | 29,216 | ||
Less: | |||
Accounts payable and other | (2,300) | ||
Non-recourse borrowings | (4,924) | ||
Deferred income tax liabilities | (1,911) | ||
Non-controlling interests | (96) | ||
Total liabilities | (9,231) | ||
Identifiable assets acquired (liabilities assumed) | 19,985 | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 921 | ||
Accounts receivable and other | 1,475 | ||
Other financial assets | 1,519 | ||
Investment properties | 3,244 | ||
Property, plant and equipment | 8,964 | ||
Intangible assets | 4,020 | ||
Goodwill | 5,334 | ||
Deferred income tax assets | 0 | ||
Total assets | 25,477 | ||
Less: | |||
Accounts payable and other | (1,500) | ||
Non-recourse borrowings | (9,084) | ||
Deferred income tax liabilities | (1,558) | ||
Non-controlling interests | 0 | ||
Total liabilities | (12,783) | ||
Preferred Equity from Business Combinations [Member] | 641 | ||
Identifiable assets acquired (liabilities assumed) | 12,694 | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 7 | ||
Accounts receivable and other | 10 | ||
Other financial assets | 11 | ||
Inventory | 2 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 160 | ||
Intangible assets | 302 | ||
Goodwill | 279 | ||
Deferred income tax assets | 1 | ||
Total assets | 772 | ||
Less: | |||
Accounts payable and other | (55) | ||
Non-recourse borrowings | (52) | ||
Deferred income tax liabilities | (18) | ||
Non-controlling interests | (64) | ||
Total liabilities | (189) | ||
Identifiable assets acquired (liabilities assumed) | 583 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 228 | 85 | |
Accounts receivable and other | 585 | 379 | |
Other financial assets | 47 | 12 | |
Inventory | 31 | ||
Equity accounted investments | |||
Investment properties | 0 | 0 | |
Property, plant and equipment | 7,200 | 3,087 | |
Intangible assets | 8 | ||
Goodwill | 1,674 | 691 | |
Deferred income tax assets | 97 | 10 | |
Total assets | 10,132 | 4,295 | |
Less: | |||
Accounts payable and other | (1,944) | (1,201) | |
Non-recourse borrowings | (2,868) | (424) | |
Deferred income tax liabilities | (333) | (50) | |
Non-controlling interests | (414) | (32) | |
Total liabilities | (5,697) | (1,707) | |
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 4,435 | 2,588 | |
Total | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 605 | ||
Accounts receivable and other | 302 | ||
Other financial assets | 188 | ||
Inventory | 5 | ||
Equity accounted investments | 222 | ||
Investment properties | 9,805 | ||
Property, plant and equipment | 3,224 | ||
Intangible assets | 82 | ||
Goodwill | 456 | ||
Deferred income tax assets | 0 | ||
Total assets | 14,889 | ||
Less: | |||
Accounts payable and other | (795) | ||
Non-recourse borrowings | (3,707) | ||
Deferred income tax liabilities | (878) | ||
Non-controlling interests | (1,788) | ||
Total liabilities | (7,168) | ||
Identifiable assets acquired (liabilities assumed) | $ 7,721 | ||
HomeServe | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 205 | ||
Accounts receivable and other | 806 | ||
Other financial assets | 21 | ||
Investment properties | 0 | ||
Property, plant and equipment | 118 | ||
Intangible assets | 2,827 | ||
Goodwill | 3,337 | ||
Deferred income tax assets | 0 | ||
Total assets | 7,314 | ||
Less: | |||
Accounts payable and other | (792) | ||
Non-recourse borrowings | (1,006) | ||
Deferred income tax liabilities | (613) | ||
Non-controlling interests | 0 | ||
Total liabilities | (2,411) | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 4,903 | ||
Triton [Member] | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 491 | ||
Accounts receivable and other | 376 | ||
Other financial assets | 1,495 | ||
Investment properties | 0 | ||
Property, plant and equipment | 8,811 | ||
Intangible assets | 710 | ||
Goodwill | 1,163 | ||
Deferred income tax assets | 0 | ||
Total assets | 13,046 | ||
Less: | |||
Accounts payable and other | (406) | ||
Non-recourse borrowings | (7,041) | ||
Deferred income tax liabilities | (446) | ||
Non-controlling interests | 0 | ||
Total liabilities | (8,534) | ||
Preferred Equity from Business Combinations [Member] | 641 | ||
Identifiable assets acquired (liabilities assumed) | 4,512 | ||
Data4 [Member] | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 189 | ||
Accounts receivable and other | 284 | ||
Other financial assets | 3 | ||
Investment properties | 3,244 | ||
Property, plant and equipment | 35 | ||
Intangible assets | 6 | ||
Goodwill | 808 | ||
Deferred income tax assets | 0 | ||
Total assets | 4,569 | ||
Less: | |||
Accounts payable and other | (260) | ||
Non-recourse borrowings | (845) | ||
Deferred income tax liabilities | (416) | ||
Non-controlling interests | 0 | ||
Total liabilities | (1,521) | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 3,048 | ||
X-Elio [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 42 | ||
Accounts receivable and other | 53 | ||
Other financial assets | 1 | ||
Investment properties | 0 | ||
Property, plant and equipment | 1,160 | ||
Intangible assets | 0 | ||
Goodwill | 1,333 | ||
Deferred income tax assets | 75 | ||
Total assets | 2,957 | ||
Less: | |||
Accounts payable and other | (126) | ||
Non-recourse borrowings | (795) | ||
Deferred income tax liabilities | (105) | ||
Non-controlling interests | 0 | ||
Total liabilities | (1,164) | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 1,793 | ||
Deriva (Duke) [Member] | Private Equity | |||
Less: | |||
Consideration | 1,100 | ||
Deriva (Duke) [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 88 | ||
Accounts receivable and other | 328 | ||
Other financial assets | 38 | ||
Investment properties | 0 | ||
Property, plant and equipment | 4,024 | ||
Intangible assets | 0 | ||
Goodwill | 0 | ||
Deferred income tax assets | 0 | ||
Total assets | 4,478 | ||
Less: | |||
Accounts payable and other | (1,561) | ||
Non-recourse borrowings | (1,092) | ||
Deferred income tax liabilities | (29) | ||
Non-controlling interests | (343) | ||
Total liabilities | (3,025) | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 1,453 | ||
Banks [Member] | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 60 | ||
Accounts receivable and other | 27 | ||
Other financial assets | 8 | ||
Investment properties | 0 | ||
Property, plant and equipment | 995 | ||
Intangible assets | 0 | ||
Goodwill | 159 | ||
Deferred income tax assets | 0 | ||
Total assets | 1,249 | ||
Less: | |||
Accounts payable and other | (142) | ||
Non-recourse borrowings | (297) | ||
Deferred income tax liabilities | (151) | ||
Non-controlling interests | (34) | ||
Total liabilities | (624) | ||
Preferred Equity from Business Combinations [Member] | 0 | ||
Identifiable assets acquired (liabilities assumed) | 625 | ||
Consideration | $ 625 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 59,010 | $ 61,175 |
Financial assets, at fair value | 59,010 | 61,175 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 287,864 | 266,821 |
Financial liabilities | 286,537 | 261,308 |
Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 11,349 | 13,351 |
Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 6,865 | 6,600 |
Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 40,796 | 41,224 |
Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 8,650 | 8,009 |
Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 279,214 | 258,812 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,160 | 11,390 |
Financial liabilities | 11,350 | 9,599 |
Corporate borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,160 | 11,390 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 205,336 | 187,544 |
Financial liabilities | 205,003 | 184,254 |
Property-specific borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 205,336 | 187,544 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,214 | 15,140 |
Financial liabilities | 16,030 | 14,708 |
Subsidiary borrowings | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary borrowings | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,214 | 15,140 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 221,550 | 202,684 |
Financial liabilities | 221,033 | 198,962 |
Property-specific borrowings and subsidiary borrowings [Member] | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings and subsidiary borrowings [Member] | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Property-specific borrowings and subsidiary borrowings [Member] | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 221,550 | 202,684 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 50,009 | 48,559 |
Financial liabilities | 50,009 | 48,559 |
Accounts payable and other | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 8,387 | 6,895 |
Accounts payable and other | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and other | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 41,622 | 41,664 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,145 | 4,188 |
Financial liabilities | 4,145 | 4,188 |
Subsidiary equity obligations | Fair Value Through Profit or Loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 263 | 1,114 |
Subsidiary equity obligations | Fair Value Through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Subsidiary equity obligations | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,882 | 3,074 |
Equity investments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 5,181 | 6,472 |
Financial assets, at fair value | 5,181 | 6,472 |
Equity investments [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 3,354 | 4,953 |
Equity investments [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,827 | 1,519 |
Equity investments [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 9,904 | 7,952 |
Financial assets, at fair value | 9,904 | 7,952 |
Loans and notes receivables | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 63 | 53 |
Loans and notes receivables | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Loans and notes receivables | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 9,841 | 7,899 |
Cash And Cash Equivalents1 | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 11,222 | 14,396 |
Financial assets, at fair value | 11,222 | 14,396 |
Cash And Cash Equivalents1 | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Cash And Cash Equivalents1 | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Cash And Cash Equivalents1 | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 11,222 | 14,396 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 28,324 | 26,899 |
Financial assets, at fair value | 28,324 | 26,899 |
Other financial assets | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 8,734 | 9,602 |
Other financial assets | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 6,865 | 6,600 |
Other financial assets | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 12,725 | 10,697 |
Trade receivables and other [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 19,464 | 19,880 |
Financial assets, at fair value | 19,464 | 19,880 |
Trade receivables and other [Member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 3,749 | |
Trade receivables and other [Member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Trade receivables and other [Member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 16,849 | 16,131 |
Loans to government [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,600 | 1,566 |
Financial assets, at fair value | 1,600 | 1,566 |
Loans to government [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Loans to government [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,600 | 1,566 |
Loans to government [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 0 | 0 |
Loans to corporate entities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,441 | 2,147 |
Financial assets, at fair value | 2,441 | 2,147 |
Loans to corporate entities [member] | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 866 | 426 |
Loans to corporate entities [member] | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,573 | 1,717 |
Loans to corporate entities [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2 | 4 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 9,198 | 8,762 |
Financial assets, at fair value | 9,198 | 8,762 |
Fixed income securities and other | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 4,451 | 4,170 |
Fixed income securities and other | Elected for hedge accounting | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,865 | 1,798 |
Fixed income securities and other | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 2,882 | $ 2,794 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 59,010 | $ 61,175 |
Financial liabilities | 286,537 | 261,308 |
Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 28,324 | 26,899 |
Level 1 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,343 | 4,658 |
Financial liabilities | 13 | 7 |
Level 1 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,337 | 4,646 |
Level 1 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 9 | 7 |
Level 1 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 4 | 0 |
Level 1 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 25 | 91 |
Level 1 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 65 |
Level 1 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 455 | 493 |
Level 1 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 857 | 3,975 |
Level 1 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 22 |
Level 1 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 6 | 12 |
Level 2 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,070 | 9,462 |
Financial liabilities | 5,119 | 4,910 |
Level 2 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5,550 | 5,731 |
Level 2 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 5,119 | 4,469 |
Level 2 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 5,119 | |
Level 2 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 0 | 441 |
Level 2 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,575 | 1,475 |
Level 2 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,662 | 1,754 |
Level 2 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 958 | 2,099 |
Level 2 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,309 | 377 |
Level 2 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 46 | 26 |
Level 2 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,520 | 3,731 |
Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,801 | 5,831 |
Financial liabilities | 3,518 | 3,092 |
Level 3 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,712 | 5,825 |
Level 3 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,259 | 2,419 |
Level 3 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,259 | |
Level 3 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 259 | 673 |
Level 3 | Subsidiary equity obligations | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 259 | |
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 | 324 | |
Level 3 | Corporate bonds | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 777 | |
Level 3 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4,903 | 3,376 |
Level 3 | Fixed income securities and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4,903 | |
Level 3 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 3,015 | 2,120 |
Level 3 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 17 | 5 |
Level 3 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 89 | $ 6 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | $ 59,010 | $ 61,175 |
Financial liabilities | (286,537) | (261,308) |
Level 2 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 8,070 | 9,462 |
Financial liabilities | (5,119) | (4,910) |
Level 2 | Accounts payable and other | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (5,119) | (4,469) |
Level 2 | Accounts payable and other | Discounted cash flows | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (5,119) | |
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 | 0 | (441) |
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 | 2,520 | 3,731 |
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 | 5,550 | |
Level 3 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 8,801 | 5,831 |
Financial liabilities | (3,518) | (3,092) |
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 | (3,259) | (2,419) |
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 | (3,259) | |
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 | (259) | (673) |
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 | (259) | |
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 | $ 89 | $ 6 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 59,010 | $ 61,175 |
Financial liabilities | (286,537) | (261,308) |
Balance, beginning of period | 61,175 | |
Balance, beginning of period | 261,308 | |
Balance, end of period | 59,010 | 61,175 |
Balance, end of period | 286,537 | 261,308 |
Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,801 | 5,831 |
Financial liabilities | (3,518) | (3,092) |
Balance, beginning of period | 5,831 | |
Balance, beginning of period | 3,092 | |
Balance, end of period | 8,801 | 5,831 |
Balance, end of period | 3,518 | 3,092 |
Level 3 | At fair value | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,801 | 5,831 |
Financial liabilities | (3,518) | (3,092) |
Balance, beginning of period | 5,831 | 2,232 |
Balance, beginning of period | 3,092 | 2,714 |
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, assets | 317 | 95 |
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | (444) | (394) |
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 654 | (13) |
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities | (108) | (3) |
Additions, net of disposals | 1,270 | 3,057 |
Additions, net of disposals | 1,034 | 775 |
Balance, end of period | 8,801 | 5,831 |
Balance, end of period | 3,518 | 3,092 |
Transfers into Level 3 of fair value hierarchy, assets | 773 | 460 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | (56) | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | (44) | 0 |
Level 3 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | (3,259) | (2,419) |
Balance, beginning of period | 2,419 | |
Balance, end of period | 3,259 | 2,419 |
Level 3 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | (259) | (673) |
Balance, beginning of period | 673 | |
Balance, end of period | 259 | 673 |
Level 3 | Discounted cash flows | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | (3,259) | |
Balance, end of period | 3,259 | |
Level 3 | Discounted cash flows | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | (259) | |
Balance, end of period | 259 | |
Corporate bonds | Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 324 | |
Balance, beginning of period | 324 | |
Balance, end of period | 324 | |
Corporate bonds | Level 3 | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 777 | |
Balance, end of period | 777 | |
Fixed income securities and other | Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4,903 | 3,376 |
Balance, beginning of period | 3,376 | |
Balance, end of period | 4,903 | 3,376 |
Fixed income securities and other | Level 3 | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4,903 | |
Balance, end of period | 4,903 | |
Equity investments [member] | Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 3,015 | 2,120 |
Balance, beginning of period | 2,120 | |
Balance, end of period | 3,015 | $ 2,120 |
Equity investments [member] | Level 3 | Black-Scholes model | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 3,015 | |
Balance, end of period | 3,015 | |
Accounts receivable and other | Level 3 | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 89 | |
Balance, end of period | $ 89 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 59,010 | $ 61,175 |
Financial assets | 59,010 | 61,175 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 287,864 | 266,821 |
Financial liabilities | 286,537 | 261,308 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,160 | 11,390 |
Financial liabilities | 11,350 | 9,599 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 221,550 | 202,684 |
Financial liabilities | 221,033 | 198,962 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 205,336 | 187,544 |
Financial liabilities | 205,003 | 184,254 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,214 | 15,140 |
Financial liabilities | 16,030 | 14,708 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 50,009 | 48,559 |
Financial liabilities | 50,009 | 48,559 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,145 | 4,188 |
Financial liabilities | 4,145 | 4,188 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 11,222 | 14,396 |
Financial assets | 11,222 | 14,396 |
Government bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,600 | 1,566 |
Financial assets | 1,600 | 1,566 |
Corporate bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,441 | 2,147 |
Financial assets | 2,441 | 2,147 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9,198 | 8,762 |
Financial assets | 9,198 | 8,762 |
Common shares and warrants | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,181 | 6,472 |
Financial assets | 5,181 | 6,472 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9,904 | 7,952 |
Financial assets | 9,904 | 7,952 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 28,324 | 26,899 |
Financial assets | 28,324 | 26,899 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 19,464 | 19,880 |
Financial assets | $ 19,464 | $ 19,880 |
FAIR VALUE OF FINANCIAL INSTR_8
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification, Footnotes (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 9,400 | $ 14,000 |
Financial assets | 59,010 | 61,175 |
Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial instruments designated as hedging instruments, at fair value | 3,300 | 2,100 |
Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 19,464 | 19,880 |
Financial instruments designated as hedging instruments, at fair value | $ 2,100 | $ 3,000 |
FAIR VALUE OF FINANCIAL INSTR_9
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of carrying value and fair value of assets and liabilities | ||
Fair value gains (losses) on financial assets reclassified out of fair value through other comprehensive income recognized in fair value through profit and loss | $ 27 | $ 10 |
Cash included in cash and cash equivalents | 8,800 | 12,000 |
Short-term deposits, classified as cash equivalents | 2,400 | 2,400 |
Cash flow hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) on cash flow hedges, before tax | 754 | (2,081) |
Net investment hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) on hedges of net investments in foreign operations, before tax | 1,200 | (2,998) |
Unrealized Available-for-Sale Gain | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 500 | 78 |
Unrealized Available-for-Sale Loss | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | (278) | (1,100) |
Assets held to hedge liabilities arising from financing activities [member] | Cash flow hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Derivative financial assets held for hedging | 1,000 | 1,600 |
Elected for hedge accounting | Net investment hedges | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Derivative financial assets held for hedging | $ 2,200 | $ 756 |
FAIR VALUE OF FINANCIAL INST_10
FAIR VALUE OF FINANCIAL INSTRUMENTS - Other Financial Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Current | $ 5,670 | $ 7,565 |
Non-current | 22,654 | 19,334 |
Total | $ 28,324 | $ 26,899 |
FAIR VALUE OF FINANCIAL INST_11
FAIR VALUE OF FINANCIAL INSTRUMENTS - Amortized Cost for which Fair Value is Disclosed (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | $ 287,864 | $ 266,821 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 11,280 | 9,524 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 70 | 75 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 8,526 | 6,742 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 108,076 | 87,764 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 88,401 | 89,748 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 7,527 | 7,547 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 0 | 2,100 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 8,503 | 5,061 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 1,211 | 689 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | $ 2,671 | $ 2,385 |
FAIR VALUE OF FINANCIAL INST_12
FAIR VALUE OF FINANCIAL INSTRUMENTS - Netting of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable and other [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial instruments before netting | $ 3,204 | $ 4,638 |
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (589) | (889) |
Net amount of financial instruments in Consolidated Balance Sheets | 2,615 | 3,749 |
Accounts payable and other | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial instruments before netting | 5,305 | 4,703 |
Gross amounts of financial instruments set-off in Consolidated Balance Sheets | (506) | (861) |
Net amount of financial instruments in Consolidated Balance Sheets | $ 4,799 | $ 3,842 |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Accounts Receivable and Other (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts receivable | $ 14,879 | $ 14,155 |
Prepaid expenses and other assets | 11,363 | 10,557 |
Restricted cash | 2,270 | 2,666 |
Accounts receivable and other | $ 28,512 | $ 27,378 |
ACCOUNTS RECEIVABLE AND OTHER_2
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Current and Non-Current Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current | $ 20,263 | $ 19,489 |
Non-current | 8,249 | 7,889 |
Accounts receivable and other | $ 28,512 | $ 27,378 |
ACCOUNTS RECEIVABLE AND OTHER_3
ACCOUNTS RECEIVABLE AND OTHER - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of acquired receivables [line items] | ||
Contract assets | $ 451 | $ 703 |
INVENTORY - Schedule of Invento
INVENTORY - Schedule of Inventory Properties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Inventory Properties [Line Items] | ||
Total | $ 11,412 | $ 12,843 |
Residential properties under development [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,109 | 1,558 |
Land held for development [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 1,715 | 1,895 |
Completed residential properties [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 1,396 | 2,342 |
Industrial products and other [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 2,303 | 2,911 |
Other [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 3,889 | 4,137 |
Fuel Inventory [Member] | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | 597 | 850 |
Office development | ||
Disclosure of Inventory Properties [Line Items] | ||
Total | $ 773 | $ 575 |
INVENTORY - Schedule of Current
INVENTORY - Schedule of Current and Non-Current Inventory Balances (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Current | $ 7,060 | $ 9,108 |
Non-current | 4,352 | 3,735 |
Total | $ 11,412 | $ 12,843 |
INVENTORY - Narrative (Details)
INVENTORY - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventories [Abstract] | ||
Cost of inventories recognised as expense during period | $ 41,900 | $ 44,100 |
Impairment of inventory | (315) | (110) |
Inventories pledged as security for liabilities | $ 5,400 | $ 7,100 |
HELD FOR SALE - Schedule Of Ass
HELD FOR SALE - Schedule Of Assets And Liabilities Classified As Held-For-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Accounts receivable and other | $ 28,512 | $ 27,378 | |
Equity accounted investments | 59,124 | 47,094 | $ 46,100 |
Investment properties | 124,152 | 115,100 | 100,865 |
Property, plant and equipment | 147,617 | 124,268 | |
Goodwill | 34,911 | 28,662 | 20,227 |
Intangible assets | 38,994 | 38,411 | 30,609 |
Deferred income tax assets | 3,338 | 3,403 | |
Assets classified as held for sale | 2,489 | 2,830 | |
Liabilities | |||
Accounts payable and other | 58,893 | 57,065 | |
Non-recourse borrowings of managed entities | 221,550 | 202,684 | |
Deferred income tax liabilities | 24,987 | 23,190 | |
Liabilities associated with assets classified as held for sale | 118 | 876 | |
Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 11 | 46 | |
Accounts receivable and other | 79 | 154 | |
Equity accounted investments | 132 | 407 | |
Investment properties | 2,141 | 388 | |
Property, plant and equipment | 112 | 1,027 | |
Other long-term assets | 0 | 61 | |
Goodwill | 0 | 32 | |
Intangible assets | 10 | 712 | |
Deferred income tax assets | 4 | 3 | |
Assets classified as held for sale | 2,489 | ||
Liabilities | |||
Accounts payable and other | 112 | 304 | |
Non-recourse borrowings of managed entities | 4 | 569 | |
Deferred income tax liabilities | 2 | 3 | |
Liabilities associated with assets classified as held for sale | 118 | ||
Real Estate | |||
Assets | |||
Equity accounted investments | 18,192 | 18,904 | |
Property, plant and equipment | 345 | 384 | 393 |
Goodwill | 19 | 20 | |
Intangible assets | 69 | 71 | |
Real Estate | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 2 | ||
Accounts receivable and other | 48 | ||
Equity accounted investments | 0 | ||
Investment properties | 1,376 | ||
Property, plant and equipment | 0 | ||
Other long-term assets | 0 | ||
Goodwill | 0 | ||
Intangible assets | 0 | ||
Deferred income tax assets | 0 | ||
Assets classified as held for sale | 1,426 | ||
Liabilities | |||
Accounts payable and other | 57 | ||
Non-recourse borrowings of managed entities | 0 | ||
Deferred income tax liabilities | 0 | ||
Liabilities associated with assets classified as held for sale | 57 | ||
Private Equity and Other [Member] | Assets and liabilities classified as held for sale | |||
Liabilities | |||
Deferred income tax liabilities | 2 | ||
Renewable Power | |||
Assets | |||
Property, plant and equipment | 66,351 | 55,243 | |
Private Equity | |||
Assets | |||
Equity accounted investments | 3,503 | 3,261 | |
Property, plant and equipment | 15,835 | 15,666 | |
Goodwill | 14,396 | 15,005 | |
Intangible assets | 21,217 | 23,649 | |
Private Equity | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Accounts receivable and other | 0 | ||
Equity accounted investments | 0 | ||
Investment properties | 0 | ||
Property, plant and equipment | 101 | ||
Other long-term assets | 0 | ||
Goodwill | 0 | ||
Intangible assets | 10 | ||
Deferred income tax assets | 4 | ||
Assets classified as held for sale | 115 | ||
Liabilities | |||
Accounts payable and other | 17 | ||
Non-recourse borrowings of managed entities | 4 | ||
Liabilities associated with assets classified as held for sale | 23 | ||
Asset management | |||
Assets | |||
Equity accounted investments | 11,021 | 9,797 | |
Property, plant and equipment | 16,540 | 15,682 | $ 11,174 |
Goodwill | 2,674 | 3,348 | |
Intangible assets | 1,837 | $ 2,640 | |
Asset management | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 9 | ||
Accounts receivable and other | 31 | ||
Equity accounted investments | 132 | ||
Investment properties | 765 | ||
Property, plant and equipment | 11 | ||
Other long-term assets | 0 | ||
Goodwill | 0 | ||
Intangible assets | 0 | ||
Deferred income tax assets | 0 | ||
Assets classified as held for sale | 948 | ||
Liabilities | |||
Accounts payable and other | 38 | ||
Non-recourse borrowings of managed entities | 0 | ||
Deferred income tax liabilities | 0 | ||
Liabilities associated with assets classified as held for sale | $ 38 |
HELD FOR SALE - Narrative (Deta
HELD FOR SALE - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Assets | $ 490,095 | $ 441,284 |
Total liabilities | 321,853 | $ 299,393 |
Assets and liabilities classified as held for sale | ||
Disclosure of financial assets [line items] | ||
Assets | 5,200 | |
Total liabilities | $ 1,900 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 59,124 | $ 47,094 | $ 46,100 |
Additions1 | 10,798 | 1,284 | |
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 44 | 682 | |
Investment Accounted for Using Equity Method, Share of comprehensive income | 2,755 | 2,465 | |
Dividends received | 1,628 | 2,334 | |
Return of Capital | (480) | (432) | |
Foreign currency translation and other | 541 | (671) | |
Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 18,192 | 18,904 | |
Additions1 | (134) | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | (114) | ||
Dividends received | 259 | ||
Return of Capital | (381) | ||
Foreign currency translation and other | 176 | ||
Real Estate | Core | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value of publicly traded investments accounted for using equity method | 10,702 | 10,794 | |
Real Estate | Transitional and Development [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value of publicly traded investments accounted for using equity method | 7,394 | 7,625 | |
Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value of publicly traded investments accounted for using equity method | 3,387 | 3,319 | |
Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 17,086 | 11,844 | |
Additions1 | 4,625 | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 1,093 | ||
Dividends received | 736 | ||
Return of Capital | 0 | ||
Foreign currency translation and other | $ 260 | ||
Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 5,000% | ||
Additions1 | $ 1,200 | 1,117 | |
Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Additions1 | $ 2,599 | 2,367 | |
Infrastructure | Midstream [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 2,500% | ||
Additions1 | $ 461 | 757 | |
Infrastructure | Data [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Additions1 | 4,042 | 2,571 | |
Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 3,503 | 3,261 | |
Additions1 | 293 | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 119 | ||
Dividends received | 187 | ||
Return of Capital | 0 | ||
Foreign currency translation and other | 17 | ||
Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 4,911 | 2,261 | |
Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | 4,911 | 2,261 | |
Additions1 | 2,367 | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 44 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 200 | ||
Dividends received | 0 | ||
Return of Capital | (62) | ||
Foreign currency translation and other | $ 101 | ||
Real Estate and Infrastructure [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 50% | ||
Asset management | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 11,021 | $ 9,797 | |
Additions1 | 1,129 | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 521 | ||
Dividends received | (408) | ||
Return of Capital | (37) | ||
Foreign currency translation and other | $ 19 | ||
Reinsurance | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 7,100% | 8,200% | |
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 4,411 | $ 1,027 | |
Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value of publicly traded investments accounted for using equity method | 402 | 510 | |
Oaktree [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 6,974 | $ 5,927 | |
Bottom of range | Real Estate | Core | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 22% | 22% | |
Bottom of range | Real Estate | Transitional and Development [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 5% | 9% | |
Bottom of range | Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 18% | 6% | |
Bottom of range | Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 15% | ||
Bottom of range | Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 21% | 6% | |
Bottom of range | Infrastructure | Midstream [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 20% | ||
Bottom of range | Infrastructure | Data [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 49% | 12% | |
Bottom of range | Other | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 2,500% | 1,200% | |
Top of range | Real Estate | Core | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 56% | 56% | |
Top of range | Real Estate | Transitional and Development [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 60% | 68% | |
Top of range | Real Estate | LP Investments and Other [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 93% | 98% | |
Top of range | Infrastructure | Utilities [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 49% | ||
Top of range | Infrastructure | Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 5,000% | 31% | |
Top of range | Infrastructure | Midstream [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 38% | ||
Top of range | Infrastructure | Data [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Top of range | Other | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 8,500% | 8,500% | |
Oaktree [Member] | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 68% | 64% | |
Transitional and Development [Member] | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 96 | $ 485 | |
Transitional and Development [Member] | Bottom of range | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 25% | 26% | |
Transitional and Development [Member] | Top of range | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 27% | 50% | |
LP Investments and Other [Member] | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 258 | $ 41 | |
LP Investments and Other [Member] | Bottom of range | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 16% | 16% | |
LP Investments and Other [Member] | Top of range | Real Estate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 50% | 31% | |
Utilities [Member] | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 5,000% | ||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 783 | $ 1,244 | |
Utilities [Member] | Bottom of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 8% | ||
Utilities [Member] | Top of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 38% | ||
Transport | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 1,799 | $ 1,772 | |
Transport | Bottom of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 26% | 26% | |
Transport | Top of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 58% | 58% | |
Data [Member] | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 6,023 | $ 1,719 | |
Data [Member] | Bottom of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 26% | ||
Data [Member] | Top of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 49% | 3% | |
Other [Member] | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 179 | $ 297 | |
Other [Member] | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | 2,950 | 1,790 | |
Other [Member] | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 2,325 | $ 2,010 | |
Other [Member] | Bottom of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 11% | 22% | |
Other [Member] | Bottom of range | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 14% | 14% | |
Other [Member] | Bottom of range | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 8% | 3% | |
Other [Member] | Top of range | Infrastructure | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 65% | 50% | |
Other [Member] | Top of range | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 50% | 50% | |
Other [Member] | Top of range | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate or joint venture | 65% | 65% | |
Industrial operations [Member] | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 553 | $ 1,471 | |
Industrial operations [Member] | Bottom of range | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 13% | 9% | |
Industrial operations [Member] | Top of range | Private Equity | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 54% | 54% | |
Reinsurance | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Equity accounted investments | $ 4,411 | $ 1,027 | |
Additions1 | 2,518 | ||
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 0 | ||
Investment Accounted for Using Equity Method, Share of comprehensive income | 936 | ||
Dividends received | 38 | ||
Return of Capital | 0 | ||
Foreign currency translation and other | (32) | ||
Sustainable Solutions | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Investments in Joint Ventures and Associates Accounted for Using the Equity Method | $ 2,586 | $ 251 | |
Sustainable Solutions | Bottom of range | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 400% | 800% | |
Sustainable Solutions | Top of range | Renewable Power and Transition | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 5,100% | 4,900% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Changes In Balance Of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | ||
Balance, beginning of period | $ 47,094 | $ 46,100 |
Additions1 | 10,798 | 1,284 |
Investment Accounted For Using Equity Method, Acquisitions Through Business Combinations | 44 | 682 |
Investment Accounted for Using Equity Method, Share of comprehensive income | 2,755 | 2,465 |
Distributions received | (1,628) | (2,334) |
Return of Capital | (480) | (432) |
Foreign currency translation and other | 541 | (671) |
Balance, end of period | $ 59,124 | $ 47,094 |
EQUITY ACCOUNTED INVESTMENTS EQ
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Accounted Income - Narrative [Abstract] | ||
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 10,798 | $ 1,284 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Current And Non-Current Assets And Liabilities Of Investments In Associates And Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | $ 34,586 | $ 23,339 |
Non-current assets | 277,757 | 236,118 |
Current liabilities | 29,501 | 25,304 |
Non-current liabilities | 161,218 | 133,013 |
Profit (Loss) of associate or joint venture | 7,303 | 6,478 |
Revenue of associate or joint venture | 49,895 | 48,440 |
Other Comprehensive Income of associate or joint venture | 695 | 1,056 |
Real Estate | Core office | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,315 | 1,530 |
Non-current assets | 39,945 | 40,222 |
Current liabilities | 3,942 | 1,588 |
Non-current liabilities | 16,150 | 17,982 |
Profit (Loss) of associate or joint venture | (66) | 1,244 |
Revenue of associate or joint venture | 2,328 | 1,781 |
Other Comprehensive Income of associate or joint venture | (60) | 174 |
Real Estate | LP Investments and Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,491 | 1,875 |
Non-current assets | 9,670 | 11,309 |
Current liabilities | 1,575 | 1,464 |
Non-current liabilities | 4,705 | 5,605 |
Profit (Loss) of associate or joint venture | 336 | 350 |
Revenue of associate or joint venture | 1,878 | 1,362 |
Other Comprehensive Income of associate or joint venture | 34 | 312 |
Real Estate | Transitional and Development [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,265 | 1,413 |
Non-current assets | 29,675 | 30,110 |
Current liabilities | 7,044 | 4,722 |
Non-current liabilities | 7,096 | 9,285 |
Profit (Loss) of associate or joint venture | 76 | 708 |
Revenue of associate or joint venture | 2,956 | 2,879 |
Other Comprehensive Income of associate or joint venture | (30) | 63 |
Infrastructure | Utilities [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 437 | 372 |
Non-current assets | 6,025 | 6,167 |
Current liabilities | 337 | 366 |
Non-current liabilities | 4,177 | 4,088 |
Profit (Loss) of associate or joint venture | 286 | 183 |
Revenue of associate or joint venture | 724 | 869 |
Other Comprehensive Income of associate or joint venture | 183 | 171 |
Infrastructure | Transport | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 239 | 237 |
Non-current assets | 10,563 | 10,054 |
Current liabilities | 148 | 118 |
Non-current liabilities | 6,131 | 6,029 |
Profit (Loss) of associate or joint venture | 4,114 | 1,580 |
Revenue of associate or joint venture | 12,102 | 14,372 |
Other Comprehensive Income of associate or joint venture | 36 | 93 |
Infrastructure | Midstream [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 226 | 232 |
Non-current assets | 6,143 | 6,279 |
Current liabilities | 190 | 226 |
Non-current liabilities | 4,058 | 4,067 |
Profit (Loss) of associate or joint venture | 315 | 220 |
Revenue of associate or joint venture | 924 | 918 |
Other Comprehensive Income of associate or joint venture | 188 | 67 |
Infrastructure | Data [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 355 | 1,009 |
Non-current assets | 8,272 | 6,640 |
Current liabilities | 188 | 647 |
Non-current liabilities | 3,883 | 3,640 |
Profit (Loss) of associate or joint venture | 511 | 337 |
Revenue of associate or joint venture | 1,047 | 1,571 |
Other Comprehensive Income of associate or joint venture | (53) | 522 |
Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 189 | 220 |
Non-current assets | 220 | 709 |
Current liabilities | 126 | 24 |
Non-current liabilities | 52 | 225 |
Profit (Loss) of associate or joint venture | 50 | 20 |
Revenue of associate or joint venture | 285 | 151 |
Other Comprehensive Income of associate or joint venture | 18 | (38) |
Reinsurance | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 11,930 | 3,500 |
Non-current assets | 49,494 | 39,999 |
Current liabilities | 1,654 | 5,324 |
Non-current liabilities | 53,646 | 36,718 |
Profit (Loss) of associate or joint venture | 452 | 492 |
Revenue of associate or joint venture | 6,785 | 5,101 |
Other Comprehensive Income of associate or joint venture | 484 | (867) |
Oaktree [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,493 | 1,999 |
Non-current assets | 19,733 | 19,038 |
Current liabilities | 2,277 | 1,441 |
Non-current liabilities | 10,730 | 10,332 |
Profit (Loss) of associate or joint venture | 475 | 579 |
Revenue of associate or joint venture | 1,503 | 1,489 |
Other Comprehensive Income of associate or joint venture | 16 | 15 |
Transitional and Development [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 170 | 50 |
Non-current assets | 329 | 2,792 |
Current liabilities | 11 | 77 |
Non-current liabilities | 118 | 1,143 |
Profit (Loss) of associate or joint venture | 22 | 128 |
Revenue of associate or joint venture | 26 | (12) |
Other Comprehensive Income of associate or joint venture | 0 | 0 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 20 | 71 |
Non-current assets | 473 | 109 |
Current liabilities | 11 | 54 |
Non-current liabilities | 80 | 0 |
Profit (Loss) of associate or joint venture | (55) | (6) |
Revenue of associate or joint venture | 40 | 230 |
Other Comprehensive Income of associate or joint venture | (56) | 69 |
Utilities [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 208 | 363 |
Non-current assets | 2,563 | 15,744 |
Current liabilities | 74 | 364 |
Non-current liabilities | 1,132 | 8,588 |
Profit (Loss) of associate or joint venture | 39 | 32 |
Revenue of associate or joint venture | 1,136 | 1,306 |
Other Comprehensive Income of associate or joint venture | (376) | (112) |
Transport | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,641 | 1,318 |
Non-current assets | 12,862 | 12,033 |
Current liabilities | 2,065 | 2,259 |
Non-current liabilities | 6,994 | 5,919 |
Profit (Loss) of associate or joint venture | 27 | (132) |
Revenue of associate or joint venture | 3,044 | 2,561 |
Other Comprehensive Income of associate or joint venture | 330 | 307 |
Data [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,061 | 438 |
Non-current assets | 42,547 | 8,659 |
Current liabilities | 2,725 | 564 |
Non-current liabilities | 21,996 | 4,793 |
Profit (Loss) of associate or joint venture | (45) | (23) |
Revenue of associate or joint venture | 2,272 | 815 |
Other Comprehensive Income of associate or joint venture | 685 | 247 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 134 | 118 |
Non-current assets | 1,032 | 1,362 |
Current liabilities | 94 | 92 |
Non-current liabilities | 321 | 357 |
Profit (Loss) of associate or joint venture | (180) | (349) |
Revenue of associate or joint venture | 206 | 173 |
Other Comprehensive Income of associate or joint venture | (283) | 600 |
Other [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 3,306 | 2,749 |
Non-current assets | 10,917 | 7,662 |
Current liabilities | 2,020 | 1,810 |
Non-current liabilities | 6,992 | 5,551 |
Profit (Loss) of associate or joint venture | 208 | 300 |
Revenue of associate or joint venture | 6,951 | 5,925 |
Other Comprehensive Income of associate or joint venture | 6 | 7 |
Other [Member] | Renewable Power | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,336 | 3,841 |
Non-current assets | 12,692 | 12,309 |
Current liabilities | 2,030 | 3,172 |
Non-current liabilities | 6,568 | 7,187 |
Profit (Loss) of associate or joint venture | 673 | 348 |
Revenue of associate or joint venture | 3,078 | 3,124 |
Other Comprehensive Income of associate or joint venture | (355) | (583) |
Industrial products [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 908 | 1,682 |
Non-current assets | 650 | 2,352 |
Current liabilities | 367 | 789 |
Non-current liabilities | 334 | 566 |
Sustainable Solutions | Renewable Power | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,862 | 322 |
Non-current assets | 13,952 | 2,569 |
Current liabilities | 2,623 | 203 |
Non-current liabilities | 6,055 | 938 |
Profit (Loss) of associate or joint venture | (15) | 11 |
Revenue of associate or joint venture | 394 | 363 |
Other Comprehensive Income of associate or joint venture | $ (67) | $ 0 |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Revenue, Net Income and OCI Of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | $ 49,895 | $ 48,440 |
Profit (Loss) of associate or joint venture | 7,303 | 6,478 |
Other Comprehensive Income of associate or joint venture | 695 | 1,056 |
Additions1 | 10,798 | 1,284 |
Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Additions1 | (134) | |
Real Estate | Core office | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,328 | 1,781 |
Profit (Loss) of associate or joint venture | (66) | 1,244 |
Other Comprehensive Income of associate or joint venture | (60) | 174 |
Real Estate | LP Investments and Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,878 | 1,362 |
Profit (Loss) of associate or joint venture | 336 | 350 |
Other Comprehensive Income of associate or joint venture | 34 | 312 |
Real Estate | Transitional and Development [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,956 | 2,879 |
Profit (Loss) of associate or joint venture | 76 | 708 |
Other Comprehensive Income of associate or joint venture | (30) | 63 |
Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Additions1 | 4,625 | |
Infrastructure | Utilities [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 724 | 869 |
Profit (Loss) of associate or joint venture | 286 | 183 |
Other Comprehensive Income of associate or joint venture | 183 | 171 |
Additions1 | 1,200 | 1,117 |
Infrastructure | Transport | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 12,102 | 14,372 |
Profit (Loss) of associate or joint venture | 4,114 | 1,580 |
Other Comprehensive Income of associate or joint venture | 36 | 93 |
Additions1 | 2,599 | 2,367 |
Infrastructure | Midstream [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 924 | 918 |
Profit (Loss) of associate or joint venture | 315 | 220 |
Other Comprehensive Income of associate or joint venture | 188 | 67 |
Additions1 | 461 | 757 |
Infrastructure | Data [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,047 | 1,571 |
Profit (Loss) of associate or joint venture | 511 | 337 |
Other Comprehensive Income of associate or joint venture | (53) | 522 |
Additions1 | 4,042 | 2,571 |
Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Additions1 | 293 | |
Other [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 285 | 151 |
Profit (Loss) of associate or joint venture | 50 | 20 |
Other Comprehensive Income of associate or joint venture | 18 | (38) |
Reinsurance | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 6,785 | 5,101 |
Profit (Loss) of associate or joint venture | 452 | 492 |
Other Comprehensive Income of associate or joint venture | 484 | (867) |
Oaktree [Member] | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,503 | 1,489 |
Profit (Loss) of associate or joint venture | 475 | 579 |
Other Comprehensive Income of associate or joint venture | 16 | 15 |
Transitional and Development [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 26 | (12) |
Profit (Loss) of associate or joint venture | 22 | 128 |
Other Comprehensive Income of associate or joint venture | 0 | 0 |
LP Investments and Other [Member] | Real Estate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 40 | 230 |
Profit (Loss) of associate or joint venture | (55) | (6) |
Other Comprehensive Income of associate or joint venture | (56) | 69 |
Utilities [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 1,136 | 1,306 |
Profit (Loss) of associate or joint venture | 39 | 32 |
Other Comprehensive Income of associate or joint venture | (376) | (112) |
Transport | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 3,044 | 2,561 |
Profit (Loss) of associate or joint venture | 27 | (132) |
Other Comprehensive Income of associate or joint venture | 330 | 307 |
Data [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,272 | 815 |
Profit (Loss) of associate or joint venture | (45) | (23) |
Other Comprehensive Income of associate or joint venture | 685 | 247 |
Other [Member] | Infrastructure | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 206 | 173 |
Profit (Loss) of associate or joint venture | (180) | (349) |
Other Comprehensive Income of associate or joint venture | (283) | 600 |
Other [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 6,951 | 5,925 |
Profit (Loss) of associate or joint venture | 208 | 300 |
Other Comprehensive Income of associate or joint venture | 6 | 7 |
Other [Member] | Renewable Power | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 3,078 | 3,124 |
Profit (Loss) of associate or joint venture | 673 | 348 |
Other Comprehensive Income of associate or joint venture | (355) | (583) |
Industrial operations [Member] | Private Equity | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Revenue of associate or joint venture | 2,216 | 3,462 |
Profit (Loss) of associate or joint venture | 80 | 456 |
Other Comprehensive Income of associate or joint venture | $ (5) | $ 9 |
INVESTMENT PROPERTIES - Schedul
INVESTMENT PROPERTIES - Schedule of Changes in Fair Value of Investment Properties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about investment property [line items] | ||
Fair value, beginning of period | $ 115,100 | $ 100,865 |
Additions | 9,278 | 11,580 |
Right-of-use assets | 4,800 | 4,400 |
Dispositions | (4,258) | (4,430) |
Fair value changes | (105) | 629 |
Foreign currency translation and other | 819 | (3,075) |
Fair value, end of period2 | 124,152 | 115,100 |
Acquisitions through business combinations, investment property | 3,244 | 9,805 |
Investment property [member] | Increase (decrease) due to changes in accounting policy required by IFRSs | ||
Disclosure of detailed information about investment property [line items] | ||
Right-of-use assets | 74 | (274) |
Property, plant and equipment [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Right-of-use assets | 6,800 | 6,600 |
Property, plant and equipment [member] | Increase (decrease) due to changes in accounting policy required by IFRSs | ||
Disclosure of detailed information about investment property [line items] | ||
Right-of-use assets | $ 114,800 | $ 108,200 |
INVESTMENT PROPERTIES - Narrati
INVESTMENT PROPERTIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment property [abstract] | ||
Additions from acquisitions and business combinations, investment property | $ 12,500 | $ 21,400 |
Dispositions | 4,258 | 4,430 |
Rental income from investment property | 6,600 | 6,200 |
Direct operating expense from investment property | $ 4,800 | $ 2,900 |
INVESTMENT PROPERTIES - Sched_2
INVESTMENT PROPERTIES - Schedule of Investment Properties Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | $ 124,152 | $ 115,100 | $ 100,865 |
Core | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | 18,970 | 19,267 | |
Transitional and Development [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | 23,016 | 25,434 | |
LP Investments and Other [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | 77,627 | 69,501 | |
Other investment properties | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment properties | $ 4,539 | $ 898 |
INVESTMENT PROPERTIES - Sched_3
INVESTMENT PROPERTIES - Schedule of Significant Unobservable Inputs (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Core | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 6.20% | 6.20% |
Terminal Capitalization Rate | 4.80% | 4.60% |
Investment Horizon (years) | 11,000,000 | 11,000,000 |
Transitional and Development [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 7.90% | 7.70% |
Terminal Capitalization Rate | 6.20% | 5.90% |
Investment Horizon (years) | 10,000,000 | 10,000,000 |
LP Investments and Other [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 8.60% | 8.30% |
Terminal Capitalization Rate | 5.80% | 5.70% |
Investment Horizon (years) | 13,000,000 | 13,000,000 |
Other investment properties | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount Rate | 7.40% | 7.50% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Operating Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 147,617 | $ 124,268 | |
Right-of-use assets | 4,800 | 4,400 | |
Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 6,800 | 6,600 | |
Assets subject to operating leases | 6,800 | 5,600 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 137,595 | 112,314 | |
Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 37,939 | 34,930 | |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (27,917) | (22,976) | |
Total | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 16,404 | 7,973 | |
Renewable Power | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 66,351 | 55,243 | |
Renewable Power | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 757 | 435 | |
Renewable Power | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 46,284 | 34,483 | $ 30,588 |
Additions, net of disposals and assets reclassified as held for sale | 3,276 | 1,675 | |
Acquisitions through business combinations, property, plant and equipment | 7,200 | 3,086 | |
Foreign currency translation | 1,325 | (866) | |
Renewable Power | Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 31,989 | 30,726 | 28,138 |
Disposals, property, plant and equipment | 32 | (135) | |
Foreign currency translation | 1,615 | (1,180) | |
Fair value changes | (384) | 3,903 | |
Renewable Power | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (11,922) | (9,966) | (8,409) |
Disposals, property, plant and equipment | 11 | 97 | |
Depreciation expenses | (1,875) | (1,594) | |
Foreign currency translation | (92) | (60) | |
Infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 48,546 | 37,293 | |
Infrastructure | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 3,600 | 3,500 | |
Infrastructure | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 51,635 | 39,440 | 39,769 |
Additions, net of disposals and assets reclassified as held for sale | 2,478 | 2,328 | |
Acquisitions through business combinations, property, plant and equipment | 8,964 | 161 | |
Foreign currency translation | 753 | (2,818) | |
Infrastructure | Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 4,137 | 3,251 | 3,077 |
Disposals, property, plant and equipment | 0 | 0 | |
Foreign currency translation | 101 | (232) | |
Fair value changes | 785 | 406 | |
Infrastructure | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (7,226) | (5,398) | (4,191) |
Disposals, property, plant and equipment | 274 | 82 | |
Depreciation expenses | (1,969) | (1,596) | |
Foreign currency translation | (133) | 307 | |
Infrastructure | Total | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 8,964 | ||
Real Estate | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 345 | 384 | 393 |
Additions, net of disposals and assets reclassified as held for sale | 11 | 20 | |
Depreciation expenses | (43) | (47) | |
Foreign currency translation | 25 | (2) | |
Fair value changes | (32) | 20 | |
Real Estate | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 86 | 107 | |
Real Estate | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 543 | 562 | 582 |
Additions, net of disposals and assets reclassified as held for sale | (19) | 4 | |
Depreciation expenses | 0 | 0 | |
Foreign currency translation | 0 | (24) | |
Fair value changes | 0 | 0 | |
Real Estate | Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 50 | 58 | 38 |
Additions, net of disposals and assets reclassified as held for sale | 0 | 0 | |
Depreciation expenses | 0 | 0 | |
Foreign currency translation | 24 | 0 | |
Fair value changes | (32) | 20 | |
Real Estate | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (248) | (236) | (227) |
Additions, net of disposals and assets reclassified as held for sale | 30 | 16 | |
Depreciation expenses | (43) | (47) | |
Foreign currency translation | 1 | 22 | |
Fair value changes | 0 | 0 | |
Private Equity and Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 15,835 | 15,666 | 14,950 |
Additions, net of disposals and assets reclassified as held for sale | 1,425 | 1,750 | |
Acquisitions through business combinations, property, plant and equipment | 239 | 1,349 | |
Depreciation expenses | (1,898) | (1,726) | |
Impairment loss recognised in profit or loss, property, plant and equipment | (174) | 141 | |
Foreign currency translation | 577 | (798) | |
Private Equity and Other | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 22,470 | 21,548 | 19,781 |
Additions, net of disposals and assets reclassified as held for sale | (137) | 1,372 | |
Acquisitions through business combinations, property, plant and equipment | 239 | 1,349 | |
Depreciation expenses | 0 | 0 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | |
Foreign currency translation | 820 | (954) | |
Private Equity and Other | Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (701) | (611) | |
Private Equity and Other | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (5,934) | (5,271) | (4,036) |
Additions, net of disposals and assets reclassified as held for sale | 1,469 | 340 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |
Depreciation expenses | (1,898) | (1,726) | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | |
Foreign currency translation | (234) | 151 | |
Private Equity and Other | Accumulated Impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (611) | (795) | |
Additions, net of disposals and assets reclassified as held for sale | 93 | 38 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |
Depreciation expenses | 0 | 0 | |
Impairment loss recognised in profit or loss, property, plant and equipment | (174) | 141 | |
Foreign currency translation | (9) | 5 | |
Private Equity and Other [Member] | Total | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 240 | ||
Renewable Power and Transition | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 66,351 | ||
Private Equity | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 15,835 | 15,666 | |
Private Equity | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 1,300 | 1,500 | |
Private Equity | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 22,470 | 21,548 | |
Private Equity | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (5,934) | (5,271) | |
Private Equity | Accumulated Impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (701) | (611) | |
Private Equity | Total | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 1,502 | ||
Asset management | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 16,540 | 15,682 | 11,174 |
Additions, net of disposals and assets reclassified as held for sale | 685 | 1,375 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 3,377 | |
Depreciation expenses | (660) | (598) | |
Impairment loss recognised in profit or loss, property, plant and equipment | (70) | (124) | |
Foreign currency translation | (73) | (541) | |
Fair value changes | 976 | 1,019 | |
Asset management | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 16,663 | 16,281 | 12,288 |
Additions, net of disposals and assets reclassified as held for sale | 613 | 1,269 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 3,377 | |
Depreciation expenses | 0 | 0 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | |
Foreign currency translation | (231) | (653) | |
Fair value changes | 0 | 0 | |
Asset management | Accumulated fair value changes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,464 | 1,506 | 616 |
Additions, net of disposals and assets reclassified as held for sale | (34) | 31 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |
Depreciation expenses | 0 | 0 | |
Impairment loss recognised in profit or loss, property, plant and equipment | (70) | (124) | |
Foreign currency translation | 86 | (36) | |
Fair value changes | 976 | 1,019 | |
Asset management | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (2,587) | (2,105) | $ (1,730) |
Additions, net of disposals and assets reclassified as held for sale | 106 | 75 | |
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |
Depreciation expenses | (660) | (598) | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | |
Foreign currency translation | 72 | 148 | |
Fair value changes | 0 | 0 | |
Asset management | Total | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 3,224 | ||
Real Estate LP and Other | Property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | $ 1,100 | $ 1,100 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, revalued assets, at cost | $ 96,400 | $ 75,400 |
Property, plant and equipment, pledged as security | $ 92,300 | $ 88,200 |
Brazil | Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Weighted-average remaining duration, property, plant, and equipment | 34 years | 35 years |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Schedule of Renewable Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | $ 147,617 | $ 124,268 | |
Gross carrying amount [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 137,595 | 112,314 | |
Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 37,939 | 34,930 | |
Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (27,917) | (22,976) | |
Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 66,351 | 55,243 | |
Renewable Power | Gross carrying amount [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 46,284 | 34,483 | $ 30,588 |
Additions, net of disposals and assets reclassified as held for sale | 3,276 | 1,675 | |
Acquisitions through business combinations, property, plant and equipment | 7,200 | 3,086 | |
Foreign currency translation | 1,325 | (866) | |
Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 31,989 | 30,726 | 28,138 |
Foreign currency translation | 1,615 | (1,180) | |
Fair value changes | (384) | 3,903 | |
Disposals, property, plant and equipment | 32 | (135) | |
Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (11,922) | (9,966) | (8,409) |
Foreign currency translation | (92) | (60) | |
Disposals, property, plant and equipment | 11 | 97 | |
Depreciation expenses | (1,875) | (1,594) | |
Hydroelectric [Member] | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 33,977 | 32,558 | |
Hydroelectric [Member] | Renewable Power | Gross carrying amount [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 13,656 | 12,480 | 13,871 |
Additions, net of disposals and assets reclassified as held for sale | 148 | (542) | |
Acquisitions through business combinations, property, plant and equipment | 0 | 0 | |
Foreign currency translation | 1,028 | (849) | |
Hydroelectric [Member] | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 26,653 | 25,642 | 23,973 |
Foreign currency translation | 1,558 | (1,012) | |
Fair value changes | (596) | 2,681 | |
Disposals, property, plant and equipment | 49 | 0 | |
Hydroelectric [Member] | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (6,332) | (5,564) | (5,151) |
Foreign currency translation | (106) | 125 | |
Disposals, property, plant and equipment | 5 | 86 | |
Depreciation expenses | (667) | (624) | |
Wind Energy, Solar and Other | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 16,841 | 12,296 | |
Wind Energy, Solar and Other | Renewable Power | Gross carrying amount [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 16,787 | 11,904 | 9,033 |
Additions, net of disposals and assets reclassified as held for sale | 1,147 | 950 | |
Acquisitions through business combinations, property, plant and equipment | 3,712 | 1,765 | |
Foreign currency translation | 24 | 156 | |
Wind Energy, Solar and Other | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 3,614 | 3,253 | 2,461 |
Foreign currency translation | 59 | (133) | |
Fair value changes | 296 | 1,060 | |
Disposals, property, plant and equipment | 6 | (135) | |
Wind Energy, Solar and Other | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (3,560) | (2,861) | (2,086) |
Foreign currency translation | 6 | (222) | |
Disposals, property, plant and equipment | 4 | 4 | |
Depreciation expenses | (709) | (557) | |
Solar and Other [Member] | Renewable Power | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 15,533 | 10,389 | |
Solar and Other [Member] | Renewable Power | Gross carrying amount [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 15,841 | 10,099 | 7,684 |
Additions, net of disposals and assets reclassified as held for sale | 1,981 | 1,267 | |
Acquisitions through business combinations, property, plant and equipment | 3,488 | 1,321 | |
Foreign currency translation | 273 | (173) | |
Solar and Other [Member] | Renewable Power | Accumulated fair value changes | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 1,722 | 1,831 | 1,704 |
Foreign currency translation | (2) | (35) | |
Fair value changes | (84) | 162 | |
Disposals, property, plant and equipment | (23) | 0 | |
Solar and Other [Member] | Renewable Power | Accumulated depreciation and amortisation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (2,030) | (1,541) | $ (1,172) |
Foreign currency translation | 8 | 37 | |
Disposals, property, plant and equipment | 2 | 7 | |
Depreciation expenses | $ (499) | $ (413) |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 147,617 | $ 124,268 |
Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 66,351 | 55,243 |
Renewable Power | North America | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 41,636 | 37,016 |
Renewable Power | Brazil | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 5,578 | 4,708 |
Renewable Power | Colombia | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 10,585 | 8,264 |
Renewable Power | Europe | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 5,409 | 3,396 |
Renewable Power | Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 3,143 | $ 1,859 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT - Schedule of Valuation Metrics (Details) - yr | Dec. 31, 2023 | Dec. 31, 2022 |
North America [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,046 | 2,044 |
Brazil | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,053 | 2,051 |
Colombia | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,043 | 2,042 |
Europe | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 2,037 | 2,036 |
Property, plant and equipment [member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 8% | 7.70% |
Property, plant and equipment [member] | Renewable Power | Bottom of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 440% | 430% |
Property, plant and equipment [member] | Renewable Power | Top of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization rate | 500% | 490% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Brazil | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8.40% | 8.20% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8.70% | 8.50% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 4.80% | 4.40% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Bottom of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 510% | 490% |
Property, plant and equipment [member] | Contracted [Member] | Renewable Power | Top of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 570% | 540% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Brazil | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 9.70% | 9.50% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Colombia | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 10% | 9.70% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Europe | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 4.80% | 4.40% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Bottom of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 630% | 620% |
Property, plant and equipment [member] | Uncontracted [Member] | Renewable Power | Top of range | North America [Member] | Discounted cash flows | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 700% | 670% |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT - Schedule of Power Purchase Agreements (Details) - Renewable Power | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 EUR (€) |
Later Than One Year And Not Later Than Eleven Years | North America [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 55% | 55% | 55% | 55% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 78 | |||
Estimates of Future Electricity Prices (weighted average) | $ 91 | |||
Later Than One Year And Not Later Than Eleven Years | Brazil | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 76% | 76% | 76% | 76% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | R$ | R$ 313 | |||
Estimates of Future Electricity Prices (weighted average) | R$ | R$ 279 | |||
Later Than One Year And Not Later Than Eleven Years | Colombia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 45% | 45% | 45% | 45% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 294 | |||
Estimates of Future Electricity Prices (weighted average) | $ 412 | |||
Later Than One Year And Not Later Than Eleven Years | Europe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 88% | 88% | 88% | 88% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | € | € 73 | |||
Estimates of Future Electricity Prices (weighted average) | € | € 62 | |||
Later Than Eleven Years And Not Later Than Twenty Years | North America [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 19% | 19% | 19% | 19% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 72 | |||
Estimates of Future Electricity Prices (weighted average) | $ 123 | |||
Later Than Eleven Years And Not Later Than Twenty Years | Brazil | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 40% | 40% | 40% | 40% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | R$ | R$ 381 | |||
Estimates of Future Electricity Prices (weighted average) | R$ | R$ 424 | |||
Later Than Eleven Years And Not Later Than Twenty Years | Colombia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 3% | 3% | 3% | 3% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | $ 357 | |||
Estimates of Future Electricity Prices (weighted average) | $ 600 | |||
Later Than Eleven Years And Not Later Than Twenty Years | Europe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Total Generation Contracted under Power Purchase Agreements | 47% | 47% | 47% | 47% |
Power Prices from Long-Term Power Purchase Agreements (weighted average) | € | € 65 | |||
Estimates of Future Electricity Prices (weighted average) | € | € 65 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT - Schedule of Infrastructure Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | $ 124,268 | |
Balance, end of period | 147,617 | $ 124,268 |
Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 112,314 | |
Balance, end of period | 137,595 | 112,314 |
Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 34,930 | |
Balance, end of period | 37,939 | 34,930 |
Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (22,976) | |
Balance, end of period | (27,917) | (22,976) |
Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 37,293 | |
Balance, end of period | 48,546 | 37,293 |
Infrastructure | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 39,440 | 39,769 |
Additions, net of disposals and assets reclassified as held for sale | 2,478 | 2,328 |
Acquisitions through business combinations | 8,964 | 161 |
Foreign currency translation | 753 | (2,818) |
Balance, end of period | 51,635 | 39,440 |
Infrastructure | Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 3,251 | 3,077 |
Dispositions and assets reclassified as held for sale | 0 | 0 |
Fair value changes | 785 | 406 |
Foreign currency translation | 101 | (232) |
Balance, end of period | 4,137 | 3,251 |
Infrastructure | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (5,398) | (4,191) |
Depreciation expenses | (1,969) | (1,596) |
Dispositions and assets reclassified as held for sale | (274) | (82) |
Foreign currency translation | (133) | 307 |
Balance, end of period | (7,226) | (5,398) |
Utilities [Member] | Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 7,460 | |
Balance, end of period | 8,336 | 7,460 |
Utilities [Member] | Infrastructure | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 7,292 | 7,582 |
Additions, net of disposals and assets reclassified as held for sale | 547 | 345 |
Acquisitions through business combinations | 118 | 108 |
Foreign currency translation | 321 | (743) |
Balance, end of period | 8,278 | 7,292 |
Utilities [Member] | Infrastructure | Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 1,624 | 1,626 |
Dispositions and assets reclassified as held for sale | 0 | 0 |
Fair value changes | 143 | 176 |
Foreign currency translation | 127 | (178) |
Balance, end of period | 1,894 | 1,624 |
Utilities [Member] | Infrastructure | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (1,456) | (1,272) |
Depreciation expenses | (392) | (326) |
Dispositions and assets reclassified as held for sale | (72) | (21) |
Foreign currency translation | (60) | 121 |
Balance, end of period | (1,836) | (1,456) |
Transport | Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 8,349 | |
Balance, end of period | 17,671 | 8,349 |
Transport | Infrastructure | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 9,285 | 8,999 |
Additions, net of disposals and assets reclassified as held for sale | 606 | 642 |
Acquisitions through business combinations | 8,811 | 0 |
Foreign currency translation | 164 | (356) |
Balance, end of period | 18,866 | 9,285 |
Transport | Infrastructure | Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 1,104 | 1,045 |
Dispositions and assets reclassified as held for sale | 0 | 0 |
Fair value changes | 330 | 112 |
Foreign currency translation | (24) | (53) |
Balance, end of period | 1,410 | 1,104 |
Transport | Infrastructure | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (2,040) | (1,668) |
Depreciation expenses | (601) | (468) |
Dispositions and assets reclassified as held for sale | (82) | (9) |
Foreign currency translation | (46) | 87 |
Balance, end of period | (2,605) | (2,040) |
Midstream [Member] | Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 14,220 | |
Balance, end of period | 14,700 | 14,220 |
Midstream [Member] | Infrastructure | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 14,679 | 14,862 |
Additions, net of disposals and assets reclassified as held for sale | 407 | 780 |
Acquisitions through business combinations | 0 | 0 |
Foreign currency translation | 319 | (963) |
Balance, end of period | 15,405 | 14,679 |
Midstream [Member] | Infrastructure | Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 523 | 408 |
Dispositions and assets reclassified as held for sale | 0 | 0 |
Fair value changes | 312 | 118 |
Foreign currency translation | (2) | (3) |
Balance, end of period | 833 | 523 |
Midstream [Member] | Infrastructure | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (982) | (622) |
Depreciation expenses | (557) | (418) |
Dispositions and assets reclassified as held for sale | (30) | (11) |
Foreign currency translation | (29) | 47 |
Balance, end of period | (1,538) | (982) |
Data and Other [Member] | Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 7,264 | |
Balance, end of period | 7,839 | 7,264 |
Data and Other [Member] | Infrastructure | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 8,184 | 8,326 |
Additions, net of disposals and assets reclassified as held for sale | 918 | 561 |
Acquisitions through business combinations | 35 | 53 |
Foreign currency translation | (51) | (756) |
Balance, end of period | 9,086 | 8,184 |
Data and Other [Member] | Infrastructure | Accumulated fair value changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 0 | (2) |
Dispositions and assets reclassified as held for sale | 0 | 0 |
Fair value changes | 0 | 0 |
Foreign currency translation | 0 | 2 |
Balance, end of period | 0 | 0 |
Data and Other [Member] | Infrastructure | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (920) | (629) |
Depreciation expenses | (419) | (384) |
Dispositions and assets reclassified as held for sale | (90) | (41) |
Foreign currency translation | 2 | 52 |
Balance, end of period | $ (1,247) | $ (920) |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT - Key Valuation Metrics (Details) - Property, plant and equipment [member] - Infrastructure - Discounted cash flows - yr | Dec. 31, 2023 | Dec. 31, 2022 |
Utilities [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal capitalization multiples | 15 | 18 |
Utilities [Member] | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8% | 7% |
Terminal Year | 10 | |
Utilities [Member] | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 11% | 11% |
Terminal Year | 20 | 10 |
Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 9% | |
Terminal Year | 10 | 10 |
Transport | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 8% | |
Terminal capitalization multiples | 8 | 9 |
Transport | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 14% | |
Terminal capitalization multiples | 20 | 15 |
Midstream [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rates | 15% | 15% |
Terminal capitalization multiples | 10 | 10 |
Midstream [Member] | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 6 | 5 |
Midstream [Member] | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Terminal Year | 10 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT - Schedule of Real Estate Assets, Private Equity and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | $ 124,268 | |
Right-of-use assets | 4,800 | $ 4,400 |
Balance, end of period | 147,617 | 124,268 |
Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 112,314 | |
Balance, end of period | 137,595 | 112,314 |
Accumulated Fair Value Changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 34,930 | |
Balance, end of period | 37,939 | 34,930 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (22,976) | |
Balance, end of period | (27,917) | (22,976) |
Real Estate | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 384 | 393 |
Additions, net of disposals and assets reclassified as held for sale | 11 | 20 |
Foreign currency translation | 25 | (2) |
Fair value changes | (32) | 20 |
Depreciation expenses | (43) | (47) |
Balance, end of period | 345 | 384 |
Real Estate | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 562 | 582 |
Additions, net of disposals and assets reclassified as held for sale | (19) | 4 |
Foreign currency translation | 0 | (24) |
Fair value changes | 0 | 0 |
Depreciation expenses | 0 | 0 |
Balance, end of period | 543 | 562 |
Real Estate | Accumulated Fair Value Changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 58 | 38 |
Additions, net of disposals and assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | 24 | 0 |
Fair value changes | (32) | 20 |
Depreciation expenses | 0 | 0 |
Balance, end of period | 50 | 58 |
Real Estate | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (236) | (227) |
Additions, net of disposals and assets reclassified as held for sale | 30 | 16 |
Foreign currency translation | 1 | 22 |
Fair value changes | 0 | 0 |
Depreciation expenses | (43) | (47) |
Balance, end of period | (248) | (236) |
Private Equity and Other | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 15,666 | 14,950 |
Additions, net of disposals and assets reclassified as held for sale | 1,425 | 1,750 |
Acquisitions through business combinations | 239 | 1,349 |
Foreign currency translation | 577 | (798) |
Depreciation expenses | (1,898) | (1,726) |
Impairment loss recognised in profit or loss, property, plant and equipment | (174) | 141 |
Balance, end of period | 15,835 | 15,666 |
Private Equity and Other | Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 21,548 | 19,781 |
Additions, net of disposals and assets reclassified as held for sale | (137) | 1,372 |
Acquisitions through business combinations | 239 | 1,349 |
Foreign currency translation | 820 | (954) |
Depreciation expenses | 0 | 0 |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 |
Balance, end of period | 22,470 | 21,548 |
Private Equity and Other | Accumulated Fair Value Changes | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (611) | |
Balance, end of period | (701) | (611) |
Private Equity and Other | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (5,271) | (4,036) |
Additions, net of disposals and assets reclassified as held for sale | 1,469 | 340 |
Acquisitions through business combinations | 0 | 0 |
Foreign currency translation | (234) | 151 |
Depreciation expenses | (1,898) | (1,726) |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 |
Balance, end of period | (5,934) | (5,271) |
Private Equity and Other | Accumulated Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (611) | (795) |
Additions, net of disposals and assets reclassified as held for sale | 93 | 38 |
Acquisitions through business combinations | 0 | 0 |
Foreign currency translation | (9) | 5 |
Depreciation expenses | 0 | 0 |
Impairment loss recognised in profit or loss, property, plant and equipment | (174) | 141 |
Balance, end of period | (611) | |
Property, plant and equipment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Right-of-use assets | 6,800 | 6,600 |
Property, plant and equipment [member] | Real Estate | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Right-of-use assets | $ 86 | $ 107 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | $ 38,411 | $ 30,609 |
Additions | 899 | 746 |
Disposals, intangible assets other than goodwill | (2,746) | (2,175) |
Acquisitions through business combinations | 4,096 | 12,013 |
Amortization | (2,653) | (2,138) |
Foreign currency translation | 987 | (644) |
Ending balance | 38,994 | 38,411 |
Costs | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 44,409 | 34,810 |
Additions | 899 | 746 |
Disposals, intangible assets other than goodwill | (3,989) | (2,434) |
Acquisitions through business combinations | 4,096 | 12,011 |
Amortization | 0 | 0 |
Foreign currency translation | 1,177 | (724) |
Ending balance | 46,592 | 44,409 |
Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (5,998) | (4,201) |
Additions | 0 | 0 |
Disposals, intangible assets other than goodwill | 1,243 | 259 |
Acquisitions through business combinations | 0 | 2 |
Amortization | 2,653 | 2,138 |
Foreign currency translation | (190) | 80 |
Ending balance | $ (7,598) | $ (5,998) |
INTANGIBLE ASSETS - Schedule _2
INTANGIBLE ASSETS - Schedule of Intangible Assets by Operating Segment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 38,994 | $ 38,411 | $ 30,609 |
Private Equity [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 21,217 | 23,649 | |
Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 15,845 | 11,822 | |
Real Estate | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 69 | 71 | |
Renewable Power and Transition | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 26 | 229 | |
Asset management | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 1,837 | $ 2,640 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 38,994 | $ 38,411 | $ 30,609 |
Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 15,845 | 11,822 | |
Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 21,217 | 23,649 | |
Customer-related intangible assets [member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,100 | 2,200 | |
Customer-related intangible assets [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 12,400 | 13,800 | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years | ||
Customer-related intangible assets [member] | Private Equity | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 9 years | ||
Customer-related intangible assets [member] | Private Equity | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 20 years | ||
Customer-related intangible assets [member] | North American Rail Operations [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 1,700 | 1,800 | |
Customer-related intangible assets [member] | Residential infrastructure operation [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 4,500 | 1,700 | |
Copyrights, patents and other industrial property rights, service and operating rights [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 2,200 | 3,700 | |
Copyrights, patents and other industrial property rights, service and operating rights [member] | Private Equity | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 5 years | ||
Copyrights, patents and other industrial property rights, service and operating rights [member] | Private Equity | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 15 years | ||
Service concession arrangements [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 2,400 | 2,100 | |
Description of useful life, intangible assets other than goodwill | 23 | ||
Service concession arrangements [member] | Brazilian regulated gas transmission business [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 3,000 | 2,800 | |
Service concession arrangements [member] | Indian Toll Road [Member] | Infrastructure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,100 | 1,000 | |
Brand names [member] | Private Equity | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 2,900 | $ 3,300 | |
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 40 years | ||
Brand names [member] | Private Equity | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 11 years | ||
Brand names [member] | Private Equity | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period | 40 years |
GOODWILL - Schedule of Changes
GOODWILL - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | $ 28,662 | $ 20,227 |
Acquisitions through business combinations | 7,211 | 9,581 |
Impairment losses | (659) | (121) |
Foreign currency translation and other | (303) | (1,025) |
Ending balance | 34,911 | 28,662 |
Costs | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | 29,767 | 21,216 |
Impairment losses | 0 | 0 |
Foreign currency translation and other | (220) | (1,030) |
Ending balance | 36,758 | 29,767 |
Accumulated Impairment | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | (1,105) | (989) |
Acquisitions through business combinations | 0 | 0 |
Impairment losses | 659 | 121 |
Foreign currency translation and other | (83) | 5 |
Ending balance | $ (1,847) | $ (1,105) |
GOODWILL - Schedule of Goodwill
GOODWILL - Schedule of Goodwill By Operating Segments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 34,911 | $ 28,662 | $ 20,227 |
Infrastructure | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 14,487 | 8,789 | |
Private Equity | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 14,396 | 15,005 | |
Real Estate | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 19 | 20 | |
Renewable Power and Transition | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 3,335 | 1,500 | |
Asset management | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 2,674 | $ 3,348 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Actuarial assumption of discount rates | 5% | 5% |
European development business - X-Elio [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Proportion of Ownership Interest in a Subsidiary | 50 | |
Goodwill | Private Equity | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Cash Flow Period | 5 years | |
Goodwill | Private Equity | Bottom of range | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 0.80% | |
Discount rate used in current estimate of value in use | 8.40% | |
Revenue Growth Rate Used in Current Estimate Of Fair Value | 0.043 | |
Goodwill | Private Equity | Top of range | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 11.50% | |
Discount rate used in current estimate of value in use | 16.70% | |
Revenue Growth Rate Used in Current Estimate Of Fair Value | 0.162 | |
Goodwill | Renewable Power | Bottom of range | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Terminal capitalization rate | 200% | |
Cash Flow Period | 2 years | |
Goodwill | Renewable Power | Bottom of range | Discounted cash flows | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Actuarial assumption of discount rates | 10% | |
Goodwill | Renewable Power | Top of range | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Terminal capitalization rate | 600% | |
Cash Flow Period | 6 years | |
Goodwill | Renewable Power | Top of range | Discounted cash flows | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Actuarial assumption of discount rates | 14% | |
Goodwill | Center Parcs [Member] | Real Estate | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 3% | |
Goodwill | Center Parcs [Member] | Real Estate LP and Other | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Discount rate used in current estimate of value in use | 11% | |
Terminal Capitalization Rate | 5.90% |
INCOME TAXES - Components Of In
INCOME TAXES - Components Of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Current income tax expense | $ 1,908 | $ 1,278 |
Deferred income tax (recovery)/expense | ||
Origination and reversal of temporary differences | (789) | 690 |
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce deferred tax expense | (116) | (447) |
Change in tax rates and new legislation | 8 | (52) |
Total deferred income tax (recovery)/expense | (897) | 191 |
Income tax expense | $ 1,011 | $ 1,469 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Statutory income tax rate | 26% | 26% |
Deductible temporary differences for which no deferred tax liabilities is recognised | $ 18 | $ 9 |
Domestic Tax Authority | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Statutory income tax rate | 26% |
INCOME TAXES - Schedule Of Inco
INCOME TAXES - Schedule Of Income Tax Rates (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Statutory income tax rate | 26% | 26% |
(Reduction)/increase in rate resulting from: | ||
International operations subject to different tax rates | 1% | 3% |
Taxable income attributable to non-controlling interests | (6.00%) | (3.00%) |
Portion of gains subject to different tax rates | (8.00%) | (2.00%) |
Recognition of deferred tax assets | (5.00%) | (6.00%) |
Non-recognition of the benefit of current year’s tax losses | 5% | 3% |
Tax rate effect of expense not deductible in determining taxable profit (tax loss) | 7% | 3% |
Other | (3.00%) | (2.00%) |
Effective income tax rate | 17% | 22% |
INCOME TAXES - Schedule Of Defe
INCOME TAXES - Schedule Of Deferred Income Tax Assets And Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | $ (21,649) | $ (19,787) |
Non-capital losses [Member] | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | 2,132 | 1,666 |
Capital losses [Member] | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | 5 | 77 |
Unused tax losses [member] | UNITED STATES | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | 3,472 | 3,959 |
Unused tax losses [member] | International | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | 2,900 | 1,814 |
Temporary differences [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total net deferred tax liabilities | $ (30,158) | $ (27,303) |
INCOME TAXES - Schedule Of Unre
INCOME TAXES - Schedule Of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 2,919 | $ 2,557 |
One year from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 10 | 29 |
Two years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 13 | 11 |
Three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 17 | 12 |
After three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 667 | 672 |
Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 2,212 | $ 1,833 |
INCOME TAXES - Schedule Of Comp
INCOME TAXES - Schedule Of Components Of Income Taxes In Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Revaluation of property, plant and equipment | $ 120 | $ 1,187 |
Financial contracts and power sale agreements | (29) | 315 |
Income tax relating to marketable securities measured at fair value through other comprehensive income | 76 | (127) |
Foreign currency translation | (72) | 87 |
Revaluation of pension obligation | 5 | 61 |
Total deferred tax in other comprehensive income | $ 100 | $ 1,523 |
CORPORATE BORROWINGS - Schedule
CORPORATE BORROWINGS - Schedule of Corporate Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Book value of borrowings | $ 12,214 | $ 11,467 |
Revolving facilities | 31 | 0 |
Deferred financing costs | (85) | (77) |
Total | $ 12,160 | 11,390 |
Canadian Term Debt Maturing On March 8, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.04% | |
Book value of borrowings | $ 377 | 369 |
U.S. Term Debt Maturing On April 01, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4% | |
Book value of borrowings | $ 200 | 749 |
U.S. Term Debt Maturing On January 15, 2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4% | |
Book value of borrowings | $ 500 | 500 |
Canadian Term Debt Maturing On January 28, 2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.82% | |
Book value of borrowings | $ 645 | 632 |
U.S. Term Debt Maturing On June 2, 2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.25% | |
Book value of borrowings | $ 499 | 497 |
Canadian Term Debt Maturing On March 16, 2027 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.80% | |
Book value of borrowings | $ 377 | 369 |
Canadian Term Debt Maturing On January 25, 2028 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.90% | |
Book value of borrowings | $ 1,067 | 1,073 |
U.S. Term Debt Maturing On March 29, 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.85% | |
Book value of borrowings | $ 999 | 999 |
U.S. Term Debt Maturing On April 15, 2030 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.35% | |
Book value of borrowings | $ 750 | 749 |
U.S. Term Debt Maturing On April 15, 2031 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 2.72% | |
Book value of borrowings | $ 500 | 500 |
U.S. Term Debt Maturing On January 30, 2032 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 2.34% | |
Book value of borrowings | $ 600 | 600 |
U.S. Term Debt Maturing On March 1, 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 7.38% | |
Book value of borrowings | $ 250 | 250 |
Canadian Term Debt Maturing On June 14, 2035 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.95% | |
Book value of borrowings | $ 319 | 312 |
JPY Term Debt Maturing On December 1, 2038 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 1.42% | |
Book value of borrowings | $ 71 | 76 |
U.S. Term Debt Maturing On September 20, 2047 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.70% | |
Book value of borrowings | $ 902 | 902 |
U.S. Term Debt Maturing On April 15, 2050 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.45% | |
Book value of borrowings | $ 595 | 594 |
U.S. Term Debt Maturing On March 30, 2051 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.50% | |
Book value of borrowings | $ 758 | 758 |
U.S. Term Debt Maturing On October 16, 2080 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 4.63% | |
Book value of borrowings | $ 400 | 400 |
Canadian Term Debt Maturing On December 14, 20232 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.43% | |
Book value of borrowings | $ 755 | 738 |
U.S. Term Debt Maturing On February 15, 2052 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 3.63% | |
Book value of borrowings | $ 400 | 400 |
U.S. Term Debt Maturing On June 14, 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 6.09% | |
Book value of borrowings | $ 550 | 0 |
U.S. Term Debt Maturing On January 5, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 6.35% | |
Book value of borrowings | $ 700 | $ 0 |
CORPORATE BORROWINGS - Narrativ
CORPORATE BORROWINGS - Narrative (Details) $ in Millions, ¥ in Billions, $ in Billions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) |
Disclosure of detailed information about borrowings [line items] | |||||
Corporate borrowings | $ 12,160 | $ 11,390 | |||
Fixed rate | Weighted average | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Annual Rate | 4.50% | 4.50% | 4.50% | 4.20% | 4.20% |
U.S. dollars | Japanese yen | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Corporate borrowings | $ 71 | $ 76 | |||
U.S. dollars | Canadian dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Corporate borrowings | $ 2,500 | 2,400 | |||
Canadian dollars | Canadian dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Corporate borrowings | $ 3.3 | $ 3,300 | |||
Japanese yen | Japanese yen | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Corporate borrowings | ¥ | ¥ 10 | ¥ 10 |
ACCOUNTS PAYABLE AND OTHER - Sc
ACCOUNTS PAYABLE AND OTHER - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable | $ 13,470 | $ 12,743 |
Provisions | 3,457 | 3,591 |
Insurance contracts that are liabilities | 8,882 | 8,506 |
Other liabilities | 33,084 | 32,225 |
Accounts payable and other | $ 58,893 | $ 57,065 |
ACCOUNTS PAYABLE AND OTHER - _2
ACCOUNTS PAYABLE AND OTHER - Schedule of Current and Non-Current Accounts Payables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current | $ 33,414 | $ 33,574 |
Non-current | 25,479 | 23,491 |
Accounts payable and other | $ 58,893 | $ 57,065 |
ACCOUNTS PAYABLE AND OTHER - Na
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Revaluation of pension obligations | $ (11) | $ 308 |
Actuarial assumption of discount rates | 5% | 5% |
Percentage increase in rate of compensation | 2% | 1% |
Actuarial assumption of expected rates of investment | 0.05 | 0.04 |
ACCOUNTS PAYABLE AND OTHER - _3
ACCOUNTS PAYABLE AND OTHER - Schedule of Post-Employment Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Plan assets | $ 1,380 | $ 2,560 |
Less accrued benefit obligation: | ||
Defined benefit pension plan | (1,583) | (3,141) |
Other post-employment benefits | (131) | (128) |
Net defined benefit liability, before net actuarial gain (losses) | (334) | (709) |
Less: net actuarial gains (losses) and other | 6 | (11) |
Accrued benefit liability related to defined benefit plan | $ (328) | $ (720) |
NON-RECOURSE BORROWINGS - Sched
NON-RECOURSE BORROWINGS - Schedule of Repayments on Subsidiary Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 16,214 | $ 15,140 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (66) | |
Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 2,596 | |
Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 733 | |
2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 471 | |
2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,716 | |
2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 5,419 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 5,345 | |
Total Principal repayments on Subsidiary Borrowings | 16,280 | |
Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 6,882 | 6,702 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (32) | |
Real Estate | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 893 | |
Real Estate | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 377 | |
Real Estate | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 377 | |
Real Estate | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 999 | |
Real Estate | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3,229 | |
Real Estate | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,039 | |
Total Principal repayments on Subsidiary Borrowings | 6,914 | |
Renewable Power | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 2,832 | 2,546 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (11) | |
Renewable Power | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 183 | |
Renewable Power | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 302 | |
Renewable Power | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Renewable Power | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 377 | |
Renewable Power | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Renewable Power | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,981 | |
Total Principal repayments on Subsidiary Borrowings | 2,843 | |
Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 4,911 | 3,666 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (21) | |
Infrastructure | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,517 | |
Infrastructure | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Infrastructure | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Infrastructure | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 340 | |
Infrastructure | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 750 | |
Infrastructure | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 2,325 | |
Total Principal repayments on Subsidiary Borrowings | 4,932 | |
Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,589 | $ 2,226 |
Deferred Financing Costs and Other on Subsidiary Borrowings | (2) | |
Private Equity | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 3 | |
Private Equity | Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 54 | |
Private Equity | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 94 | |
Private Equity | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Private Equity | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 1,440 | |
Private Equity | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 0 | |
Total Principal repayments on Subsidiary Borrowings | $ 1,591 |
NON-RECOURSE BORROWINGS - Narra
NON-RECOURSE BORROWINGS - Narrative (Details) - Weighted average | Dec. 31, 2023 | Dec. 31, 2022 |
Subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 5.70% | 5.20% |
Property-specific borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual Rate | 7.10% | 6.40% |
NON-RECOURSE BORROWINGS - Sch_2
NON-RECOURSE BORROWINGS - Schedule of Current and Non-current Subsidiary Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 16,214 | $ 15,140 |
Current [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | 2,596 | 1,469 |
Non-Current [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary borrowings | $ 13,618 | $ 13,671 |
NON-RECOURSE BORROWINGS - Sch_3
NON-RECOURSE BORROWINGS - Schedule of Subsidiary Borrowings By Currency (Details) R$ in Millions, $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 BRL (R$) |
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | $ 16,214 | $ 15,140 | ||||
U.S. dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | 7,915 | 7,850 | ||||
Canadian dollars | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | 8,208 | $ 10,875 | 7,217 | $ 9,776 | ||
Brazil, Brazil Real | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Subsidiary Borrowings | $ 91 | R$ 443 | $ 73 | R$ 381 |
NON-RECOURSE BORROWINGS - Sch_4
NON-RECOURSE BORROWINGS - Schedule of Repayments of Property Specific Mortgages (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | $ 205,336,000,000 | $ 187,544,000,000 |
Deferred Financing Costs and Other on Secured bank loans | (2,672,000,000) | |
Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 86,734,000,000 | 86,050,000,000 |
Deferred Financing Costs and Other on Secured bank loans | (511,000,000) | |
Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 46,083,000,000 | 29,881,000,000 |
Deferred Financing Costs and Other on Secured bank loans | (1,232,000,000) | |
Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 43,884,000,000 | 48,787,000,000 |
Deferred Financing Costs and Other on Secured bank loans | (757,000,000) | |
Asset management | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 59.4 | |
LP Investments and Other [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 27.1 | |
Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 28,635,000,000 | $ 22,826,000,000 |
Deferred Financing Costs and Other on Secured bank loans | (172,000,000) | |
Core & T&D (Real Estate) [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 27.3 | |
BPY Investment Property [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 48.4 | |
BPY PPE [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 11.2 | |
One year from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 54,976,000,000 | |
One year from reporting date | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 37,626,000,000 | |
One year from reporting date | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 6,742,000,000 | |
One year from reporting date | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,026,000,000 | |
One year from reporting date | LP Investments and Other [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 25.3 | |
One year from reporting date | Core Office (Real Estate) [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 7.7 | |
One year from reporting date | Retail (Real Estate) [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 4.6 | |
One year from reporting date | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,582,000,000 | |
Two years from reporting date | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 27,299,000,000 | |
Two years from reporting date | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 18,408,000,000 | |
Two years from reporting date | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,819,000,000 | |
Two years from reporting date | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 3,542,000,000 | |
Two years from reporting date | LP Investments and Other [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 12,800,000,000 | |
Two years from reporting date | Core Office (Real Estate) [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,500,000,000 | |
Two years from reporting date | Retail (Real Estate) [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 4,100,000,000 | |
Two years from reporting date | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,530,000,000 | |
2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 26,551,000,000 | |
2021 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 9,775,000,000 | |
2021 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 7,890,000,000 | |
2021 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,502,000,000 | |
2021 | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 3,384,000,000 | |
2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 21,089,000,000 | |
2022 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 8,936,000,000 | |
2022 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,079,000,000 | |
2022 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,132,000,000 | |
2022 | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 1,942,000,000 | |
2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 21,143,000,000 | |
2023 | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 4,263,000,000 | |
2023 | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 5,847,000,000 | |
2023 | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 8,564,000,000 | |
2023 | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 2,469,000,000 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 56,950,000,000 | |
Total Principal repayments on Secured bank loans | 208,008,000,000 | |
Thereafter | Real Estate | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 8,237,000,000 | |
Total Principal repayments on Secured bank loans | 87,245,000,000 | |
Thereafter | Infrastructure | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 18,938,000,000 | |
Total Principal repayments on Secured bank loans | 47,315,000,000 | |
Thereafter | Private Equity | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 16,875,000,000 | |
Total Principal repayments on Secured bank loans | 44,641,000,000 | |
Thereafter | Renewable Power and Transition | ||
Disclosure of detailed information about borrowings [line items] | ||
Property-specific borrowings | 12,900,000,000 | |
Total Principal repayments on Secured bank loans | $ 28,807,000,000 |
NON-RECOURSE BORROWINGS - Sch_5
NON-RECOURSE BORROWINGS - Schedule of Current and Non-current property specific mortgages (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [abstract] | ||
Current | $ 54,975 | $ 41,828 |
Non-current | 150,361 | 145,716 |
Total | $ 205,336 | $ 187,544 |
NON-RECOURSE BORROWINGS - Sch_6
NON-RECOURSE BORROWINGS - Schedule of Borrowings By Currency (Details) € in Millions, ₩ in Millions, ₨ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 AUD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 KRW (₩) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 KRW (₩) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | $ 205,336 | $ 187,544 | ||||||||||||||||
U.S. dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 112,510 | 109,555 | ||||||||||||||||
British pounds | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 13,457 | £ 10,571 | 10,660 | £ 8,823 | ||||||||||||||
Indian rupees | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 9,930 | ₨ 826,265 | 7,653 | ₨ 632,457 | ||||||||||||||
Canadian dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 17,124 | $ 22,690 | 15,938 | $ 21,590 | ||||||||||||||
European Union euros | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 22,825 | € 20,670 | 20,316 | € 18,986 | ||||||||||||||
Australian dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 10,051 | $ 14,755 | 8,650 | $ 12,696 | ||||||||||||||
Brazilian reais | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 10,868 | R$ 52606 | 7,572 | R$ 39500 | ||||||||||||||
Colombian pesos | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 3,334 | $ 12,914,945 | 2,524 | $ 12,157,354 | ||||||||||||||
Korean won | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | 2,199 | ₩ 2,855,358 | 1,822 | ₩ 2,296,121 | ||||||||||||||
Other [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Property-specific borrowings | $ 3,038 | $ 2,854 |
SUBSIDIARY EQUITY OBLIGATIONS -
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Equity Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Subsidiary preferred equity units | $ 1,625 | $ 1,605 |
Limited-life funds and redeemable fund units | 263 | 1,114 |
Total | 4,145 | 4,188 |
Real Estate | ||
Disclosure of financial liabilities [line items] | ||
Limited-life funds and redeemable fund units | 189 | 577 |
Subsidiary preferred shares and capital | 2,257 | 1,469 |
Infrastructure | ||
Disclosure of financial liabilities [line items] | ||
Limited-life funds and redeemable fund units | 70 | 96 |
Corporate Activities | ||
Disclosure of financial liabilities [line items] | ||
Limited-life funds and redeemable fund units | $ 4 | $ 441 |
SUBSIDIARY EQUITY OBLIGATIONS_2
SUBSIDIARY EQUITY OBLIGATIONS - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2014 USD ($) tranche | Dec. 31, 2022 USD ($) | Dec. 31, 2021 $ / shares | |
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred equity units | $ 1,625 | $ 1,605 | ||
Liquidation preference per unit | $ / shares | $ 25 | |||
Limited-Life Funds and Redeemable Fund Units | $ 263 | 1,114 | ||
Brookfield Property Partners L.P. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred equity units | $ 1,800 | |||
Number of tranches | tranche | 3 | |||
Exchangeable price of BPY preferred units issued to QIA | $ / shares | $ 25.70 | |||
2021 | Brookfield Property Partners L.P. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred equity units | $ 600 | |||
Preferred equity held by third party investor in Rouse Properties L.P. | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred shares and capital | 145 | |||
Real Estate | ||||
Disclosure of subsidiaries [line items] | ||||
Limited-Life Funds and Redeemable Fund Units | 189 | 577 | ||
Subsidiary preferred shares and capital | 2,257 | 1,469 | ||
Real Estate | Preferred equity held by third party investor in Rouse Properties L.P. | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary preferred shares and capital | 145 | 142 | ||
Infrastructure | ||||
Disclosure of subsidiaries [line items] | ||||
Limited-Life Funds and Redeemable Fund Units | 70 | 96 | ||
Corporate Activities | ||||
Disclosure of subsidiaries [line items] | ||||
Limited-Life Funds and Redeemable Fund Units | $ 4 | $ 441 |
SUBSIDIARY EQUITY OBLIGATIONS_3
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Preferred Equity Units (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of subsidiaries [line items] | ||
Subsidiary preferred equity units | $ 1,625 | $ 1,605 |
Series 2 | ||
Disclosure of subsidiaries [line items] | ||
Issued and Outstanding (in shares) | 24,000,000 | |
Cumulative Dividend Rate | 6.50% | |
Subsidiary preferred equity units | $ 587 | 575 |
Series 3 | ||
Disclosure of subsidiaries [line items] | ||
Issued and Outstanding (in shares) | 24,000,000 | |
Cumulative Dividend Rate | 6.75% | |
Subsidiary preferred equity units | $ 564 | 556 |
New LP Preferred Units [Member] | ||
Disclosure of subsidiaries [line items] | ||
Issued and Outstanding (in shares) | 19,273,654 | |
Cumulative Dividend Rate | 6.25% | |
Subsidiary preferred equity units | $ 474 | $ 474 |
SUBSIDIARY EQUITY OBLIGATIONS_4
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Preferred Shares (Details) € in Millions, ₨ in Millions, $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 INR (₨) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 CAD ($) |
Series 2 | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||
Cumulative Dividend Rate | 6.50% | 6.50% | 6.50% | 6.50% | ||||
Series 3 | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||
Cumulative Dividend Rate | 6.75% | 6.75% | 6.75% | 6.75% | ||||
Preferred equity held by third party investor in Rouse Properties L.P. | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Subsidiary Preferred Shares | $ | $ 145 | |||||||
Real Estate | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Subsidiary Preferred Shares | $ | $ 2,257 | $ 1,469 | ||||||
Real Estate | Preferred equity held by third party investor in Brookfield India Real Estate Trust [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 246,305,005 | 246,305,005 | 246,305,005 | 246,305,005 | ||||
Cumulative Dividend Rate | 90% | 90% | 90% | 90% | ||||
Subsidiary Preferred Shares | $ | $ 729 | 456 | ||||||
Real Estate | Preferred equity held by third party investor in BIP Investment Corporation Series 1 Senior preferred shares [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||
Cumulative Dividend Rate | 5.85% | 5.85% | 5.85% | 5.85% | ||||
Subsidiary Preferred Shares | $ | $ 73 | $ 73 | ||||||
Real Estate | Preferred equity held by Alstria Office Prime Portfolio GmbH & Co. KG | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 19,472,214 | 19,472,214 | 19,472,214 | 19,472,214 | ||||
Subsidiary Preferred Shares | € | € 109 | € 129 | ||||||
Real Estate | Preferred equity held by third party investor in Rouse Properties L.P. | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 5,600,000 | 5,600,000 | 5,600,000 | 5,600,000 | ||||
Cumulative Dividend Rate | 5% | 5% | 5% | 5% | ||||
Subsidiary Preferred Shares | $ | $ 145 | 142 | ||||||
Real Estate | Brookfield Property Split Corp (“BOP Split”) Senior Preferred Shares [Member] | Series 1 | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 636,328 | 636,328 | 636,328 | 636,328 | ||||
Cumulative Dividend Rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||
Subsidiary Preferred Shares | $ | $ 16 | $ 21 | ||||||
Real Estate | Brookfield Property Split Corp (“BOP Split”) Senior Preferred Shares [Member] | Series 2 | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 362,546 | 362,546 | 362,546 | 362,546 | ||||
Cumulative Dividend Rate | 5.75% | 5.75% | 5.75% | 5.75% | ||||
Subsidiary Preferred Shares | $ | $ 7 | 10 | ||||||
Real Estate | Brookfield Property Split Corp (“BOP Split”) Senior Preferred Shares [Member] | Series 3 | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 408,962 | 408,962 | 408,962 | 408,962 | ||||
Cumulative Dividend Rate | 5% | 5% | 5% | 5% | ||||
Subsidiary Preferred Shares | $ | $ 8 | 12 | ||||||
Real Estate | Brookfield Property Split Corp (“BOP Split”) Senior Preferred Shares [Member] | Series 4 [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 365,661 | 365,661 | 365,661 | 365,661 | ||||
Cumulative Dividend Rate | 5.20% | 5.20% | 5.20% | 5.20% | ||||
Subsidiary Preferred Shares | $ | $ 7 | $ 10 | ||||||
Infrastructure | Preferred equity held by third party investor in BIP India Trust [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued and Outstanding (in shares) | 664,000,000 | 664,000,000 | 664,000,000 | 664,000,000 | ||||
Subsidiary Preferred Shares | ₨ | ₨ 1,138 | ₨ 616 |
SUBSIDIARY PUBLIC ISSUERS AND_3
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Narrative (Details) $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 14, 2022 CAD ($) | Jul. 26, 2021 | Nov. 24, 2020 USD ($) | Feb. 21, 2020 USD ($) | Mar. 10, 2017 USD ($) |
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 12,160 | $ 11,390 | ||||||
Issued capital | 168,242 | $ 141,891 | ||||||
BIC | Preferred shares | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued capital | $ 26 | |||||||
$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% | ||||||
$750 4.00% Unsecured Notes Due 2024 | BFL | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 200 | |||||||
Annual Rate | 4% | |||||||
$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 3.45% Unsecured Notes Due 2050 | BFL | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 3.45% | |||||||
$600 2.34% Senior Notes Due 2032 | Brookfield Finance I (UK) PLC | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 2.34% | |||||||
$1 billion 5.431% Unsecured Notes Due 2032 | Brookfield Finance LLC II [Member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 1,000 | |||||||
Annual Rate | 5.431% | |||||||
$550 million 6.087% Unsecured Notes Due 2033 | Brookfield Capital Finance LLC | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 550 | |||||||
Annual Rate | 6.087% | |||||||
Perpetual Preferred Shares | Brookfield Finance I (UK) PLC | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 230 | |||||||
Annual Rate | 4.50% | |||||||
$700 6.35% Unsecured Notes Due 2034 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 700 | |||||||
Annual Rate | 6.35% | 6.35% |
SUBSIDIARY PUBLIC ISSUERS AND_4
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Schedule Of Summarized Financial Information And Non-Guarantor Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||
Revenue | $ 95,924 | $ 92,769 |
Net income attributable to shareholders | 1,130 | 2,056 |
Total assets | 490,095 | 441,284 |
Total liabilities | 321,853 | 299,393 |
Non-controlling interest - preferred equity | 230 | 230 |
The Corporation | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 2,787 | 2,491 |
Net income attributable to shareholders | 1,130 | 2,056 |
Total assets | 77,567 | 71,514 |
Total liabilities | 31,790 | 27,761 |
Non-controlling interest - preferred equity | 0 | 0 |
BFI | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 312 | 284 |
Net income attributable to shareholders | (27) | (8) |
Total assets | 10,813 | 9,769 |
Total liabilities | 8,793 | 8,544 |
Non-controlling interest - preferred equity | 0 | 0 |
Brookfield Finance Inc II [Member] | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 24 | 2 |
Net income attributable to shareholders | (17) | 0 |
Total assets | 757 | 740 |
Total liabilities | 752 | 737 |
Non-controlling interest - preferred equity | 0 | 0 |
BFL | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 30 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 16 |
Total liabilities | 2 | 6 |
Non-controlling interest - preferred equity | 0 | 0 |
Brookfield Finance LLC II [Member] | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Non-controlling interest - preferred equity | 0 | 0 |
Brookfield Finance Australia [Member] | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 0 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Non-controlling interest - preferred equity | 0 | 0 |
Brookfield Finance I (UK) PLC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 15 | 35 |
Net income attributable to shareholders | 15 | 11 |
Total assets | 160 | 232 |
Total liabilities | 1 | 4 |
Non-controlling interest - preferred equity | 230 | 230 |
US LLC Issuer | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 24 | 0 |
Net income attributable to shareholders | 0 | 0 |
Total assets | 552 | 0 |
Total liabilities | 549 | 0 |
Non-controlling interest - preferred equity | 0 | 0 |
BIC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 188 | 507 |
Net income attributable to shareholders | 34 | 487 |
Total assets | 4,165 | 4,170 |
Total liabilities | 3,546 | 3,520 |
Non-controlling interest - preferred equity | 0 | 0 |
Subsidiaries of the Corporation other than BFI, BFL and BIC | ||
Disclosure of subsidiaries [line items] | ||
Revenue | 104,516 | 111,633 |
Net income attributable to shareholders | 8,348 | 18,598 |
Total assets | 561,498 | 492,799 |
Total liabilities | 320,691 | 297,397 |
Non-controlling interest - preferred equity | 0 | 0 |
Material reconciling items | ||
Disclosure of subsidiaries [line items] | ||
Revenue | (11,942) | (22,213) |
Net income attributable to shareholders | (8,353) | (19,088) |
Total assets | (165,417) | (137,956) |
Total liabilities | (44,271) | (38,576) |
Non-controlling interest - preferred equity | $ 0 | $ 0 |
EQUITY - Schedule Of Equity (De
EQUITY - Schedule Of Equity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Total Equity | $ 168,242 | $ 141,891 |
Common Share Capital | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 10,879 | 10,901 |
Contributed Surplus | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 112 | 148 |
Retained Earnings | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 18,006 | 18,006 |
Ownership Changes1 | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 4,510 | 2,959 |
Accumulated other comprehensive income | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 8,167 | 7,594 |
Common equity | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 41,674 | 39,608 |
Common equity | Common shares | The Corporation | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 41,674 | 39,608 |
Preferred equity | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 4,103 | 4,145 |
Preferred equity | Preferred shares | The Corporation | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 4,103 | |
Non-controlling interests | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 122,465 | 98,138 |
Non-controlling interests | Common shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | 117,318 | 92,991 |
Non-controlling interests | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Total Equity | $ 5,147 | $ 5,147 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) | 12 Months Ended | |||
Dec. 09, 2022 USD ($) | Dec. 31, 2023 USD ($) yr shares $ / shares | Dec. 31, 2022 USD ($) yr shares $ / shares | Dec. 31, 2023 $ / shares | |
Disclosure of classes of share capital [line items] | ||||
Dividends paid, ordinary shares per share | $ / shares | $ 0.28 | $ 0.56 | ||
Expense incurred with respect to MSOP | $ 17,000,000 | $ 30,000,000 | ||
Expense from share-based payment transactions with employees | $ 105,000,000 | $ 167,000,000 | ||
Proportion of ownership interest in subsidiary | 25% | 25% | ||
Non-cash distribution | $ 2,400,000,000 | $ 2,400,000,000 | ||
Brookfield Asset Management ULC (BAM) | ||||
Disclosure of classes of share capital [line items] | ||||
Non-cash distribution | $ 410,000,000 | |||
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | ||||
Disclosure of classes of share capital [line items] | ||||
Average term to exercise | yr | 7.5 | 7.5 | ||
Expected volatility, share options granted | 28.70% | 24.80% | ||
Expected dividend as percentage, share options granted | 1% | 1.40% | ||
Risk free interest rate, share options granted | 4% | 1.90% | ||
Liquidity Discount | 25% | 25% | ||
Weighted-average fair value of a unit | $ 9.61 | $ 8.82 | ||
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 | shares | 2,155,000,000 | 43,650,000,000 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 34.84 | $ 26.94 | ||
Average term to exercise | yr | 7.5 | 7.2 | ||
Expected volatility, share options granted | 28.70% | 26.70% | ||
Expected dividend as percentage, share options granted | 1% | 1% | ||
Risk free interest rate, share options granted | 4% | 3.70% | ||
Liquidity Discount | 25% | 25% | ||
Weighted-average fair value of a unit | $ 9.61 | $ 7.66 | ||
Deferred Stock Units and Restricted Stock Units | Employees and Directors | Cash-Settled Share-Based Payment Arrangement | ||||
Disclosure of classes of share capital [line items] | ||||
Share based awards, vesting period | 5 years | |||
Share Options Vested In Share-Based Payment Arrangement | $ 1,300,000,000 | 1,200,000,000 | ||
Expense from share-based payment transactions with employees | $ 1,000,000 | $ 8,000,000 | ||
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 awards, vesting period | 5 years | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Expiration Period1 | 10 years | |||
Common Class A | Escrowed Stock Plan | Executives [Member] | Equity-Settled Share-Based Payment Arrangement | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares purchased (in shares) | shares | 2,200,000 | 5,100,000 | ||
Expense from share-based payment transactions with employees | $ 30,000,000 | $ 51,000,000 | ||
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 awards, vesting period | 5 years | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Expiration Period1 | 10 years | |||
Common Class A | Restricted Stock | Executives [Member] | Equity-Settled Share-Based Payment Arrangement | ||||
Disclosure of classes of share capital [line items] | ||||
Share based awards, vesting period | 5 years | |||
Share based awards, hold period | 5 years | |||
Number of instruments granted in share-based payment arrangement | yr | 1,500,000 | 1,900,000 | ||
Expense from share-based payment transactions with employees | $ 57,000,000 | $ 78,000,000 | ||
Common shares | Common Class B | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | shares | 85,120 | |||
Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share (in cad per share) | $ / shares | $ 25 | |||
Preference shares, series 51 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share (in cad per share) | $ / shares | 22.44 | |||
Preference shares, series 52 | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share (in cad per share) | $ / shares | $ 22 |
EQUITY - Schedule Of Number Of
EQUITY - Schedule Of Number Of Issued And Outstanding Common Shares And Unexercised Options (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | |||
Number of Common Shares Held by the Company | 81,849,805 | 62,910,220 | 69,663,192 |
Common shares | |||
Disclosure of classes of share capital [line items] | |||
Issued and Outstanding (in shares) | 1,523,457,459 | 1,573,371,868 | 1,568,828,941 |
Unexercised options and other share-based plans (in shares) | 91,632,045 | 55,500,881 | |
Total diluted shares (in shares) | 1,615,089,504 | 1,628,872,749 | |
Class A shares | Common shares | |||
Disclosure of classes of share capital [line items] | |||
Issued and Outstanding (in shares) | 1,523,372,339 | 1,573,286,748 | |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Issued (Repurchased) | |||
Number of Common Shares Held by the Company | 81,849,805 | 62,910,220 | 69,663,192 |
Common shares | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance (in shares) | 1,573,371,868 | 1,568,828,941 | |
Issued (Repurchased) | |||
Share issuance | 794,418 | 1,406,586 | |
Repurchases (in shares) | (54,547,332) | (17,247,660) | |
Long-term share ownership plans (in shares) | 3,722,567 | 19,138,775 | |
Dividend reinvestment plan and others (in shares) | 115,938 | 1,245,226 | |
Ending balance (in shares) | 1,523,457,459 | 1,573,371,868 |
EQUITY - Schedule Of Basic And
EQUITY - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [abstract] | ||
Net income (loss) | $ 1,130 | $ 2,056 |
Dilutive effect of conversion of subsidiary preferred shares | (166) | (150) |
Profit (loss), attributable to ordinary equity holders of parent entity | 964 | 1,906 |
Dilutive effect of exchangeable shares issued in a consolidated subsidiary | 5 | 5 |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | $ 969 | $ 1,911 |
Weighted average - common shares | 1,558.5 | 1,567.5 |
Dilutive effect of the conversion of options and escrowed shares using the treasury stock method | 29.7 | 40.7 |
Common shares and common share equivalents | 1,588.2 | 1,608.2 |
EQUITY - Schedule Of Preferred
EQUITY - Schedule Of Preferred Equity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 168,242 | $ 141,891 |
Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 4.80% | 4.40% |
Floating rate | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 5.29% | 4.26% |
Fixed rate | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 4.82% | 4.82% |
Fixed and floating rate [Member] | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 5% | 4.59% |
Fixed rate-reset preferred shares | Weighted average | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Average Rate | 4.72% | 4.31% |
Preferred equity | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 4,103 | $ 4,145 |
Preferred equity | Floating rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 463 | 505 |
Preferred equity | Fixed rate | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 739 | 739 |
Preferred equity | Fixed and floating rate [Member] | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | 1,202 | 1,244 |
Preferred equity | Fixed rate-reset preferred shares | Preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 2,901 | $ 2,901 |
EQUITY - Schedule Of Series Of
EQUITY - Schedule Of Series Of Preferred Shares (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Equity | $ 168,242 | $ 141,891 |
Series 2 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 7,000% | |
Series 4 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 7,000% | |
Series 13 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 7,000% | |
Series 15 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4,000% | |
Series 17 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.75% | |
Series 18 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.75% | |
Series 36 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.85% | |
Series 37 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.90% | |
Series 24 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.24% | |
Series 26 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.85% | |
Series 28 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.61% | |
Series 30 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 6.09% | |
Series 32 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 6.74% | |
Series 34 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.44% | |
Series 38 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.57% | |
Series 40 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 4.03% | |
Series 42 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 3.25% | |
Series 44 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 5% | |
Series 46 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 5.39% | |
Series 48 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 6.23% | |
Series 52 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, dividend rate, percentage | 2.75% | |
Preferred shares | Fixed rate-reset preferred shares | Bottom of range | ||
Disclosure of classes of share capital [line items] | ||
Period of fixed dividend rate | 5 years | 5 years |
Preferred shares | Fixed rate-reset preferred shares | Bottom of range | Canada Bond Rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, basis spread on variable rate | 18,000% | |
Preferred shares | Fixed rate-reset preferred shares | Top of range | ||
Disclosure of classes of share capital [line items] | ||
Period of fixed dividend rate | 6 years | 6 years |
Preferred shares | Fixed rate-reset preferred shares | Top of range | Canada Bond Rate | ||
Disclosure of classes of share capital [line items] | ||
Preferred stock, basis spread on variable rate | 41,700% | |
Preferred shares | Preferred equity | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 4,103 | $ 4,145 |
Preferred shares | Preferred equity | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | 463 | 505 |
Preferred shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | 739 | 739 |
Preferred shares | Preferred equity | Fixed and floating rate [Member] | ||
Disclosure of classes of share capital [line items] | ||
Equity | 1,202 | 1,244 |
Preferred shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 2,901 | $ 2,901 |
Preferred shares | Series 2 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 10,220,175 | 10,220,175 |
Preferred shares | Series 2 Class A Preferred Shares | Preferred equity | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 169 | $ 169 |
Preferred shares | Series 4 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 3,983,910 | 3,983,910 |
Preferred shares | Series 4 Class A Preferred Shares | Preferred equity | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 45 | $ 45 |
Preferred shares | Series 13 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 8,792,596 | 8,792,596 |
Preferred shares | Series 13 Class A Preferred Shares | Preferred equity | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 195 | $ 195 |
Preferred shares | Series 15 Class A Preferred Shares | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 0 | 2,000,000 |
Preferred shares | Series 15 Class A Preferred Shares | Preferred equity | Floating rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 0 | $ 42 |
Preferred shares | Series 17 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,840,204 | 7,840,204 |
Preferred shares | Series 17 Class A Preferred Shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 171 | $ 171 |
Preferred shares | Series 18 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,681,088 | 7,681,088 |
Preferred shares | Series 18 Class A Preferred Shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 178 | $ 178 |
Preferred shares | Series 36 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,842,909 | 7,842,909 |
Preferred shares | Series 36 Class A Preferred Shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 197 | $ 197 |
Preferred shares | Series 37 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,830,091 | 7,830,091 |
Preferred shares | Series 37 Class A Preferred Shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 193 | $ 193 |
Preferred shares | Series 24 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 10,808,027 | 10,808,027 |
Preferred shares | Series 24 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 265 | $ 265 |
Preferred shares | Series 26 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,770,928 | 9,770,928 |
Preferred shares | Series 26 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 240 | $ 240 |
Preferred shares | Series 28 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,233,927 | 9,233,927 |
Preferred shares | Series 28 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 232 | $ 232 |
Preferred shares | Series 30 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,787,090 | 9,787,090 |
Preferred shares | Series 30 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 241 | $ 241 |
Preferred shares | Series 32 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,750,299 | 11,750,299 |
Preferred shares | Series 32 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 297 | $ 297 |
Preferred shares | Series 34 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,876,735 | 9,876,735 |
Preferred shares | Series 34 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 253 | $ 253 |
Preferred shares | Series 38 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 7,906,132 | 7,906,132 |
Preferred shares | Series 38 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 179 | $ 179 |
Preferred shares | Series 40 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,841,025 | 11,841,025 |
Preferred shares | Series 40 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 271 | $ 271 |
Preferred shares | Series 42 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,887,500 | 11,887,500 |
Preferred shares | Series 42 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 266 | $ 266 |
Preferred shares | Series 44 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 9,831,929 | 9,831,929 |
Preferred shares | Series 44 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 187 | $ 187 |
Preferred shares | Series 46 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,740,797 | 11,740,797 |
Preferred shares | Series 46 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 217 | $ 217 |
Preferred shares | Series 48 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 11,885,972 | 11,885,972 |
Preferred shares | Series 48 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 244 | $ 244 |
Preferred shares | Series 51 Class A Preferred Shares | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 3,320,486 | 3,320,486 |
Preferred shares | Series 51 Class A Preferred Shares | Preferred equity | Fixed rate | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 54 | $ 54 |
Preferred shares | Series 52 Class A Preferred Shares | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Issued and Outstanding (in shares) | 1,177,580 | 1,177,580 |
Preferred shares | Series 52 Class A Preferred Shares | Preferred equity | Fixed rate-reset preferred shares | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 9 | $ 9 |
EQUITY - Schedule Of Non-contro
EQUITY - Schedule Of Non-controlling Interests (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Equity | $ 168,242 | $ 141,891 |
Non-controlling interests | ||
Disclosure of classes of share capital [line items] | ||
Equity | 122,465 | 98,138 |
Common shares | Non-controlling interests | ||
Disclosure of classes of share capital [line items] | ||
Equity | 117,318 | 92,991 |
Preferred shares | Non-controlling interests | ||
Disclosure of classes of share capital [line items] | ||
Equity | $ 5,147 | $ 5,147 |
EQUITY - Schedule Of Expense Re
EQUITY - Schedule Of Expense Recognized For Share-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [abstract] | ||
Expense arising from equity-settled share-based payment transactions | $ 104 | $ 159 |
Expense arising from cash-settled share-based payment transactions | 290 | (621) |
Total expense arising from share-based payment transactions | 394 | (462) |
Effect of hedging program | (289) | 629 |
Expense from share-based payment transactions with employees | $ 105 | $ 167 |
EQUITY - Schedule Of Options (D
EQUITY - Schedule Of Options (Details) - Equity-Settled Share-Based Payment Arrangement $ / shares in Units, shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2022 shares | Dec. 31, 2022 yr | Dec. 31, 2021 shares $ / shares | |
Management Share Option Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average share price, share options granted | $ 36.37 | $ 46.62 | |||
Management Share Option Plan | NYSE Common Class A Shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of share options outstanding in share-based payment arrangement | shares | 44,093,000 | 43,794,000 | |||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 26.30 | $ 25.16 | $ 22.59 | ||
Number of share options granted in share-based payment arrangement | shares | 716,000 | 3,956,000 | |||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 36.37 | $ 46.62 | |||
Exercised (in shares) | shares | (4,731,000) | (3,258,000) | |||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 16.25 | $ 15.35 | |||
Number Of Share Options Cancelled In Share-Based Payment Arrangement | shares | (333,000) | (399,000) | |||
Weighted average exercise price of share options exercised (in dollars per share) | $ | $ 39.57 | $ 35.70 | |||
Escrowed Stock Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of share options outstanding in share-based payment arrangement | 41,337,000 | 39,425,000 | 39,425,000,000 | 50,378,000 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 35.03 | $ 35 | $ 25.14 | ||
Number of share options granted in share-based payment arrangement | shares | 2,155,000 | 43,650,000 | |||
Exercised (in shares) | shares | (228,000) | (54,600,000) | |||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 34.84 | $ 26.94 | |||
Number Of Share Options Cancelled In Share-Based Payment Arrangement | shares | (15,000) | (3,000) | |||
Weighted average share price, share options granted | $ 36.37 | $ 36.25 | |||
Weighted average exercise price of share options expired in share-based payment arrangement | $ 43.51 | $ 41.06 |
EQUITY - Schedule Using Black-S
EQUITY - Schedule Using Black-Scholes Module (Details) - Equity-Settled Share-Based Payment Arrangement | 12 Months Ended | |
Dec. 31, 2023 yr $ / shares | Dec. 31, 2022 yr $ / shares | |
Management Share Option Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average share price, share options granted | $ / shares | $ 36.37 | $ 46.62 |
Average term to exercise | yr | 7.5 | 7.5 |
Expected volatility, share options granted | 28.70% | 24.80% |
Liquidity Discount | 25% | 25% |
Expected dividend as percentage, share options granted | 1% | 1.40% |
Risk free interest rate, share options granted | 4% | 1.90% |
Escrowed Stock Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average share price, share options granted | $ / shares | $ 36.37 | $ 36.25 |
Average term to exercise | yr | 7.5 | 7.2 |
Expected volatility, share options granted | 28.70% | 26.70% |
Liquidity Discount | 25% | 25% |
Expected dividend as percentage, share options granted | 1% | 1% |
Risk free interest rate, share options granted | 4% | 3.70% |
EQUITY - Schedule Of Options to
EQUITY - Schedule Of Options to Purchase Class A Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Management Share Option Plan | Common Class A | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Vested (in shares) | 31,163,000 | 31,425,000 |
Unvested (in shares) | 8,582,000 | 12,668,000 |
Number of share options outstanding in share-based payment arrangement | 39,745,000 | 44,093,000 |
US$13.77 - US$16.70 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Weighted average remaining contractual life of outstanding share options | 1 year 9 months 18 days | 2 years 1 month 6 days |
C$11.77 | Management Share Option Plan | Common Class A | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Vested (in shares) | 4,845,000 | 8,376,000 |
Unvested (in shares) | 0 | 0 |
Number of share options outstanding in share-based payment arrangement | 4,845,000 | 8,376,000 |
US$18.43 - US$22.05 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Weighted average remaining contractual life of outstanding share options | 3 years | |
Range two | Management Share Option Plan | Common Class A | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Vested (in shares) | 16,604,000 | 16,569,000 |
Unvested (in shares) | 0 | 1,094,000 |
Number of share options outstanding in share-based payment arrangement | 16,604,000 | 17,663,000 |
US$24.15 - US$31.64 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Weighted average remaining contractual life of outstanding share options | 5 years 2 months 12 days | 6 years 2 months 12 days |
Range three | Management Share Option Plan | Common Class A | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Vested (in shares) | 5,539,000 | 4,381,000 |
Unvested (in shares) | 1,390,000 | 2,700,000 |
Number of share options outstanding in share-based payment arrangement | 6,929,000 | 7,081,000 |
US$35.56 – US$46.62 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Weighted average remaining contractual life of outstanding share options | 7 years 3 months 18 days | 8 years 2 months 12 days |
Exercise Price Range Four [Member] | Management Share Option Plan | Common Class A | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of classes of share capital [line items] | ||
Vested (in shares) | 4,175,000 | 2,099,000 |
Unvested (in shares) | 7,192,000 | 8,874,000 |
Number of share options outstanding in share-based payment arrangement | 11,367,000 | 10,973,000 |
US$15.58 - US$20.39 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Weighted average remaining contractual life of outstanding share options | 4 years | |
Bottom of range | US$13.77 - US$16.70 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | $ 13.77 | $ 13.77 |
Bottom of range | US$18.43 - US$22.05 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 18.43 | |
Bottom of range | US$24.15 - US$31.64 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 24.15 | 24.15 |
Bottom of range | US$35.56 – US$46.62 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 35.56 | 35.56 |
Bottom of range | US$15.58 - US$20.39 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 18.43 | |
Top of range | US$13.77 - US$16.70 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 16.70 | 16.70 |
Top of range | US$18.43 - US$22.05 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 22.05 | |
Top of range | US$24.15 - US$31.64 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | 31.64 | 31.64 |
Top of range | US$35.56 – US$46.62 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | $ 46.62 | 46.62 |
Top of range | US$15.58 - US$20.39 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price of outstanding share options | $ 22.05 |
EQUITY - Changes in Number of D
EQUITY - Changes in Number of DSUs and RSUS (Details) - Cash-Settled Share-Based Payment Arrangement $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) shares $ / shares | Dec. 31, 2022 CAD ($) shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Deferred Stock Unit | |||
Disclosure of classes of share capital [line items] | |||
Number of share options outstanding in share-based payment arrangement | 20,951 | 21,648 | 18,286 |
Granted and reinvested (in shares) | 271 | 3,415 | |
Number Of Share Options Exercised And Cancelled In Share-Based Payment Arrangement | (968) | (53) | |
Restricted Stock | |||
Disclosure of classes of share capital [line items] | |||
Number of share options outstanding in share-based payment arrangement | 13,679 | 13,679 | 13,679 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 6.10 | $ 6.10 | $ 6.10 |
Granted and reinvested (in shares) | 0 | 0 | |
Weighted Average Exercise Price Of Share Options Granted And Reinvested (in dollars per share) | $ | $ 0 | $ 0 | |
Number Of Share Options Exercised And Cancelled In Share-Based Payment Arrangement | 0 | 0 | |
Weighted Average Exercise Price Of Share Options Exercised And Cancelled (in dollars per share) | $ | $ 0 | $ 0 | |
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | $ / shares | $ 6.10 |
EQUITY - Fair Value of DSUs and
EQUITY - Fair Value of DSUs and RSUs (Details) - Cash-Settled Share-Based Payment Arrangement | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) |
Deferred Stock Unit | ||||
Disclosure of classes of share capital [line items] | ||||
Share Price on Date of Remeasurement in Canadian Dollars Per Share | $ 53.15 | $ 42.58 | ||
Share Price on Date of Remeasurement in US Dollars per Share | $ 40.12 | $ 31.46 | ||
Restricted Stock | ||||
Disclosure of classes of share capital [line items] | ||||
Share Price on Date of Remeasurement in Canadian Dollars Per Share | 53.15 | 42.58 | ||
Weighted-average fair value of a unit | $ 47.05 | $ 36.48 |
REVENUES - BY TYPE (Details)
REVENUES - BY TYPE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 82,732 | $ 81,436 |
Other revenue | 13,192 | 11,333 |
Revenue | 95,924 | 92,769 |
Asset management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,229 | 4,793 |
Other revenue | 4,990 | 4,162 |
Revenue | 10,219 | 8,955 |
Corporate Activities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Other revenue | 309 | 166 |
Revenue | 309 | 166 |
Renewable Power and Transition | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,878 | 4,959 |
Other revenue | 432 | 239 |
Revenue | 5,310 | 5,198 |
Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 16,899 | 13,925 |
Other revenue | 1,335 | 735 |
Revenue | 18,234 | 14,660 |
Private Equity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 52,570 | 54,541 |
Other revenue | 3,113 | 2,792 |
Revenue | 55,683 | 57,333 |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,156 | 3,218 |
Other revenue | 3,013 | 3,239 |
Revenue | $ 6,169 | $ 6,457 |
REVENUES - BY TIMING OF RECOGNI
REVENUES - BY TIMING OF RECOGNITION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 82,732 | $ 81,436 |
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 | 46,510 | 49,628 |
Goods or services transferred over time [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 36,222 | 31,808 |
Asset management | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 5,229 | 4,793 |
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 | 1,562 | 1,587 |
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 | 3,667 | 3,206 |
Renewable Power | 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 | 221 | 274 |
Renewable Power | Goods or services transferred over time [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 4,657 | 4,685 |
Infrastructure | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 16,899 | 13,925 |
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 | 0 | 0 |
Infrastructure | Goods or services transferred over time [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 16,899 | 13,925 |
Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 52,570 | 54,541 |
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 | 42,562 | 45,558 |
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 | 10,008 | 8,983 |
Real Estate | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 3,156 | 3,218 |
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 | 2,165 | 2,209 |
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 | $ 991 | $ 1,009 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Operating lease income | $ 8,800 | $ 8,200 |
Income relating to variable lease payments for operating leases that do not depend on index or rate | 155 | 182 |
Construction Services [Member] | Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Transaction price allocated to remaining performance obligations | 6,200 | 5,700 |
Brazilian water and wastewater services [Member] | Private Equity | Service concession arrangements [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Transaction price allocated to remaining performance obligations | $ 10,600 | $ 10,400 |
Explanation of when entity expects to recognise transaction price allocated to remaining performance obligations as revenue | 23 years | 23 years |
Dealer software and technology services | Private Equity | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Transaction price allocated to remaining performance obligations | $ 2,300 | $ 2,500 |
REVENUES Revenue - Lease Paymen
REVENUES Revenue - Lease Payment Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | $ 43,994 | $ 37,812 |
Less than 1 year | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 6,826 | 5,719 |
1 to 3 Years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 11,229 | 9,072 |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 8,268 | 7,038 |
Thereafter | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | $ 17,671 | $ 15,983 |
DIRECT COSTS - Schedule of List
DIRECT COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Cost of sales | $ 52,224 | $ 54,044 |
Compensation | 11,155 | 9,849 |
Depreciation and amortisation expense | 9,075 | 7,683 |
Selling, general and administrative expenses | 5,354 | 3,931 |
Property taxes, sales taxes and other | 3,601 | 3,004 |
Total | $ 81,409 | $ 78,511 |
FAIR VALUE CHANGES (Details)
FAIR VALUE CHANGES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | $ (1,396) | $ (977) |
Investment property [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | (105) | 629 |
Transaction related gains, net of deal costs | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | (608) | (533) |
Financial contracts | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | 337 | (163) |
Impairment and provisions | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | (1,276) | (293) |
Other fair value changes | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value changes in net income | $ 256 | $ (617) |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) $ in Millions | Dec. 31, 2023 USD ($) GWh MMBTU | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GWh | Dec. 31, 2022 MMBTU |
Foreign exchange | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative, Notional Amount | $ 58,175 | $ 50,601 | ||
Interest rates | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative, Notional Amount | 124,265 | 61,939 | ||
Equity derivatives | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative, Notional Amount | $ 2,017 | $ 1,942 | ||
Energy commodity instrument [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | GWh | 98,345 | 69,902 | ||
Natural gas commodity instrument [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | 144,104,000 | 128,381,000 | 128,381,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Contract Derivative Positions (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 58,175 | $ 50,601 |
Canadian dollars | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 7,360 | $ 7,381 |
Average Exchange Rate | 0.76 | 0.76 |
Canadian dollars | Cross currency interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 6,457 | $ 5,673 |
Average Exchange Rate | 0.80 | 0.77 |
British pounds | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 7,608 | $ 6,880 |
Average Exchange Rate | 1.07 | 1.12 |
British pounds | Cross currency interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 0 | $ 243 |
Average Exchange Rate | 0 | 1.21 |
European Union euros | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 14,814 | $ 10,074 |
Average Exchange Rate | 1.09 | 1.01 |
Australian dollars | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 3,417 | $ 4,088 |
Average Exchange Rate | 0.69 | 0.69 |
Australian dollars | Cross currency interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 502 | $ 634 |
Average Exchange Rate | 0.68 | 0.93 |
Indian rupees | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 5,233 | $ 3,921 |
Average Exchange Rate | 85.57 | 73.72 |
Indian rupees | Foreign exchange options [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 379 | $ 485 |
Average Exchange Rate | 74.20 | 78.73 |
Korean won | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 1,091 | $ 923 |
Average Exchange Rate | 1,303 | 1,293 |
Chinese yuan1 | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 3,083 | $ 4,166 |
Average Exchange Rate | 6.86 | 6.07 |
Japanese yen | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 77 | $ 378 |
Average Exchange Rate | 138.41 | 116.26 |
Japanese yen | Cross currency interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 0 | $ 275 |
Average Exchange Rate | 0 | 130.68 |
Colombian pesos | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 2,652 | $ 355 |
Average Exchange Rate | 4,629 | 4,800 |
Colombian pesos | Cross currency interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 0 | $ 749 |
Average Exchange Rate | 0 | 0.19 |
Brazilian reais | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 3,969 | $ 1,371 |
Average Exchange Rate | 0.18 | 0.16 |
Sweden, Kronor | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 0 | $ 0 |
Average Exchange Rate | 0 | |
Other currencies | Foreign exchange | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, Notional Amount | $ 1,532 | $ 2,764 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) GWh in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) MMBTU | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GWh | Dec. 31, 2022 MMBTU | |
Disclosure of detailed information about hedging instruments [line items] | ||||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | $ 103 | $ (146) | ||
Equity derivatives | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative, Notional Amount | 2,000 | 1,900 | ||
Interest Rate Swap and Forward Starting Swap Contracts [Member] | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative, Notional Amount | 76,100 | 38,600 | ||
Interest Rate Swaptions | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative, Notional Amount | 292 | 244 | ||
Interest Rate Cap Contracts | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative, Notional Amount | 47,900 | 22,800 | ||
Foreign exchange | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | 47 | 23 | ||
Gains (losses) on hedges of net investments in foreign operations, net of tax | 1,600 | 2,800 | ||
Derivative, Notional Amount | 58,175 | 50,601 | ||
Equity derivatives | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Unrealised Gains (Losses) On Change In Fair Value Of Derivatives | (32) | (296) | ||
Derivative, Notional Amount | $ 2,017 | $ 1,942 | ||
Natural gas commodity instrument [Member] | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | 144,104,000 | 128,381 | 128,381,000 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Hedge Classification (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) GWh MMBTU | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GWh | Dec. 31, 2022 MMBTU | |
Cash flow hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal amount of derivative positions | $ 84,119 | $ 49,199 | ||
Gains (losses) on cash flow hedges, before tax | (754) | 2,081 | ||
Ineffective Portion | (12) | 13 | ||
Net investment hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal amount of derivative positions | 45,979 | 35,438 | ||
Gains (losses) on hedges of net investments in foreign operations, before tax | (1,200) | 2,998 | ||
Ineffective Portion | 0 | 0 | ||
Cash flow hedges and hedges of net investment in foreign operations [Member] | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal amount of derivative positions | 130,098 | 84,637 | ||
Gain (loss) on hedge effectiveness recognised in other comprehensive income | (1,954) | 5,079 | ||
Ineffective Portion | $ (12) | $ 13 | ||
Energy commodity instrument [Member] | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | GWh | 98,345 | 69,902 | ||
Energy commodity instrument [Member] | Cash flow hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | GWh | 28,952 | 18,133 | ||
Natural gas commodity instrument [Member] | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | 144,104,000 | 128,381,000 | 128,381,000 | |
Natural gas commodity instrument [Member] | Cash flow hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Nominal Amount of Commodity Derivatives | MMBTU | 49,386,000 | 67,803,000 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | $ 563 | |
Unrealized losses | (460) | |
Net Change | (103) | $ 146 |
Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 137 | |
Unrealized losses | (90) | |
Net Change | (47) | (23) |
Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 205 | |
Unrealized losses | (215) | |
Net Change | 10 | (419) |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 0 | |
Unrealized losses | (32) | |
Net Change | 32 | 296 |
Commodity instruments | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains | 221 | |
Unrealized losses | (123) | |
Net Change | $ (98) | $ 292 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Instruments Fair Value Through Profit or Loss (Details) $ in Millions | Dec. 31, 2023 USD ($) MMBTU GWh | Dec. 31, 2022 USD ($) GWh MMBTU |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 2,000 | $ 1,900 |
Fair value through profit or loss | Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 6,133 | 7,075 |
Fair value through profit or loss | Foreign exchange | Less than 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 4,295 | |
Fair value through profit or loss | Foreign exchange | 1 to 5 Years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 892 | |
Fair value through profit or loss | Foreign exchange | Thereafter | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 946 | |
Fair value through profit or loss | Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 45,100 | 19,976 |
Fair value through profit or loss | Interest rates | Less than 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 24,234 | |
Fair value through profit or loss | Interest rates | 1 to 5 Years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 19,941 | |
Fair value through profit or loss | Interest rates | Thereafter | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 925 | |
Fair value through profit or loss | Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 2,017 | $ 1,942 |
Fair value through profit or loss | Equity derivatives | Less than 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 1,231 | |
Fair value through profit or loss | Equity derivatives | 1 to 5 Years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 786 | |
Fair value through profit or loss | Equity derivatives | Thereafter | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 0 | |
Fair value through profit or loss | Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 69,394,000,000 | 51,770,000,000 |
Fair value through profit or loss | Energy commodity instrument [Member] | Less than 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 8,482,000,000 | |
Fair value through profit or loss | Energy commodity instrument [Member] | 1 to 5 Years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 25,938,000,000 | |
Fair value through profit or loss | Energy commodity instrument [Member] | Thereafter | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 34,974,000,000 | |
Fair value through profit or loss | Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 94,718,000 | 60,578,000 |
Fair value through profit or loss | Natural gas commodity instrument [Member] | Less than 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 85,583,000 | |
Fair value through profit or loss | Natural gas commodity instrument [Member] | 1 to 5 Years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 9,135,000 | |
Fair value through profit or loss | Natural gas commodity instrument [Member] | Thereafter | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 0 | |
Elected for hedge accounting | Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 52,041 | $ 43,286 |
Elected for hedge accounting | Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 79,165 | $ 41,963 |
Elected for hedge accounting | Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 28,951,000,000 | 18,133,000,000 |
Elected for hedge accounting | Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 49,386,000 | 67,803,000 |
Elected for hedge accounting | Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 0 | $ 0 |
Elected for hedge accounting | Less than 1 year | Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 17,987 | |
Elected for hedge accounting | Less than 1 year | Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 19,308 | |
Elected for hedge accounting | Less than 1 year | Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 5,471,000,000 | |
Elected for hedge accounting | Less than 1 year | Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 37,142,000 | |
Elected for hedge accounting | Less than 1 year | Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 0 | |
Elected for hedge accounting | 1 to 5 Years | Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 32,628 | |
Elected for hedge accounting | 1 to 5 Years | Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 53,331 | |
Elected for hedge accounting | 1 to 5 Years | Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 10,514,000,000 | |
Elected for hedge accounting | 1 to 5 Years | Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 12,244,000 | |
Elected for hedge accounting | 1 to 5 Years | Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 0 | |
Elected for hedge accounting | Thereafter | Foreign exchange | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | 1,426 | |
Elected for hedge accounting | Thereafter | Interest rates | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 6,526 | |
Elected for hedge accounting | Thereafter | Energy commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | GWh | 12,966,000,000 | |
Elected for hedge accounting | Thereafter | Natural gas commodity instrument [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal Amount of Commodity Derivatives | MMBTU | 0 | |
Elected for hedge accounting | Thereafter | Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative, Notional Amount | $ 0 |
MANAGEMENT OF RISKS ARISING F_3
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Interest rate risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Basis point increase in interest rates | 0.50 | |
Net income impact of a 50 basis-point increase in interest rate on floating rate financial assets and liabilities | $ 278 | $ (416) |
Net income impact of 50 basis point increase in yield curve on financial assets and liabilities | 228 | 146 |
Other comprehensive income impact of 50 basis point increase in yield curve on financial assets and liabilities | $ 956 | 486 |
Currency risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of increase in U.S dollar against other currencies | 1% | |
Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments | $ 51 | 61 |
Impact of 1% increase in U.S. dollar against foreign currencies on hedged financial instruments | $ 490 | 421 |
Equity price risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage Of Increase (Decrease) In Market Price Of Equity Securities And Equity Derivatives | 5% | |
Impact on Net Income as a Result of a Percentage Decrease Equity Securities | $ 168 | (253) |
Impact on Other Comprehensive Income as a Result of a Percentage Decrease Equity Securities | $ 91 | (76) |
Percentage change in the common equity price | 5% | |
Increase in compensation liability and expense | $ 80 | 63 |
Increase (decrease) in equity derivatives used for compensation hedging from a 5% change in the common equity price of the company | 87 | 74 |
Amount to offset increase in compensation expense | 80 | 63 |
Other comprehensive income impact of equity derivatives used for compensation hedging | $ 7 | 11 |
Other price risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage increase in energy prices | 5% | |
Impact on net income from a 5% decrease in energy prices | $ 72 | (85) |
Impact on other comprehensive income from a 5% decrease in energy prices | $ 31 | $ (46) |
MANAGEMENT OF RISKS ARISING F_4
MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Contractual Maturities of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Principal repayments | ||
Principal repayments of borrowings | $ 12,160 | $ 11,390 |
Principal repayment of borrowings | 12,160 | 11,390 |
Non-recourse borrowings of managed entities | 221,550 | 202,684 |
Subsidiary equity obligations | 4,145 | 4,188 |
Interest expense | ||
Corporate borrowings | 6,264 | 5,991 |
Non-recourse borrowings | 69,587 | 56,365 |
Subsidiary equity obligations | 1,529 | 1,170 |
Insurance contracts that are liabilities | 8,882 | 8,506 |
Undiscounted Finance Lease Payments to be Paid [Member] | ||
Interest expense | ||
Insurance contracts that are liabilities | 16,993 | 17,773 |
Less than 1 year | ||
Principal repayments | ||
Principal repayments of borrowings | 604 | |
Principal repayment of borrowings | 0 | |
Non-recourse borrowings of managed entities | 56,854 | 42,883 |
Subsidiary equity obligations | 932 | 1,187 |
Interest expense | ||
Corporate borrowings | 520 | 484 |
Non-recourse borrowings | 13,461 | 10,597 |
Subsidiary equity obligations | 169 | 152 |
Less than 1 year | Undiscounted Finance Lease Payments to be Paid [Member] | ||
Interest expense | ||
Insurance contracts that are liabilities | 1,131 | 1,186 |
1 to 3 Years | ||
Principal repayments | ||
Principal repayments of borrowings | 1,631 | |
Principal repayment of borrowings | 1,608 | |
Non-recourse borrowings of managed entities | 54,360 | 58,726 |
Subsidiary equity obligations | 774 | 746 |
Interest expense | ||
Corporate borrowings | 948 | 863 |
Non-recourse borrowings | 20,000 | 16,016 |
Subsidiary equity obligations | 253 | 273 |
1 to 3 Years | Undiscounted Finance Lease Payments to be Paid [Member] | ||
Interest expense | ||
Insurance contracts that are liabilities | 2,044 | 1,855 |
Later than four years and not later than five years [member] | ||
Principal repayments | ||
Principal repayments of borrowings | 1,434 | |
Principal repayment of borrowings | 1,486 | |
Non-recourse borrowings of managed entities | 48,795 | 44,119 |
Subsidiary equity obligations | 44 | 553 |
Interest expense | ||
Corporate borrowings | 821 | 728 |
Non-recourse borrowings | 13,970 | 11,432 |
Subsidiary equity obligations | 174 | 182 |
Later than four years and not later than five years [member] | Undiscounted Finance Lease Payments to be Paid [Member] | ||
Interest expense | ||
Insurance contracts that are liabilities | 1,638 | 1,540 |
Greater than 5 years | ||
Principal repayments | ||
Principal repayments of borrowings | 8,491 | |
Principal repayment of borrowings | 8,296 | |
Non-recourse borrowings of managed entities | 61,541 | 56,956 |
Subsidiary equity obligations | 2,395 | 1,702 |
Interest expense | ||
Corporate borrowings | 3,975 | 3,916 |
Non-recourse borrowings | 22,156 | 18,320 |
Subsidiary equity obligations | 933 | 563 |
Greater than 5 years | Undiscounted Finance Lease Payments to be Paid [Member] | ||
Interest expense | ||
Insurance contracts that are liabilities | $ 12,180 | $ 13,192 |
RELATED PARTY TRANSACTIONS RE_2
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Renumeration of Directors and Other Key Management (Details) - Key management personnel of entity or parent [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Key management personnel compensation, short-term employee benefits | $ (5) | $ (14) |
Key management personnel compensation, share-based payment | (19) | (38) |
Total | $ 24 | 52 |
Brookfield Corporation | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel compensation, short-term employee benefits | (5) | |
Key management personnel compensation, share-based payment | $ (13) |
RELATED PARTY TRANSACTIONS RE_3
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Related Party Balances included within Consolidated Financial Statements (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Cash included in cash and cash equivalents | $ 8,800 | $ 12,000 |
Reinsurance | ||
Disclosure of transactions between related parties [line items] | ||
Transfers under finance agreements from entity, related party transactions | 2,000 | |
Sales of property and other assets, related party transactions | 2,100 | |
Cash included in cash and cash equivalents | 266 | |
Partners Value Investments Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Cash included in cash and cash equivalents | 133 | |
Oaktree [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Cash included in cash and cash equivalents | $ 40 | |
Brookfield Corporation | BN Class A | ||
Disclosure of transactions between related parties [line items] | ||
Share Exchange | 33 | |
Other related parties [member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees received | $ 149 | $ 102 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2014 USD ($) tranche | Dec. 31, 2021 $ / shares | |
Disclosure of other information [Line Items] | ||||
Contractual capital commitments | $ 6,200 | $ 2,800 | ||
Insurance for Damage and Business Interruption Costs | 4,000 | |||
Subsidiary preferred equity units | 1,625 | 1,605 | ||
Interest costs capitalised | $ 471 | $ 508 | ||
Brookfield Property Partners L.P. [Member] | ||||
Disclosure of other information [Line Items] | ||||
Subsidiary preferred equity units | $ 1,800 | |||
Number of tranches | tranche | 3 | |||
Exchangeable price of BPY preferred units issued to QIA | $ / shares | $ 25.70 | |||
Brookfield Property Partners L.P. [Member] | 2021 | ||||
Disclosure of other information [Line Items] | ||||
Subsidiary preferred equity units | $ 600 |
Uncategorized Items - _IXDS
Label | Element | Value |
Private Equity [Member] | ||
Gains on disposals of investments | ifrs-full_GainsOnDisposalsOfInvestments | $ 3,900,000,000 |