Cover
Cover | 6 Months Ended |
Jun. 30, 2024 | |
Document Information [Line Items] | |
Entity Registrant Name | BROOKFIELD CORPORATION |
Entity Central Index Key | 0001001085 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Assets | ||
Cash and cash equivalents | $ 11,249 | $ 11,222 |
Other financial assets | 30,614 | 28,324 |
Accounts receivable and other | 28,965 | 28,512 |
Inventory | 11,841 | 11,412 |
Assets classified as held for sale | 4,129 | 2,489 |
Equity accounted investments | 62,285 | 59,124 |
Investment properties | 127,235 | 124,152 |
Property, plant and equipment | 146,128 | 147,617 |
Intangible assets | 37,172 | 38,994 |
Goodwill | 34,270 | 34,911 |
Deferred income tax assets | 3,426 | 3,338 |
Total assets | 497,314 | 490,095 |
Liabilities and Equity | ||
Corporate Borrowings | 14,823 | 12,160 |
Accounts payable and other | 57,255 | 58,893 |
Liabilities associated with assets classified as held for sale | 538 | 118 |
Non-recourse borrowings of managed entities | 227,693 | 221,550 |
Deferred income tax liabilities | 24,420 | 24,987 |
Subsidiary equity obligations | 5,021 | 4,145 |
Equity [abstract] | ||
Equity | 167,564 | 168,242 |
Total liabilities and equity | $ 497,314 | 490,095 |
Document Fiscal Year Focus | 2024 | |
Non-controlling interests | ||
Equity [abstract] | ||
Equity | $ 122,229 | 122,465 |
Preferred shares | Preferred equity | ||
Equity [abstract] | ||
Equity | 4,103 | 4,103 |
Common shares | Common equity | ||
Equity [abstract] | ||
Equity | $ 41,232 | $ 41,674 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Profit or loss [abstract] | ||||
Revenue | $ 23,050 | $ 23,668 | $ 45,957 | $ 46,965 |
Direct costs | (19,152) | (19,906) | (38,198) | (39,726) |
Other income and gains | 244 | 1,483 | 484 | 1,864 |
Equity accounted income | 825 | 401 | 1,511 | 830 |
Expenses | ||||
Interest expense on borrowings | (181) | (154) | (354) | (290) |
Interest Expense on Non-Recourse Borrowings | (3,995) | (3,610) | (7,950) | (7,087) |
Corporate costs | (19) | (23) | (36) | (37) |
Fair value changes | (753) | 62 | (595) | 100 |
Tax expense (income) | (304) | (409) | (585) | (683) |
Net income (loss) | (285) | 1,512 | 234 | 1,936 |
Net income (loss) attributable to: | ||||
Shareholders | 43 | 81 | 145 | 201 |
Non-controlling interests | (328) | 1,431 | 89 | 1,735 |
Net income (loss) | $ (285) | $ 1,512 | $ 234 | $ 1,936 |
Net income per share: | ||||
Diluted | $ 0 | $ 0.03 | $ 0.04 | $ 0.08 |
Basic | $ 0 | $ 0.03 | $ 0.04 | $ 0.08 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of comprehensive income [abstract] | ||||
Net income (loss) | $ (285) | $ 1,512 | $ 234 | $ 1,936 |
Items that may be reclassified to net income | ||||
Financial contracts and power sale agreements | 25 | 786 | 387 | 426 |
Marketable securities | 9 | 206 | 23 | 164 |
Equity accounted investments | 696 | 170 | 356 | 24 |
Foreign currency translation | (1,071) | 958 | (2,251) | 1,490 |
Income taxes | (27) | (81) | (29) | (58) |
Other comprehensive income that may be reclassified to net income | (368) | 2,039 | (1,514) | 2,046 |
Items that will not be reclassified to net income | ||||
Revaluation of property, plant and equipment | (87) | (25) | (126) | (54) |
Revaluation of pension obligations | (1) | (7) | 34 | 6 |
Equity accounted investments | 19 | (7) | 18 | 14 |
Marketable securities | 38 | (9) | 43 | 29 |
Income taxes | (107) | 37 | (83) | 26 |
Other comprehensive income that will not be reclassified to net income | (138) | (11) | (114) | 21 |
Other comprehensive income (loss) | (506) | 2,028 | (1,628) | 2,067 |
Comprehensive income (loss) | (791) | 3,540 | (1,394) | 4,003 |
Attributable to: | ||||
Net income attributable to shareholders | 43 | 81 | 145 | 201 |
Other comprehensive income (loss) | 463 | 557 | (68) | 752 |
Comprehensive income | 506 | 638 | 77 | 953 |
Net income (loss) | (328) | 1,431 | 89 | 1,735 |
Other comprehensive income (loss) | (969) | 1,471 | (1,560) | 1,315 |
Comprehensive income (loss) | $ (1,297) | $ 2,902 | $ (1,471) | $ 3,050 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Non-controlling interests | Common shares Common Share Capital | Common shares Contributed Surplus | Common shares Retained Earnings | Common shares Ownership Changes1 | Common shares Revaluation Surplus | Common shares Currency Translation | Common shares Other Reserves2 | Common shares Common equity | Preferred shares Preferred equity |
Beginning balance (Previously stated) at Dec. 31, 2022 | $ 141,891 | $ 98,138 | $ 10,901 | $ 148 | $ 18,006 | $ 2,959 | $ 9,522 | $ (2,826) | $ 898 | $ 39,608 | $ 4,145 |
Changes in period: | |||||||||||
Net income attributable to shareholders | 201 | 201 | 201 | ||||||||
Non-controlling interests | 1,735 | 1,735 | |||||||||
Net income (loss) | 1,936 | ||||||||||
Other comprehensive income (loss) | 752 | (10) | 380 | 382 | 752 | ||||||
Other comprehensive income (loss) | 1,315 | 1,315 | |||||||||
Other comprehensive income | 2,067 | ||||||||||
Comprehensive income, attributable to owners of parent | 953 | (10) | 380 | 382 | 953 | ||||||
Comprehensive income, attributable to non-controlling interests | 3,050 | 3,050 | |||||||||
Comprehensive income | 4,003 | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (220) | (220) | (220) | ||||||||
Preferred equity | (82) | (82) | (82) | ||||||||
Non-controlling interests | (5,773) | (5,773) | |||||||||
Other items | |||||||||||
Issue of equity | 14,871 | 15,214 | (44) | (5) | (252) | (301) | (42) | ||||
Share-based compensation | 5 | 0 | 12 | (7) | 5 | ||||||
Ownership changes | 888 | 353 | 0 | 850 | (595) | (25) | 305 | 535 | |||
Total change in period | (13,692) | (12,844) | 44 | (7) | 360 | (850) | 605 | (355) | (687) | (890) | 42 |
Ending balance at Jun. 30, 2023 | 155,583 | 110,982 | 10,857 | 155 | 17,646 | 3,809 | 8,917 | (2,471) | 1,585 | 40,498 | 4,103 |
Beginning balance (Previously stated) at Mar. 31, 2023 | 146,914 | 102,851 | 10,849 | 154 | 17,747 | 3,124 | 9,493 | (2,717) | 1,310 | 39,960 | |
Changes in period: | |||||||||||
Net income attributable to shareholders | 81 | 81 | 81 | ||||||||
Non-controlling interests | 1,431 | 1,431 | |||||||||
Net income (loss) | 1,512 | ||||||||||
Other comprehensive income (loss) | 557 | (10) | 253 | 314 | 557 | ||||||
Other comprehensive income (loss) | 1,471 | 1,471 | |||||||||
Other comprehensive income | 2,028 | ||||||||||
Comprehensive income, attributable to owners of parent | 638 | (10) | 253 | 314 | 638 | ||||||
Comprehensive income, attributable to non-controlling interests | 2,902 | 2,902 | |||||||||
Comprehensive income | 3,540 | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (110) | (110) | (110) | ||||||||
Preferred equity | (41) | (41) | (41) | ||||||||
Non-controlling interests | (2,777) | (2,777) | |||||||||
Other items | |||||||||||
Issue of equity | 7,711 | 7,736 | 8 | (5) | (28) | (25) | 0 | ||||
Share-based compensation | 3 | 0 | 6 | (3) | 3 | ||||||
Ownership changes | 343 | 270 | 685 | (566) | (7) | (39) | 73 | ||||
Total change in period | (8,669) | (8,131) | (8) | (1) | (685) | (576) | (246) | (275) | (538) | 0 | |
Ending balance at Jun. 30, 2023 | 155,583 | 110,982 | 10,857 | 155 | 17,646 | 3,809 | 8,917 | (2,471) | 1,585 | 40,498 | 4,103 |
Beginning balance (Previously stated) at Dec. 31, 2023 | 168,242 | 122,465 | 8,958 | (2,477) | 1,686 | 41,674 | 4,103 | ||||
Beginning balance at Dec. 31, 2023 | 168,242 | 122,465 | 10,879 | 112 | 18,006 | 4,510 | 41,674 | 4,103 | |||
Changes in period: | |||||||||||
Net income attributable to shareholders | 145 | 145 | 145 | ||||||||
Non-controlling interests | 89 | 89 | |||||||||
Net income (loss) | 234 | ||||||||||
Other comprehensive income (loss) | (68) | (23) | (471) | 426 | (68) | ||||||
Other comprehensive income (loss) | (1,560) | (1,560) | |||||||||
Other comprehensive income | (1,628) | ||||||||||
Comprehensive income, attributable to owners of parent | 77 | (23) | (471) | 426 | 77 | ||||||
Comprehensive income, attributable to non-controlling interests | (1,471) | (1,471) | |||||||||
Comprehensive income | (1,394) | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (248) | (248) | 248 | ||||||||
Preferred equity | (84) | (84) | 84 | ||||||||
Non-controlling interests | (3,757) | ||||||||||
Other items | |||||||||||
Issue of equity | 4,444 | 5,159 | (48) | (20) | (647) | (715) | 0 | ||||
Share-based compensation | (24) | 0 | 17 | (41) | (24) | ||||||
Ownership changes | 385 | (167) | 0 | 526 | 18 | (2) | 10 | 552 | |||
Total change in period | 678 | 236 | 48 | 3 | 875 | (526) | 5 | 473 | (436) | 442 | 0 |
Ending balance at Jun. 30, 2024 | 167,564 | 122,229 | 10,831 | 109 | 17,131 | 5,036 | 8,953 | (2,950) | 2,122 | 41,232 | 4,103 |
Beginning balance (Previously stated) at Mar. 31, 2024 | 169,030 | 124,450 | 10,833 | 111 | 17,508 | 4,356 | 8,978 | (2,732) | 1,423 | 40,477 | 4,103 |
Changes in period: | |||||||||||
Net income attributable to shareholders | 43 | 43 | 43 | ||||||||
Non-controlling interests | (328) | (328) | |||||||||
Net income (loss) | (285) | ||||||||||
Other comprehensive income (loss) | 463 | (19) | (217) | 699 | 463 | ||||||
Other comprehensive income (loss) | (969) | (969) | |||||||||
Other comprehensive income | (506) | ||||||||||
Comprehensive income, attributable to owners of parent | 506 | (19) | (217) | 699 | 506 | ||||||
Comprehensive income, attributable to non-controlling interests | (1,297) | (1,297) | |||||||||
Comprehensive income | (791) | ||||||||||
Shareholder distributions | |||||||||||
Common equity | (124) | (124) | (124) | ||||||||
Preferred equity | (42) | (42) | (42) | ||||||||
Non-controlling interests | (1,997) | (1,997) | |||||||||
Other items | |||||||||||
Issue of equity | 1,275 | 1,519 | (2) | (11) | (231) | (244) | 0 | ||||
Share-based compensation | (14) | 0 | 9 | (23) | (14) | ||||||
Ownership changes | 227 | (446) | 0 | 680 | (6) | (1) | 0 | 673 | |||
Total change in period | 1,466 | 2,221 | 2 | 2 | 377 | (680) | 25 | 218 | (699) | (755) | 0 |
Ending balance at Jun. 30, 2024 | $ 167,564 | $ 122,229 | $ 10,831 | $ 109 | $ 17,131 | $ 5,036 | $ 8,953 | $ (2,950) | $ 2,122 | $ 41,232 | $ 4,103 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||||
Net income (loss) | $ (285) | $ 1,512 | $ 234 | $ 1,936 |
Other income and gains | (244) | (1,483) | (484) | (1,864) |
Equity accounted earnings, net of distributions | (196) | (63) | (410) | (21) |
Fair value changes | 753 | (62) | 595 | (100) |
Depreciation and amortization | 2,435 | 2,214 | 4,910 | 4,402 |
Deferred income taxes | (55) | (151) | (99) | (243) |
Investments in residential inventory | (129) | 56 | (211) | 34 |
Net change in non-cash working capital balances | (1,581) | (1,617) | (3,519) | (2,620) |
Cash flows from (used in) operating activities | 698 | 406 | 1,016 | 1,524 |
Financing activities | ||||
Corporate borrowings arranged | 646 | 550 | 1,389 | 550 |
Corporate borrowings repaid | (200) | 0 | (571) | 0 |
Commercial paper and borrowings, net | 617 | 662 | 1,924 | 1,635 |
Non-recourse borrowings arranged | 32,043 | 19,042 | 54,147 | 38,509 |
Non-recourse borrowings repaid | (24,676) | (18,490) | (38,487) | (31,326) |
Non-recourse credit facilities, net | 238 | (5,867) | (5,505) | (6,233) |
Subsidiary equity obligations issued | (2) | (6) | (10) | (7) |
Deposits From Related Party | 97 | 0 | 685 | 0 |
Deposit From Related Parties Repaid | (118) | (675) | (573) | (1,000) |
Capital provided by non-controlling interests | 2,935 | 8,194 | 8,300 | 16,618 |
Capital repaid to non-controlling interests | (1,416) | (458) | (3,141) | (1,404) |
Repayment of lease liabilities | (345) | (211) | (803) | (416) |
Receipt (settlement) of deferred consideration | (5) | (7) | 88 | (29) |
Distributions to non-controlling interests | 1,997 | 2,777 | 3,757 | 5,773 |
Distributions to shareholders | (166) | (151) | (332) | (302) |
Cash flows from (used in) financing activities | 7,369 | (228) | 12,578 | 10,538 |
Acquisitions | ||||
Investment properties | (3,228) | (1,819) | (4,825) | (4,393) |
Property, plant and equipment | (2,385) | (1,651) | (5,286) | (3,203) |
Equity accounted investments | (1,732) | (1,457) | (2,360) | (5,022) |
Financial assets and other | (3,865) | (19,673) | (5,455) | (42,833) |
Acquisition of subsidiaries, net of cash acquired | (88) | (93) | (804) | (5,314) |
Dispositions | ||||
Investment properties | 252 | 463 | 384 | 520 |
Property, plant and equipment | 510 | 265 | 702 | 506 |
Equity accounted investments | 201 | 2,134 | 831 | 2,386 |
Financial assets and other | 1,676 | 19,811 | 3,242 | 41,412 |
Disposition of subsidiaries, net of cash disposed | 158 | 1,295 | 245 | 1,670 |
Restricted cash and deposits | 172 | (137) | 124 | 107 |
Cash flows from (used in) investing activities | (8,329) | (862) | (13,202) | (14,164) |
Cash and cash equivalents | ||||
Change in cash and cash equivalents | (262) | (684) | 392 | (2,102) |
Foreign exchange revaluation | (187) | 108 | (300) | 187 |
Balance, beginning of period | 11,742 | 13,049 | 11,222 | 14,396 |
Balance, end of period | 11,249 | 12,427 | 11,249 | 12,427 |
Supplemental Cash Flow Information [Abstract] | ||||
Net change in cash classified within assets held for sale | (44) | (46) | (65) | (54) |
Common shares | ||||
Financing activities | ||||
Common shares repurchased | (284) | (36) | (786) | (308) |
Common shares issued | 2 | 2 | 10 | 46 |
Preferred shares | ||||
Financing activities | ||||
Common shares repurchased | $ 0 | $ 0 | $ 0 | $ (22) |
ORGANIZATION AND CAPITAL MANAGE
ORGANIZATION AND CAPITAL MANAGEMENT | 6 Months Ended |
Jun. 30, 2024 | |
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 Wealth 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 June 30, 2024, the Corporation’s capital totaled $60.4 billion (December 31, 2023 – $58.2 billion), and is computed as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 Cash and cash equivalents $ 112 $ 134 Other financial assets 4,408 4,004 Common equity in investments 55,649 53,523 Other assets and liabilities of the Corporation 219 506 Corporation’s Capital $ 60,388 $ 58,167 Corporation’s Capital is comprised of the following: Common equity $ 41,232 $ 41,674 Preferred equity 4,103 4,103 Non-controlling interest 230 230 Corporate borrowings 14,823 12,160 $ 60,388 $ 58,167 The Corporation generates returns on its capital through management fees and performance revenues earned through its Asset Management business, distributable earnings from its Wealth 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 June 30, 2024 is as follows: AS AT JUN. 30, 2024 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 112 $ 11,137 $ — $ 11,249 Other financial assets 4,408 26,206 — 30,614 Accounts receivable and other 1 1,404 28,538 (977) 28,965 Inventory — 11,841 — 11,841 Assets classified as held for sale — 4,129 — 4,129 Equity accounted investments 2,407 59,878 — 62,285 Investment properties 18 127,217 — 127,235 Property, plant and equipment 131 145,997 — 146,128 Intangible assets 83 37,089 — 37,172 Goodwill — 34,270 — 34,270 Deferred income tax assets 374 3,052 — 3,426 Accounts payable and other 1 (3,769) (54,463) 977 (57,255) Liabilities associated with assets classified as held for sale — (538) — (538) Deferred income tax liabilities (427) (23,993) — (24,420) Subsidiary equity obligations (2) (5,019) — (5,021) Total 4,739 405,341 — 410,080 Common equity in investments 2 55,649 — (55,649) — Corporation’s Capital 60,388 405,341 (55,649) 410,080 Less: Corporate borrowings 14,823 — — 14,823 Non-recourse borrowings of managed entities — 227,693 — 227,693 Amounts attributable to preferred equity 4,103 — — 4,103 Amounts attributable to non-controlling interests 230 121,999 — 122,229 Common equity $ 41,232 $ 55,649 $ (55,649) $ 41,232 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $977 million and $977 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, Wealth 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, 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. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of Significant Accounting Policies [Abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | MATERIAL ACCOUNTING POLICY INFORMATION a) Statement of Compliance The consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) on a basis consistent with the accounting policies disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2023, except as disclosed below. The consolidated financial statements should be read in conjunction with the most recently issued consolidated financial statements of the company for the year ended December 31, 2023 which includes information necessary or useful to understanding the company’s businesses and financial statement presentation. In particular, the company’s accounting policies were presented in Note 2, Material Accounting Policy Information, of the consolidated financial statements for the year ended December 31, 2023 that were included in that report. The consolidated financial statements are unaudited and reflect any adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for fair statement of results for the interim periods in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The consolidated financial statements were authorized for issuance by the Board of Directors of the company on August 7, 2024. b) Estimates The preparation of the interim financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the company’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Material Accounting Policy Information, of the company’s consolidated financial statements for the year ended December 31, 2023 and have been consistently applied in the preparation of the interim financial statements as of and for the three and six months ended June 30, 2024. c) 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, 2024 . The new standards were applied as follows: 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 company adopted the IAS 1 amendments effective January 1, 2024 and reclassified $20.7 billion of non-recourse borrowings of managed entities in our Real Estate segment and our real estate LP Investments within our Asset Management segment from current to non-current as at December 31, 2023. ii. International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) The Corporation operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. The Corporation will recognize the top-up tax as a current tax as and when it is incurred but has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection the global minimum top-up tax. There is no material current tax impact for the quarter ended June 30, 2024 . The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the Corporation. d) Future Changes in Accounting Standards |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION | 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. 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. Wealth Solutions: i. The Wealth Solutions business includes our equity accounted interest in Brookfield Reinsurance Ltd. (“BNRE”), a leading wealth solutions provider focused on securing the financial futures of individuals and institutions through a range of wealth protection products, retirement services and tailored capital solutions. Operating Businesses: i. The Renewable Power and Transition business includes the ownership, operation and development of hydroelectric, wind, utility-scale solar power generating assets, distributed energy, and 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 ownership and operations in the business and industrial services sector. iv. The Real Estate business includes the ownership, operation and development of core and transitional and development investments (including residential development properties). b) Segment Financial Measures For our Asset Management and Wealth Solutions segments, we primarily measure operating performance using distributable earnings (“DE”). Net operating income (“NOI”) is the key performance metric for our Real Estate segment, and Funds from Operations (“FFO”) is used for our other operating segments. We also provide the amount of capital invested by the Corporation in each segment using common equity. These metrics are used by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis. 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 profitability from our Asset Management segment. We do not use DE as a measure of cash generated from our operations. Distributable earnings from our Wealth Solutions business is equivalent to its distributable operating earnings (“DOE”), which is calculated as our share of equity accounted net income from our Wealth Solutions business, excluding the impact of depreciation and amortization, deferred income taxes, net income from our equity accounted investments, mark-to-market 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 3(c)(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 THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Wealth Solutions 2,3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 2,633 n/a $ 1,549 $ 5,246 $ 12,128 $ 1,393 $ 101 $ 23,050 Inter-segment and other revenues 1 1,003 n/a — (1) 24 10 (40) 996 i Segmented revenues 3,636 n/a 1,549 5,245 12,152 1,403 61 24,046 DE 696 292 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 139 140 189 n/a 785 n/a ii NOI n/a n/a n/a n/a n/a 803 n/a n/a ii Common equity 18,100 8,990 4,166 2,344 3,236 23,729 (19,333) 41,232 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2024, $346 million 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. 3. Our common equity in our Wealth Solutions business includes $1.7 billion of distributable operating earnings retained in this business since inception. AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Wealth Solutions 3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 2,601 n/a $ 1,540 $ 4,354 $ 13,628 $ 1,495 $ 50 $ 23,668 Inter-segment and other revenues 1 1,180 n/a — 1 (5) 10 26 1,212 i Segmented revenues 3,781 n/a 1,540 4,355 13,623 1,505 76 24,880 DE 777 160 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 143 243 121 n/a (133) n/a ii NOI 2 n/a n/a n/a n/a n/a 781 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 our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2023, $333 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2. For comparability, we have excluded property management and development fees of $44 million for the three months ended June 30, 2023 as they are no longer recognized in NOI. 3. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Wealth Solutions 2 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 5,170 n/a $ 3,084 $ 10,525 $ 24,295 $ 2,721 $ 162 $ 45,957 Inter-segment and other revenues 1 2,472 n/a — 1 38 19 (83) 2,447 i Segmented revenues 7,642 n/a 3,084 10,526 24,333 2,740 79 48,404 DE 1,534 565 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 230 282 406 n/a 572 n/a ii NOI n/a n/a n/a n/a n/a 1,630 n/a n/a ii 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2024, $1.2 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. FOR THE SIX MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Wealth Solutions 3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 5,072 n/a $ 2,903 $ 8,638 $ 27,364 $ 2,918 $ 70 $ 46,965 Inter-segment and other revenues 1 2,597 n/a — 3 40 18 26 2,684 i Segmented revenues 7,669 n/a 2,903 8,641 27,404 2,936 96 49,649 DE 1,655 305 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 226 375 370 n/a (280) n/a ii NOI 2 n/a n/a n/a n/a n/a 1,591 n/a n/a ii 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2023, $982 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2. For comparability, we have excluded property management and development fees of $111 million for the six months ended June 30, 2023 as they are no longer recognized in NOI. 3. 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 three months ended June 30, 2024, 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 $1.0 billion (2023 – $1.2 billion), revenues earned on construction projects between consolidated entities totaling $26 million (2023 – $6 million), and other adjustments totaling a net loss of $33 million (2023 – net income of $27 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues. For the six months ended June 30, 2024, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by Oaktree totaling $2.5 billion (2023 – $2.6 billion), revenues earned on construction projects between consolidated entities totaling $43 million (2023 – $54 million), and other revenues totaling a net loss of $68 million (2023 – net income of $33 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. Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Note 2024 2023 2024 2023 Net income (loss) $ (285) $ 1,512 $ 234 $ 1,936 Add/(Deduct): Equity accounted fair value changes and other non-FFO items 444 703 1,073 1,507 Fair value changes 753 (62) 595 (100) Depreciation and amortization 2,435 2,214 4,910 4,402 Deferred income taxes (55) (151) (99) (243) Realized disposition gains in fair value changes or equity iii 1,153 283 1,179 399 Non-controlling interests on above items (2,275) (3,127) (4,760) (5,349) Real Estate segment disposition gains (173) (283) (194) (345) Real Estate segment adjustments and other, net 1 1,047 1,003 2,281 2,035 Total segments’ measures of profit or loss 2 $ 3,044 $ 2,092 $ 5,219 $ 4,242 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 Wealth 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 $1.2 billion and $1.2 billion for the three and six months ended June 30, 2024, respectively (2023 – $283 million and $399 million, respectively). d) Geographic Allocation The company’s revenues by location are as follows: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 U.S. $ 6,337 $ 6,900 $ 12,720 $ 13,852 U.K. 5,558 5,915 11,076 11,401 Canada 2,475 2,614 4,653 5,232 Australia 1,646 1,483 3,109 2,957 Brazil 1,325 1,385 2,676 2,698 India 860 729 1,769 1,405 Colombia 633 557 1,295 1,087 Germany 543 511 1,131 1,032 Other Europe 2,268 2,297 4,613 4,708 Other Asia 800 682 1,664 1,452 Other 605 595 1,251 1,141 $ 23,050 $ 23,668 $ 45,957 $ 46,965 The company’s consolidated assets by location are as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 U.S. $ 222,988 $ 211,947 Canada 49,407 50,899 U.K. 36,450 36,289 Australia 26,605 27,599 Brazil 26,466 29,306 India 23,643 23,093 Germany 15,581 15,636 Colombia 12,394 13,344 Other Europe 45,722 45,583 Other Asia 20,441 21,149 Other 17,617 15,250 $ 497,314 $ 490,095 |
SUBSIDIARIES
SUBSIDIARIES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES | SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARIES 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 June 30, 2024, 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; • $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; • $950 million of 5.968% notes due in 2054; • $450 million of 5.675% notes due in 2035; • $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). 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 June 30, 2024, C$20 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 THREE MONTHS ENDED JUN. 30, 2024 (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 $ 876 $ 506 $ 18 $ — $ — $ — $ 4 $ 11 $ 48 $ 26,365 $ (4,778) $ 23,050 Net income (loss) attributable to shareholders 43 403 8 — — — 3 — 23 3,379 (3,816) 43 Total assets 83,824 12,221 734 — — — 160 552 4,009 563,015 (167,201) 497,314 Total liabilities 38,489 10,523 729 2 — — 1 549 3,490 318,480 (42,513) 329,750 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 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 $ 700 $ 77 $ (6) $ — $ — $ — $ — $ 2 $ 47 $ 25,856 $ (3,008) $ 23,668 Net income (loss) attributable to shareholders 81 (9) (15) — — — — — (7) 2,080 (2,049) 81 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 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (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 $ 1,735 $ 600 $ 44 $ — $ — $ — $ 8 $ 22 $ 97 $ 50,706 $ (7,255) $ 45,957 Net income (loss) attributable to shareholders 145 402 24 — — — 7 — 56 4,971 (5,460) 145 FOR THE SIX MONTHS ENDED JUN. 30, 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 $ 1,285 $ 153 $ 3 $ — $ — $ — $ 4 $ 2 $ 93 $ 50,705 $ (5,280) $ 46,965 Net income (loss) attributable to shareholders 201 (19) (17) — — — 4 — 2 3,499 (3,469) 201 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 | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES The following table summarizes the balance sheet impact as a result of business combinations that occurred in the six months ended June 30, 2024 . AS AT JUN. 30, 2024 (MILLIONS) Infrastructure Private Equity and Other Total Cash and cash equivalents $ 95 $ 4 $ 99 Accounts receivable and other 134 43 177 Assets classified as held for sale 270 — 270 Property, plant and equipment 2,444 34 2,478 Intangible assets 288 43 331 Goodwill — 45 45 Total assets 3,231 169 3,400 Less: Accounts payable and other (1,582) (37) (1,619) Liabilities associated with assets classified as held for sale (70) — (70) Non-recourse borrowings — (13) (13) Deferred income tax liabilities (205) (8) (213) Non-controlling interests 1 — (4) (4) (1,857) (62) (1,919) Net assets acquired 2 $ 1,374 $ 107 $ 1,481 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. During the six months ended June 30, 2024, Brookfield acquired $3.4 billion of total assets and assumed $1.9 billion of total liabilities through business combinations. Total consideration transferred for the business combinations was $910 million. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. No material changes were made to provisional allocations. Infrastructure |
CURRENT AND NON-CURRENT PORTION
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES | CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES a) Assets AS AT JUN. 30, 2024 AND DEC. 31, 2023 Other Financial Assets Accounts Receivable and Other Inventory 2024 2023 2024 2023 2024 2023 Current portion $ 6,954 $ 5,670 $ 19,946 $ 20,263 $ 7,375 $ 7,060 Non-current portion 23,660 22,654 9,019 8,249 4,466 4,352 $ 30,614 $ 28,324 $ 28,965 $ 28,512 $ 11,841 $ 11,412 b) Liabilities AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Accounts Payable Corporate Borrowings Non-Recourse Borrowings of Managed Entities 2 2024 2023 2024 2023 2024 2023 Current portion 1 $ 32,445 $ 33,414 $ 2,455 $ 608 $ 32,089 $ 36,856 Non-current portion 24,810 25,479 12,368 11,552 195,604 184,694 $ 57,255 $ 58,893 $ 14,823 $ 12,160 $ 227,693 $ 221,550 1. Current portion of corporate borrowings includes $2.0 billion (December 31, 2023 – $31 million) of short-term commercial paper and revolving facility draws. Our commercial paper program is backed by our revolving credit facility, which matures in June 2029. 2. The company adopted the IAS 1 amendments effective January 1, 2024 and reclassified $20.7 billion of non-recourse borrowings of managed entities in our Real Estate segment and our real estate LP Investments within our Asset Management segment from current to non-current as at December 31, 2023. |
HELD FOR SALE
HELD FOR SALE | 6 Months Ended |
Jun. 30, 2024 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
HELD FOR SALE | HELD FOR SALE The following is a summary of the assets and liabilities classified as held for sale: AS AT JUN. 30, 2024 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate (Core and Transitional & Development) 1 Real Estate (LP Investments) and Other 1 Total Assets Cash and cash equivalents $ 16 $ — $ 3 $ 3 $ 53 $ 75 Accounts receivable and other 7 9 2 69 68 155 Investment properties — — — 1,781 901 2,682 Property, plant and equipment 387 85 103 2 442 1,019 Intangible assets — 171 — — 4 175 Other long-term assets 2 5 — — — 7 Deferred income tax assets — — 3 — 13 16 Assets classified as held for sale $ 412 $ 270 $ 111 $ 1,855 $ 1,481 $ 4,129 Liabilities Accounts payable and other $ 96 $ 26 $ 8 $ 75 $ 168 $ 373 Non-recourse borrowings of managed entities 77 — — — 18 95 Deferred income tax liabilities — 44 — — 26 70 Liabilities associated with assets classified as held for sale $ 173 $ 70 $ 8 $ 75 $ 212 $ 538 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 June 30, 2024, assets held for sale primarily include: • Six office assets, six retail assets, three hospitality assets, one multifamily asset, and one logistics asset in the U.S. and one hospitality asset in South Korea. These assets are held within our Real Estate segment and our real estate LP investments included within our Asset Management segment; • A 67 MW portfolio of wind assets in the U.K., a 90 MW portfolio of hydroelectric assets in Brazil, and a 6 MW distributed generation asset in the U.S. within our Renewable Power and Transition segment; and • A data center in the U.S. within our Infrastructure segment. |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Balance, beginning of period $ 59,124 Additions, net of disposals 1 3,325 Share of comprehensive income 1,885 Distributions received (1,101) Returns of capital (210) Foreign currency translation and other (738) Balance, end of period $ 62,285 1. Includes assets sold and amounts reclassified to held for sale, as well as changes in accounting basis. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 6 Months Ended |
Jun. 30, 2024 | |
Investment property [abstract] | |
INVESTMENT PROPERTIES | INVESTMENT PROPERTIES The following table presents the change in the fair value of the company’s investment properties: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Fair value, beginning of period $ 124,152 Additions 5,975 Dispositions 1 (1,138) Changes in basis of accounting 113 Fair value changes (137) Foreign currency translation and other (1,730) Fair value, end of period 2 $ 127,235 1. Includes assets sold and amounts reclassified to held for sale. 2. As at June 30, 2024, the ending balance includes $4.7 billion of right-of-use investment properties (December 31, 2023 – $4.8 billion). Investment properties include the company’s office, retail, multifamily and other properties. Additions of $6.0 billion primarily relate to the purchase of two multifamily asset portfolios in the U.S. and a Brazil logistics portfolio within our real estate LP investments included in our Asset Management segment, and enhancement of existing assets during the period. The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2024 (MILLIONS) Core $ 18,620 Transitional and development 22,461 LP Investments 81,426 Other investment properties 4,728 $ 127,235 Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include: Valuation Technique Significant Unobservable Inputs Relationship of Unobservable Inputs to Fair Value Mitigating Factors Discounted cash flow analysis 1 • Future cash flows – primarily driven by net operating income • Increases (decreases) in future cash flows increase (decrease) fair value • Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value • Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year 1. Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows. The company’s investment properties are diversified by asset type, asset class, geography and market. Therefore, there may be mitigating factors in addition to those noted above, such as changes to assumptions that vary in direction and magnitude across different geographies and markets. The following table summarizes the key valuation metrics of the company’s investment properties: AS AT JUN. 30, 2024 Discount Terminal Investment Core 6.2 % 4.8 % 11 Transitional and development 1 8.0 % 6.2 % 10 LP Investments 1 8.6 % 5.9 % 13 Other investment properties 2 7.4 % 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 direct investments within our Asset Management segment. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The company’s property, plant and equipment relates to the operating segments as shown below: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate (Core and Transitional & Development) 2 Real Estate (LP Investments) and Other 2 Total Balance, beginning of period $ 66,351 $ 48,546 $ 15,835 $ 345 $ 16,540 $ 147,617 Additions 1,623 1,921 1,606 20 385 5,555 Acquisitions through business combinations — 2,444 30 — 4 2,478 Dispositions and assets reclassified as held for sale (573) (599) (574) (3) (664) (2,413) Depreciation expense (1,038) (1,409) (836) (21) (347) (3,651) Foreign currency translation and other (2,191) (585) (510) (8) (164) (3,458) Total change (2,179) 1,772 (284) (12) (786) (1,489) Balance, end of period 1 $ 64,172 $ 50,318 $ 15,551 $ 333 $ 15,754 $ 146,128 1. |
SUBSIDIARY PUBLIC ISSUERS AND F
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY | SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARIES 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 June 30, 2024, 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; • $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; • $950 million of 5.968% notes due in 2054; • $450 million of 5.675% notes due in 2035; • $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). 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 June 30, 2024, C$20 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 THREE MONTHS ENDED JUN. 30, 2024 (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 $ 876 $ 506 $ 18 $ — $ — $ — $ 4 $ 11 $ 48 $ 26,365 $ (4,778) $ 23,050 Net income (loss) attributable to shareholders 43 403 8 — — — 3 — 23 3,379 (3,816) 43 Total assets 83,824 12,221 734 — — — 160 552 4,009 563,015 (167,201) 497,314 Total liabilities 38,489 10,523 729 2 — — 1 549 3,490 318,480 (42,513) 329,750 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 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 $ 700 $ 77 $ (6) $ — $ — $ — $ — $ 2 $ 47 $ 25,856 $ (3,008) $ 23,668 Net income (loss) attributable to shareholders 81 (9) (15) — — — — — (7) 2,080 (2,049) 81 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 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (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 $ 1,735 $ 600 $ 44 $ — $ — $ — $ 8 $ 22 $ 97 $ 50,706 $ (7,255) $ 45,957 Net income (loss) attributable to shareholders 145 402 24 — — — 7 — 56 4,971 (5,460) 145 FOR THE SIX MONTHS ENDED JUN. 30, 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 $ 1,285 $ 153 $ 3 $ — $ — $ — $ 4 $ 2 $ 93 $ 50,705 $ (5,280) $ 46,965 Net income (loss) attributable to shareholders 201 (19) (17) — — — 4 — 2 3,499 (3,469) 201 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 | 6 Months Ended |
Jun. 30, 2024 | |
Equity [abstract] | |
EQUITY | EQUITY Common Equity The company’s common equity is comprised of the following: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 Common shares $ 10,831 $ 10,879 Contributed surplus 109 112 Retained earnings 17,131 18,006 Ownership changes 5,036 4,510 Accumulated other comprehensive income 8,125 8,167 Common equity $ 41,232 $ 41,674 The company is authorized to issue an unlimited number of Class A Limited Voting Shares ("Class A shares") and 85,120 Class B Limited Voting Shares ("Class B shares"). The company’s Class A shares and Class B shares have no stated par value. The holders of Class A shares and Class B shares rank on par with each other with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding up of the company or any other distribution of the assets of the company among its shareholders for the purpose of winding up its affairs. Holders of the Class A shares are entitled to elect half of the Board of Directors of the company and holders of the Class B shares are entitled to elect the other half of the Board of Directors. With respect to the Class A and Class B shares, there are no dilutive factors, material or otherwise, that would result in different diluted earnings per share between the classes. This relationship holds true irrespective of the number of dilutive instruments issued in either one of the respective classes of Class A and Class B shares, as both classes of shares participate equally, on a pro rata basis, in the dividends, earnings and net assets of the company, whether taken before or after dilutive instruments, regardless of which class of shares is diluted. The holders of the company’s Class A shares and Class B shares received cash dividends during the second quarter of 2024 of $0.08 per share (2023 – $0.07 per share). The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 2024 2023 Class A shares 1 1,508,146,799 1,523,372,339 Class B shares 85,120 85,120 Shares outstanding 1 1,508,231,919 1,523,457,459 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 88,896,428 91,632,045 Total diluted shares 1,597,128,347 1,615,089,504 1. Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (December 31, 2023 – 81,849,805). 2. Includes management share option plan and escrowed stock plan. The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 2024 2023 2024 2023 Outstanding, beginning of period 1 1,512,906,498 1,564,393,929 1,523,457,459 1,573,371,868 Issued (Repurchased) Issuances 658,243 1,380 1,594,541 262,361 Repurchases (7,098,910) (1,189,664) (20,313,372) (11,676,545) Long-term share ownership plans 2 1,752,920 643,650 3,467,385 1,826,185 Dividend reinvestment plan and other 13,168 17,597 25,906 83,023 Outstanding, end of period 3 1,508,231,919 1,563,866,892 1,508,231,919 1,563,866,892 1. Net of 93,511,317 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2024 (March 31, 2023 – 70,740,647) and 81,849,805 as at December 31, 2023 (December 31, 2022 – 62,910,220). 2. Includes management share option plan and restricted stock plan. 3. Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (June 30, 2023 – 71,921,167). Earnings Per Share The components of basic and diluted earnings per share are summarized in the following table: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 Net income attributable to shareholders $ 43 $ 81 $ 145 $ 201 Preferred share dividends (42) (41) (84) (82) Net income available to shareholders 1 40 61 119 Dilutive impact of exchangeable shares — — — — Net income available to shareholders including dilutive impact of exchangeable shares $ 1 $ 40 $ 61 $ 119 Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 Weighted average – Class A and Class B shares 1,509.6 1,564.0 1,514.3 1,568.2 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 26.4 14.4 24.4 14.6 Class A and Class B shares and share equivalents 1,536.0 1,578.4 1,538.7 1,582.8 Share-Based Compensation The company and its consolidated subsidiaries account for stock options using the fair value method. Under the fair value method, compensation expense for stock options that are direct awards of stock is measured at fair value at the grant date using an option pricing model and recognized over the vesting period. Options issued under the company’s Management Share Option Plan (“MSOP”) generally vest over a period of up to five years, expire 10 years after the grant date, and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date. During the three months ended June 30, 2024, the company did not grant any stock options. During the six months ended June 30, 2024, the company granted 1.2 million stock options at a weighted average exercise price of $40.03. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5-year term, 35.0% volatility, a weighted average expected dividend yield of 1.0% annually, a risk-free rate of 4.2% and a liquidity discount of 25%. The company previously established an Escrowed Stock Plan (“ESP”) whereby a private company is capitalized with preferred shares issued to Brookfield for cash proceeds and common shares (the “escrowed shares”) that are granted to executives. The proceeds are used to purchase Class A shares and therefore the escrowed shares represent an interest in the underlying Class A shares. The escrowed shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than 10 years from the grant date, all escrowed shares held will be exchanged for a number of Class A shares issued from treasury of the company, based on the market value of Class A shares at the time of exchange. During the three months ended June 30, 2024, the company did not grant any stock options. During the six months ended June 30, 2024, the company granted 16.4 million escrowed shares at a weighted average price of $40.03. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average term of 7.5-year term, 35.0% volatility, a weighted average expected dividend yield of 1.0% annually, a risk-free rate of 4.2% and a liquidity discount of 25%. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2024 | |
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 THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 1,416 $ — $ 1,443 $ 4,568 $ 11,301 $ 702 $ 19,430 Other revenue 1,217 101 106 678 827 691 3,620 $ 2,633 $ 101 $ 1,549 $ 5,246 $ 12,128 $ 1,393 $ 23,050 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 2,679 $ — $ 2,937 $ 9,186 $ 22,664 $ 1,369 $ 38,835 Other revenue 2,491 162 147 1,339 1,631 1,352 7,122 $ 5,170 $ 162 $ 3,084 $ 10,525 $ 24,295 $ 2,721 $ 45,957 FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 1,416 $ — $ 1,289 $ 4,111 $ 12,815 $ 763 $ 20,394 Other revenue 1,185 50 251 243 813 732 3,274 $ 2,601 $ 50 $ 1,540 $ 4,354 $ 13,628 $ 1,495 $ 23,668 FOR THE SIX MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 2,648 $ — $ 2,574 $ 8,199 $ 25,938 $ 1,432 $ 40,791 Other revenue 2,424 70 329 439 1,426 1,486 6,174 $ 5,072 $ 70 $ 2,903 $ 8,638 $ 27,364 $ 2,918 $ 46,965 b) Timing of Recognition of Revenue from Contracts with Customers FOR THE THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 411 $ 95 $ — $ 9,457 $ 454 $ 10,417 Services transferred over a period of time 1,005 1,348 4,568 1,844 248 9,013 $ 1,416 $ 1,443 $ 4,568 $ 11,301 $ 702 $ 19,430 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 806 $ 182 $ — $ 19,046 $ 872 $ 20,906 Services transferred over a period of time 1,873 2,755 9,186 3,618 497 17,929 $ 2,679 $ 2,937 $ 9,186 $ 22,664 $ 1,369 $ 38,835 FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 502 $ 37 $ 4 $ 10,149 $ 502 $ 11,194 Services transferred over a period of time 914 1,252 4,107 2,666 261 9,200 $ 1,416 $ 1,289 $ 4,111 $ 12,815 $ 763 $ 20,394 |
FAIR VALUE CHANGES
FAIR VALUE CHANGES | 6 Months Ended |
Jun. 30, 2024 | |
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 PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2024 2023 2024 2023 Investment properties $ (224) $ 224 $ (137) $ 778 Transaction related income, net of expenses (137) (88) 291 (422) Financial contracts 81 144 138 227 Impairment and provisions (77) (73) (150) (132) Other fair value changes (396) (145) (737) (351) $ (753) $ 62 $ (595) $ 100 |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of Significant Accounting Policies [Abstract] | |
Statement of Compliance | Statement of Compliance The consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) on a basis consistent with the accounting policies disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2023, except as disclosed below. The consolidated financial statements should be read in conjunction with the most recently issued consolidated financial statements of the company for the year ended December 31, 2023 which includes information necessary or useful to understanding the company’s businesses and financial statement presentation. In particular, the company’s accounting policies were presented in Note 2, Material Accounting Policy Information, of the consolidated financial statements for the year ended December 31, 2023 that were included in that report. The consolidated financial statements are unaudited and reflect any adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for fair statement of results for the interim periods in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The consolidated financial statements were authorized for issuance by the Board of Directors of the company on August 7, 2024. |
Disclosure of expected impact of initial application of new standards or interpretations [text block] |
ORGANIZATION AND CAPITAL MANA_2
ORGANIZATION AND CAPITAL MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Management Commentary Explanatory [Abstract] | |
Summary of the Corporation's Capital [Table] | As at June 30, 2024, the Corporation’s capital totaled $60.4 billion (December 31, 2023 – $58.2 billion), and is computed as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 Cash and cash equivalents $ 112 $ 134 Other financial assets 4,408 4,004 Common equity in investments 55,649 53,523 Other assets and liabilities of the Corporation 219 506 Corporation’s Capital $ 60,388 $ 58,167 Corporation’s Capital is comprised of the following: Common equity $ 41,232 $ 41,674 Preferred equity 4,103 4,103 Non-controlling interest 230 230 Corporate borrowings 14,823 12,160 $ 60,388 $ 58,167 |
Reconciliation of the Corporation's Capital [Table] | A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at June 30, 2024 is as follows: AS AT JUN. 30, 2024 (MILLIONS) The Corporation Investments Elimination 1 Total Consolidated Cash and cash equivalents $ 112 $ 11,137 $ — $ 11,249 Other financial assets 4,408 26,206 — 30,614 Accounts receivable and other 1 1,404 28,538 (977) 28,965 Inventory — 11,841 — 11,841 Assets classified as held for sale — 4,129 — 4,129 Equity accounted investments 2,407 59,878 — 62,285 Investment properties 18 127,217 — 127,235 Property, plant and equipment 131 145,997 — 146,128 Intangible assets 83 37,089 — 37,172 Goodwill — 34,270 — 34,270 Deferred income tax assets 374 3,052 — 3,426 Accounts payable and other 1 (3,769) (54,463) 977 (57,255) Liabilities associated with assets classified as held for sale — (538) — (538) Deferred income tax liabilities (427) (23,993) — (24,420) Subsidiary equity obligations (2) (5,019) — (5,021) Total 4,739 405,341 — 410,080 Common equity in investments 2 55,649 — (55,649) — Corporation’s Capital 60,388 405,341 (55,649) 410,080 Less: Corporate borrowings 14,823 — — 14,823 Non-recourse borrowings of managed entities — 227,693 — 227,693 Amounts attributable to preferred equity 4,103 — — 4,103 Amounts attributable to non-controlling interests 230 121,999 — 122,229 Common equity $ 41,232 $ 55,649 $ (55,649) $ 41,232 1. Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $977 million and $977 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, 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. |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Disclosure of entity's operating segments | Reportable Segment Measures AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Wealth Solutions 2,3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 2,633 n/a $ 1,549 $ 5,246 $ 12,128 $ 1,393 $ 101 $ 23,050 Inter-segment and other revenues 1 1,003 n/a — (1) 24 10 (40) 996 i Segmented revenues 3,636 n/a 1,549 5,245 12,152 1,403 61 24,046 DE 696 292 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 139 140 189 n/a 785 n/a ii NOI n/a n/a n/a n/a n/a 803 n/a n/a ii Common equity 18,100 8,990 4,166 2,344 3,236 23,729 (19,333) 41,232 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2024, $346 million 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. 3. Our common equity in our Wealth Solutions business includes $1.7 billion of distributable operating earnings retained in this business since inception. AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Wealth Solutions 3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 2,601 n/a $ 1,540 $ 4,354 $ 13,628 $ 1,495 $ 50 $ 23,668 Inter-segment and other revenues 1 1,180 n/a — 1 (5) 10 26 1,212 i Segmented revenues 3,781 n/a 1,540 4,355 13,623 1,505 76 24,880 DE 777 160 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 143 243 121 n/a (133) n/a ii NOI 2 n/a n/a n/a n/a n/a 781 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 our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2023, $333 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2. For comparability, we have excluded property management and development fees of $44 million for the three months ended June 30, 2023 as they are no longer recognized in NOI. 3. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Wealth Solutions 2 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 5,170 n/a $ 3,084 $ 10,525 $ 24,295 $ 2,721 $ 162 $ 45,957 Inter-segment and other revenues 1 2,472 n/a — 1 38 19 (83) 2,447 i Segmented revenues 7,642 n/a 3,084 10,526 24,333 2,740 79 48,404 DE 1,534 565 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 230 282 406 n/a 572 n/a ii NOI n/a n/a n/a n/a n/a 1,630 n/a n/a ii 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2024, $1.2 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. FOR THE SIX MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Wealth Solutions 3 Renewable Power and Transition Infrastructure Private Equity Real Estate Corporate Total Note External revenues $ 5,072 n/a $ 2,903 $ 8,638 $ 27,364 $ 2,918 $ 70 $ 46,965 Inter-segment and other revenues 1 2,597 n/a — 3 40 18 26 2,684 i Segmented revenues 7,669 n/a 2,903 8,641 27,404 2,936 96 49,649 DE 1,655 305 n/a n/a n/a n/a n/a n/a ii FFO 1 n/a n/a 226 375 370 n/a (280) n/a ii NOI 2 n/a n/a n/a n/a n/a 1,591 n/a n/a ii 1. We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2023, $982 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2. For comparability, we have excluded property management and development fees of $111 million for the six months ended June 30, 2023 as they are no longer recognized in NOI. 3. We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. |
Summary of reconciliation of FFO to net income | The following table reconciles net income to the total of the segments’ measures of profit or loss. Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Note 2024 2023 2024 2023 Net income (loss) $ (285) $ 1,512 $ 234 $ 1,936 Add/(Deduct): Equity accounted fair value changes and other non-FFO items 444 703 1,073 1,507 Fair value changes 753 (62) 595 (100) Depreciation and amortization 2,435 2,214 4,910 4,402 Deferred income taxes (55) (151) (99) (243) Realized disposition gains in fair value changes or equity iii 1,153 283 1,179 399 Non-controlling interests on above items (2,275) (3,127) (4,760) (5,349) Real Estate segment disposition gains (173) (283) (194) (345) Real Estate segment adjustments and other, net 1 1,047 1,003 2,281 2,035 Total segments’ measures of profit or loss 2 $ 3,044 $ 2,092 $ 5,219 $ 4,242 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 Wealth Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment. |
Summary of financial information by geographic regions | The company’s revenues by location are as follows: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 U.S. $ 6,337 $ 6,900 $ 12,720 $ 13,852 U.K. 5,558 5,915 11,076 11,401 Canada 2,475 2,614 4,653 5,232 Australia 1,646 1,483 3,109 2,957 Brazil 1,325 1,385 2,676 2,698 India 860 729 1,769 1,405 Colombia 633 557 1,295 1,087 Germany 543 511 1,131 1,032 Other Europe 2,268 2,297 4,613 4,708 Other Asia 800 682 1,664 1,452 Other 605 595 1,251 1,141 $ 23,050 $ 23,668 $ 45,957 $ 46,965 The company’s consolidated assets by location are as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 U.S. $ 222,988 $ 211,947 Canada 49,407 50,899 U.K. 36,450 36,289 Australia 26,605 27,599 Brazil 26,466 29,306 India 23,643 23,093 Germany 15,581 15,636 Colombia 12,394 13,344 Other Europe 45,722 45,583 Other Asia 20,441 21,149 Other 17,617 15,250 $ 497,314 $ 490,095 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of interests in subsidiaries [text block] | The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2024 (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 $ 876 $ 506 $ 18 $ — $ — $ — $ 4 $ 11 $ 48 $ 26,365 $ (4,778) $ 23,050 Net income (loss) attributable to shareholders 43 403 8 — — — 3 — 23 3,379 (3,816) 43 Total assets 83,824 12,221 734 — — — 160 552 4,009 563,015 (167,201) 497,314 Total liabilities 38,489 10,523 729 2 — — 1 549 3,490 318,480 (42,513) 329,750 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 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 $ 700 $ 77 $ (6) $ — $ — $ — $ — $ 2 $ 47 $ 25,856 $ (3,008) $ 23,668 Net income (loss) attributable to shareholders 81 (9) (15) — — — — — (7) 2,080 (2,049) 81 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 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (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 $ 1,735 $ 600 $ 44 $ — $ — $ — $ 8 $ 22 $ 97 $ 50,706 $ (7,255) $ 45,957 Net income (loss) attributable to shareholders 145 402 24 — — — 7 — 56 4,971 (5,460) 145 FOR THE SIX MONTHS ENDED JUN. 30, 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 $ 1,285 $ 153 $ 3 $ — $ — $ — $ 4 $ 2 $ 93 $ 50,705 $ (5,280) $ 46,965 Net income (loss) attributable to shareholders 201 (19) (17) — — — 4 — 2 3,499 (3,469) 201 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 _2
ACQUISITIONS OF CONSOLIDATED ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | The following table summarizes the balance sheet impact as a result of business combinations that occurred in the six months ended June 30, 2024 . AS AT JUN. 30, 2024 (MILLIONS) Infrastructure Private Equity and Other Total Cash and cash equivalents $ 95 $ 4 $ 99 Accounts receivable and other 134 43 177 Assets classified as held for sale 270 — 270 Property, plant and equipment 2,444 34 2,478 Intangible assets 288 43 331 Goodwill — 45 45 Total assets 3,231 169 3,400 Less: Accounts payable and other (1,582) (37) (1,619) Liabilities associated with assets classified as held for sale (70) — (70) Non-recourse borrowings — (13) (13) Deferred income tax liabilities (205) (8) (213) Non-controlling interests 1 — (4) (4) (1,857) (62) (1,919) Net assets acquired 2 $ 1,374 $ 107 $ 1,481 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. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of fair value of financial instruments [text block] | The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2024 and December 31, 2023: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 11,249 $ 11,249 $ 11,222 $ 11,222 Other financial assets Government bonds 1,416 1,416 1,600 1,600 Corporate bonds 4,593 4,593 2,441 2,441 Fixed income securities and other 9,788 9,788 9,198 9,198 Common shares and warrants 4,488 4,488 5,181 5,181 Loans and notes receivable 10,329 10,329 9,904 9,904 30,614 30,614 28,324 28,324 Accounts receivable and other 19,539 19,539 19,464 19,464 $ 61,402 $ 61,402 $ 59,010 $ 59,010 Financial liabilities Corporate borrowings $ 14,823 $ 13,856 $ 12,160 $ 11,350 Non-recourse borrowings of managed entities Property-specific borrowings 211,031 210,159 205,336 205,003 Subsidiary borrowings 16,662 16,347 16,214 16,030 227,693 226,506 221,550 221,033 Accounts payable and other 47,696 47,696 50,009 50,009 Subsidiary equity obligations 5,021 5,021 4,145 4,145 $ 295,233 $ 293,079 $ 287,864 $ 286,537 |
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: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 80 $ 1,336 $ — $ 25 $ 1,575 $ — Corporate bonds — 1,686 726 — 1,662 777 Fixed income securities and other 494 969 5,416 455 958 4,903 Common shares and warrants 612 1,367 2,509 857 1,309 3,015 Loans and notes receivables — 29 16 — 46 17 1,186 5,387 8,667 1,337 5,550 8,712 Accounts receivable and other 4 3,257 66 6 2,520 89 $ 1,190 $ 8,644 $ 8,733 $ 1,343 $ 8,070 $ 8,801 Financial liabilities Accounts payable and other $ 5 $ 4,179 $ 3,086 $ 9 $ 5,119 $ 3,259 Subsidiary equity obligations — 2 145 4 — 259 $ 5 $ 4,181 $ 3,231 $ 13 $ 5,119 $ 3,518 The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2024 (MILLIONS) Core $ 18,620 Transitional and development 22,461 LP Investments 81,426 Other investment properties 4,728 $ 127,235 |
Carrying and fair values of financial liabilities | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 80 $ 1,336 $ — $ 25 $ 1,575 $ — Corporate bonds — 1,686 726 — 1,662 777 Fixed income securities and other 494 969 5,416 455 958 4,903 Common shares and warrants 612 1,367 2,509 857 1,309 3,015 Loans and notes receivables — 29 16 — 46 17 1,186 5,387 8,667 1,337 5,550 8,712 Accounts receivable and other 4 3,257 66 6 2,520 89 $ 1,190 $ 8,644 $ 8,733 $ 1,343 $ 8,070 $ 8,801 Financial liabilities Accounts payable and other $ 5 $ 4,179 $ 3,086 $ 9 $ 5,119 $ 3,259 Subsidiary equity obligations — 2 145 4 — 259 $ 5 $ 4,181 $ 3,231 $ 13 $ 5,119 $ 3,518 |
Description of valuation techniques used in fair value measurement, assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Techniques and Key Inputs Other financial assets $ 5,387 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 3,257 / (4,179) 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 valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Significant Relationship of Unobservable Corporate bonds $ 726 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 5,416 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 2,509 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/ 66 / (3,086) 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) (145) 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 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. |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Significant Relationship of Unobservable Corporate bonds $ 726 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 5,416 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 2,509 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/ 66 / (3,086) 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) (145) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value |
Disclosure of financial assets | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 8,376 $ 3,292 $ 8,801 $ 3,518 Fair value changes in net income 74 (125) 154 (399) Fair value changes in other comprehensive income 1 94 134 51 129 Transfers in — — 6 — Transfers out 4 4 (622) (48) Additions, net of disposals 185 (74) 343 31 Balance, end of period $ 8,733 $ 3,231 $ 8,733 $ 3,231 1. Includes foreign currency translation. |
Disclosure of financial liabilities | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 8,376 $ 3,292 $ 8,801 $ 3,518 Fair value changes in net income 74 (125) 154 (399) Fair value changes in other comprehensive income 1 94 134 51 129 Transfers in — — 6 — Transfers out 4 4 (622) (48) Additions, net of disposals 185 (74) 343 31 Balance, end of period $ 8,733 $ 3,231 $ 8,733 $ 3,231 1. Includes foreign currency translation. |
CURRENT AND NON-CURRENT PORTI_2
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Current and Non-current Assets [Table Text Block] | Assets AS AT JUN. 30, 2024 AND DEC. 31, 2023 Other Financial Assets Accounts Receivable and Other Inventory 2024 2023 2024 2023 2024 2023 Current portion $ 6,954 $ 5,670 $ 19,946 $ 20,263 $ 7,375 $ 7,060 Non-current portion 23,660 22,654 9,019 8,249 4,466 4,352 $ 30,614 $ 28,324 $ 28,965 $ 28,512 $ 11,841 $ 11,412 |
Schedule of Current and Non-current Liabilities [Table Text Block] | Liabilities AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Accounts Payable Corporate Borrowings Non-Recourse Borrowings of Managed Entities 2 2024 2023 2024 2023 2024 2023 Current portion 1 $ 32,445 $ 33,414 $ 2,455 $ 608 $ 32,089 $ 36,856 Non-current portion 24,810 25,479 12,368 11,552 195,604 184,694 $ 57,255 $ 58,893 $ 14,823 $ 12,160 $ 227,693 $ 221,550 1. Current portion of corporate borrowings includes $2.0 billion (December 31, 2023 – $31 million) of short-term commercial paper and revolving facility draws. Our commercial paper program is backed by our revolving credit facility, which matures in June 2029. 2. The company adopted the IAS 1 amendments effective January 1, 2024 and reclassified $20.7 billion of non-recourse borrowings of managed entities in our Real Estate segment and our real estate LP Investments within our Asset Management segment from current to non-current as at December 31, 2023. |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Significant Relationship of Unobservable Corporate bonds $ 726 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 5,416 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 2,509 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/ 66 / (3,086) 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) (145) 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 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. |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Schedule of assets and liabilities classified as held-for-sale | The following is a summary of the assets and liabilities classified as held for sale: AS AT JUN. 30, 2024 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate (Core and Transitional & Development) 1 Real Estate (LP Investments) and Other 1 Total Assets Cash and cash equivalents $ 16 $ — $ 3 $ 3 $ 53 $ 75 Accounts receivable and other 7 9 2 69 68 155 Investment properties — — — 1,781 901 2,682 Property, plant and equipment 387 85 103 2 442 1,019 Intangible assets — 171 — — 4 175 Other long-term assets 2 5 — — — 7 Deferred income tax assets — — 3 — 13 16 Assets classified as held for sale $ 412 $ 270 $ 111 $ 1,855 $ 1,481 $ 4,129 Liabilities Accounts payable and other $ 96 $ 26 $ 8 $ 75 $ 168 $ 373 Non-recourse borrowings of managed entities 77 — — — 18 95 Deferred income tax liabilities — 44 — — 26 70 Liabilities associated with assets classified as held for sale $ 173 $ 70 $ 8 $ 75 $ 212 $ 538 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 June 30, 2024, assets held for sale primarily include: • Six office assets, six retail assets, three hospitality assets, one multifamily asset, and one logistics asset in the U.S. and one hospitality asset in South Korea. These assets are held within our Real Estate segment and our real estate LP investments included within our Asset Management segment; • A 67 MW portfolio of wind assets in the U.K., a 90 MW portfolio of hydroelectric assets in Brazil, and a 6 MW distributed generation asset in the U.S. within our Renewable Power and Transition segment; and • A data center in the U.S. within our Infrastructure segment. |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Schedule of investments in associates | The following table presents the change in the balance of investments in associates and joint ventures: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Balance, beginning of period $ 59,124 Additions, net of disposals 1 3,325 Share of comprehensive income 1,885 Distributions received (1,101) Returns of capital (210) Foreign currency translation and other (738) Balance, end of period $ 62,285 1. Includes assets sold and amounts reclassified to held for sale, as well as changes in accounting basis. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment property [abstract] | |
Disclosure of detailed information about investment property | The following table presents the change in the fair value of the company’s investment properties: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Fair value, beginning of period $ 124,152 Additions 5,975 Dispositions 1 (1,138) Changes in basis of accounting 113 Fair value changes (137) Foreign currency translation and other (1,730) Fair value, end of period 2 $ 127,235 1. Includes assets sold and amounts reclassified to held for sale. 2. As at June 30, 2024, the ending balance includes $4.7 billion of right-of-use investment properties (December 31, 2023 – $4.8 billion). The following table summarizes the key valuation metrics of the company’s investment properties: AS AT JUN. 30, 2024 Discount Terminal Investment Core 6.2 % 4.8 % 11 Transitional and development 1 8.0 % 6.2 % 10 LP Investments 1 8.6 % 5.9 % 13 Other investment properties 2 7.4 % 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 direct investments within our Asset Management segment. |
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: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 80 $ 1,336 $ — $ 25 $ 1,575 $ — Corporate bonds — 1,686 726 — 1,662 777 Fixed income securities and other 494 969 5,416 455 958 4,903 Common shares and warrants 612 1,367 2,509 857 1,309 3,015 Loans and notes receivables — 29 16 — 46 17 1,186 5,387 8,667 1,337 5,550 8,712 Accounts receivable and other 4 3,257 66 6 2,520 89 $ 1,190 $ 8,644 $ 8,733 $ 1,343 $ 8,070 $ 8,801 Financial liabilities Accounts payable and other $ 5 $ 4,179 $ 3,086 $ 9 $ 5,119 $ 3,259 Subsidiary equity obligations — 2 145 4 — 259 $ 5 $ 4,181 $ 3,231 $ 13 $ 5,119 $ 3,518 The following table presents our investment properties measured at fair value: AS AT JUN. 30, 2024 (MILLIONS) Core $ 18,620 Transitional and development 22,461 LP Investments 81,426 Other investment properties 4,728 $ 127,235 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Significant Relationship of Unobservable Corporate bonds $ 726 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 5,416 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 2,509 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/ 66 / (3,086) 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) (145) 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 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. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The company’s property, plant and equipment relates to the operating segments as shown below: AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Renewable Power and Transition Infrastructure Private Equity Real Estate (Core and Transitional & Development) 2 Real Estate (LP Investments) and Other 2 Total Balance, beginning of period $ 66,351 $ 48,546 $ 15,835 $ 345 $ 16,540 $ 147,617 Additions 1,623 1,921 1,606 20 385 5,555 Acquisitions through business combinations — 2,444 30 — 4 2,478 Dispositions and assets reclassified as held for sale (573) (599) (574) (3) (664) (2,413) Depreciation expense (1,038) (1,409) (836) (21) (347) (3,651) Foreign currency translation and other (2,191) (585) (510) (8) (164) (3,458) Total change (2,179) 1,772 (284) (12) (786) (1,489) Balance, end of period 1 $ 64,172 $ 50,318 $ 15,551 $ 333 $ 15,754 $ 146,128 1. |
SUBSIDIARY PUBLIC ISSUERS AND_2
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of interests in subsidiaries [text block] | The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer, BIC and non-guarantor subsidiaries: AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2024 (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 $ 876 $ 506 $ 18 $ — $ — $ — $ 4 $ 11 $ 48 $ 26,365 $ (4,778) $ 23,050 Net income (loss) attributable to shareholders 43 403 8 — — — 3 — 23 3,379 (3,816) 43 Total assets 83,824 12,221 734 — — — 160 552 4,009 563,015 (167,201) 497,314 Total liabilities 38,489 10,523 729 2 — — 1 549 3,490 318,480 (42,513) 329,750 Non-controlling interest – preferred equity — — — — — — 230 — — — — 230 AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 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 $ 700 $ 77 $ (6) $ — $ — $ — $ — $ 2 $ 47 $ 25,856 $ (3,008) $ 23,668 Net income (loss) attributable to shareholders 81 (9) (15) — — — — — (7) 2,080 (2,049) 81 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 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (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 $ 1,735 $ 600 $ 44 $ — $ — $ — $ 8 $ 22 $ 97 $ 50,706 $ (7,255) $ 45,957 Net income (loss) attributable to shareholders 145 402 24 — — — 7 — 56 4,971 (5,460) 145 FOR THE SIX MONTHS ENDED JUN. 30, 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 $ 1,285 $ 153 $ 3 $ — $ — $ — $ 4 $ 2 $ 93 $ 50,705 $ (5,280) $ 46,965 Net income (loss) attributable to shareholders 201 (19) (17) — — — 4 — 2 3,499 (3,469) 201 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) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [abstract] | |
Schedule of equity | The company’s common equity is comprised of the following: AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) 2024 2023 Common shares $ 10,831 $ 10,879 Contributed surplus 109 112 Retained earnings 17,131 18,006 Ownership changes 5,036 4,510 Accumulated other comprehensive income 8,125 8,167 Common equity $ 41,232 $ 41,674 The number of issued and outstanding Class A and Class B shares and unexercised options are as follows: AS AT JUN. 30, 2024 AND DEC. 31, 2023 2024 2023 Class A shares 1 1,508,146,799 1,523,372,339 Class B shares 85,120 85,120 Shares outstanding 1 1,508,231,919 1,523,457,459 Unexercised options, other share-based plans 2 and exchangeable shares of affiliate 88,896,428 91,632,045 Total diluted shares 1,597,128,347 1,615,089,504 1. Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (December 31, 2023 – 81,849,805). 2. Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 2024 2023 2024 2023 Outstanding, beginning of period 1 1,512,906,498 1,564,393,929 1,523,457,459 1,573,371,868 Issued (Repurchased) Issuances 658,243 1,380 1,594,541 262,361 Repurchases (7,098,910) (1,189,664) (20,313,372) (11,676,545) Long-term share ownership plans 2 1,752,920 643,650 3,467,385 1,826,185 Dividend reinvestment plan and other 13,168 17,597 25,906 83,023 Outstanding, end of period 3 1,508,231,919 1,563,866,892 1,508,231,919 1,563,866,892 1. Net of 93,511,317 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2024 (March 31, 2023 – 70,740,647) and 81,849,805 as at December 31, 2023 (December 31, 2022 – 62,910,220). 2. Includes management share option plan and restricted stock plan. 3. |
Schedule of basic and diluted earnings per share | The components of basic and diluted earnings per share are summarized in the following table: Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 Net income attributable to shareholders $ 43 $ 81 $ 145 $ 201 Preferred share dividends (42) (41) (84) (82) Net income available to shareholders 1 40 61 119 Dilutive impact of exchangeable shares — — — — Net income available to shareholders including dilutive impact of exchangeable shares $ 1 $ 40 $ 61 $ 119 Three Months Ended Six Months Ended FOR THE PERIODS ENDED JUN. 30 (MILLIONS) 2024 2023 2024 2023 Weighted average – Class A and Class B shares 1,509.6 1,564.0 1,514.3 1,568.2 Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate 26.4 14.4 24.4 14.6 Class A and Class B shares and share equivalents 1,536.0 1,578.4 1,538.7 1,582.8 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of disaggregation of revenue [Table Text Block] | Revenue by Type FOR THE THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 1,416 $ — $ 1,443 $ 4,568 $ 11,301 $ 702 $ 19,430 Other revenue 1,217 101 106 678 827 691 3,620 $ 2,633 $ 101 $ 1,549 $ 5,246 $ 12,128 $ 1,393 $ 23,050 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 2,679 $ — $ 2,937 $ 9,186 $ 22,664 $ 1,369 $ 38,835 Other revenue 2,491 162 147 1,339 1,631 1,352 7,122 $ 5,170 $ 162 $ 3,084 $ 10,525 $ 24,295 $ 2,721 $ 45,957 FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 1,416 $ — $ 1,289 $ 4,111 $ 12,815 $ 763 $ 20,394 Other revenue 1,185 50 251 243 813 732 3,274 $ 2,601 $ 50 $ 1,540 $ 4,354 $ 13,628 $ 1,495 $ 23,668 FOR THE SIX MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Corporate Renewable Power and Transition Infrastructure Private Equity Real Estate Total Revenue from contracts with customers $ 2,648 $ — $ 2,574 $ 8,199 $ 25,938 $ 1,432 $ 40,791 Other revenue 2,424 70 329 439 1,426 1,486 6,174 $ 5,072 $ 70 $ 2,903 $ 8,638 $ 27,364 $ 2,918 $ 46,965 |
Disclosure of maturity analysis of finance lease payments receivable [text block] | Timing of Recognition of Revenue from Contracts with Customers FOR THE THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 411 $ 95 $ — $ 9,457 $ 454 $ 10,417 Services transferred over a period of time 1,005 1,348 4,568 1,844 248 9,013 $ 1,416 $ 1,443 $ 4,568 $ 11,301 $ 702 $ 19,430 FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 806 $ 182 $ — $ 19,046 $ 872 $ 20,906 Services transferred over a period of time 1,873 2,755 9,186 3,618 497 17,929 $ 2,679 $ 2,937 $ 9,186 $ 22,664 $ 1,369 $ 38,835 FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) Asset Management Renewable Power and Transition Infrastructure Private Equity Real Estate Total Goods and services provided at a point in time $ 502 $ 37 $ 4 $ 10,149 $ 502 $ 11,194 Services transferred over a period of time 914 1,252 4,107 2,666 261 9,200 $ 1,416 $ 1,289 $ 4,111 $ 12,815 $ 763 $ 20,394 |
FAIR VALUE CHANGES (Tables)
FAIR VALUE CHANGES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended Six Months Ended 2024 2023 2024 2023 Investment properties $ (224) $ 224 $ (137) $ 778 Transaction related income, net of expenses (137) (88) 291 (422) Financial contracts 81 144 138 227 Impairment and provisions (77) (73) (150) (132) Other fair value changes (396) (145) (737) (351) $ (753) $ 62 $ (595) $ 100 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS a) Risk Management The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. We use financial instruments primarily to manage these risks. There have been no material changes to the company’s financial risk exposure or risk management activities since December 31, 2023. Please refer to Note 26 of the December 31, 2023 audited consolidated financial statements for a detailed description of the company’s financial risk exposure and risk management activities. b) Financial Instruments The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2024 and December 31, 2023: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Carrying Fair Carrying Fair Financial assets Cash and cash equivalents $ 11,249 $ 11,249 $ 11,222 $ 11,222 Other financial assets Government bonds 1,416 1,416 1,600 1,600 Corporate bonds 4,593 4,593 2,441 2,441 Fixed income securities and other 9,788 9,788 9,198 9,198 Common shares and warrants 4,488 4,488 5,181 5,181 Loans and notes receivable 10,329 10,329 9,904 9,904 30,614 30,614 28,324 28,324 Accounts receivable and other 19,539 19,539 19,464 19,464 $ 61,402 $ 61,402 $ 59,010 $ 59,010 Financial liabilities Corporate borrowings $ 14,823 $ 13,856 $ 12,160 $ 11,350 Non-recourse borrowings of managed entities Property-specific borrowings 211,031 210,159 205,336 205,003 Subsidiary borrowings 16,662 16,347 16,214 16,030 227,693 226,506 221,550 221,033 Accounts payable and other 47,696 47,696 50,009 50,009 Subsidiary equity obligations 5,021 5,021 4,145 4,145 $ 295,233 $ 293,079 $ 287,864 $ 286,537 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: 2024 2023 AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Other financial assets Government bonds $ 80 $ 1,336 $ — $ 25 $ 1,575 $ — Corporate bonds — 1,686 726 — 1,662 777 Fixed income securities and other 494 969 5,416 455 958 4,903 Common shares and warrants 612 1,367 2,509 857 1,309 3,015 Loans and notes receivables — 29 16 — 46 17 1,186 5,387 8,667 1,337 5,550 8,712 Accounts receivable and other 4 3,257 66 6 2,520 89 $ 1,190 $ 8,644 $ 8,733 $ 1,343 $ 8,070 $ 8,801 Financial liabilities Accounts payable and other $ 5 $ 4,179 $ 3,086 $ 9 $ 5,119 $ 3,259 Subsidiary equity obligations — 2 145 4 — 259 $ 5 $ 4,181 $ 3,231 $ 13 $ 5,119 $ 3,518 Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (MILLIONS) Type of Asset/Liability Carrying Value Jun. 30, 2024 Valuation Techniques and Key Inputs Other financial assets $ 5,387 Valuation models based on observable market data Derivative assets/Derivative liabilities (accounts receivable/accounts payable) 3,257 / (4,179) 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 Jun. 30, 2024 Valuation Significant Relationship of Unobservable Corporate bonds $ 726 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 5,416 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 2,509 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/ 66 / (3,086) 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) (145) Discounted cash flows • Future cash flows • Increases (decreases) in future cash flows increase (decrease) fair value • Discount rate • Increases (decreases) in discount rate decrease (increase) fair value • Terminal capitalization rate • Increases (decreases) in terminal capitalization rate decrease (increase) fair value • Investment horizon • Increases (decreases) in the investment horizon decrease (increase) fair value The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024 : Three Months Ended Six Months Ended AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024 (MILLIONS) Financial Financial Financial Financial Balance, beginning of period $ 8,376 $ 3,292 $ 8,801 $ 3,518 Fair value changes in net income 74 (125) 154 (399) Fair value changes in other comprehensive income 1 94 134 51 129 Transfers in — — 6 — Transfers out 4 4 (622) (48) Additions, net of disposals 185 (74) 343 31 Balance, end of period $ 8,733 $ 3,231 $ 8,733 $ 3,231 1. Includes foreign currency translation. |
ORGANIZATION AND CAPITAL MANA_3
ORGANIZATION AND CAPITAL MANAGEMENT - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Summary of the Corporation's Capital [Line Items] | |||
Corporation's Capital | $ 410,080 | $ 401,952 | |
The Corporation | |||
Summary of the Corporation's Capital [Line Items] | |||
Corporation's Capital | $ 60,388 | $ 58,167 | |
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, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Management Commentary Explanatory [Line Items] | ||||
Financial assets | $ 61,402 | $ 59,010 | ||
Other financial assets | 30,614 | 28,324 | ||
Common Equity in Managed Investments | 0 | 0 | ||
Corporation's Capital | 410,080 | 401,952 | ||
Equity | 167,564 | 168,242 | $ 155,583 | |
Non-controlling interest - preferred equity | 230 | 230 | ||
Financial liabilities | 295,233 | 287,864 | ||
Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 14,823 | 12,160 | ||
Non-controlling interests | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 122,229 | 122,465 | 110,982 | |
Non-controlling interest - preferred equity | 122,229 | 122,465 | ||
Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | $ 41,232 | 41,232 | 41,674 | 40,498 |
Preferred shares | Preferred equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 4,103 | 4,103 | $ 4,103 | |
The Corporation | ||||
Management Commentary Explanatory [Line Items] | ||||
Other financial assets | 4,408 | 4,004 | ||
Common Equity in Managed Investments | 55,649 | 53,523 | ||
Other Assets and Liabilities | 219 | 506 | ||
Corporation's Capital | 60,388 | 58,167 | ||
The Corporation | Corporate borrowings | ||||
Management Commentary Explanatory [Line Items] | ||||
Financial liabilities | 14,823 | 12,160 | ||
The Corporation | Common shares | Common equity | ||||
Management Commentary Explanatory [Line Items] | ||||
Equity | 41,232 | 41,674 | ||
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, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Management Commentary Explanatory [Line Items] | |||||||
Cash and cash equivalents | $ 11,249 | $ 11,742 | $ 11,222 | $ 12,427 | $ 13,049 | $ 14,396 | |
Other financial assets | 30,614 | 28,324 | |||||
Accounts receivable and other | 28,965 | 28,512 | |||||
Inventory | 11,841 | 11,412 | |||||
Assets classified as held for sale | 4,129 | 2,489 | |||||
Equity accounted investments | 62,285 | 59,124 | |||||
Investment properties | 127,235 | 124,152 | |||||
Property, plant and equipment | 146,128 | 147,617 | |||||
Intangible assets | 37,172 | 38,994 | |||||
Goodwill | 34,270 | 34,911 | |||||
Deferred income tax assets | 3,426 | 3,338 | |||||
Accounts payable and other | (57,255) | (58,893) | |||||
Liabilities associated with assets classified as held for sale | (538) | (118) | |||||
Deferred income tax liabilities | (24,420) | (24,987) | |||||
Subsidiary equity obligations | (5,021) | (4,145) | |||||
Net Assets Before Common Equity in Managed Investments | 410,080 | 401,952 | |||||
Common Equity in Managed Investments | 0 | 0 | |||||
Corporation's Capital | 410,080 | 401,952 | |||||
Financial liabilities | 295,233 | 287,864 | |||||
Non-recourse borrowings of managed entities | 227,693 | 221,550 | |||||
Equity | 167,564 | 168,242 | 155,583 | ||||
Non-controlling interest - preferred equity | 230 | 230 | |||||
Corporate borrowings | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Financial liabilities | 14,823 | 12,160 | |||||
Non-controlling interests | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | 122,229 | 122,465 | 110,982 | ||||
Non-controlling interest - preferred equity | 122,229 | 122,465 | |||||
Preferred shares | Preferred equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | 4,103 | 4,103 | 4,103 | ||||
Common shares | Common equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | $ 41,232 | 41,232 | 41,674 | $ 40,498 | |||
Preferred equity | Preferred equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | 4,103 | 4,103 | |||||
The Corporation | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Cash and cash equivalents | 112 | 134 | |||||
Other financial assets | 4,408 | 4,004 | |||||
Accounts receivable and other | 1,404 | 1,191 | |||||
Inventory | 0 | 0 | |||||
Assets classified as held for sale | 0 | 0 | |||||
Equity accounted investments | 2,407 | 2,081 | |||||
Investment properties | 18 | 21 | |||||
Property, plant and equipment | 131 | 144 | |||||
Intangible assets | 83 | 84 | |||||
Goodwill | 0 | 0 | |||||
Deferred income tax assets | 374 | 489 | |||||
Accounts payable and other | (3,769) | (3,383) | |||||
Liabilities associated with assets classified as held for sale | 0 | 0 | |||||
Deferred income tax liabilities | (427) | (117) | |||||
Subsidiary equity obligations | (2) | (4) | |||||
Net Assets Before Common Equity in Managed Investments | 4,739 | 4,644 | |||||
Common Equity in Managed Investments | 55,649 | 53,523 | |||||
Corporation's Capital | 60,388 | 58,167 | |||||
Non-recourse borrowings of managed entities | 0 | 0 | |||||
The Corporation | Corporate borrowings | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Financial liabilities | 14,823 | 12,160 | |||||
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 | 41,232 | 41,674 | |||||
The Corporation | Preferred equity | Preferred equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | 4,103 | 4,103 | |||||
Managed Investments | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Cash and cash equivalents | 11,137 | 11,088 | |||||
Other financial assets | 26,206 | 24,320 | |||||
Accounts receivable and other | 28,538 | 27,836 | |||||
Inventory | 11,841 | 11,412 | |||||
Assets classified as held for sale | 4,129 | 2,489 | |||||
Equity accounted investments | 59,878 | 57,043 | |||||
Investment properties | 127,217 | 124,131 | |||||
Property, plant and equipment | 145,997 | 147,473 | |||||
Intangible assets | 37,089 | 38,910 | |||||
Goodwill | 34,270 | 34,911 | |||||
Deferred income tax assets | 3,052 | 2,849 | |||||
Accounts payable and other | (54,463) | (56,025) | |||||
Liabilities associated with assets classified as held for sale | (538) | (118) | |||||
Deferred income tax liabilities | (23,993) | (24,870) | |||||
Subsidiary equity obligations | (5,019) | (4,141) | |||||
Net Assets Before Common Equity in Managed Investments | 405,341 | 397,308 | |||||
Common Equity in Managed Investments | 0 | 0 | |||||
Corporation's Capital | 405,341 | 397,308 | |||||
Non-recourse borrowings of managed entities | 227,693 | 221,550 | |||||
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 | 121,999 | 122,235 | |||||
Managed Investments | Common shares | Common equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | 55,649 | 53,523 | |||||
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 | (977) | (515) | |||||
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 | 977 | 515 | |||||
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 | (55,649) | (53,523) | |||||
Corporation's Capital | (55,649) | (53,523) | |||||
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 | (55,649) | (53,523) | |||||
Elimination | Preferred equity | |||||||
Management Commentary Explanatory [Line Items] | |||||||
Equity | $ 0 | $ 0 |
MATERIAL ACCOUNTING POLICY IN_3
MATERIAL ACCOUNTING POLICY INFORMATION - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of initial application of standards or interpretations [line items] | ||
Assets | $ 497,314 | $ 490,095 |
Right-of-use assets | 4,700 | 4,800 |
Infrastructure | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Right-of-use assets | $ 4,500 | $ 3,600 |
SEGMENTED INFORMATION - Narrati
SEGMENTED INFORMATION - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Disclosure of operating segments [abstract] | ||||
Number of operating business groups | 6 | 6 | ||
Number of reportable segments | 7 | 7 | ||
Disclosure of operating segments [line items] | ||||
Revenue | $ 23,050 | $ 23,668 | $ 45,957 | $ 46,965 |
Realized disposition gains in fair value changes or equity | 1,153 | 283 | 1,179 | 399 |
Other income and gains | 244 | 1,483 | 484 | 1,864 |
Asset management | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 2,633 | 2,601 | 5,170 | 5,072 |
Private Equity | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 12,128 | 13,628 | 24,295 | 27,364 |
Elimination of intersegment amounts | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 996 | 1,212 | 2,447 | 2,684 |
Intersegment interest income and other revenues | 33 | 27 | 68 | 33 |
Elimination of intersegment amounts | Asset management | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,003 | 1,180 | 2,472 | 2,597 |
Elimination of intersegment amounts | Private Equity | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 24 | (5) | 38 | 40 |
Revenue from construction contracts | $ 26 | $ 6 | $ 43 | $ 54 |
SEGMENTED INFORMATION - Financi
SEGMENTED INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |
Disclosure of operating segments [line items] | ||||||
Revenue | $ 23,050 | $ 23,668 | $ 45,957 | $ 46,965 | ||
Equity | 167,564 | 155,583 | 167,564 | 155,583 | $ 168,242 | |
Equity accounted investments | 62,285 | 62,285 | 59,124 | |||
Other financial assets | 30,614 | 30,614 | 28,324 | |||
Goodwill | 34,270 | 34,270 | 34,911 | |||
Revenue from contracts with customers | $ 19,430 | $ 20,394 | $ 38,835 | $ 40,791 | ||
Oaktree [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Proportion of ownership interest in associate or joint venture | 73% | 68% | 73% | 68% | ||
Basis of Calculation | 100% | 100% | ||||
Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | $ 41,232 | $ 40,498 | $ 41,232 | $ 40,498 | $ 41,232 | 41,674 |
Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 996 | 1,212 | 2,447 | 2,684 | ||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 24,046 | 24,880 | 48,404 | 49,649 | ||
Asset management | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 2,633 | 2,601 | 5,170 | 5,072 | ||
Distributable Earnings | 696 | 777 | 1,534 | 1,655 | ||
Revenue from contracts with customers | 1,416 | 1,416 | 2,679 | 2,648 | ||
Asset management | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | 18,100 | 19,484 | ||||
Asset management | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 1,003 | 1,180 | 2,472 | 2,597 | ||
Asset management | Elimination of intersegment amounts | Oaktree [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 346 | 333 | 1,200 | 982 | ||
Asset management | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 3,636 | 3,781 | 7,642 | 7,669 | ||
Reinsurance | ||||||
Disclosure of operating segments [line items] | ||||||
Distributable Earnings | 292 | 160 | 565 | 305 | ||
Reinsurance | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | 8,990 | 6,144 | ||||
Renewable Power and Transition | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 1,549 | 1,540 | 3,084 | 2,903 | ||
Funds from operations | (230) | (226) | ||||
Renewable Power and Transition | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | 4,166 | 4,887 | ||||
Renewable Power and Transition | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 0 | 0 | 0 | 0 | ||
Renewable Power and Transition | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 1,549 | 1,540 | 3,084 | 2,903 | ||
Funds from operations | (139) | (143) | ||||
Corporate Activities | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 101 | 50 | 162 | 70 | ||
Funds from operations | (572) | 280 | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||
Corporate Activities | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | (19,333) | (17,082) | ||||
Corporate Activities | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | (40) | 26 | (83) | 26 | ||
Corporate Activities | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 61 | 76 | 79 | 96 | ||
Funds from operations | (785) | 133 | ||||
Infrastructure | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 5,246 | 4,354 | 10,525 | 8,638 | ||
Funds from operations | (282) | (375) | ||||
Revenue from contracts with customers | 4,568 | 4,111 | 9,186 | 8,199 | ||
Infrastructure | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | 2,344 | 2,537 | ||||
Infrastructure | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | (1) | 1 | 1 | 3 | ||
Infrastructure | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 5,245 | 4,355 | 10,526 | 8,641 | ||
Funds from operations | (140) | (243) | ||||
Private Equity | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 12,128 | 13,628 | 24,295 | 27,364 | ||
Funds from operations | (406) | (370) | ||||
Revenue from contracts with customers | 11,301 | 12,815 | 22,664 | 25,938 | ||
Private Equity | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | 3,236 | 3,291 | ||||
Private Equity | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 24 | (5) | 38 | 40 | ||
Private Equity | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 12,152 | 13,623 | 24,333 | 27,404 | ||
Funds from operations | (189) | (121) | ||||
Real Estate | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 1,393 | 1,495 | 2,721 | 2,918 | ||
NOI | 803 | 781 | 1,630 | 1,591 | ||
Revenue from contracts with customers | 702 | 763 | 1,369 | 1,432 | ||
Real Estate | Common shares | Common equity | ||||||
Disclosure of operating segments [line items] | ||||||
Equity | $ 23,729 | $ 22,413 | ||||
Real Estate | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 10 | 10 | 19 | 18 | ||
Real Estate | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | $ 1,403 | 1,505 | $ 2,740 | 2,936 | ||
Core & T&D (Real Estate) [Member] | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | $ 44 | $ 111 |
SEGMENTED INFORMATION - Reconci
SEGMENTED INFORMATION - Reconciliation of FFO to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | ||||
Net income (loss) | $ (285) | $ 1,512 | $ 234 | $ 1,936 |
Financial statement components not included in FFO | ||||
Equity Accounted Fair Value Changes And Other Non Funds From Operations | 444 | 703 | 1,073 | 1,507 |
Fair value changes | 753 | (62) | 595 | (100) |
Depreciation and amortization | 2,435 | 2,214 | 4,910 | 4,402 |
Deferred income taxes | 55 | 151 | 99 | 243 |
Realized disposition gains in fair value changes or equity | 1,153 | 283 | 1,179 | 399 |
Less: NCI on above items | (2,275) | (3,127) | (4,760) | (5,349) |
Less: Real Estate segment disposition gains | (173) | (283) | (194) | (345) |
Add: Real Estate segment adjustment and other, net | 1,047 | 1,003 | 2,281 | 2,035 |
Total segment measures of profit and loss | $ 3,044 | $ 2,092 | $ 5,219 | $ 4,242 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue Allocation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of geographical areas [line items] | ||||
Revenue | $ 23,050 | $ 23,668 | $ 45,957 | $ 46,965 |
UNITED STATES | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 6,337 | 6,900 | 12,720 | 13,852 |
Canada | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 2,475 | 2,614 | 4,653 | 5,232 |
United Kingdom | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 5,558 | 5,915 | 11,076 | 11,401 |
Australia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,646 | 1,483 | 3,109 | 2,957 |
Brazil | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,325 | 1,385 | 2,676 | 2,698 |
INDIA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 860 | 729 | 1,769 | 1,405 |
GERMANY | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 543 | 511 | 1,131 | 1,032 |
Other Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 2,268 | 2,297 | 4,613 | 4,708 |
Colombia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 633 | 557 | 1,295 | 1,087 |
Other Asia | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 800 | 682 | 1,664 | 1,452 |
Other | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 605 | $ 595 | $ 1,251 | $ 1,141 |
SEGMENTED INFORMATION - Asset A
SEGMENTED INFORMATION - Asset Allocation (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of products and services [line items] | ||
Assets | $ 497,314 | $ 490,095 |
UNITED STATES | ||
Disclosure of products and services [line items] | ||
Assets | 222,988 | 211,947 |
Canada | ||
Disclosure of products and services [line items] | ||
Assets | 49,407 | 50,899 |
United Kingdom | ||
Disclosure of products and services [line items] | ||
Assets | 36,450 | 36,289 |
Australia | ||
Disclosure of products and services [line items] | ||
Assets | 26,605 | 27,599 |
Brazil | ||
Disclosure of products and services [line items] | ||
Assets | 26,466 | 29,306 |
INDIA | ||
Disclosure of products and services [line items] | ||
Assets | 23,643 | 23,093 |
GERMANY | ||
Disclosure of products and services [line items] | ||
Assets | 15,581 | 15,636 |
Colombia | ||
Disclosure of products and services [line items] | ||
Assets | 12,394 | 13,344 |
Other Europe | ||
Disclosure of products and services [line items] | ||
Assets | 45,722 | 45,583 |
Other Asia | ||
Disclosure of products and services [line items] | ||
Assets | 20,441 | 21,149 |
Other | ||
Disclosure of products and services [line items] | ||
Assets | $ 17,617 | $ 15,250 |
SUBSIDIARIES - Schedule of Comp
SUBSIDIARIES - Schedule of Composition Of Accumulated Non-Controlling Interest (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Disclosure of subsidiaries [line items] | |||
Equity | $ 167,564 | $ 168,242 | $ 155,583 |
Non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Equity | $ 122,229 | $ 122,465 | $ 110,982 |
SUBSIDIARIES - Schedule Of Summ
SUBSIDIARIES - Schedule Of Summarized Financial Information Before Intra-Group Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | $ (167,564) | $ (155,583) | $ (167,564) | $ (155,583) | $ (168,242) |
Revenue | 23,050 | 23,668 | 45,957 | 46,965 | |
Net income (loss) attributable to: | |||||
Non-controlling interests | (328) | 1,431 | 89 | 1,735 | |
Shareholders | 43 | 81 | 145 | 201 | |
Net income | (285) | 1,512 | 234 | 1,936 | |
Other comprehensive income (loss) attributable to: | |||||
Non-controlling interests | (969) | 1,471 | (1,560) | 1,315 | |
Shareholders | 463 | 557 | (68) | 752 | |
Other comprehensive income (loss) | (506) | 2,028 | (1,628) | 2,067 | |
Non-controlling interests | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | (122,229) | (110,982) | (122,229) | (110,982) | $ (122,465) |
Net income (loss) attributable to: | |||||
Non-controlling interests | (328) | 1,431 | 89 | 1,735 | |
Other comprehensive income (loss) attributable to: | |||||
Non-controlling interests | $ (969) | $ 1,471 | $ (1,560) | $ 1,315 |
SUBSIDIARIES - Schedule Of Cash
SUBSIDIARIES - Schedule Of Cash Flow With Material Non-Controlling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from (used in): | ||||
Cash flows from (used in) operating activities | $ 698 | $ 406 | $ 1,016 | $ 1,524 |
Cash flows from (used in) financing activities | 7,369 | (228) | 12,578 | 10,538 |
Cash flows from (used in) investing activities | $ (8,329) | $ (862) | $ (13,202) | $ (14,164) |
ACQUISITIONS OF CONSOLIDATED _3
ACQUISITIONS OF CONSOLIDATED ENTITIES - Business Combinations By Type (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about business combination [line items] | |||
Other financial assets | $ 30,614 | $ 28,324 | |
Assets classified as held for sale | 4,129 | 2,489 | |
Goodwill | 34,270 | 34,911 | |
Liabilities associated with assets classified as held for sale | 538 | $ 118 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 99 | ||
Accounts receivable and other | 177 | ||
Assets classified as held for sale | 270 | ||
Property, plant and equipment | 2,478 | ||
Identifiable intangible assets recognised as of acquisition date | 331 | ||
Goodwill | 45 | ||
Total assets | 3,400 | ||
Accounts payable and other | 1,619 | ||
Liabilities associated with assets classified as held for sale | 70 | ||
Non-recourse borrowings | 13 | ||
Deferred income tax liabilities | 213 | ||
Non-controlling interests | 4 | ||
Preferred equity | |||
Total liabilities | (1,919) | ||
Identifiable assets acquired (liabilities assumed) | 1,481 | ||
Consideration transferred, acquisition-date fair value | 910 | ||
Total | Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | 0 | ||
Total | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | 4 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | 0 | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 95 | ||
Accounts receivable and other | 134 | ||
Assets classified as held for sale | 270 | ||
Property, plant and equipment | 2,444 | ||
Identifiable intangible assets recognised as of acquisition date | 288 | ||
Goodwill | 0 | ||
Total assets | 3,231 | ||
Accounts payable and other | 1,582 | ||
Liabilities associated with assets classified as held for sale | 70 | ||
Non-recourse borrowings | $ 0 | ||
Deferred income tax liabilities | 205 | ||
Non-controlling interests | 0 | ||
Preferred equity | |||
Total liabilities | (1,857) | ||
Identifiable assets acquired (liabilities assumed) | 1,374 | ||
Total | Private Equity and Other [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents recognised as of acquisition date | 4 | ||
Accounts receivable and other | 43 | ||
Assets classified as held for sale | 0 | ||
Property, plant and equipment | 34 | ||
Identifiable intangible assets recognised as of acquisition date | 43 | ||
Goodwill | 45 | ||
Total assets | 169 | ||
Accounts payable and other | 37 | ||
Liabilities associated with assets classified as held for sale | 0 | ||
Non-recourse borrowings | 13 | ||
Deferred income tax liabilities | 8 | ||
Non-controlling interests | $ 4 | ||
Preferred equity | |||
Total liabilities | (62) | ||
Identifiable assets acquired (liabilities assumed) | $ 107 |
ACQUISITIONS OF CONSOLIDATED _4
ACQUISITIONS OF CONSOLIDATED ENTITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of detailed information about business combination [line items] | ||
Liabilities and Non Controlling interest Equity | $ (1,900) | |
Goodwill | 34,270 | $ 34,911 |
Assets classified as held for sale | 4,129 | 2,489 |
Liabilities associated with assets classified as held for sale | (538) | $ (118) |
Total | ||
Disclosure of detailed information about business combination [line items] | ||
Total assets | 3,400 | |
Identifiable assets acquired (liabilities assumed) | 1,481 | |
Consideration transferred, acquisition-date fair value | 910 | |
Goodwill | 45 | |
Assets classified as held for sale | 270 | |
Liabilities associated with assets classified as held for sale | (70) | |
Total | Infrastructure | ||
Disclosure of detailed information about business combination [line items] | ||
Total assets | 3,231 | |
Identifiable assets acquired (liabilities assumed) | 1,374 | |
Goodwill | 0 | |
Assets classified as held for sale | 270 | |
Liabilities associated with assets classified as held for sale | $ (70) | |
Cyxtera [Member] | Infrastructure | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of interests acquired | 29% | |
Consideration transferred, acquisition-date fair value | $ 803 | |
Gain recognised in bargain purchase transaction | $ 571 |
ACQUISITIONS OF CONSOLIDATED _5
ACQUISITIONS OF CONSOLIDATED ENTITIES - Business Combinations by Name (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about business combination [line items] | |||
Other financial assets | $ 30,614 | $ 28,324 | |
Goodwill | 34,270 | $ 34,911 | |
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 99 | ||
Accounts receivable and other | 177 | ||
Property, plant and equipment | 2,478 | ||
Intangible assets | 331 | ||
Goodwill | 45 | ||
Total assets | 3,400 | ||
Less: | |||
Accounts payable and other | (1,619) | ||
Non-recourse borrowings | (13) | ||
Deferred income tax liabilities | (213) | ||
Non-controlling interests | (4) | ||
Total liabilities | (1,919) | ||
Identifiable assets acquired (liabilities assumed) | 1,481 | ||
Consideration | 910 | ||
Total | Infrastructure | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | 95 | ||
Accounts receivable and other | 134 | ||
Property, plant and equipment | 2,444 | ||
Intangible assets | 288 | ||
Goodwill | 0 | ||
Total assets | 3,231 | ||
Less: | |||
Accounts payable and other | (1,582) | ||
Non-recourse borrowings | $ 0 | ||
Deferred income tax liabilities | (205) | ||
Non-controlling interests | $ 0 | ||
Total liabilities | (1,857) | ||
Identifiable assets acquired (liabilities assumed) | 1,374 | ||
Total | Real Estate | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | 0 | ||
Total | Renewable Power and Transition | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | 0 | ||
Total | Asset management | |||
Disclosure of detailed information about business combination [line items] | |||
Property, plant and equipment | $ 4 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 61,402 | $ 59,010 |
Financial assets, at fair value | 61,402 | 59,010 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 295,233 | 287,864 |
Financial liabilities | 293,079 | 286,537 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,823 | 12,160 |
Financial liabilities | 13,856 | 11,350 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 211,031 | 205,336 |
Financial liabilities | 210,159 | 205,003 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,662 | 16,214 |
Financial liabilities | 16,347 | 16,030 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 227,693 | 221,550 |
Financial liabilities | 226,506 | 221,033 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 47,696 | 50,009 |
Financial liabilities | 47,696 | 50,009 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 5,021 | 4,145 |
Financial liabilities | 5,021 | 4,145 |
Equity investments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 4,488 | 5,181 |
Financial assets, at fair value | 4,488 | 5,181 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 10,329 | 9,904 |
Financial assets, at fair value | 10,329 | 9,904 |
Cash And Cash Equivalents1 | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 11,249 | 11,222 |
Financial assets, at fair value | 11,249 | 11,222 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 30,614 | 28,324 |
Financial assets, at fair value | 30,614 | 28,324 |
Trade receivables and other [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 19,539 | 19,464 |
Financial assets, at fair value | 19,539 | 19,464 |
Loans to government [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,416 | 1,600 |
Financial assets, at fair value | 1,416 | 1,600 |
Loans to corporate entities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 4,593 | 2,441 |
Financial assets, at fair value | 4,593 | 2,441 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 9,788 | 9,198 |
Financial assets, at fair value | $ 9,788 | $ 9,198 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 61,402 | $ 59,010 |
Financial liabilities | 293,079 | 286,537 |
Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 30,614 | 28,324 |
Level 1 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,190 | 1,343 |
Financial liabilities | 5 | 13 |
Level 1 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,186 | 1,337 |
Level 1 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 5 | 9 |
Level 1 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 0 | 4 |
Level 1 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 80 | 25 |
Level 1 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 0 |
Level 1 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 494 | 455 |
Level 1 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 612 | 857 |
Level 1 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 0 | 0 |
Level 1 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 4 | 6 |
Level 2 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,644 | 8,070 |
Financial liabilities | 4,181 | 5,119 |
Level 2 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5,387 | 5,550 |
Level 2 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 4,179 | 5,119 |
Level 2 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 4,179 | |
Level 2 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 2 | 0 |
Level 2 | Government bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,336 | 1,575 |
Level 2 | Corporate bonds | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,686 | 1,662 |
Level 2 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 969 | 958 |
Level 2 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 1,367 | 1,309 |
Level 2 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 29 | 46 |
Level 2 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 3,257 | 2,520 |
Level 3 | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,733 | 8,801 |
Financial liabilities | 3,231 | 3,518 |
Level 3 | Other financial assets | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 8,667 | 8,712 |
Level 3 | Accounts payable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,086 | 3,259 |
Level 3 | Accounts payable and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 3,086 | |
Level 3 | Subsidiary equity obligations | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 145 | 259 |
Level 3 | Subsidiary equity obligations | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial liabilities | 145 | |
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 | 777 | |
Level 3 | Corporate bonds | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 726 | |
Level 3 | Fixed income securities and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5,416 | 4,903 |
Level 3 | Fixed income securities and other | Discounted cash flows | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 5,416 | |
Level 3 | Common shares and warrants | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 2,509 | 3,015 |
Level 3 | Loans and notes receivables | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | 16 | 17 |
Level 3 | Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 66 | $ 89 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | $ 61,402 | $ 59,010 |
Financial liabilities | (293,079) | (286,537) |
Level 2 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 8,644 | 8,070 |
Financial liabilities | (4,181) | (5,119) |
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 | (4,179) | (5,119) |
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 | (4,179) | |
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 | (2) | 0 |
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 | 3,257 | 2,520 |
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 | 5,387 | |
Level 3 | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items] | ||
Financial assets | 8,733 | 8,801 |
Financial liabilities | (3,231) | (3,518) |
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 | (3,086) | (3,259) |
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 | (3,086) | |
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 | (145) | (259) |
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 | (145) | |
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 | $ 66 | $ 89 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | $ 61,402 | $ 61,402 | |
Financial liabilities | (293,079) | (293,079) | |
Balance, beginning of period | 59,010 | ||
Balance, beginning of period | 286,537 | ||
Balance, end of period | 61,402 | 61,402 | |
Balance, end of period | 293,079 | 293,079 | |
Level 3 | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 8,733 | 8,733 | |
Financial liabilities | (3,231) | (3,231) | |
Balance, beginning of period | 8,801 | ||
Balance, beginning of period | 3,518 | ||
Balance, end of period | 8,733 | 8,733 | |
Balance, end of period | 3,231 | 3,231 | |
Level 3 | At fair value | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 8,733 | 8,733 | |
Financial liabilities | (3,231) | (3,231) | |
Balance, beginning of period | 8,376 | 8,801 | |
Balance, beginning of period | 3,292 | 3,518 | |
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, assets | 74 | 154 | |
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | (125) | (399) | |
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets | 94 | 51 | |
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities | 134 | 129 | |
Additions, net of disposals | 185 | 343 | |
Additions, net of disposals | (74) | 31 | |
Balance, end of period | 8,733 | 8,733 | |
Balance, end of period | 3,231 | 3,231 | |
Transfers into Level 3 of fair value hierarchy, assets | 0 | (6) | |
Transfers into Level 3 of fair value hierarchy, liabilities | $ 0 | 0 | |
Transfers out of Level 3 of fair value hierarchy, liabilities | 4 | 48 | |
Transfers out of Level 3 of fair value hierarchy, assets | 4 | 622 | |
Level 3 | Accounts payable and other | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial liabilities | (3,086) | (3,086) | |
Balance, beginning of period | 3,259 | ||
Balance, end of period | 3,086 | 3,086 | |
Level 3 | Subsidiary equity obligations | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial liabilities | (145) | (145) | |
Balance, beginning of period | 259 | ||
Balance, end of period | 145 | 145 | |
Level 3 | Discounted cash flows | Accounts payable and other | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial liabilities | (3,086) | (3,086) | |
Balance, end of period | 3,086 | 3,086 | |
Level 3 | Discounted cash flows | Subsidiary equity obligations | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial liabilities | (145) | (145) | |
Balance, end of period | 145 | 145 | |
Corporate bonds | Level 3 | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | |||
Balance, beginning of period | 777 | ||
Corporate bonds | Level 3 | Discounted cash flows | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 726 | 726 | |
Balance, end of period | 726 | 726 | |
Fixed income securities and other | Level 3 | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 5,416 | 5,416 | |
Balance, beginning of period | 4,903 | ||
Balance, end of period | 5,416 | 5,416 | |
Fixed income securities and other | Level 3 | Discounted cash flows | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 5,416 | 5,416 | |
Balance, end of period | 5,416 | 5,416 | |
Equity investments [member] | Level 3 | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 2,509 | 2,509 | |
Balance, beginning of period | 3,015 | ||
Balance, end of period | 2,509 | 2,509 | |
Equity investments [member] | Level 3 | Black-Scholes model | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 2,509 | 2,509 | |
Balance, end of period | 2,509 | 2,509 | |
Accounts receivable and other | Level 3 | Discounted cash flows | |||
Disclosure of carrying value and fair value of assets and liabilities | |||
Financial assets | 66 | 66 | |
Balance, end of period | $ 66 | $ 66 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 61,402 | $ 59,010 |
Financial assets | 61,402 | 59,010 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 295,233 | 287,864 |
Financial liabilities | 293,079 | 286,537 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,823 | 12,160 |
Financial liabilities | 13,856 | 11,350 |
Property-specific borrowings and subsidiary borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 227,693 | 221,550 |
Financial liabilities | 226,506 | 221,033 |
Property-specific borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 211,031 | 205,336 |
Financial liabilities | 210,159 | 205,003 |
Subsidiary borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,662 | 16,214 |
Financial liabilities | 16,347 | 16,030 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 47,696 | 50,009 |
Financial liabilities | 47,696 | 50,009 |
Subsidiary equity obligations | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 5,021 | 4,145 |
Financial liabilities | 5,021 | 4,145 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 11,249 | 11,222 |
Financial assets | 11,249 | 11,222 |
Government bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,416 | 1,600 |
Financial assets | 1,416 | 1,600 |
Corporate bonds | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,593 | 2,441 |
Financial assets | 4,593 | 2,441 |
Fixed income securities and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9,788 | 9,198 |
Financial assets | 9,788 | 9,198 |
Common shares and warrants | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,488 | 5,181 |
Financial assets | 4,488 | 5,181 |
Loans and notes receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 10,329 | 9,904 |
Financial assets | 10,329 | 9,904 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 30,614 | 28,324 |
Financial assets | 30,614 | 28,324 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 19,539 | 19,464 |
Financial assets | $ 19,539 | $ 19,464 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification, Footnotes (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 61,402 | $ 59,010 |
Accounts receivable and other | ||
Disclosure of carrying value and fair value of assets and liabilities | ||
Financial assets | $ 19,539 | $ 19,464 |
FAIR VALUE OF FINANCIAL INSTR_8
FAIR VALUE OF FINANCIAL INSTRUMENTS - Other Financial Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about financial instruments [abstract] | ||
Current | $ 6,954 | $ 5,670 |
Non-current | 23,660 | 22,654 |
Total | $ 30,614 | $ 28,324 |
FAIR VALUE OF FINANCIAL INSTR_9
FAIR VALUE OF FINANCIAL INSTRUMENTS - Amortized Cost for which Fair Value is Disclosed (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | $ 295,233 | $ 287,864 |
CURRENT AND NON-CURRENT PORTI_3
CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current portion other financial assets | $ 6,954 | $ 5,670 |
Other non-current financial assets | 23,660 | 22,654 |
Other financial assets | 30,614 | 28,324 |
Current portion of accounts receivable and other | 19,946 | 20,263 |
Non-current portion of accounts receivable and other | 9,019 | 8,249 |
Accounts receivable and other | 28,965 | 28,512 |
Current portion of inventory | 7,375 | 7,060 |
Non-current portion of inventory | 4,466 | 4,352 |
Total | 11,841 | 11,412 |
Current portion of accounts payable and other | 32,445 | 33,414 |
Non-current portion of accounts payable and other | 24,810 | 25,479 |
Accounts payable and other | 57,255 | 58,893 |
Current portion of corporate borrowings | 2,455 | 608 |
Non-current portion of corporate borrowings | 12,368 | 11,552 |
Corporate Borrowings | 14,823 | 12,160 |
Current portion of non-recourse borrowings of managed entities | 32,089 | 36,856 |
Non-current non-recourse borrowings of managed entities | 195,604 | 184,694 |
Non-recourse borrowings of managed entities | $ 227,693 | $ 221,550 |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Accounts Receivable and Other (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts receivable and other | $ 28,965 | $ 28,512 |
ACCOUNTS RECEIVABLE AND OTHER_2
ACCOUNTS RECEIVABLE AND OTHER - Schedule of Current and Non-Current Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current | $ 19,946 | $ 20,263 |
Non-current | 9,019 | 8,249 |
Accounts receivable and other | $ 28,965 | $ 28,512 |
INVENTORY - Schedule of Invento
INVENTORY - Schedule of Inventory Properties (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of Inventory Properties [Line Items] | ||
Total | $ 11,841 | $ 11,412 |
INVENTORY - Schedule of Current
INVENTORY - Schedule of Current and Non-Current Inventory Balances (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventories [Abstract] | ||
Current | $ 7,375 | $ 7,060 |
Non-current | 4,466 | 4,352 |
Total | $ 11,841 | $ 11,412 |
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, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | |||
Accounts receivable and other | $ 28,965 | $ 28,512 | |
Equity accounted investments | (62,285) | (59,124) | |
Investment properties | 127,235 | 124,152 | |
Property, plant and equipment | 146,128 | 147,617 | |
Goodwill | 34,270 | 34,911 | |
Intangible assets | 37,172 | 38,994 | |
Deferred income tax assets | 3,426 | 3,338 | |
Assets classified as held for sale | 4,129 | 2,489 | |
Liabilities | |||
Accounts payable and other | 57,255 | 58,893 | |
Non-recourse borrowings of managed entities | 227,693 | 221,550 | |
Deferred income tax liabilities | 24,420 | 24,987 | |
Liabilities associated with assets classified as held for sale | 538 | 118 | |
Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 75 | ||
Accounts receivable and other | 155 | ||
Investment properties | 2,682 | ||
Property, plant and equipment | 1,019 | ||
Other long-term assets | 7 | ||
Intangible assets | 175 | ||
Deferred income tax assets | 16 | ||
Assets classified as held for sale | 4,129 | ||
Liabilities | |||
Accounts payable and other | 373 | ||
Non-recourse borrowings of managed entities | 95 | ||
Deferred income tax liabilities | 70 | ||
Liabilities associated with assets classified as held for sale | 538 | ||
Real Estate | |||
Assets | |||
Property, plant and equipment | 333 | 345 | |
Real Estate | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 3 | ||
Accounts receivable and other | 69 | ||
Investment properties | 1,781 | ||
Property, plant and equipment | 2 | ||
Other long-term assets | 0 | ||
Intangible assets | 0 | ||
Deferred income tax assets | 0 | ||
Assets classified as held for sale | 1,855 | ||
Liabilities | |||
Accounts payable and other | 75 | ||
Non-recourse borrowings of managed entities | 0 | ||
Deferred income tax liabilities | 0 | ||
Liabilities associated with assets classified as held for sale | 75 | ||
Private Equity and Other [Member] | Assets and liabilities classified as held for sale | |||
Liabilities | |||
Deferred income tax liabilities | 0 | ||
Renewable Power | |||
Assets | |||
Property, plant and equipment | 66,351 | ||
Renewable Power | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 16 | ||
Accounts receivable and other | 7 | ||
Investment properties | 0 | ||
Property, plant and equipment | 387 | ||
Other long-term assets | 2 | ||
Intangible assets | 0 | ||
Deferred income tax assets | 0 | ||
Assets classified as held for sale | 412 | ||
Liabilities | |||
Accounts payable and other | 96 | ||
Non-recourse borrowings of managed entities | 77 | ||
Deferred income tax liabilities | 0 | ||
Liabilities associated with assets classified as held for sale | 173 | ||
Private Equity | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 3 | ||
Accounts receivable and other | 2 | ||
Investment properties | 0 | ||
Property, plant and equipment | 103 | ||
Other long-term assets | 0 | ||
Intangible assets | 0 | ||
Deferred income tax assets | 3 | ||
Assets classified as held for sale | 111 | ||
Liabilities | |||
Accounts payable and other | 8 | ||
Non-recourse borrowings of managed entities | $ 0 | ||
Liabilities associated with assets classified as held for sale | 8 | ||
Infrastructure | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Accounts receivable and other | 9 | ||
Investment properties | 0 | ||
Property, plant and equipment | 85 | ||
Other long-term assets | 5 | ||
Intangible assets | 171 | ||
Deferred income tax assets | 0 | ||
Liabilities | |||
Accounts payable and other | 26 | ||
Asset management | |||
Assets | |||
Property, plant and equipment | 15,754 | 16,540 | |
Asset management | Assets and liabilities classified as held for sale | |||
Assets | |||
Cash and cash equivalents | 53 | ||
Accounts receivable and other | 68 | ||
Investment properties | 901 | ||
Property, plant and equipment | 442 | ||
Other long-term assets | 0 | ||
Intangible assets | 4 | ||
Deferred income tax assets | 13 | ||
Assets classified as held for sale | 1,481 | ||
Liabilities | |||
Accounts payable and other | 168 | ||
Non-recourse borrowings of managed entities | 18 | ||
Deferred income tax liabilities | 26 | ||
Liabilities associated with assets classified as held for sale | 212 | ||
Infrastructure | |||
Assets | |||
Property, plant and equipment | 50,318 | $ 48,546 | |
Infrastructure | Assets and liabilities classified as held for sale | |||
Assets | |||
Assets classified as held for sale | 270 | ||
Liabilities | |||
Non-recourse borrowings of managed entities | $ 0 | ||
Deferred income tax liabilities | 44 | ||
Liabilities associated with assets classified as held for sale | $ 70 |
HELD FOR SALE - Narrative (Deta
HELD FOR SALE - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets [line items] | ||
Assets | $ 497,314 | $ 490,095 |
Total liabilities | 329,750 | $ 321,853 |
Assets and liabilities classified as held for sale | ||
Disclosure of financial assets [line items] | ||
Assets | 981 | |
Total liabilities | $ 133 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Equity accounted investments | $ 62,285 | $ 59,124 |
Additions, net of disposals1 | 3,325 | |
Investment Accounted for Using Equity Method, Share of comprehensive income | 1,885 | |
Dividends received | 1,101 | |
Return of Capital | (210) | |
Foreign currency translation and other | $ (738) |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Changes In Balance Of Investments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Balance, beginning of period | $ 59,124 |
Additions, net of disposals1 | 3,325 |
Investment Accounted for Using Equity Method, Share of comprehensive income | 1,885 |
Distributions received | (1,101) |
Return of Capital | (210) |
Foreign currency translation and other | (738) |
Balance, end of period | $ 62,285 |
EQUITY ACCOUNTED INVESTMENTS EQ
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Equity Accounted Income - Narrative [Abstract] | |
Investment Accounted For Using Equity Method, Additions, Net Of Disposals | $ 3,325 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Schedule Of Revenue, Net Income and OCI Of Investments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure Of Associates And Joint Ventures [Line Items] | |
Additions, net of disposals1 | $ 3,325 |
INVESTMENT PROPERTIES - Schedul
INVESTMENT PROPERTIES - Schedule of Changes in Fair Value of Investment Properties (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2024 | Dec. 31, 2023 | |
Disclosure of detailed information about investment property [line items] | |||
Fair value, beginning of period | $ 124,152 | ||
Additions | 5,975 | ||
Right-of-use assets | 4,700 | $ 4,800 | |
Dispositions | (1,138) | ||
Fair value changes | (137) | ||
Foreign currency translation and other | (1,730) | ||
Fair value, end of period2 | $ 127,235 | ||
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 | $ 113 |
INVESTMENT PROPERTIES - Narrati
INVESTMENT PROPERTIES - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Investment property [abstract] | |
Additions from acquisitions and business combinations, investment property | $ 6,000 |
Dispositions | $ 1,138 |
INVESTMENT PROPERTIES - Sched_2
INVESTMENT PROPERTIES - Schedule of Investment Properties Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of fair value measurement of assets [line items] | ||
Investment properties | $ 127,235 | $ 124,152 |
Core | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment properties | 18,620 | |
Transitional and Development [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment properties | 22,461 | |
LP Investments and Other [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment properties | 81,426 | |
Other investment properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment properties | $ 4,728 |
INVESTMENT PROPERTIES - Sched_3
INVESTMENT PROPERTIES - Schedule of Significant Unobservable Inputs (Details) | Jun. 30, 2024 |
Core | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 6.20% |
Terminal Capitalization Rate | 4.80% |
Investment Horizon (years) | 11,000,000 |
Transitional and Development [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 8% |
Terminal Capitalization Rate | 6.20% |
Investment Horizon (years) | 10,000,000 |
LP Investments and Other [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 8.60% |
Terminal Capitalization Rate | 5.90% |
Investment Horizon (years) | 13,000,000 |
Other investment properties | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Discount Rate | 7.40% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Operating Segments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 146,128 | $ 147,617 |
Additions, net of disposals and assets reclassified as held for sale | 5,555 | |
Disposals, property, plant and equipment | 2,413 | |
Depreciation expenses | (3,651) | |
Foreign currency translation | (3,458) | |
Increase (decrease) in property, plant and equipment | (1,489) | |
Right-of-use assets | 4,700 | 4,800 |
Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,478 | |
Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 66,351 | |
Infrastructure | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 50,318 | 48,546 |
Additions, net of disposals and assets reclassified as held for sale | 1,921 | |
Disposals, property, plant and equipment | 599 | |
Depreciation expenses | (1,409) | |
Foreign currency translation | (585) | |
Increase (decrease) in property, plant and equipment | 1,772 | |
Right-of-use assets | 4,500 | 3,600 |
Infrastructure | Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,444 | |
Real Estate | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 333 | 345 |
Additions, net of disposals and assets reclassified as held for sale | 20 | |
Disposals, property, plant and equipment | 3 | |
Depreciation expenses | (21) | |
Foreign currency translation | (8) | |
Increase (decrease) in property, plant and equipment | (12) | |
Right-of-use assets | 86 | 86 |
Real Estate | Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 0 | |
Private Equity and Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 15,551 | 15,835 |
Additions, net of disposals and assets reclassified as held for sale | 1,606 | |
Disposals, property, plant and equipment | 574 | |
Depreciation expenses | (836) | |
Foreign currency translation | (510) | |
Increase (decrease) in property, plant and equipment | (284) | |
Right-of-use assets | 7,600 | 6,800 |
Private Equity and Other | Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 30 | |
Private Equity and Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 1,300 | 1,300 |
Private Equity and Other [Member] | Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 34 | |
Renewable Power and Transition | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 64,172 | |
Additions, net of disposals and assets reclassified as held for sale | 1,623 | |
Disposals, property, plant and equipment | 573 | |
Depreciation expenses | (1,038) | |
Foreign currency translation | (2,191) | |
Increase (decrease) in property, plant and equipment | (2,179) | |
Right-of-use assets | 718 | 757 |
Asset management | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 15,754 | 16,540 |
Additions, net of disposals and assets reclassified as held for sale | 385 | |
Disposals, property, plant and equipment | 664 | |
Depreciation expenses | (347) | |
Foreign currency translation | (164) | |
Increase (decrease) in property, plant and equipment | (786) | |
Right-of-use assets | 1,000 | $ 1,100 |
Asset management | Total | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Schedule of Renewable Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | $ 146,128 | $ 147,617 |
Additions, net of disposals and assets reclassified as held for sale | 5,555 | |
Foreign currency translation | (3,458) | |
Disposals, property, plant and equipment | 2,413 | |
Depreciation expenses | $ (3,651) | |
Renewable Power | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | $ 66,351 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 146,128 | $ 147,617 |
Renewable Power | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 66,351 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Schedule of Infrastructure Property, Plant and Equipment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance, beginning of period | $ 147,617 |
Additions, net of disposals and assets reclassified as held for sale | 5,555 |
Depreciation expenses | (3,651) |
Dispositions and assets reclassified as held for sale | (2,413) |
Foreign currency translation | (3,458) |
Balance, end of period | 146,128 |
Infrastructure | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance, beginning of period | 48,546 |
Additions, net of disposals and assets reclassified as held for sale | 1,921 |
Depreciation expenses | (1,409) |
Dispositions and assets reclassified as held for sale | (599) |
Foreign currency translation | (585) |
Balance, end of period | $ 50,318 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT - Schedule of Real Estate Assets, Private Equity and Other (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | $ 147,617 | |
Right-of-use assets | 4,700 | $ 4,800 |
Additions, net of disposals and assets reclassified as held for sale | 5,555 | |
Foreign currency translation | (3,458) | |
Depreciation expenses | (3,651) | |
Balance, end of period | 146,128 | |
Real Estate | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 345 | |
Right-of-use assets | 86 | 86 |
Additions, net of disposals and assets reclassified as held for sale | 20 | |
Foreign currency translation | (8) | |
Depreciation expenses | (21) | |
Balance, end of period | 333 | |
Private Equity and Other | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 15,835 | |
Right-of-use assets | 7,600 | $ 6,800 |
Additions, net of disposals and assets reclassified as held for sale | 1,606 | |
Foreign currency translation | (510) | |
Depreciation expenses | (836) | |
Balance, end of period | $ 15,551 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Changes in Intangible Assets (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | $ 38,994 |
Ending balance | $ 37,172 |
INTANGIBLE ASSETS - Schedule _2
INTANGIBLE ASSETS - Schedule of Intangible Assets by Operating Segment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 37,172 | $ 38,994 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 37,172 | $ 38,994 |
GOODWILL - Schedule of Changes
GOODWILL - Schedule of Changes in Goodwill (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Reconciliation of changes in goodwill [abstract] | |
Beginning balance | $ 34,911 |
Ending balance | $ 34,270 |
GOODWILL - Schedule of Goodwill
GOODWILL - Schedule of Goodwill By Operating Segments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 34,270 | $ 34,911 |
INCOME TAXES - Components Of In
INCOME TAXES - Components Of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred income tax (recovery)/expense | ||||
Total deferred income tax (recovery)/expense | $ (55) | $ (151) | $ (99) | $ (243) |
Income tax expense | $ 304 | $ 409 | $ 585 | $ 683 |
ACCOUNTS PAYABLE AND OTHER - Sc
ACCOUNTS PAYABLE AND OTHER - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable and other | $ 57,255 | $ 58,893 |
ACCOUNTS PAYABLE AND OTHER - _2
ACCOUNTS PAYABLE AND OTHER - Schedule of Current and Non-Current Accounts Payables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current | $ 32,445 | $ 33,414 |
Non-current | 24,810 | 25,479 |
Accounts payable and other | $ 57,255 | $ 58,893 |
ACCOUNTS PAYABLE AND OTHER - Na
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Revaluation of pension obligations | $ (1) | $ (7) | $ 34 | $ 6 |
NON-RECOURSE BORROWINGS - Sched
NON-RECOURSE BORROWINGS - Schedule of Repayments on Subsidiary Borrowings (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Subsidiary borrowings | $ 20,700 |
SUBSIDIARY EQUITY OBLIGATIONS -
SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Equity Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Total | $ 5,021 | $ 4,145 |
SUBSIDIARY PUBLIC ISSUERS AND_3
SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Narrative (Details) $ in Millions, $ in Millions | Jun. 30, 2024 USD ($) | Jun. 30, 2024 CAD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 14, 2022 CAD ($) | Jul. 26, 2021 | Nov. 24, 2020 USD ($) | Feb. 21, 2020 USD ($) |
Disclosure of subsidiaries [line items] | ||||||||
Issued capital | $ 167,564 | $ 168,242 | $ 155,583 | |||||
BIC | Preferred shares | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Issued capital | $ 20 | |||||||
$500 4.25% Unsecured Notes Due 2026 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 4.25% | 4.25% | ||||||
$550 4.70% Unsecured Notes Due 2047 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 550 | |||||||
Annual Rate | 4.70% | 4.70% | ||||||
$350 4.70% Unsecured Notes Due 2047 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 350 | |||||||
Annual Rate | 4.70% | 4.70% | ||||||
$650 3.90% Unsecured Notes Due 2028 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 650 | |||||||
Annual Rate | 3.90% | 3.90% | ||||||
$1,100 4.85% Unsecured Notes Due 2029 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 1,000 | |||||||
Annual Rate | 4.85% | 4.85% | ||||||
$600 4.35% Unsecured Notes Due 2030 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 600 | |||||||
Annual Rate | 4.35% | 4.35% | ||||||
$150 4.35% Unsecured Notes Due 2030 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 150 | |||||||
Annual Rate | 4.35% | 4.35% | ||||||
$500 3.50% Unsecured Notes Due 2051 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 3.50% | 3.50% | ||||||
$400 4.625% Subordinated Notes Due in 2080 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 4.625% | 4.625% | ||||||
$500 2.724% Unsecured Notes Due 2031 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 500 | |||||||
Annual Rate | 2.724% | 2.724% | ||||||
$250 3.50% Subordinated Notes Due in 2051 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 250 | |||||||
Annual Rate | 3.50% | 3.50% | ||||||
$400 3.90% Unsecured Notes Due 2028 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 3.90% | 3.90% | ||||||
$400 3.625% Unsecured Notes Due 2052 | BFI | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Corporate borrowings | $ 400 | |||||||
Annual Rate | 3.625% | 3.625% | ||||||
$600 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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of subsidiaries [line items] | |||||
Revenue | $ 23,050 | $ 23,668 | $ 45,957 | $ 46,965 | |
Net income attributable to shareholders | 43 | 81 | 145 | 201 | |
Total assets | 497,314 | 497,314 | $ 490,095 | ||
Total liabilities | 329,750 | 329,750 | 321,853 | ||
Non-controlling interest - preferred equity | 230 | 230 | 230 | ||
The Corporation | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 876 | 700 | 1,735 | 1,285 | |
Net income attributable to shareholders | 43 | 81 | 145 | 201 | |
Total assets | 83,824 | 83,824 | 77,567 | ||
Total liabilities | 38,489 | 38,489 | 31,790 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
BFI | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 506 | 77 | 600 | 153 | |
Net income attributable to shareholders | 403 | (9) | 402 | (19) | |
Total assets | 12,221 | 12,221 | 10,813 | ||
Total liabilities | 10,523 | 10,523 | 8,793 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance Inc II [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 18 | (6) | 44 | 3 | |
Net income attributable to shareholders | 8 | (15) | 24 | (17) | |
Total assets | 734 | 734 | 757 | ||
Total liabilities | 729 | 729 | 752 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
BFL | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 2 | 2 | 2 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance LLC II [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance Australia [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Brookfield Finance I (UK) PLC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 4 | 0 | 8 | 4 | |
Net income attributable to shareholders | 3 | 0 | 7 | 4 | |
Total assets | 160 | 160 | 160 | ||
Total liabilities | 1 | 1 | 1 | ||
Non-controlling interest - preferred equity | 230 | 230 | 230 | ||
US LLC Issuer | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 11 | 2 | 22 | 2 | |
Net income attributable to shareholders | 0 | 0 | 0 | 0 | |
Total assets | 552 | 552 | 552 | ||
Total liabilities | 549 | 549 | 549 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
BIC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 48 | 47 | 97 | 93 | |
Net income attributable to shareholders | 23 | (7) | 56 | 2 | |
Total assets | 4,009 | 4,009 | 4,165 | ||
Total liabilities | 3,490 | 3,490 | 3,546 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Subsidiaries of the Corporation other than BFI, BFL and BIC | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 26,365 | 25,856 | 50,706 | 50,705 | |
Net income attributable to shareholders | 3,379 | 2,080 | 4,971 | 3,499 | |
Total assets | 563,015 | 563,015 | 561,498 | ||
Total liabilities | 318,480 | 318,480 | 320,691 | ||
Non-controlling interest - preferred equity | 0 | 0 | 0 | ||
Material reconciling items | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | (4,778) | (3,008) | (7,255) | (5,280) | |
Net income attributable to shareholders | (3,816) | $ (2,049) | (5,460) | $ (3,469) | |
Total assets | (167,201) | (167,201) | (165,417) | ||
Total liabilities | (42,513) | (42,513) | (44,271) | ||
Non-controlling interest - preferred equity | $ 0 | $ 0 | $ 0 |
EQUITY - Schedule Of Equity (De
EQUITY - Schedule Of Equity (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Disclosure of classes of share capital [line items] | ||||
Total Equity | $ 167,564 | $ 168,242 | $ 155,583 | |
Common Share Capital | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 10,831 | 10,879 | 10,857 | |
Contributed Surplus | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 109 | 112 | 155 | |
Retained Earnings | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 17,131 | 18,006 | 17,646 | |
Ownership Changes1 | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 5,036 | 4,510 | 3,809 | |
Accumulated other comprehensive income | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 8,125 | 8,167 | ||
Common equity | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | $ 41,232 | 41,232 | 41,674 | 40,498 |
Common equity | Common shares | The Corporation | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 41,232 | 41,674 | ||
Preferred equity | Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Total Equity | 4,103 | 4,103 | 4,103 | |
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 | $ 122,229 | $ 122,465 | $ 110,982 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 yr shares | Jun. 30, 2024 yr shares $ / shares | Jun. 30, 2023 $ / shares | |
Disclosure of classes of share capital [line items] | |||
Dividends paid, ordinary shares per share | $ / shares | $ 0.08 | $ 0.07 | |
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement | |||
Disclosure of classes of share capital [line items] | |||
Number of share options granted in share-based payment arrangement | 1,200,000 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 40.03 | ||
Average term to exercise | yr | 7.5 | ||
Expected volatility, share options granted | 35% | ||
Expected dividend as percentage, share options granted | 1% | ||
Risk free interest rate, share options granted | 4.20% | ||
Liquidity Discount | 25% | ||
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement | |||
Disclosure of classes of share capital [line items] | |||
Number of share options granted in share-based payment arrangement | 16,400,000 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 40.03 | ||
Average term to exercise | yr | 7.5 | ||
Expected volatility, share options granted | 35% | ||
Expected dividend as percentage, share options granted | 1% | ||
Risk free interest rate, share options granted | 4.20% | ||
Liquidity Discount | 25% | ||
Common Class A | Management Share Option Plan | Executives [Member] | Top of range | Equity-Settled Share-Based Payment Arrangement | |||
Disclosure of classes of share capital [line items] | |||
Share based compensation, vesting period | 5 years | ||
Share-Based Compensation Arrangement by Share-based Payment Award, Number of Shares Granted | 10 | ||
Common Class A | Escrowed Stock Plan | Executives [Member] | Top of range | Equity-Settled Share-Based Payment Arrangement | |||
Disclosure of classes of share capital [line items] | |||
Share based compensation, vesting period | 5 years | ||
Share-Based Compensation Arrangement by Share-based Payment Award, Number of Shares Granted | 10 | ||
Common shares | Common Class B | |||
Disclosure of classes of share capital [line items] | |||
Number of shares authorised (in shares) | 85,120 | 85,120 |
EQUITY - Schedule Of Number Of
EQUITY - Schedule Of Number Of Issued And Outstanding Common Shares And Unexercised Options (Details) - shares | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||||||
Number of Common Shares Held by the Company | 100,610,227 | 93,511,317 | 81,849,805 | 71,921,167 | 70,740,647 | 62,910,220 |
Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued and Outstanding (in shares) | 1,508,231,919 | 1,512,906,498 | 1,523,457,459 | 1,563,866,892 | 1,564,393,929 | 1,573,371,868 |
Unexercised options and other share-based plans (in shares) | 88,896,428 | 91,632,045 | ||||
Total diluted shares (in shares) | 1,597,128,347 | 1,615,089,504 | ||||
Class A shares | Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued and Outstanding (in shares) | 1,508,146,799 | 1,523,372,339 | ||||
Common Class B | Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued and Outstanding (in shares) | 85,120 | 85,120 |
EQUITY - Schedule Of Authorized
EQUITY - Schedule Of Authorized Share Capital (Details) - shares | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Issued (Repurchased) | ||||||||
Number of Common Shares Held by the Company | 100,610,227 | 71,921,167 | 100,610,227 | 71,921,167 | 93,511,317 | 81,849,805 | 70,740,647 | 62,910,220 |
Common shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Beginning balance (in shares) | 1,512,906,498 | 1,564,393,929 | 1,523,457,459 | 1,573,371,868 | ||||
Issued (Repurchased) | ||||||||
Share issuance | 658,243 | 1,380 | 1,594,541 | 262,361 | ||||
Repurchases (in shares) | (7,098,910) | (1,189,664) | (20,313,372) | (11,676,545) | ||||
Long-term share ownership plans (in shares) | 1,752,920 | 643,650 | 3,467,385 | 1,826,185 | ||||
Dividend reinvestment plan and others (in shares) | 13,168 | 17,597 | 25,906 | 83,023 | ||||
Ending balance (in shares) | 1,508,231,919 | 1,563,866,892 | 1,508,231,919 | 1,563,866,892 |
EQUITY - Schedule Of Basic And
EQUITY - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [abstract] | ||||
Net income (loss) | $ 43 | $ 81 | $ 145 | $ 201 |
Dilutive effect of conversion of subsidiary preferred shares | (42) | (41) | (84) | (82) |
Profit (loss), attributable to ordinary equity holders of parent entity | 1 | 40 | 61 | 119 |
Dilutive effect of exchangeable shares issued in a consolidated subsidiary | 0 | 0 | 0 | 0 |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | $ 1 | $ 40 | $ 61 | $ 119 |
Weighted average - common shares | 1,509.6 | 1,564 | 1,514.3 | 1,568.2 |
Dilutive effect of the conversion of options and escrowed shares using the treasury stock method | 26.4 | 14.4 | 24.4 | 14.6 |
Common shares and common share equivalents | 1,536 | 1,578.4 | 1,538.7 | 1,582.8 |
EQUITY - Schedule Of Preferred
EQUITY - Schedule Of Preferred Equity (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Disclosure of classes of share capital [line items] | |||
Equity | $ 167,564 | $ 168,242 | $ 155,583 |
Preferred equity | Preferred shares | |||
Disclosure of classes of share capital [line items] | |||
Equity | $ 4,103 | $ 4,103 | $ 4,103 |
EQUITY - Schedule Of Series Of
EQUITY - Schedule Of Series Of Preferred Shares (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Disclosure of classes of share capital [line items] | |||
Equity | $ 167,564 | $ 168,242 | $ 155,583 |
Preferred shares | Preferred equity | |||
Disclosure of classes of share capital [line items] | |||
Equity | $ 4,103 | $ 4,103 | $ 4,103 |
EQUITY - Schedule Of Non-contro
EQUITY - Schedule Of Non-controlling Interests (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Disclosure of classes of share capital [line items] | |||
Equity | $ 167,564 | $ 168,242 | $ 155,583 |
Non-controlling interests | |||
Disclosure of classes of share capital [line items] | |||
Equity | $ 122,229 | $ 122,465 | $ 110,982 |
EQUITY - Schedule Of Options (D
EQUITY - Schedule Of Options (Details) - Equity-Settled Share-Based Payment Arrangement shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares $ / shares | |
Management Share Option Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options granted in share-based payment arrangement | shares | 1.2 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 40.03 | |
Escrowed Stock Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options granted in share-based payment arrangement | shares | 16.4 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 40.03 |
EQUITY - Schedule Using Black-S
EQUITY - Schedule Using Black-Scholes Module (Details) - Equity-Settled Share-Based Payment Arrangement - yr | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Management Share Option Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Average term to exercise | 7.5 | |
Expected volatility, share options granted | 35% | |
Liquidity Discount | 25% | |
Expected dividend as percentage, share options granted | 1% | |
Risk free interest rate, share options granted | 4.20% | |
Escrowed Stock Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Average term to exercise | 7.5 | |
Expected volatility, share options granted | 35% | |
Liquidity Discount | 25% | |
Expected dividend as percentage, share options granted | 1% | |
Risk free interest rate, share options granted | 4.20% |
REVENUES - BY TYPE (Details)
REVENUES - BY TYPE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 19,430 | $ 20,394 | $ 38,835 | $ 40,791 |
Other revenue | 3,620 | 3,274 | 7,122 | 6,174 |
Revenue | 23,050 | 23,668 | 45,957 | 46,965 |
Asset management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,416 | 1,416 | 2,679 | 2,648 |
Other revenue | 1,217 | 1,185 | 2,491 | 2,424 |
Revenue | 2,633 | 2,601 | 5,170 | 5,072 |
Corporate Activities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other revenue | 101 | 50 | 162 | 70 |
Revenue | 101 | 50 | 162 | 70 |
Renewable Power and Transition | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,549 | 1,540 | 3,084 | 2,903 |
Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,568 | 4,111 | 9,186 | 8,199 |
Other revenue | 678 | 243 | 1,339 | 439 |
Revenue | 5,246 | 4,354 | 10,525 | 8,638 |
Private Equity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11,301 | 12,815 | 22,664 | 25,938 |
Other revenue | 827 | 813 | 1,631 | 1,426 |
Revenue | 12,128 | 13,628 | 24,295 | 27,364 |
Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 702 | 763 | 1,369 | 1,432 |
Other revenue | 691 | 732 | 1,352 | 1,486 |
Revenue | 1,393 | 1,495 | 2,721 | 2,918 |
Renewable Power and Transition | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,443 | 1,289 | 2,937 | 2,574 |
Other revenue | 106 | 251 | 147 | 329 |
Revenue | $ 1,549 | $ 1,540 | $ 3,084 | $ 2,903 |
REVENUES - BY TIMING OF RECOGNI
REVENUES - BY TIMING OF RECOGNITION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 19,430 | $ 20,394 | $ 38,835 | $ 40,791 |
Revenue | 23,050 | 23,668 | 45,957 | 46,965 |
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 | 10,417 | 11,194 | 20,906 | 22,679 |
Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 9,013 | 9,200 | 17,929 | 18,112 |
Asset management | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,416 | 1,416 | 2,679 | 2,648 |
Revenue | 2,633 | 2,601 | 5,170 | 5,072 |
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 | 411 | 502 | 806 | 917 |
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 | 1,005 | 914 | 1,873 | 1,731 |
Infrastructure | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 4,568 | 4,111 | 9,186 | 8,199 |
Revenue | 5,246 | 4,354 | 10,525 | 8,638 |
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 | 4 | 0 | 4 |
Infrastructure | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 4,568 | 4,107 | 9,186 | 8,195 |
Private Equity | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 11,301 | 12,815 | 22,664 | 25,938 |
Revenue | 12,128 | 13,628 | 24,295 | 27,364 |
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 | 9,457 | 10,149 | 19,046 | 20,726 |
Private Equity | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,844 | 2,666 | 3,618 | 5,212 |
Real Estate | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 702 | 763 | 1,369 | 1,432 |
Revenue | 1,393 | 1,495 | 2,721 | 2,918 |
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 | 454 | 502 | 872 | 937 |
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 | 248 | 261 | 497 | 495 |
Renewable Power and Transition | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,443 | 1,289 | 2,937 | 2,574 |
Revenue | 1,549 | 1,540 | 3,084 | 2,903 |
Renewable Power and Transition | Goods or services transferred at point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 95 | 37 | 182 | 95 |
Renewable Power and Transition | Goods or services transferred over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 1,348 | $ 1,252 | $ 2,755 | $ 2,479 |
DIRECT COSTS - Schedule of List
DIRECT COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||||
Depreciation and amortisation expense | $ 2,435 | $ 2,214 | $ 4,910 | $ 4,402 |
Total | $ 19,152 | $ 19,906 | $ 38,198 | $ 39,726 |
FAIR VALUE CHANGES (Details)
FAIR VALUE CHANGES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | $ (753) | $ 62 | $ (595) | $ 100 |
Investment property [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | (224) | 224 | (137) | 778 |
Transaction related gains, net of deal costs | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | (137) | (88) | 291 | (422) |
Financial contracts | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | 81 | 144 | 138 | 227 |
Impairment and provisions | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | (77) | (73) | (150) | (132) |
Other fair value changes | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Fair value changes in net income | $ (396) | $ (145) | $ (737) | $ (351) |
Uncategorized Items - bn-202406
Label | Element | Value |
Not later than one year [member] | ||
Current borrowings | ifrs-full_ShorttermBorrowings | $ 31,000,000 |
Current borrowings | ifrs-full_ShorttermBorrowings | $ 2,000,000,000 |