40-F/A

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F/A

(Amendment No. 1)

(Check One)

¨ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

x Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2017

Commission file number 033-97038

BROOKFIELD ASSET MANAGEMENT INC.

Ontario, Canada	(Exact name of registrant as specified in its charter) 1121, 1031, 1061, 1311, 1321, 2421, 4939, 6311	Not applicable
(Province or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Code Number (if applicable))	(I.R.S. Employer Identification Number (if Applicable))

Suite 300, Brookfield Place, 181 Bay Street, P.O. Box 762, Toronto, Ontario, Canada M5J 2T3

(416) 363-9491

(Address and Telephone Number of Registrant’s Principal Executive Offices)

Torys LLP, 1114 Avenue of the Americas, New York, NY 10036-7703

(212) 880-6000

(Name, Address (Including Zip Code) and Telephone Number

(Including Area Code) of Agent For Service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Class A Limited Voting Shares	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

x   Annual Information Form x Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Class A Limited Voting Shares: 958,688,000

Class B Limited Voting Shares  85,120

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.  Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  x Yes    ¨ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ¨

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to our Annual Report on Form 40-F ("Form 40-F") for the fiscal year ended December 31, 2017, as filed with the Securities and Exchange Commission on April 2, 2018, is to furnish Exhibit 101 to the Form 40-F, which provides certain items from our Form 40-F formatted in eXtensible Business Reporting Language ("XBRL").

No other changes have been made to the Form 40-F other than the furnishing of the exhibit described above. This Amendment No. 1 does not reflect subsequent events occurring after the original date of the Form 40-F or modify or update in any way disclosures made in the Form 40-F.

SIGNATURE

Pursuant to the requirements of the Exchange Act, as amended, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, on April 19, 2018.

BROOKFIELD ASSET MANAGEMENT INC.
By:	/s/ Brian D. Lawson
Name:	Brian D. Lawson
Title:	Senior Managing Partner and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1*	Annual Information Form for the fiscal year ended December 31, 2017
99.2*	Management’s Discussion and Analysis of Financial Results for the fiscal year ended December 31, 2017, the Consolidated Financial Statements for the fiscal year ended December 31, 2017, and the Attestation Report of the Independent Registered Public Accounting Firm
99.3*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
99.4*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
99.5*	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code
99.6*	Certification of Chief Financial Officer Form pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code
99.7*	Consent of Deloitte LLP
101 INS	XBRL Instance Document
101 SCH	XBRL Taxonomy Extension Schema Document
101 CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101 DEF	XBL Taxonomy Extension Definition Linkbase Document
101 LAB	XBRL Taxonomy Extension Label Linkbase Document
101 PRE	XBRL Taxonomy Extension Presentation Linkbase Document
*	Previously filed

XML

DOCUMENT AND ENTITY INFORMATION	12 Months Ended
	Dec. 31, 2017 shares
Document Information [Line Items]
Entity Registrant Name	BROOKFIELD ASSET MANAGEMENT INC.
Entity Central Index Key	0001001085
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	40-F/A
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	The purpose of this Amendment No. 1 to our Annual Report on Form 40-F ("Form 40-F") for the fiscal year ended December 31, 2017, as filed with the Securities and Exchange Commission on April 2, 2018, is to furnish Exhibit 101 to the Form 40-F, which provides certain items from our Form 40-F formatted in eXtensible Business Reporting Language ("XBRL").   No other changes have been made to the Form 40-F other than the furnishing of the exhibit described above. This Amendment No. 1 does not reflect subsequent events occurring after the original date of the Form 40-F or modify or update in any way disclosures made in the Form 40-F.
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Class A shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	958,688,000
Class B shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	85,120

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 5,139	$ 4,299
Other financial assets	4,800	4,700
Accounts receivable and other	11,973	9,133
Inventory	6,311	5,349
Assets classified as held for sale	1,605	432
Equity accounted investments	31,994	24,977
Investment properties	56,870	54,172
Property, plant and equipment	53,005	45,346
Intangible assets	14,242	6,073
Goodwill	5,317	3,783
Deferred income tax assets	1,464	1,562
Total Assets	192,720	159,826
Liabilities and Equity
Accounts payable and other	17,965	11,915
Liabilities associated with assets classified as held for sale	1,424	127
Corporate borrowings	5,659	4,500
Property-specific borrowings	63,721	52,442
Non-recourse borrowings
Subsidiary borrowings	9,009	7,949
Deferred income tax liabilities	11,409	9,640
Subsidiary equity obligations	3,661	3,565
Equity
Non-controlling interests	51,628	43,235
Total equity	79,872	69,688
Total Liabilities and Equity	192,720	159,826
Preferred equity
Equity
Equity	4,192	3,954
Non-controlling interests	4,347	3,261
Common equity
Equity
Equity	24,052	22,499
Non-controlling interests	$ 47,281	$ 39,974

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Profit or loss [abstract]
Revenues	$ 40,786	$ 24,411
Direct costs	(32,388)	(17,718)
Other income and gains	1,180	482
Equity accounted income	1,213	1,293
Expenses
Interest	(3,608)	(3,233)
Corporate costs	(95)	(92)
Fair value changes	421	(130)
Depreciation and amortization	(2,345)	(2,020)
Income taxes	(613)	345
Net income	4,551	3,338
Net income attributable to:
Shareholders	1,462	1,651
Non-controlling interests	3,089	1,687
Net income	$ 4,551	$ 3,338
Net income per share:
Diluted (in dollars per share)	$ 1.34	$ 1.55
Basic (in dollars per share)	$ 1.37	$ 1.58

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of comprehensive income [abstract]
Net income	$ 4,551	$ 3,338
Items that may be reclassified to net income
Financial contracts and power sale agreements	278	(113)
Available-for-sale securities	95	649
Equity accounted investments	6	(52)
Foreign currency translation	439	1,236
Income taxes	11	(60)
Other comprehensive income that will be reclassified to profit or loss, net of tax	829	1,660
Items that will not be reclassified to net income
Revaluations of property, plant and equipment	934	824
Revaluation of pension obligations	4	(40)
Equity accounted investments	509	482
Income taxes	314	(113)
Other comprehensive income that will not be reclassified to profit or loss, net of tax	1,761	1,153
Other comprehensive income	2,590	2,813
Comprehensive income	7,141	6,151
Shareholders
Net income	1,462	1,651
Other comprehensive income	849	821
Comprehensive income	2,311	2,472
Non-controlling interests
Net income	3,089	1,687
Other comprehensive income	1,741	1,992
Comprehensive income	$ 4,830	$ 3,679

XML

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Share Capital	Contributed Surplus	Retained Earnings	Ownership Changes	[1]	Revaluation Surplus	Currency Translation	Other Reserves	[2]	Common Equity	Preferred Equity	Non - controlling Interests	Common Equity	Common Equity Retained Earnings	Common Equity Currency Translation	Common Equity Other Reserves	[2]	Common Equity Common Equity	Common Equity Non - controlling Interests	Preferred Equity	Preferred Equity Retained Earnings	Preferred Equity Common Equity
Beginning balance at Dec. 31, 2015	$ 57,227	$ 4,378	$ 192	$ 11,045	$ 1,500		$ 6,787	$ (1,796)	$ (538)		$ 21,568	$ 3,739	$ 31,920
Changes in year:
Net income	3,338			1,651							1,651		1,687
Other comprehensive income	2,813						157	405	259		821		1,992
Comprehensive income	6,151			1,651			157	405	259		2,472		3,679
Shareholder distributions
Dividends recognised as distributions to owners														$ (500)	$ (997)	$ 54	$ 2		$ (941)	$ 441	$ (133)	$ (133)	$ (133)
Non-controlling interests	(2,163)												(2,163)
Other items
Equity issuances, net of redemptions	7,740	12	(11)	(125)							(124)	215	7,649
Share-based compensation	35		53	(25)							28		7
Ownership changes	1,331			74	(301)		(194)	81	(31)		(371)		1,702
Total change in year	12,461	12	42	445	(301)		(37)	540	230		931	215	11,315
Ending balance at Dec. 31, 2016	69,688	4,390	234	11,490	1,199		6,750	(1,256)	(308)		22,499	3,954	43,235
Changes in year:
Net income	4,551			1,462							1,462		3,089
Other comprehensive income	2,590						237	280	332		849		1,741
Comprehensive income	7,141			1,462			237	280	332		2,311		4,830
Shareholder distributions
Dividends recognised as distributions to owners														$ (642)	$ (642)	$ 0	$ 0		$ (642)	$ 0	$ (145)	$ (145)	$ (145)
Non-controlling interests	(4,907)												(4,907)
Other items
Equity issuances, net of redemptions	7,328	38	(23)	(118)							(103)	238	7,193
Share-based compensation	25		52	(31)							21		4
Ownership changes	1,384			(152)	260		(106)	98	11		111		1,273
Total change in year	10,184	38	29	374	260		131	378	343		1,553	238	8,393
Ending balance at Dec. 31, 2017	$ 79,872	$ 4,428	$ 263	$ 11,864	$ 1,459		$ 6,881	$ (878)	$ 35		$ 24,052	$ 4,192	$ 51,628

[1] Includes gains or losses on changes in ownership interests of consolidated subsidiaries

[2] Includes available-for-sale securities, cash flow hedges, actuarial changes on pension plans and equity accounted other comprehensive income, net of associated income tax

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 4,551	$ 3,338
Other income and gains	(1,180)	(482)
Share of undistributed equity accounted earnings	(481)	(618)
Fair value changes	(421)	130
Depreciation and amortization	2,345	2,020
Deferred income taxes	327	(558)
Investments in residential inventory	19	(243)
Net change in non-cash working capital balances	(1,155)	(504)
Cash flows from (used in) operating activities	4,005	3,083
Financing activities
Corporate borrowings arranged	1,284	869
Corporate borrowings repaid	(434)	(232)
Commercial paper and bank borrowings, net	103	(171)
Non-recourse credit facilities, net	819	(1,690)
Subsidiary equity obligations issued	419	9
Subsidiary equity obligations redeemed	347	177
Subsidiary equity obligations issued	26,251	23,826
Subsidiary equity obligations redeemed	(21,636)	(20,373)
Capital provided from non-controlling interests	9,488	10,554
Capital repaid to non-controlling interests	(2,295)	(2,905)
Distributions to non-controlling interests	(4,907)	(2,163)
Distributions to shareholders	(685)	(633)
Cash flows from (used in) financing activities	8,185	6,993
Acquisitions
Investment properties	(2,114)	(1,969)
Property, plant and equipment	(1,690)	(1,472)
Equity accounted investments	(2,718)	(1,237)
Financial assets and other	(4,623)	(3,747)
Acquisition of subsidiaries	(10,336)	(9,442)
Dispositions
Investment properties	2,906	4,014
Property, plant and equipment	66	65
Equity accounted investments	889	1,050
Financial assets and other	2,843	3,955
Disposition of subsidiaries	2,834	360
Restricted cash and deposits	549	(134)
Cash flows from (used in) investing activities	(11,394)	(8,557)
Cash and cash equivalents
Change in cash and cash equivalents	796	1,519
Net change in cash classified within assets held for sale	(20)	0
Foreign exchange revaluation	64	6
Balance, beginning of year	4,299	2,774
Balance, end of year	5,139	4,299
Supplemental cash flow disclosures
Income taxes paid	402	371
Interest paid	3,374	3,062
Preferred equity
Financing activities
Equity issued	241	219
Equity redeemed	(7)	(6)
Common equity
Financing activities
Equity issued	15	14
Equity redeemed	$ (124)	$ (148)

XML

CORPORATE INFORMATION

12 Months Ended

Dec. 31, 2017

Management Commentary Explanatory [Abstract]

CORPORATE INFORMATION

CORPORATE INFORMATION

Brookfield Asset Management Inc. (the “corporation”) is a global alternative asset management company. References in these financial statements to “Brookfield,” “us,” “we,” “our” or “the company” refer to the corporation and its direct and indirect subsidiaries and consolidated entities. The company owns and operates assets with a focus on real estate, renewable power, infrastructure and private equity. The corporation is listed on the New York, Toronto and Euronext stock exchanges under the symbols BAM, BAM.A and BAMA, respectively. The corporation was formed by articles of amalgamation under the Business Corporations Act (Ontario) and is registered in Ontario, Canada. The registered office of the corporation is Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, M5J 2T3.

XML

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

Disclosure of Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

a)    Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

These financial statements were authorized for issuance by the Board of Directors of the company on March 29, 2018.

b)    Adoption of Accounting Standards

The company has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2017 as follows:

i.    Income Tax

The amendments to IAS 12, Income Taxes clarify the following aspects: (i) unrealized losses on debt instruments measured at fair value in the financial statements and measured at cost for tax purposes give rise to a deductible temporary difference regardless of whether the debt instrument’s holder expects to recover the carrying amount of the debt instrument by sale or by use; (ii) the carrying amount of an asset does not limit the estimation of probable future taxable profits; (iii) estimates for future taxable profits exclude tax deductions resulting from the reversal of deductible temporary differences; and (iv) an entity assesses a deferred tax asset in combination with other deferred tax assets. The company adopted the amendments on January 1, 2017, on a prospective basis; the adoption did not have a significant impact on the company’s consolidated financial statements.

ii.    Statement of Cash Flows

In January 2016, the IASB issued amendments to IAS 7 Statement of Cash Flows (“IAS 7”), effective for annual periods beginning January 1, 2017. The IASB requires that the following changes in liabilities arising from financing activities are disclosed (to the extent necessary): (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes. Since the amendments were issued less than one year before the effective date, the company was required to provide comparative information when it first applies the amendments. The company has determined that there are no material impacts on its consolidated financial statements as the existing disclosures already include the material information required by the amendments.

c)    Future Changes in Accounting Standards

i.    Revenue from Contracts with Customers

IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The standard supersedes IAS 18, Revenue, IAS 11, Construction Contracts and a number of revenue-related interpretations. IFRS 15 applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 must be applied for periods beginning on or after January 1, 2018 with early application permitted. An entity may adopt the standard on a fully retrospective basis or on a modified retrospective basis.

Management assessed the company’s revenue streams and has substantially completed accumulating, identifying and inventorying detailed information on contracts that may be impacted by the changes at the transition date. Management has also nearly finalized the documented analysis and assessment of the potential impact to IT systems and internal controls. The key areas of focus within the context of the standard relate primarily to the identification of performance obligations and the evaluation of the appropriate period of recognition of revenue for each of these performance obligations.

IFRS 15 requires a higher threshold of probability to be achieved with regards to recognizing revenue arising from variable consideration and claims and variations resulting from contract modifications compared to the current standards. It will therefore give rise to a delay in the recognition of revenue, particularly in our construction services business, which often comes with recognition uncertainty depending on the progress of our construction projects and gives rise to contract modifications that require customers’ approvals before revenue can be recognized. While revenue is currently recognized when it is probable that work performed will result in revenue, under the new standard revenue will be recognized when it is highly probable that a significant reversal of revenue will not occur as a result of these items. Significant judgments and estimates have been used to determine the impact, including the assessment of the probability of customer approval of variations and acceptance of claims and estimation of project completion dates. Despite this variability, a contract’s cash flows and overall profitability at completion will be the same under the new method as under the current method.

We will adopt the new revenue guidance effective January 1, 2018, using the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of consolidated retained earnings as if the standard had always been in effect – comparative periods will not be restated. We expect a reduction in opening consolidated retained earnings of approximately $250 million, net of taxes.

ii.    Financial Instruments

In July 2014, the IASB issued the final publication of IFRS 9 Financial Instruments (“IFRS 9”), superseding IAS 39 Financial Instruments. IFRS 9 establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows. This new standard also includes a new general hedge accounting standard which will align hedge accounting more closely with risk management. It does not fully change the types of hedging relationships or the requirement to measure and recognize ineffectiveness; however, it will allow more hedging strategies that are used for risk management purposes to qualify for hedge accounting and introduce more judgment to assess the effectiveness of a hedging relationship. The standard has a mandatory effective date for annual periods beginning on or after January 1, 2018 with early adoption permitted.

A global team has evaluated the impact of adopting IFRS 9 on its consolidated financial statements and business processes. Management participated in a number of strategic planning and analysis sessions with its subsidiaries and associates in order to evaluate the impact of the standard primarily focusing on the appropriateness of financial asset classification and the consideration of the financial asset impairment requirements under the Standard. Changes resulting from the standard relating to hedge accounting have been evaluated centrally and we have determined that certain hedge accounting relationships relating to aggregated foreign currency exposures will qualify for hedge accounting and, consequently, management is in the process of finalizing the hedge documentation for these relationships with the view to apply hedge accounting to these relationships prospectively commencing on January 1, 2018.

The company is finalizing the documented analysis and assessment of potential impacts to IT systems and internal controls. We will adopt IFRS 9 effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings as if the standard had always been in effect and whereby comparative periods will not be restated. No material adjustments are expected, and we expect that the adoption of IFRS 9 will have an immaterial impact to our net income on an ongoing basis.

iii.    Leases

In January 2016, the IASB published a new standard – IFRS 16 Leases (“IFRS 16”). The new standard brings most leases on balance sheet, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17 Leases and related interpretations and is effective for periods beginning on or after January 1, 2019, with earlier adoption permitted if IFRS 15 has also been applied. The company is in the process of evaluating the impact of IFRS 16 on its consolidated financial statements.

iv.    Foreign Currency Transactions and Advance Consideration

IFRIC 22, Foreign Currency Transactions and Advance Consideration (“IFRIC 22”) clarifies that the date of foreign currency transactions for purposes of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part thereof) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration. The interpretation is effective for periods beginning on or after January 1, 2018 and may be applied either retrospectively or prospectively. The company plans to adopt the standard using the prospective approach, and does not expect a material impact.

v.    Uncertainty over Income Tax Treatments

In June 2017, the IASB published IFRIC 23 Uncertainty over Income Tax Treatments (“IFRIC 23”), effective for annual periods beginning on or after January 1, 2019. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. The interpretation may be applied on either a fully retrospective basis or a modified retrospective basis without restatement of comparative information. The company is currently evaluating the impact of IFRIC 23 on its consolidated financial statements.

d)    Basis of Presentation

The consolidated financial statements are prepared on a going concern basis.

i.    Subsidiaries

The consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company exercises control. Control exists when the company has the power to direct the relevant activities, exposure or rights to variable returns from involvement with the investee, and the ability to use its power over the investee to affect the amount of its returns. Subsidiaries are consolidated from the date control is obtained and continue to be consolidated until the date when control is lost. The company continually reassesses whether or not it controls an investee, particularly if facts and circumstances indicate there is a change to one or more of the control criteria previously mentioned. In certain circumstances when the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights are sufficient to give it power.

Non-controlling interests in the equity of the company’s subsidiaries are included within equity on the Consolidated Balance Sheets. All intercompany balances, transactions, unrealized gains and losses are eliminated in full.

Certain of the company’s subsidiaries are subject to profit sharing arrangements, such as carried interest, between the company and the non-controlling equity holders, whereby the company is entitled to a participation in profits, as determined under the agreements. The attribution of net income amongst equity holders in these subsidiaries reflects the impact of these profit sharing arrangements when the attribution of profits as determined in the agreement is no longer subject to adjustment based on future events and correspondingly reduces non-controlling interests’ attributable share of those profits.

Gains or losses resulting from changes in the company’s ownership interest of a subsidiary that do not result in a loss of control are accounted for as equity transactions and are recorded within ownership changes as a component of equity. When we dispose of all or part of a subsidiary, the difference between the carrying value of what is sold and the proceeds from disposition is recognized within other income and gains in the Consolidated Statements of Operations.

Transaction costs incurred in connection with the acquisition of control of a subsidiary are expensed immediately within fair value changes in the Consolidated Statements of Operations.

Refer to Note 4 for additional information on subsidiaries of the company with significant non-controlling interests.

ii.    Associates and Joint Ventures

Associates are entities over which the company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The company accounts for associates and joint ventures using the equity method of accounting within equity accounted investments on the Consolidated Balance Sheets.

Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the company records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the company’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the company’s interest in an associate or joint venture is adjusted for the company’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each balance sheet date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(j).

iii.    Joint Operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, related to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require unanimous consent of parties sharing control. The company recognizes only its assets, liabilities and share of the results of operations of the joint operation. The assets, liabilities and results of joint operations are included within the respective line items of the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income.

e)    Foreign Currency Translation

The U.S. dollar is the functional and presentation currency of the company. Each of the company’s subsidiaries, associates, joint ventures and joint operations determines its own functional currency and items included in the consolidated financial statements of each subsidiary, associate, joint venture and joint operation are measured using that functional currency.

Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are accumulated as a component of equity. On the disposal of a foreign operation, or the loss of control, joint control or significant influence, the component of accumulated other comprehensive income relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner.

Foreign currency denominated monetary assets and liabilities of the company are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains or losses on transactions which hedge these items are also included in net income. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date.

f) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits and highly liquid short-term investments with original maturities of three months or less.

g) Related Party Transactions

In the normal course of operations, the company enters into various transactions on market terms with related parties. The majority of transactions with related parties are between consolidated entities and eliminate on consolidation. We consider key management personnel, the Board of Directors and material shareholders to be related parties. See additional details in Note 28. The company’s subsidiaries with significant non-controlling interests are described in Note 4 and its associates and joint ventures are described in Note 10.

h) Operating Assets

i.    Investment Properties

The company uses the fair value method to account for real estate classified as an investment property. A property is determined to be an investment property when it is principally held either to earn rental income or for capital appreciation, or both. Investment properties also include properties that are under development or redevelopment for future use as investment property. Investment property is initially measured at cost including transaction costs, or at fair values if acquired in a business combination. Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in net income during the period in which they arise.

Fair values are completed by undertaking one of two accepted income approach methods, which include either: (i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 cash flows; or (ii) undertaking a direct capitalization approach whereby a capitalization rate is applied to estimated current year cash flows. The future cash flows of each property are based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting current conditions, less future cash outflows relating to such current and future leases.

Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets.

ii.    Revaluation of Property, Plant and Equipment

The company uses the revaluation method of accounting for certain classes of property, plant and equipment as well as certain assets which are under development for future use as property, plant and equipment. Property, plant and equipment measured using the revaluation method is initially measured at cost, or at fair values if acquired in a business combination, and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed on an annual basis at the end of each fiscal year, commencing in the first year subsequent to the date of acquisition, unless there is an indication that assets are impaired. Where the carrying amount of an asset increases as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity in revaluation surplus, unless the increase reverses a previously recognized impairment recorded through net income, in which case that portion of the increase is recognized in net income.

Where the carrying amount of an asset decreases, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Depreciation of an asset commences when it is available for use. On loss of control or partial disposition of an asset measured using the revaluation method, all accumulated revaluation surplus or the portion disposed of, respectively, is transferred into retained earnings or ownership changes, respectively.

iii.    Renewable Power Generation

Renewable power generating assets, including assets under development, are classified as property, plant and equipment and are accounted for using the revaluation method. The company determines the fair value of its renewable power generating assets using discounted cash flow analysis, which includes estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Discount rates are selected for each facility giving consideration to the expected proportion of contracted to uncontracted revenue and markets into which power is sold.

Generally, the first 20 years of cash flow are discounted with a residual value based on the terminal value cash flows. The fair value and estimated remaining service lives are reassessed on an annual basis.

Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows:

(YEARS)	Useful Lives
Dams	Up to 115
Penstocks	Up to 60
Powerhouses	Up to 115
Hydroelectric generating units	Up to 115
Wind generating units	Up to 30
Solar generating units	Up to 30
Other assets	Up to 60

Cost is allocated to the significant components of power generating assets and each component is depreciated separately.

The depreciation of property, plant and equipment in our Brazilian renewable power operations is based on the duration of the authorization or the useful life of a concession. The weighted-average remaining duration at December 31, 2017 is 15 years (2016 – 15 years). Land rights are included as part of the concession or authorization and are subject to depreciation.

iv.    Sustainable Resources

Sustainable resources consist of standing timber and other agricultural assets and are measured at fair value after deducting the estimated selling costs and are recorded in accounts receivable and other on the Consolidated Balance Sheets. Estimated selling costs include commissions, levies, delivery costs, transfer taxes and duties. The fair value of standing timber is calculated using the present value of anticipated future cash flows for standing timber before tax and terminal dates of 30 years. Fair value is determined based on felling plans, assessments regarding growth, timber prices and felling and silviculture costs. Changes in fair value are recorded in net income in the period of change. The company determines fair value of its standing timber using external valuations on an annual basis.

Harvested timber is included in inventory and is measured at the lower of fair value less estimated costs to sell at the time of harvest and net realizable value.

Land used in the production of standing timber, as well as bridges, roads and other equipment used in sustainable resources production are accounted for using the revaluation method and included in property, plant and equipment. Bridges, roads and equipment are depreciated over their useful lives, generally 3 to 30 years.

v.    Infrastructure

Utilities, transport, communication and energy assets within our infrastructure operations as well as assets under development classified as property, plant and equipment on the Consolidated Balance Sheets are accounted for using the revaluation method. The company determines the fair value of its utilities, transport, communication and energy assets using discounted cash flow analysis, which includes estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Valuations are performed internally on an annual basis. Discount rates are selected for each asset, giving consideration to the volatility and geography of its revenue streams.

Depreciation on utilities, transport, communication and energy assets is calculated on a straight-line basis over the estimated service lives of the components of the assets, which are as follows:

(YEARS)	Useful Lives
Buildings	Up to 70
Leasehold improvements	Up to 50
District energy systems and gas storage assets	Up to 50
Machinery, equipment, transmission stations and towers	Up to 40
Network systems	Up to 60
Rail and transport assets	Up to 40

The fair value and the estimated remaining service lives are reassessed annually.

Public service concessions that provide the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as intangible assets.

vi.    Real Estate – Hospitality Assets

Hospitality operating assets within our real estate operations are classified as property, plant and equipment and are accounted for using the revaluation method. The company determines the fair value for these assets by using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value of hospitality properties are also reviewed in reference to each hospitality asset’s enterprise value which is determined using a discounted cash flow model.

Depreciation on hotel assets is calculated on a straight-line basis over the estimated useful lives of the components of the assets, which range from 5 to 50 years for buildings and building improvements, 13 to 15 years for land improvements and 2 to 15 years for other equipment.

vii.    Private Equity

The company accounts for its private equity property, plant and equipment using the cost model. Costs include expenditures that are directly attributable to the acquisition of the asset. Depreciation of an asset commences when it is available for use. PP&E is depreciated on a straight-line basis over the estimated useful lives of each component of the asset as follows:

(YEARS)	Useful Lives
Buildings	Up to 50
Leasehold improvements	Up to 40
Machinery and equipment	Up to 20
Oil and gas related equipment	Up to 10

viii.    Other Property, Plant and Equipment

The company accounts for its other property, plant and equipment using the revaluation method or the cost model, depending on the nature of the asset and the operating segment.

Depreciation on other property, plant and equipment measured using the revaluation method is initially measured at cost and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Under the cost method, assets are initially recorded at cost and are subsequently depreciated over the assets’ useful lives, unless an impairment is identified requiring a write-down to estimated fair value.

Oil and natural gas pre-licensing costs incurred before the legal right to explore a specific area have been obtained are expensed in the period in which they are incurred. Once the legal right to explore has been acquired and development and exploration costs commence, attributable costs are capitalized. The net carrying value of oil and gas properties is depleted using the production method based on estimated proved plus probable oil and natural gas reserves.

ix.    Inventory

Private Equity

Fuel inventories within our Private Equity segment are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories. Changes in fair value less costs to sell are recognized in direct costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value.

Real Estate

Residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, which includes pre-development expenditures and capitalized borrowing costs, and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell.

Homes and other properties held for sale, which include properties subject to sale agreements, are recorded at the lower of cost and net realizable value in inventory. Costs are allocated to the saleable acreage of each project or subdivision in proportion to the anticipated revenue.

Residential Development

Inventories consist of land held for development, land under development, homes under construction, completed homes and model homes. In addition to direct land acquisitions, land development and improvement costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction or development. Indirect costs are allocated to homes or lots based on the number of units in a community.

Land and housing assets are recorded at the lower of cost and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell.

x.    Other Financial Assets

Other financial assets are classified as fair value through profit or loss, available for sale or at amortized cost depending on their nature and use within the company’s business. Changes in the fair values of financial instruments classified as fair value through profit or loss and available for sale are recognized in net income and other comprehensive income, respectively. The cumulative changes in the fair values of available-for-sale securities previously recognized in accumulated other comprehensive income are reclassified to net income when the security is sold, when there is a significant or prolonged decline in fair value or when the company acquires a controlling or significant interest in the underlying investment and commences equity accounting or consolidating the investment. Other financial assets are recognized on their trade date and initially recorded at fair value with changes in fair value recorded in net income or other comprehensive income in accordance with their classification. Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used.

The company assesses the carrying value of available-for-sale securities for impairment when there is objective evidence that the asset is impaired. When objective evidence of impairment exists, the cumulative loss in other comprehensive income is reclassified to net income.

Other financial assets also include loans and notes receivable which are recorded initially at fair value and, with the exception of loans and notes receivable designated as fair value through profit or loss, are subsequently measured at amortized cost using the effective interest method, less any applicable provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Loans and receivables designated as fair value through profit or loss are recorded at fair value, with changes in fair value recorded in net income in the period in which they arise.

i) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset or liability’s anticipated life.

Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate.

Refer to the investment properties and revaluation of property, plant and equipment explanations for the approach taken to determine the fair value of these operating assets.

Further information on fair value measurements is available in Notes 6, 7, 11 and 12.

j) Impairment of Long-Lived Assets

At each balance sheet date or more often if events or circumstances indicate there may be impairment, the company assesses whether its assets, other than those measured at fair value with changes in value recorded in net income, have any indication of impairment. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal and the discounted future cash flows generated from use and eventual disposal from an asset or cash-generating unit, is less than their carrying value. Impairment losses are recorded as fair value changes within the Consolidated Statements of Operations. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously.

k) Accounts Receivable

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for uncollectability.

l) Intangible Assets

Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within depreciation and amortization in the Consolidated Statements of Operations.

Certain of the company’s intangible assets have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount.

Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income.

m) Goodwill

Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company identifies cash-generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets.

Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal.

n) Subsidiary Equity Obligations

Subsidiary equity obligations include subsidiary preferred equity units, subsidiary preferred shares and capital securities, limited-life funds and redeemable fund units.

Subsidiary preferred equity units and capital securities are preferred shares that may be settled by a variable number of common equity units upon their conversion by the holders or the company. These instruments, as well as the related accrued distributions, are classified as liabilities on the Consolidated Balance Sheets. Dividends or yield distributions on these instruments are recorded as interest expense. To the extent conversion features are not closely related to the underlying liability the instruments are bifurcated into debt and equity components.

Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life.

Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice.

Limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within subsidiary equity obligations on the Consolidated Balance Sheets. Changes in the fair value are recorded in net income in the period of the change.

o) Revenue Recognition

i.    Asset Management

Asset management revenues consist of base management fees, advisory fees, incentive distributions and performance-based incentive fees which arise from the rendering of services. Revenues from base management fees, advisory fees and incentive distributions are recorded on an accrual basis based on the amounts receivable at the balance sheet date and are recorded within revenues in the Consolidated Statements of Operations.

Revenues from performance-based incentive fees and profit sharing arrangements are recorded on the accrual basis based on the amount that would be due under the formula established by the contract where it is no longer subject to adjustment based on future events. A significant portion of the asset management revenues are eliminated on consolidation, and that which survives is recorded as revenue in the Consolidated Statements of Operations.

ii.    Real Estate Operations

Real estate revenues primarily consist of rental revenues from leasing activities and hospitality revenues and interest and dividends from unconsolidated real estate investments.

Real estate rental income is recognized when the property is ready for its intended use. Office and retail properties are considered to be ready for their intended use when the property is capable of operating in the manner intended by management, which generally occurs upon completion of construction and receipt of all occupancy and other material permits.

The company has retained substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for leases with its tenants as operating leases. Revenue recognition under a lease commences when the tenant has a right to use the leased asset. The total amount of contractual rent to be received from operating leases is recognized on a straight-line basis over the term of the lease; a straight-line or free rent receivable, as applicable, is recorded as a component of investment property for the difference between the amount of rental revenue recorded and the contractual amount received. Rental revenue includes percentage participating rents and recoveries of operating expenses, including property, capital and similar taxes. Percentage participating rents are recognized when tenants’ specified sales targets have been met. Operating expense recoveries are recognized in the period that recoverable costs are chargeable to tenants.

Revenue from the sales of land and buildings not classified as investment properties is recognized at the time that the risks and rewards of ownership have been transferred, possession or title passes to the purchaser, all material conditions of the sales contract have been met and a significant cash down payment or appropriate security is received.

Revenue from hospitality operations are recognized when goods and services are provided, and collection is reasonably assured.

iii.    Renewable Power Operations

Renewable power revenues are derived from the sale of electricity and are recorded at the time power is provided based upon the output delivered and capacity provided at rates specified under either contract terms or prevailing market rates. Costs of generating electricity are recorded as incurred.

iv.    Sustainable Resources Operations

Revenue from timberland operations is derived from the sale of logs and related products. The company recognizes sales to external customers when the product is shipped, title passes, and collectability is reasonably assured. Revenue from agricultural development operations is recognized at the time that the risks and rewards of ownership have transferred.

v.    Infrastructure Operations

Utilities Operations

Revenue from utilities operations is derived from the distribution and transmission of energy as well as from the company’s coal terminal. Distribution and transmission revenue is recognized when services are rendered based upon usage or volume during that period. Terminal infrastructure charges are charged at set rates per tonne of coal based on each customer’s annual contracted tonnage and are then recognized on a pro rata basis each month. The company’s coal terminal also recognizes variable handling charges based on tonnes of coal shipped through the terminal.

Transport Operations

Revenue from transport operations consists primarily of freight and transportation services revenue. Freight and transportation services revenue is recognized at the time of the provision of services based primarily on usage or volume throughput during the period.

Energy Operations

Revenue from energy operations consists primarily of energy transmission, distribution and storage income. Energy revenue is recognized when services are provided and are rendered based upon usage or volume throughput during the period.

Communications Infrastructure

Revenue from communications infrastructure is derived from contracts with media broadcasting and telecommunication customers to access infrastructure. Customers pay upfront and recurring fees to lease space on towers to host their equipment. Recurring rental revenue is recognized on a straight-line basis based on lease agreements. Upfront payments which are separable from the recurring revenue under IFRIC 18 are recognized on a percentage of completion basis on the construction asset to which they relate.

vi.    Private Equity Operations

Revenue from our private equity operations primarily consists of revenues from the sale of goods or products and rendering of services. Sales are recognized when the product is shipped, title passes, and collectability is reasonably assured. Service revenues are recognized when the services are provided.

Revenues from construction contracts are recognized using the percentage-of-completion method once the outcome of the construction contract can be estimated reliably, in proportion to the stage of completion of the contract, and to the extent to which collectability is reasonably assured. The stage of completion is measured by reference to actual costs incurred as a percentage of estimated total costs of each contract. When the outcome cannot be reliably determined, contract costs are expensed as incurred and revenue is only recorded to the extent that the costs are determined to be recoverable. Where it is probable that a loss will arise from a construction contract, the excess of total expected costs over total expected revenue is recognized as an expense immediately.

Within our business services operations, revenue from the sale of goods in our U.K. road fuel service business represents net invoiced sales of fuel products and RTFO certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of the consideration received. Revenue is recognized at the point that title passes to the customer.

vii.    Residential Development Operations

Revenue from residential land sales is recognized at the time that the risks and rewards of ownership have been transferred, which is generally when possession or title passes to the purchaser, all material conditions of the sales contract have been met and a significant cash down payment or appropriate security is received.

Revenue from the sale of homes and residential condominium projects is recognized upon completion, when title passes to the purchaser upon closing and at which time all proceeds are received or collectability is reasonably assured.

viii.    Investments in Financial Assets

Dividend and interest income from other financial assets are recorded within revenues when declared or on an accrual basis using the effective interest method.

Interest revenue from loans and notes receivable, less a provision for uncollectible amounts, is recorded on the accrual basis using the effective interest method.

xii.    Other Income and Gains

Other income and gains represent the excess of proceeds over carrying values on the disposition of subsidiaries, investments or assets, or the settlement of liabilities for less than carrying values.

p) Derivative Financial Instruments and Hedge Accounting

The company selectively utilizes derivative financial instruments primarily to manage financial risks, including interest rate, commodity and foreign exchange risks. Derivative financial instruments are recorded at fair value within the company’s consolidated financial statements. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be effective as a hedge based on an expectation of offsetting cash flows or fair values. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in net income over the remaining term of the original hedging relationship. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in accounts receivable and other or accounts payable and other, respectively.

i.    Items Classified as Hedges

Realized and unrealized gains and losses on foreign exchange contracts designated as hedges of currency risks relating to a net investment in a subsidiary or an associate are included in equity. Gains or losses are reclassified into net income in the period in which the subsidiary or associate is disposed of or to the extent that the hedges are ineffective. Where a subsidiary is partially disposed, and control is retained, any associated gains or costs are reclassified within equity to ownership changes. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at their estimated fair value with changes in fair value recorded in net income or as a component of equity, as applicable.

Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate swap contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. The periodic exchanges of payments on interest rate contracts designated as hedges of future interest payments are amortized into net income over the term of the corresponding interest payments.

Unrealized gains and losses on electricity contracts designated as cash flow hedges of future power generation revenue are included in equity as a cash flow hedge. The periodic exchanges of payments on power generation commodity swap contracts designated as hedges are recorded on a settlement basis as an adjustment to power generation revenue.

ii.    Items Not Classified as Hedges

Derivative financial instruments that are not designated as hedges are carried at their estimated fair value, and gains and losses arising from changes in fair value are recognized in net income in the period in which the change occurs. Realized and unrealized gains and losses on equity derivatives used to offset changes in share prices in respect of vested Deferred Share Units and Restricted Share Units are recorded together with the corresponding compensation expense. Realized and unrealized gains on other derivatives not designated as hedges are recorded in revenues, direct costs or corporate costs, as applicable. Realized and unrealized gains and losses on derivatives which are considered economic hedges, and where hedge accounting is not able to be elected, are recorded in fair value changes in the Consolidated Statements of Operations.

q) Income Taxes

Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries, based on the tax rates and laws enacted or substantively enacted at the balance sheet date. Current and deferred income tax relating to items recognized directly in equity are also recognized in equity. Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases and carrying amounts of assets and liabilities. Deferred income tax assets are recognized for all deductible temporary differences and for the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent it is no longer probable that the income tax assets will be recovered. Deferred income tax assets and liabilities are measured using the tax rates that are expected to apply to the year when the asset is realized or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

r) Business Combinations

Business combinations are accounted for using the acquisition method. The cost of a business acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale which are recognized and measured at fair value less costs to sell. The interest of non-controlling shareholders in the acquiree is initially measured at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized.

To the extent the fair value of consideration paid exceeds the fair value of the net identifiable tangible and intangible assets, the excess is recorded as goodwill. To the extent the fair value of consideration paid is less than the fair value of net identifiable tangible and intangible assets, the excess is recognized in net income.

When a business combination is achieved in stages, previously held interests in the acquired entity are re-measured to fair value at the acquisition date, which is the date control is obtained, and the resulting gain or loss, if any, is recognized in net income, other than amounts transferred directly to retained earnings. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to net income. Transaction costs are recorded as an expense within fair value changes in the Consolidated Statements of Operations.

s) Other Items

i.    Capitalized Costs

Capitalized costs related to assets under development and redevelopment include all eligible expenditures incurred in connection with the acquisition, development and construction of the asset until it is available for its intended use. These expenditures consist of costs that are directly attributable to these assets.

Borrowing costs are capitalized when such costs are directly attributable to the acquisition, construction or production of a qualifying asset. A qualifying asset is an asset that takes a substantial period of time to prepare for its intended use.

ii.    Share-based Payments

The company issues share-based awards to certain employees and non-employee directors. The cost of equity-settled share-based transactions, comprised of share options, restricted shares and escrowed shares, is determined as the fair value of the award on the grant date using a fair value model. The cost of equity-settled share-based transactions is recognized as each tranche vests and is recorded in contributed surplus as a component of equity. The cost of cash-settled share-based transactions, comprised of Deferred Share Units (“DSUs”) and Restricted Share Units (“RSUs”), is measured as the fair value at the grant date, and expensed on a proportionate basis consistent with the vesting features over the vesting period with the recognition of a corresponding liability. The liability is recorded as a provision within accounts payable and other and measured at each reporting date at fair value with changes in fair value recognized in net income.

iii.    Provisions

A provision is a liability of uncertain timing that is recognized when the company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The company’s significant provisions consist of pensions and other long-term and post-employment benefits, warranties on some products or services, obligations to retire or decommission tangible long-lived assets and the cost of legal claims arising in the normal course of operations.

a.    Pensions and Other Post-Employment Benefits

The company offers pension and other post-employment benefit plans to employees of certain of its subsidiaries, with certain of these subsidiaries offering defined benefit plans. Defined benefit pension expenses, which include the current year’s service cost, are included in direct costs. For each defined benefit plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets as a defined benefit liability reported in accounts payable and other on our Consolidated Balance Sheets. The company’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations.

b.    Other Long-Term Incentive Plans

The company provides long-term incentive plans to certain employees whereby the company allocates a portion of the amounts realized through subsidiary profit sharing agreements to its employees. The cost of these plans is recognized over the requisite service period, provided it is probable that the vesting conditions will be achieved, based on the underlying subsidiary profit sharing arrangement. The liability is recorded within accounts payable and other and measured at each reporting date with the corresponding expense recognized in direct costs.

c.    Warranties, Asset Retirement, Legal and Other

Certain consolidated entities offer warranties on the sale of products or services. A provision is recorded to provide for future warranty costs based on management’s best estimate of probable warranty claims.

Certain consolidated entities have legal obligations to retire tangible long-lived assets. A provision is recorded at each reporting date to provide for the estimated fair value of the asset retirement obligation upon decommissioning of the asset period.

In the normal course of operations, the company may become involved in legal proceedings. Management analyzes information about these legal matters and provides provisions for probable contingent losses, including estimated legal expenses to resolve the matters. Internal and external legal counsel are used in order to estimate the probability of an unfavorable outcome and the amount of loss.

t) Critical Estimates and Judgments

The preparation of financial statements requires management to make estimates and judgments that affect the carried amounts of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses recorded during the period. Actual results could differ from those estimates.

In making estimates and judgments, management relies on external information and observable conditions, where possible, supplemented by internal analysis as required. These estimates and judgments have been applied in a manner consistent with prior periods and there are no known trends, commitments, events or uncertainties that the company believes will materially affect the methodology or assumptions utilized in making estimates and judgments in these consolidated financial statements.

i.    Critical Estimates

The significant estimates used in determining the recorded amount for assets and liabilities in the consolidated financial statements include the following:

a.    Investment Properties

The critical assumptions and estimates used when determining the fair value of commercial properties are: the timing of rental income from future leases reflecting current market conditions, less assumptions of future cash costs in respect of current and future leases; maintenance and other capital expenditures; discount rates; terminal capitalization rates; and terminal valuation dates. Properties under development are recorded at fair value using a discounted cash flow model which includes estimates in respect of the timing and cost to complete the development.

Further information on investment property estimates is provided in Note 11.

b.    Revaluation Method for Property, Plant and Equipment

When determining the carrying value of property, plant and equipment using the revaluation method, the company uses the following critical assumptions and estimates: the timing of forecasted revenues; future sales prices and associated expenses; future sales volumes; future regulatory rates; maintenance and other capital expenditures; discount rates; terminal capitalization rates; terminal valuation dates; useful lives; and residual values. Determination of the fair value of property, plant and equipment under development includes estimates in respect of the timing and cost to complete the development.

Further information on estimates used in the revaluation method for property, plant and equipment is provided in Note 12.

c.    Financial Instruments

Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the credit worthiness of the company relative to its counterparties; the credit risk of the company’s counterparties; estimated future cash flows; the amount of the liability and equity components of compound financial instruments; discount rates and volatility utilized in option valuations.

Further information on estimates used in determining the carrying value of financial instruments is provided in Notes 6, 25 and 26.

d.    Inventory

The company estimates the net realizable value of its inventory using estimates and assumptions about future development costs, costs to hold and future selling costs.

e.    Sustainable Resources

The fair value of standing timber and agricultural assets is based on the following estimates and assumptions: the timing of forecasted revenues and prices; estimated selling costs; sustainable felling plans; growth assumptions; silviculture costs; discount rates; terminal capitalization rates; and terminal valuation dates.

f.    Other

Other estimates and assumptions utilized in the preparation of the company’s consolidated financial statements are: the assessment or determination of net recoverable amount; oil and gas reserves; depreciation and amortization rates and useful lives; estimation of recoverable amounts of cash-generating units for impairment assessments of goodwill and intangible assets; ability to utilize tax losses and other tax measurements; fair value of assets held as collateral and the percentage of completion for construction contracts.

ii.    Critical Judgments

Management is required to make critical judgments when applying its accounting policies. The following judgments have the most significant effect on the consolidated financial statements:

a.    Control or Level of Influence

When determining the appropriate basis of accounting for the company’s investees, the company makes judgments about the degree of influence that it exerts directly or through an arrangement over the investees’ relevant activities. This may include the ability to elect investee directors or appoint management. Control is obtained when the company has the power to direct the relevant investing, financing and operating decisions of an entity and does so in its capacity as principal of the operations, rather than as an agent for other investors. Operating as a principal includes having sufficient capital at risk in any investee and exposure to the variability of the returns generated as a result of the decisions of the company as principal. Judgment is used in determining the sufficiency of the capital at risk or variability of returns. In making these judgments, the company considers the ability of other investors to remove the company as a manager or general partner in a controlled partnership.

b.    Investment Properties

When applying the company’s accounting policy for investment properties, judgment is applied in determining whether certain costs are additions to the carrying amount of the property and, for properties under development, identifying the point at which practical completion of the property occurs and identifying the directly attributable borrowing costs to be included in the carrying value of the development property.

c.    Property, Plant and Equipment

The company’s accounting policy for its property, plant and equipment requires critical judgments over the assessment of carrying value, whether certain costs are additions to the carrying amount of the property, plant and equipment as opposed to repairs and maintenance, and for assets under development the identification of when the asset is capable of being used as intended and identifying the directly attributable borrowing costs to be included in the asset’s carrying value.

For assets that are measured using the revaluation method, judgment is required when estimating future prices, volumes, discount and capitalization rates. Judgment is applied when determining future electricity prices considering broker quotes for the years in which there is a liquid market available and, for the subsequent years, our best estimate of electricity prices from renewable sources that would allow new entrants into the market.

d.    Common Control Transactions

The purchase and sale of businesses or subsidiaries between entities under common control are not specifically addressed in IFRS and accordingly, management uses judgment when determining a policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. The company’s policy is to record assets and liabilities recognized as a result of transfers of businesses or subsidiaries between entities under common control at carrying value. Differences between the carrying amount of the consideration given or received and the carrying amount of the assets and liabilities transferred are recorded directly in equity.

e.    Indicators of Impairment

Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the company’s assets, including: the determination of the company’s ability to hold financial assets; the estimation of a cash-generating unit’s future revenues and direct costs; the determination of discount and capitalization rates; and when an asset’s carrying value is above the value derived using publicly traded prices which are quoted in a liquid market.

f.    Income Taxes

The company makes judgments when determining the future tax rates applicable to subsidiaries and identifying the temporary differences that relate to each subsidiary. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply during the period when the assets are realized or the liabilities settled, using the tax rates and laws enacted or substantively enacted at the consolidated balance sheet dates. The company measures deferred income taxes associated with its investment properties based on its specific intention with respect to each asset at the end of the reporting period. Where the company has a specific intention to sell a property in the foreseeable future, deferred taxes on the building portion of an investment property are measured based on the tax consequences that would follow the disposition of the property. Otherwise, deferred taxes are measured on the basis the carrying value of the investment property will be recovered substantially through use.

g.    Classification of Non-Controlling Interests in Limited-Life Funds

Non-controlling interests in limited-life funds are classified as liabilities (subsidiary equity obligations) or equity (non-controlling interests) depending on whether an obligation exists to distribute residual net assets to non-controlling interests on liquidation in the form of cash or another financial asset or assets delivered in kind. Judgment is required to determine what the governing documents of each entity require or permit in this regard.

h.    Other

Other critical judgments include the determination of effectiveness of financial hedges for accounting purposes; the likelihood and timing of anticipated transactions for hedge accounting; and the determination of functional currency.

XML

SEGMENTED INFORMATION

12 Months Ended

Dec. 31, 2017

Operating Segments [Abstract]

SEGMENTED INFORMATION

SEGMENTED INFORMATION

a) Operating Segments 

Our operations are organized into five operating business groups in addition to our corporate and asset management activities, which collectively represent seven operating segments for internal and external reporting purposes. We measure performance primarily using Funds from Operations (“FFO”) generated by each operating segment and the amount of capital invested by the corporation in each segment using common equity by segment.

Our operating segments are as follows:

i. Asset management operations include managing our listed partnerships, private funds and public securities 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. Common equity in our asset management segment is immaterial.

ii. Real estate operations include the ownership, operation and development of core office, core retail, opportunistic and other properties.

iii. Renewable power operations include the ownership, operation and development of hydroelectric, wind, solar, storage and other power generating facilities.

iv. Infrastructure operations include the ownership, operation and development of utilities, transport, energy, communications and sustainable resource assets.

v. Private equity operations include a broad range of industries, and are mostly focused on construction, other business services, energy, and industrial operations.

vi. Residential development operations consist of homebuilding, condominium development and land development.

vii. Corporate activities include the investment of cash and financial assets, as well as the management of our corporate capitalization, 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.

b) Segment Financial Measures

FFO is a key measure of our financial performance and our segment measure of profit and loss. It is utilized by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis. We define FFO as net income excluding fair value changes, depreciation and amortization and deferred income taxes, net of non-controlling interests. When determining FFO, we include our proportionate share of the FFO from equity accounted investments on a fully diluted basis. FFO also includes realized disposition gains and losses, which are gains or losses arising from transactions during the reporting period, adjusted to include associated fair value changes and revaluation surplus recorded in prior periods, taxes payable or receivable in connection with those transactions and amounts that are recorded directly in equity, such as ownership changes.

We use FFO to assess our performance as an asset manager and as an investor in our assets. FFO from our asset management segment includes fees, net of the associated costs, that we earn from managing capital in our listed partnerships, private funds and public securities accounts. We are also eligible to earn incentive payments in the form of incentive distributions, performance fees or carried interest. As an investor in our assets, our FFO represents the company’s share of revenues less costs incurred within our operations, which include interest expenses and other costs. Specifically, it includes the impact of contracts that we enter into to generate revenues, including power sales agreements, contracts that our operating businesses enter into such as leases and take or pay contracts and sales of inventory. FFO includes the impact of changes in leverage or the cost of that financial leverage and other costs incurred to operate our business.

We use realized disposition gains and losses within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in prior periods 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 increase over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. In addition, the depreciated cost base of our assets is reflected in the ultimate realized disposition gain or loss on disposal. As noted above, unrealized fair value changes are excluded from FFO until the period in which the asset is sold. We also exclude deferred income taxes from FFO because the vast majority of the company’s deferred income tax assets and liabilities are a result of the revaluation of our assets under IFRS.

Our definition of FFO may differ from the definition used by other organizations, as well as the definition of FFO used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. The key differences between our definition of FFO and the determination of FFO by REALPAC and/or NAREIT are that we include the following: realized disposition gains or losses and cash taxes payable or receivable on those gains or losses, if any; foreign exchange gains or losses on monetary items not forming part of our net investment in foreign operations; and foreign exchange gains or losses on the sale of an investment in a foreign operation. We do not use FFO as a measure of cash generated from our operations.

We illustrate how we derive FFO for each operating segment and reconcile total FFO to net income in Note 3(c)(v) of the consolidated financial statements. We do not use FFO as a measure of cash generated from our operations.

i.    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 ChiefOperating Decision Maker for capital allocation decisions.

ii.    Segment Allocation and Measurement

Segment measures include amounts earned from consolidated entities that are eliminated on consolidation. The principal adjustment is to include asset management revenues charged to consolidated entities as revenues within the company’s Asset Management segment with the corresponding expense recorded as corporate costs within the relevant segment. These amounts are based on the in-place terms of the asset management contracts between the consolidated entities. Inter-segment revenues are determined under terms that approximate market value.

The company allocates the costs of shared functions that would otherwise be included within its corporate activities segment, such as information technology and internal audit, pursuant to formal policies.

c) Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Notes
External revenues	$	286	$	6,824		$	2,788		$	3,859		$	24,220		$	2,447		$	362		$	40,786
Inter-segment revenues	1,181		38			—			12			357			—			—			1,588			i
Segmented revenues	1,467		6,862			2,788			3,871			24,577			2,447			362			42,374
FFO from equity accounted investments	—		904			23			904			229			1			8			2,069			ii
Interest expense	—		(1,901		)	(691		)	(453		)	(237		)	(83		)	(261		)	(3,626		)	iii
Current income taxes	—		(63		)	(39		)	(111		)	(84		)	(46		)	57			(286		)	iv
Funds from operations	970		2,004			270			345			333			34			(146		)	3,810			v
Common equity	312		16,725			4,944			2,834			4,215			2,915			(7,893		)	24,052
Equity accounted investments	—		19,596			509			8,793			2,385			346			365			31,994
Additions to non-current assets1	—		10,025			7,555			7,991			6,307			74			328			32,280

1. Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill

AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Notes
External revenues	$	348	$	6,324		$	2,474		$	2,414		$	9,603		$	3,019		$	229		$	24,411
Inter-segment revenues	972		14			—			—			359			—			6			1,351			i
Segmented revenues	1,320		6,338			2,474			2,414			9,962			3,019			235			25,762
FFO from equity accounted investments	—		896			9			683			163			6			(6		)	1,751			ii
Interest expense	—		(1,736		)	(615		)	(409		)	(147		)	(91		)	(241		)	(3,239		)	iii
Current income taxes	—		(21		)	(43		)	(35		)	(40		)	(51		)	(23		)	(213		)	iv
Funds from operations	866		1,561			180			374			405			63			(212		)	3,237			v
Common equity	328		16,727			4,826			2,697			2,862			2,679			(7,620		)	22,499
Equity accounted investments	—		16,628			206			7,346			336			374			87			24,977
Additions to non-current assets1	—		12,311			6,899			5,105			359			93			59			24,826

1. Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill

i.Inter-Segment Revenues

For the year endedDecember 31, 2017, the adjustment to external revenues when determining segmented revenues consists of asset management fee revenues and leasing revenues earned from consolidated entities totaling $1.2 billion (2016 – $986 million), revenues earned on construction projects between consolidated entities totaling $357 million (2016 – $359 million) and interest income on loans between consolidated entities totaling $19 million (2016 – $6 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues. 

ii.FFO from Equity Accounted Investments

The company determines FFO from its equity accounted investments by applying the same methodology utilized in adjusting net income of consolidated entities. The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments.

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Consolidated equity accounted income	$	1,213	$	1,293
Non-FFO items from equity accounted investments1	856		458
FFO from equity accounted investments	$	2,069	$	1,751

1. Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments

iii.Interest Expense

For the year ended December 31, 2017, the adjustment to interest expense consists of interest on loans between consolidated entities totaling $18 million (2016 – $6 million) that is eliminated on consolidation, along with the associated revenue.

iv. Current Income Taxes

Current income taxes are included in FFO but are aggregated with deferred income taxes in income tax expense on the company’s Consolidated Statements of Operations. The following table reconciles consolidated income taxes to current income taxes by segment:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current tax recovery (expense)	$	(286	)	$	(213	)
Deferred income tax recovery (expense)	(327		)	558
Income tax recovery (expense)	$	(613	)	$	345

v.Reconciliation of Net Income to Total FFO

The following table reconciles net income to total FFO:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Note	2017			2016
Net income		$	4,551		$	3,338
Realized disposition gains in fair value changes or prior periods	vi	1,116			766
Non-controlling interests in FFO		(4,964		)	(2,917		)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		856			458
Fair value changes		(421		)	130
Depreciation and amortization		2,345			2,020
Deferred income taxes		327			(558		)
Total FFO		$	3,810		$	3,237

vi.     Realized Disposition Gains

Realized disposition gains include gains and losses recorded in net income arising from transactions during the current period adjusted to include fair value changes and revaluation surplus recorded in prior periods in connection with the assets disposed. Realized disposition gains also include amounts that are recorded directly in equity as changes in ownership, as opposed to net income, because they result from a change in ownership of a consolidated entity.

The realized disposition gains recorded in fair value changes or revaluation surplus were $1,116 million for the year ended December 31, 2017 (2016 – $766 million), of which $1,038 million relates to prior periods (2016 – $732 million). There were no realized disposition gains recorded directly in equity as changes in ownership.

d) Geographic Allocation

The company’s revenues by location of operations are as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
United States	$	8,284	$	8,073
Canada	5,883		4,427
United Kingdom	15,106		2,858
Other Europe	617		465
Australia	4,405		3,843
Brazil	3,206		1,737
Colombia	970		975
Other	2,315		2,033
	$	40,786	$	24,411

The company’s consolidated assets by location are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	84,860	$	75,556
Canada	21,897		19,324
United Kingdom	20,005		15,740
Other Europe	3,979		4,460
Australia	14,501		12,920
Brazil	23,931		12,807
Colombia	7,362		7,296
Other	16,185		11,723
	$	192,720	$	159,826

e) Revenues Allocation

Total external revenues within our operating segments are as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Asset management	$	286	$	348
Real estate
Core office	2,121		2,170
Opportunistic and other	4,703		4,154
Renewable power
Hydroelectric	2,183		2,055
Wind energy, solar, storage & other	605		419
Infrastructure
Utilities	1,785		825
Transport	1,290		892
Energy	460		398
Sustainable resources and other	324		299
Private equity
Construction services	4,650		4,028
Business services	16,224		2,006
Energy	280		441
Industrial and other operations	3,066		3,128
Residential development	2,447		3,019
Corporate activities	362		229
	$	40,786	$	24,411

XML

SUBSIDIARIES

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

SUBSIDIARIES

SUBSIDIARIES

The following table presents the details of the company’s subsidiaries with significant non-controlling interests:

	Jurisdiction of Formation	Ownership Interest Held by Non-Controlling Interests1,2
AS AT DEC. 31		2017		2016
Brookfield Property Partners L.P. (“BPY”)	Bermuda	30.6	%	31.2	%
Brookfield Renewable Partners L.P. (“BEP”)	Bermuda	39.8	%	38.7	%
Brookfield Infrastructure Partners L.P. (“BIP”)	Bermuda	70.1	%	70.2	%
Brookfield Business Partners L.P. (“BBU”)3	Bermuda	32.0	%	25.1	%

1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) resides with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees

2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units and general partnership units in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary

3. BBU was formed during 2016 through a special dividend of approximately 19 million limited partnership units, equivalent to a 20.7% economic interest in BBU, to the shareholders of the company’s Class A shares and Class B shares

During 2017, BBU and BEP completed equity issuances in which the company participated. The BBU and BEP issuances decreased the company’s interest by 6.9% and 1.1%, respectively, as the company participated at a lower interest than its ownership prior to the issuances.

The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2017:

	TSX	NYSE	Nasdaq
BPY1	BPY.UN	N/A	BPY
BEP	BEP.UN	BEP	N/A
BIP	BIP.UN	BIP	N/A
BBU	BBU.UN	BBU	N/A

1. BPY voluntarily moved its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Market effective November 16, 2017

The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:

AS AT DEC. 31 (MILLIONS)	2017		2016
BPY	$	19,736	$	18,790
BEP	10,139		8,879
BIP	11,376		7,710
BBU	4,000		2,173
Individually immaterial subsidiaries with non-controlling interests	6,377		5,683
	$	51,628	$	43,235

All publicly listed entities are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests are set out below. The summarized financial information represents amounts before intra-group eliminations:

	BPY						BEP						BIP						BBU
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Current assets	$	3,912		$	4,198		$	1,666		$	907		$	1,512		$	1,632		$	6,433		$	4,076
Non-current assets	80,435			73,929			29,238			26,830			27,965			19,643			9,371			4,117
Current liabilities	(11,829		)	(8,276		)	(2,514		)	(1,733		)	(1,564		)	(1,515		)	(5,690		)	(2,556		)
Non-current liabilities	(37,394		)	(35,690		)	(14,108		)	(13,332		)	(14,439		)	(10,116		)	(4,050		)	(1,599		)
Non-controlling interests	(19,736		)	(18,790		)	(10,139		)	(8,879		)	(11,376		)	(7,710		)	(4,000		)	(2,173		)
Equity attributable to Brookfield	$	15,388		$	15,371		$	4,143		$	3,793		$	2,098		$	1,934		$	2,064		$	1,865
Revenues	$	6,135		$	5,352		$	2,625		$	2,516		$	3,535		$	2,115		$	22,823		$	7,960
Net income attributable to:
Non-controlling interests	$	2,234		$	1,501		$	103		$	97		$	569		$	408		$	296		$	(170	)
Shareholders	234			1,216			(52		)	(57		)	5			120			(81		)	(32		)
	$	2,468		$	2,717		$	51		$	40		$	574		$	528		$	215		$	(202	)
Other comprehensive income (loss) attributable to:
Non-controlling interests	$	532		$	(36	)	$	786		$	915		$	269		$	426		$	64		$	101
Shareholders	348			(210		)	564			414			54			150			45			32
	$	880		$	(246	)	$	1,350		$	1,329		$	323		$	576		$	109		$	133

The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows:

	BPY						BEP						BIP						BBU
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Cash flows from (used in):
Operating activities	$	639		$	745		$	928		$	632		$	1,481		$	753		$	290		$	229
Financing activities	1,248			2,906			(27		)	2,709			3,814			899			1,353			586
Investing activities	(1,886		)	(3,234		)	(328		)	(3,191		)	(5,721		)	(1,058		)	(1,595		)	(96		)
Distributions paid to non-controlling interests in common equity	$	255		$	250		$	227		$	201		$	489		$	383		$	9		$	2

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY

Brookfield Finance Inc. (“BFI”) is an indirect 100% owned subsidiary of the corporation that may offer and sell debt securities. Any debt securities issued by BFI are fully and unconditionally guaranteed by the company. BFI issued $500 million of 4.25% notes due in 2026 and $550 million of 4.70% notes due in 2047 on May 25, 2016 and September 14, 2017, respectively.

Brookfield Finance LLC (“BFL”) is a Delaware limited liability company formed on February 6, 2017 and an indirect 100% owned subsidiary of the corporation. BFL is a “finance subsidiary,” as defined in Rule 3-10 of Regulation S-X. Any debt securities issued by BFL are fully and unconditionally guaranteed by the corporation. On March 10, 2017, BFL issued $750 million of 4.00% notes due 2024. BFL has no independent activities, assets or operations other than in connection with any debt securities it may issue.

Brookfield Investments Corporation (“BIC”) is an investment company that holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by the corporation’s subsidiaries. The corporation provided a full and unconditional guarantee of the Class 1 Senior Preferred Shares, Series A issued by BIC. As at December 31, 2017, C$42 million of these 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, BFL, BIC and non-guarantor subsidiaries:

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	168	$	30	$	43	$	22	$	44,908	$	(4,385	)	$	40,786
Net income attributable to shareholders	1,462		—		—		59		2,019		(2,078		)	1,462
Total assets	53,688		1,060		757		3,761		206,907		(73,453		)	192,720
Total liabilities	25,444		1,042		756		2,309		113,336		(30,039		)	112,848
AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	148	$	13	$	—	$	3	$	27,968	$	(3,721	)	$	24,411
Net income attributable to shareholders	1,651		—		—		66		1,854		(1,920		)	1,651
Total assets	47,505		507		—		2,974		169,033		(60,193		)	159,826
Total liabilities	21,052		497		—		1,411		87,252		(20,074		)	90,138

1. This column accounts for investments in all subsidiaries of the corporation under the equity method

2. This column accounts for investments in all subsidiaries of the corporation other than BFI, BFL and BIC on a combined basis

3. This column includes the necessary amounts to present the company on a consolidated basis

XML

ACQUISITIONS OF CONSOLIDATED ENTITIES

12 Months Ended

Dec. 31, 2017

Business Combinations1 [Abstract]

ACQUISITIONS OF CONSOLIDATED ENTITIES

ACQUISITIONS OF CONSOLIDATED ENTITIES

a) Completed During 2017

The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2017. No material changes were made to the provisional allocations:

(MILLIONS)	Renewable Power			Private Equity			Infrastructure			Real Estate and Other			Total
Cash and cash equivalents	$	762		$	335		$	89		$	39		$	1,225
Accounts receivable and other	980			2,393			345			134			3,852
Inventory	—			701			—			3			704
Equity accounted investments	—			231			—			—			231
Investment properties	—			—			—			5,851			5,851
Property, plant and equipment	6,923			501			100			281			7,805
Intangible assets	27			2,870			5,515			—			8,412
Goodwill	—			342			815			—			1,157
Deferred income tax assets	18			59			—			—			77
Total assets	8,710			7,432			6,864			6,308			29,314
Less:
Accounts payable and other	(1,391		)	(2,109		)	(222		)	(169		)	(3,891		)
Non-recourse borrowings	(4,902		)	(1,678		)	(30		)	(1,955		)	(8,565		)
Deferred income tax liabilities	(59		)	(806		)	(957		)	(45		)	(1,867		)
Non-controlling interests1	(830		)	(826		)	(477		)	(123		)	(2,256		)
	(7,182		)	(5,419		)	(1,686		)	(2,292		)	(16,579		)
Net assets acquired	$	1,528		$	2,013		$	5,178		$	4,016		$	12,735
Consideration2	$	1,528		$	2,006		$	5,178		$	3,845		$	12,557

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors

Brookfield recorded $15.9 billion of revenue and $694 million of net income in 2017 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $25.5 billion and $1 billion to total revenue and net income, respectively.

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2017:

	Renewable Power						Private Equity						Infrastructure			Real Estate
(MILLIONS)	TerraForm Power			TerraForm Global			BRK			Greenergy			NTS			Manu- factured Housing			Houston Center			Mumbai Office Portfolio
Cash and cash equivalents	$	149		$	611		$	296		$	28		$	89		$	16		$	—		$	11
Accounts receivable and other	707			266			1,043			1,290			317			79			22			12
Inventory	—			—			10			650			—			—			—			—
Equity accounted investments	—			—			109			114			—			—			—			—
Investment properties	—			—			—			—			—			2,107			825			679
Property, plant and equipment	5,678			1,208			200			154			—			—			—			—
Intangible assets	—			—			2,467			212			5,515			—			—			—
Goodwill	—			—			17			92			804			—			—			—
Deferred income tax assets	—			18			50			9			—			—			—			—
Total assets	6,534			2,103			4,192			2,549			6,725			2,202			847			702
Less:
Accounts payable and other	(1,239		)	(142		)	(227		)	(1,744		)	(202		)	(36		)	(28		)	(44		)
Non-recourse borrowings	(3,714		)	(1,188		)	(1,468		)	(210		)	—			(1,261		)	—			(511		)
Deferred income tax liabilities	(33		)	(15		)	(746		)	(52		)	(946		)	—			—			(45		)
Non-controlling interests1	(829		)	(1		)	(745		)	(81		)	(477		)	(30		)	—			—
	(5,815		)	(1,346		)	(3,186		)	(2,087		)	(1,625		)	(1,327		)	(28		)	(600		)
Net assets acquired	$	719		$	757		$	1,006		$	462		$	5,100		$	875		$	819		$	102
Consideration2	$	719		$	757		$	1,006		$	462		$	5,100		$	768		$	819		$	102

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors

Significant acquisitions completed in 2017 include:

On March 9, 2017, a subsidiary of the company acquired Manufactured Housing, a portfolio of manufactured housing communities in the U.S., for total consideration of $768 million, including $578 million cash consideration with the remainder funded through debt financing. The acquisition was made through a Brookfield-sponsored real estate fund and generated a bargain purchase gain of $107 million recorded in fair value changes as a result of changes in the underlying market conditions subsequent to signing the purchase and sale agreement in the second quarter of 2016. Excluding the impact of the bargain purchase gain, total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $237 million and $86 million, respectively.

On April 4, 2017, we acquired a 90% ownership interest in Nova Transportadora do Sudeste S.A. (“NTS”), a Brazilian regulated gas transmission business, alongside our institutional partners. Total consideration paid by the consortium was $5.1 billion, which consists of a cash consideration of $4.2 billion and deferred consideration of less than $1 billion payable five years from the close of the transaction. Upon acquisition of NTS, an additional deferred tax liability of $893 million was recorded. The deferred income tax liability arose as the tax bases of the net assets acquired were lower than their fair values. The inclusion of this liability in the net book value of the acquired business gave rise to goodwill of $804 million which is recoverable so long as the tax circumstances that gave rise to the goodwill do not change. To date, no such changes have occurred. None of the goodwill recognized is deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $1.3 billion and $660 million, respectively.

On April 25, 2017, a subsidiary of the company acquired a 70% interest in BRK Ambiental Participações S.A. (“BRK”), a Brazilian water treatment business, together with institutional investors, for total consideration of $1,006 million. BRK owns several other investments, all at different ownership levels. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $758 million and $64 million, respectively.

On May 10, 2017, a subsidiary of the company acquired an 85% ownership interest of Greenergy Fuels Holdings Ltd. (“Greenergy”), a U.K. road fuel provider, together with our institutional partners. The acquisition was made for total consideration of $462 million. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $19.8 billion and $26 million, respectively.

On October 16, 2017, a subsidiary of the company, along with its institutional partners, acquired a 51% interest in TerraForm Power, Inc., a large scale diversified portfolio of solar and wind assets located predominantly in the U.S., for total consideration of $719 million. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $622 million and $46 million, respectively.

On December 1, 2017, a subsidiary of the company acquired Houston Center, a 4.2 million square foot mixed-use office and retail complex in Houston, Texas, for total consideration of $819 million, including $175 million cash consideration with the remainder funded through debt financing. As of December 31, 2017, the valuation of investment properties was still under evaluation. Accordingly, they have been accounted for on a provisional basis. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $120 million and $26 million, respectively.

On December 7, 2017, a subsidiary of the company acquired a portfolio of 14 office properties with 2.7 million square feet of office space in Mumbai, India (“Mumbai Office Portfolio”), for total consideration of $102 million. As of December 31, 2017, the valuations of investment properties acquired and debt obligations assumed were still under evaluation. Accordingly, they have been accounted for on a provisional basis. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $53 million and $1 million, respectively.

On December 28, 2017, a subsidiary of the company, along with its institutional partners, acquired a 100% interest in TerraForm Global, Inc., a large scale diversified portfolio of solar and wind assets located predominantly in Asia and South America, for total consideration of $757 million. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $249 million and $33 million, respectively.

b) Completed During 2016

The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2016. No material changes were made to the provisional allocations disclosed in the 2016 consolidated financial statements:

(MILLIONS)	Real Estate			Renewable Power			Infrastructure and Other			Total
Cash and cash equivalents	$	119		$	117		$	155		$	391
Accounts receivable and other	155			177			672			1,004
Inventory	10			15			39			64
Equity accounted investments	—			—			115			115
Investment properties	9,234			—			—			9,234
Property, plant and equipment	652			5,741			1,067			7,460
Intangible assets	2			—			1,225			1,227
Goodwill	17			799			470			1,286
Deferred income tax assets	2			—			12			14
Total assets	10,191			6,849			3,755			20,795
Less:
Accounts payable and other	(413		)	(385		)	(318		)	(1,116		)
Non-recourse borrowings	(2,859		)	(1,130		)	(1,161		)	(5,150		)
Deferred income tax liabilities	(35		)	(1,020		)	(263		)	(1,318		)
Non-controlling interests1	(33		)	(1,417		)	(1,402		)	(2,852		)
	(3,340		)	(3,952		)	(3,144		)	(10,436		)
Net assets acquired	$	6,851		$	2,897		$	611		$	10,359
Consideration2	$	6,824		$	2,897		$	611		$	10,332

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests

Brookfield recorded $1.7 billion of revenue and $223 million of net income from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $3.0 billion and $230 million to total revenue and net income, respectively.

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2016:

	Real Estate															Renewable Power						Infrastructure
(MILLIONS)	Rouse			IFC Seoul			Simply Storage			City Point			Student Housing			Isagen			Holtwood			Rutas			Niska			Linx
Cash and cash equivalents	$	32		$	25		$	16		$	1		$	33		$	113		$	—		$	115		$	15		$	12
Accounts receivable and other	94			13			28			5			3			174			1			121			99			232
Inventory	—			—			2			—			—			15			—			—			39			—
Equity accounted investments	—			—			—			—			—			—			—			—			—			115
Investment properties	3,010			1,911			1,044			742			608			—			—			—			—			—
Property, plant and equipment	13			303			—			—			—			4,772			859			6			825			229
Intangible assets	—			2			—			—			1			—			—			973			—			69
Goodwill	—			—			—			12			5			799			—			139			82			210
Deferred income tax assets	—			2			—			—			—			—			—			—			—			—
Total assets	3,149			2,256			1,090			760			650			5,873			860			1,354			1,060			867
Less:
Accounts payable and other	(231		)	(107		)	(12		)	(6		)	(49		)	(381		)	(1		)	(7		)	(71		)	(148		)
Non-recourse borrowings	(1,840		)	—			(592		)	—			(202		)	(1,130		)	—			(441		)	(337		)	(181		)
Deferred income tax liabilities	—			(35		)	—			—			—			(1,019		)	—			(153		)	(77		)	(33		)
Non-controlling interests1	(15		)	—			(15		)	—			(2		)	(1,417		)	—			(626		)	(348		)	(360		)
	(2,086		)	(142		)	(619		)	(6		)	(253		)	(3,947		)	(1		)	(1,227		)	(833		)	(722		)
Net assets acquired	$	1,063		$	2,114		$	471		$	754		$	397		$	1,926		$	859		$	127		$	227		$	145
Consideration2	$	1,063		$	2,114		$	471		$	754		$	397		$	1,926		$	859		$	127		$	227		$	145

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests

In January 2016, a subsidiary of the company acquired an initial 57.6% interest in Isagen S.A. E.S.P. (“Isagen”) from the Colombian government for total consideration of $1.9 billion with a cash contribution of $510 million funded by non-recourse borrowings and $1.2 billion from the subsidiary’s institutional partners. Isagen is Colombia’s third-largest power generation company which owns and operates a 3,032-megawatt (“MW”) portfolio, consisting predominantly of six, largely reservoir-based, hydroelectric facilities.

Following the acquisition, the subsidiary of the company was required to conduct two mandatory tender offers (the “MTOs”) for the remaining publicly held shares at the same price per share paid for the 57.6% controlling interest. The first MTO closed in May 2016, in which the subsidiary acquired an additional 26% of economic interest for $929 million. The second MTO closed in September 2016 with total consideration of $605 million, and the subsidiary effectively owns 99.64% of Isagen as of September 30, 2016 after giving effect to the initial acquisition and the two MTOs. The company is accounting for the initial acquisition of the 57.6% controlling interest and the MTOs as separate transactions. The acquisition resulted in $799 million of goodwill due to the recognition of a deferred tax liability because the tax bases of the Isagen net assets are significantly lower than their acquisition date fair value. Total revenue and net income that would have been recorded if the transaction had occurred at the beginning of the year would have been $886 million and $120 million, respectively.

In March 2016, a subsidiary of the company completed the acquisition of a self-storage (“Simply Storage”) operation for total consideration of $471 millionwith a cash contribution of $372 million. Total revenue and net income that would have been recorded if the transaction had occurred at the beginning of the year would have been $105 million and $71 million, respectively.

In April 2016, a subsidiary of the company completed the acquisition of a portfolio of student housing assets (“Student Housing”) for total consideration of $397 million with a cash contribution of $209 million. Total revenue and net income that would have been recorded if the transaction had occurred at the beginning of the year would have been $42 million and $5 million, respectively.

In April 2016, a subsidiary of the company completed the acquisition of hydroelectric facilities in Pennsylvania (“Holtwood”) for total cash consideration of $859 million. Total revenue and net loss that would have been recorded if the transaction had occurred at the beginning of the year would have been $46 million and $1 million, respectively.

In June 2016, a subsidiary of the company completed the acquisition of a portfolio of toll roads in Peru (“Rutas”) for total consideration of $127 million with a cash contribution of $118 million. Total revenue and net loss that would have been recorded if the transaction had occurred at the beginning of the year would have been $122 million and $6 million, respectively.

In July 2016, a subsidiary of the company completed the acquisition of a North American gas storage business (“Niska”) for total consideration of $227 million with a cash contribution of $67 million and senior notes already owned by the subsidiary. The subsidiary remeasured its existing senior notes to fair value of $141 million at the acquisition date with a remeasurement gain of $24 million recorded in the income. Total revenue and net income that would have been recorded if the transaction had occurred at the beginning of the year would have been $136 million and $29 million, respectively.

In July 2016, a subsidiary of the company completed the acquisition of a retail mall business (“Rouse”) for total consideration of $1.1 billion with a cash contribution of $587 million. The subsidiary accounted for the acquisition as a step acquisition, and remeasured its existing 33% equity interest in Rouse to fair value of $354 million at the acquisition date with no material remeasurement gain or loss. Total revenue and net loss that would have been recorded if the transaction had occurred at the beginning of the year would have been $335 million and $58 million, respectively.

In August 2016, a subsidiary of the company completed the acquisition of an Australia port business (“Linx”) for total consideration of $145 million, comprising $13 million in cash and a portion of the subsidiary’s previously existing interest with an acquisition date fair value of $132 million. Total revenue and net income that would have been recorded if the transaction had occurred at the beginning of the year would have been $504 million and $12 million, respectively.

In December 2016, a subsidiary of the company completed the acquisition of a mixed-use property in South Korea (“IFC Seoul”) and an office tower in U.K. (“City Point”) for total consideration of $2.1 billion with a cash contribution of $875 million and $754 million with a cash contribution of $147 million, respectively. The subsidiary accounts for the City Point acquisition as a step acquisition and remeasured its existing loan interest to fair value at acquisition date of $93 million with a remeasurement loss of $34 million. If the transactions had occurred at the beginning of the year, total revenue and net loss for IFC Seoul would have been $170 million and $18 million, whereas total revenue and net loss for City Point would have been $49 million and $35 million.

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2017

Fair Value Measurement [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables list the company’s financial instruments by their respective classification as at December 31, 2017 and 2016:

a) Financial Instrument Classification

AS AT DEC. 31, 2017 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	5,139	$	5,139
Other financial assets
Government bonds	34		15		—		49
Corporate bonds	382		253		8		643
Fixed income securities and other	230		432		—		662
Common shares and warrants	585		1,247		—		1,832
Loans and notes receivable	63		—		1,551		1,614
	1,294		1,947		1,559		4,800
Accounts receivable and other2	1,383		—		8,233		9,616
	$	2,677	$	1,947	$	14,931	$	19,555
Financial liabilities
Corporate borrowings	$	—	$	—	$	5,659	$	5,659
Property-specific borrowings	—		—		63,721		63,721
Subsidiary borrowings	—		—		9,009		9,009
Accounts payable and other2	3,841		—		14,124		17,965
Subsidiary equity obligations	1,559		—		2,102		3,661
	$	5,400	$	—	$	94,615	$	100,015

1. Financial assets include $4.1 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $630 million included in accounts receivable and other and $950 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

AS AT DEC. 31, 2016 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	4,299	$	4,299
Other financial assets
Government bonds	22		32		—		54
Corporate bonds	13		342		—		355
Fixed income securities and other	170		335		—		505
Common shares and warrants	1,630		952		—		2,582
Loans and notes receivable	62		—		1,142		1,204
	1,897		1,661		1,142		4,700
Accounts receivable and other2	1,501		—		5,298		6,799
	$	3,398	$	1,661	$	10,739	$	15,798
Financial liabilities
Corporate borrowings	$	—	$	—	$	4,500	$	4,500
Property-specific borrowings	—		—		52,442		52,442
Subsidiary borrowings	—		—		7,949		7,949
Accounts payable and other2	2,019		—		9,896		11,915
Subsidiary equity obligations	1,439		—		2,126		3,565
	$	3,458	$	—	$	76,913	$	80,371

1. Total financial assets include $2.5 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $1 billion included in accounts receivable and other and $528 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

Gains or losses arising from changes in the fair value of fair value through profit or loss (“FVTPL”) financial assets are presented in the Consolidated Statements of Operations in the period in which they arise. Dividends from FVTPL and available-for-sale financial assets are recognized in the Consolidated Statements of Operations when the company’s right to receive payment is established. Interest on available-for-sale financial assets is calculated using the effective interest method and reported in our Consolidated Statements of Operations.

Available-for-sale securities are recorded on the balance sheet at fair value with changes in fair value recorded through other comprehensive income. These securities are assessed for impairment at each reporting date, with any impairment charges reported in our Consolidated Statements of Operations. As at December 31, 2017, the unrealized gains and losses relating to the fair value of available-for-sale securities amounted to $26 million (2016 – $286 million) and $nil (2016 – $28 million), respectively.

During the year ended December 31, 2017, $69 million of net deferred losses (2016 – $391 million) previously recognized in accumulated other comprehensive income were reclassified to net income as a result of the disposition or impairment of available-for-sale financial assets.

Included in cash and cash equivalents is $4.5 billion (2016 – $3.8 billion) of cash and $635 million (2016 – $454 million) of short-term deposits as at December 31, 2017.

b) Carrying and Fair Value

The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and 2016:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Financial assets
Cash and cash equivalents	$	5,139	$	5,139	$	4,299	$	4,299
Other financial assets
Government bonds	49		49		54		54
Corporate bonds	643		643		355		355
Fixed income securities and other	662		662		505		505
Common shares and warrants	1,832		1,832		2,582		2,582
Loans and notes receivable	1,614		1,657		1,204		1,204
	4,800		4,843		4,700		4,700
Accounts receivable and other	9,616		9,616		6,799		6,799
	$	19,555	$	19,598	$	15,798	$	15,798
Financial liabilities
Corporate borrowings	$	5,659	$	6,087	$	4,500	$	4,771
Property-specific borrowings	63,721		65,399		52,442		53,512
Subsidiary borrowings	9,009		9,172		7,949		8,103
Accounts payable and other	17,965		17,965		11,915		11,915
Subsidiary equity obligations	3,661		3,661		3,565		3,567
	$	100,015	$	102,284	$	80,371	$	81,868

The current and non-current balances of other financial assets are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	2,568	$	3,229
Non-current	2,232		1,471
Total	$	4,800	$	4,700

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:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	—	$	49	$	—	$	11	$	43	$	—
Corporate bonds	127		508		—		175		173		7
Fixed income securities and other	20		233		409		36		178		291
Common shares and warrants	1,586		—		246		1,309		—		1,273
Loans and notes receivables	—		62		1		—		51		11
Accounts receivable and other	15		1,155		213		2		1,342		157
	$	1,748	$	2,007	$	869	$	1,533	$	1,787	$	1,739
Financial liabilities
Accounts payable and other	$	134	$	3,003	$	704	$	98	$	1,859	$	62
Subsidiary equity obligations	—		—		1,559		—		52		1,387
	$	134	$	3,003	$	2,263	$	98	$	1,911	$	1,449

During the years ended December 31, 2017 and 2016, there were no transfers between Level 1, 2 or 3.

Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs.

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/ accounts payable)	$	1,155	/	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 Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
	(3,003		)
Other financial assets ..................	852			Valuation models based on observable market data

Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities), include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs.

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Corporate borrowings	$	6,087	$	—	$	—	$	4,771	$	—	$	—
Property-specific borrowings	2,123		24,502		38,774		1,360		16,724		35,428
Subsidiary borrowings	3,825		2,030		3,317		2,872		2,451		2,780
Subsidiary equity obligations	—		—		2,102		—		—		2,128

Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows.

d) Hedging Activities

The company uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest, currency, credit and other market risks. For certain derivatives which are used to manage exposures, the company determines whether hedge accounting can be applied. When hedge accounting may be applied, a hedge relationship may be designated as a fair value hedge, cash flow hedge or a hedge of foreign currency exposure of a net investment in a foreign operation. To qualify for hedge accounting, the derivative must be highly effective in accomplishing the objective of offsetting changes in the fair value or cash flows attributable to the hedged risk both at inception and over the life of the hedge. If it is determined that the derivative is not highly effective as a hedge, hedge accounting is discontinued prospectively.

i. Cash Flow Hedges

The company uses the following cash flow hedges: energy derivative contracts to hedge the sale of power; interest rate swaps to hedge the variability in cash flows or future cash flows related to a variable rate asset or liability; and equity derivatives to hedge long-term compensation arrangements. For the year ended December 31, 2017, pre-tax net unrealized gains of $42 million (2016 – net unrealized gains of $149 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2017, there was an unrealized derivative asset balance of $349 million relating to derivative contracts designated as cash flow hedges (2016 – $260 million asset).

ii. Net Investment Hedges

The company uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2017, unrealized pre-tax net losses of $748 million (2016 – net unrealized gains of $129 million) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2017, there was an unrealized derivative liability balance of $676 million relating to derivative contracts designated as net investment hedges (2016 – asset balance of $236 million).

e) Netting of Financial Instruments

Financial assets and liabilities are offset with the net amount reported in the Consolidated Balance Sheets where the company currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

The company enters into derivative transactions under International Swaps and Derivatives Association (“ISDA”) master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day are aggregated into a single net amount that is payable by one party to the other. The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements:

	Accounts Receivable and Other						Accounts Payable and Other
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016
Gross amounts of financial instruments before netting	$	1,605		$	1,625		$	2,124		$	1,186
Gross amounts of financial instruments set-off in Consolidated Balance Sheets	(223		)	(124		)	(267		)	(154		)
Net amount of financial instruments in Consolidated Balance Sheets	$	1,382		$	1,501		$	1,857		$	1,032

No financial instruments that were subject to master netting agreements or for which collateral has been posted were not set off in the Consolidated Balance Sheets.

FAIR VALUE CHANGES

Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Investment properties	$	1,021		$	960
GGP warrants	(268		)	(110		)
Impairment	(98		)	(771		)
Provisions	(246		)	(99		)
Transaction related gains (losses), net of deal costs	637			(148		)
Financial contracts	(600		)	65
Other fair value changes	(25		)	(27		)
	$	421		$	(130	)

XML

ACCOUNTS RECEIVABLE AND OTHER

12 Months Ended

Dec. 31, 2017

Subclassifications of assets, liabilities and equities [abstract]

ACCOUNTS RECEIVABLE AND OTHER

ACCOUNTS RECEIVABLE AND OTHER

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Accounts receivable	(a)	$	7,209	$	4,294
Prepaid expenses and other assets	(a)	3,350		3,448
Restricted cash	(b)	1,024		1,004
Sustainable resources	(c)	390		387
Total		$	11,973	$	9,133

The current and non-current balances of accounts receivable and other are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,492	$	6,490
Non-current	3,481		2,643
Total	$	11,973	$	9,133

a) Accounts Receivable and Other Assets

We acquired $3.9 billion of accounts receivable during 2017 through business combinations (2016 – $1.0 billion), with significant contributions from BRK and Greenergy in our Private Equity segment and TERP in our Renewable Power segment. Increases from new acquisitions were partially offset by decreases in our Brazilian residential business, in which the balance decreased by approximately $240 million primarily due to lower sales volume in the current year. Accounts receivable includes $209 million (2016 – $302 million) of unrealized mark-to-market gains on energy sales contracts and $433 million (2016 – $663 million) of completed contracts and work-in-progress related to contracted sales from the company’s residential development operations.

b) Restricted Cash

Restricted cash primarily relates to the company’s real estate, renewable power and private equity financing arrangements including defeasement of debt obligations, debt service accounts and deposits held by the company’s insurance operations.

c) Sustainable Resources

The company held 1.7 million acres of consumable freehold timberlands at December 31, 2017 (2016 – 1.7 million), representing 40.6 million cubic meters (2016 – 40.8 million) of mature timber and timber available for harvest. Additionally, the company provides management services to approximately 1.3 million acres (2016 – 1.3 million) of licensed timberlands.

The following table presents the change in the balance of timberlands and other agricultural assets:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Balance, beginning of year	$	387		$	355
Additions, net of disposals	78			58
Fair value adjustments	21			30
Decrease due to harvest	(103		)	(76		)
Foreign currency changes	7			20
Balance, end of year	$	390		$	387

The carrying values are based on external appraisals completed annually as at December 31. The appraisals utilize a combination of the discounted cash flow and sales comparison approaches to arrive at the estimated value. The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation assumptions include a weighted-average discount and terminal capitalization rate of 5.7% (2016 – 5.9%), and terminal valuation dates of 30 years (2016 – 30 years). Timber and agricultural asset prices were based on a combination of forward prices available in the market and price forecasts.

XML

INVENTORY

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

INVENTORY

INVENTORY

AS AT DEC. 31 (MILLIONS)	2017		2016
Residential properties under development	$	2,245	$	2,215
Land held for development	1,922		1,609
Completed residential properties	917		952
Industrial products and other	1,227		573
Total	$	6,311	$	5,349

The current and non-current balances of inventory are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	3,585	$	2,987
Non-current	2,726		2,362
Total	$	6,311	$	5,349

During the year ended December 31, 2017, the company recognized $15.2 billion (2016–$4.7 billion) of inventory relating to cost of goods sold and $37 million (2016–$85 million) relating to impairments of inventory as expenses. The carrying amount of inventory pledged as collateral at December 31, 2017 was $2.9 billion (2016–$2.4 billion).

XML

HELD FOR SALE

12 Months Ended

Dec. 31, 2017

Non-current Assets Held For Sale And Discontinued Operations [Abstract]

HELD FOR SALE

HELD FOR SALE

The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2017 and December 31, 2016:

					2017		2016
AS AT DEC. 31 (MILLIONS)	Real Estate		Other		Total		Total
Assets
Cash and cash equivalents	$	20	$	—	$	20	$	8
Accounts receivables and other	44		—		44		134
Investment properties	1,007		—		1,007		165
Property, plant and equipment	475		15		490		58
Other long-term assets	44		—		44		67
Assets classified as held for sale	$	1,590	$	15	$	1,605	$	432
Liabilities
Accounts payable and other	$	212	$	—	$	212	$	67
Property-specific borrowings	1,212		—		1,212		60
Liabilities associated with assets classified as held for sale	$	1,424	$	—	$	1,424	$	127

As at December 31, 2017, assets held for sale within the company’s Real Estate segment include interests in two office properties located in Toronto, a hotel and casino located in Las Vegas and thirteen other real estate assets. The company intends to sell controlling interests in these properties to third parties in the next 12 months.

During the year, the company sold certain assets and subsidiaries. Within our real estate business, a New York office property was sold for net proceeds of approximately $680 million in the second quarter of 2017, a U.K. office property was sold for approximately $152 million in the third quarter of 2017 and our European logistics business was sold for net proceeds of approximately $1.9 billion in the fourth quarter of 2017. Additionally, within our private equity business, our bath and shower products manufacturing business was sold for proceeds of approximately $357 million in the first quarter of 2017.

XML

EQUITY ACCOUNTED INVESTMENTS

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

EQUITY ACCOUNTED INVESTMENTS

EQUITY ACCOUNTED INVESTMENTS

The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:

	Investment Type	Ownership Interest				Carrying Value
AS AT DEC. 31 (MILLIONS)		2017		2016		2017		2016
Real estate
GGP Inc. (“GGP”)	Associate	34	%	29	%	$	8,844	$	7,453
Canary Wharf Group plc (“Canary Wharf”)	Joint Venture	50	%	50	%	3,284		2,866
Manhattan West, New York1	Joint Venture	56	%	56	%	1,439		1,214
Other real estate joint ventures1	Joint Venture	12 – 90%		12 – 90%		4,565		3,651
Other real estate investments1	Associate	10 – 90%		19 – 90%		1,465		1,444
						19,597		16,628
Renewable power
Renewable power investments	Associate	14 – 50%		14 – 50%		509		206
Infrastructure
Brazilian toll road1	Associate	60	%	57	%	2,109		1,703
North American natural gas transmission operations	Joint Venture	50	%	50	%	1,013		806
South American transmission operations	Associate	28	%	28	%	930		699
Brazilian rail and port operations	Associate	27	%	27	%	1,046		901
European communications business	Associate	45	%	45	%	1,607		1,313
Australian ports operation	Associate	50	%	50	%	740		693
Other infrastructure investments	Associate	11 – 50%		11 – 50%		1,348		1,231
						8,793		7,346
Private equity
Norbord2	Associate	40	%	n/a		1,364		n/a
Other private equity investments1	Associate	14 – 89%		14 – 89%		1,023		339
						2,387		339
Other joint ventures1	Joint Venture	20 – 85%		20 – 85%		346		374
Other investments1	Associate	12 – 33%		12 – 33%		362		84
Total						$	31,994	$	24,977

1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted

2. Our investment in Norbord has been deconsolidated upon distribution of Norbord shares to fund investors, reducing our ownership share to 40%. As a result, we now equity account for this investment. We recognized a non-cash gain of $790 million on deconsolidation

The following table presents the change in the balance of investments in associates and joint ventures:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Balance, beginning of year	$	24,977		$	23,216
Additions, net of disposals	5,063			660
Acquisitions through business combinations	231			115
Share of net income	1,213			1,293
Share of other comprehensive income	515			430
Distributions received	(732		)	(675		)
Foreign exchange	727			(62		)
Balance, end of year	$	31,994		$	24,977

The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:

	2017								2016
AS AT DEC. 31 (MILLIONS)	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities
Real estate
GGP	$	1,029	$	37,841	$	947	$	13,062	$	1,547	$	38,460	$	2,540	$	12,656
Canary Wharf	844		13,092		703		6,759		776		11,641		461		6,224
Manhattan West, New York	74		4,248		816		941		244		3,374		733		718
Other real estate joint ventures and investments	1,206		25,547		1,268		10,110		657		20,986		2,119		6,908
Renewable power
Renewable power investments	153		2,536		115		1,080		45		934		42		532
Infrastructure
Brazilian toll road	304		5,769		602		2,102		263		4,977		823		1,665
North American natural gas transmission operations	139		4,741		139		2,716		122		5,767		1,353		2,925
South American transmission operations	280		7,122		181		3,874		221		5,519		142		3,234
Brazilian rail and port operations	743		6,131		515		2,405		460		5,265		674		1,645
European communications business	464		6,281		561		2,968		328		5,437		443		2,528
Australian ports operation	198		2,281		24		1,332		171		2,166		66		1,229
Other infrastructure investments	695		5,240		865		2,301		360		4,378		515		1,827
Private equity
Norbord	709		2,374		356		728		n/a		n/a		n/a		n/a
Other private equity investments	2,001		18,122		3,124		13,192		616		3,901		694		3,458
Other	800		60		90		100		1,024		8		81		113
	$	9,639	$	141,385	$	10,306	$	63,670	$	6,834	$	112,813	$	10,686	$	45,662

Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures.

	2017								2016
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Revenue		Net Income			OCI			Revenue		Net Income			OCI
Real estate
GGP	$	2,405	$	(591	)	$	12		$	2,427	$	1,735		$	4
Canary Wharf	581		183			5			654		19			(4		)
Manhattan West, New York	81		319			—			78		188			—
Other real estate joint ventures and investments	1,564		1,222			119			1,727		1,110			34
Renewable power
Renewable power investments	65		11			59			74		—			18
Infrastructure
Brazilian toll road	928		95			(39		)	766		185			382
North American natural gas transmission operations	681		15			(1		)	573		133			5
South American transmission operations	441		37			806			433		38			217
Brazilian rail and port operations	1,409		56			490			1,024		70			976
European communications business	783		58			435			767		121			376
Australian ports operation	418		19			78			164		(31		)	(81		)
Other infrastructure investments	1,809		98			(19		)	1,091		54			280
Private equity
Norbord	498		(8		)	5			n/a		n/a			n/a
Other private equity investments	2,548		710			(76		)	1,343		148			(138		)
Other	194		23			4			252		26			2
Total	$	14,405	$	2,247		$	1,878		$	11,373	$	3,796		$	2,071

The following table presents distributions from equity accounted investments by operating segment:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Real estate	$	353	$	508
Renewable power	31		6
Infrastructure	121		85
Private equity and other	227		76
	$	732	$	675

Certain of the company’s investments are publicly listed entities with active pricing in a liquid market. The fair value based on the publicly listed price of these equity accounted investments in comparison to the company’s carrying value is as follows:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Public Price		Carrying Value		Public Price		Carrying Value
GGP	$	7,570	$	8,844	$	6,379	$	7,453
Norbord1	1,176		1,364		n/a		n/a
Other	286		201		44		—
	$	9,032	$	10,409	$	6,423	$	7,453

1. Our investment in Norbord was consolidated as at December 31, 2016 and therefore has not been included in prior year figures

At December 31, 2017, the company determined that the prolonged and significant decline in GGP’s share price indicated that the company’s investment in GGP may be impaired. The company estimated the recoverable amount of its investment in GGP and determined that the recoverable amount, as represented by the value-in-use, is greater than the current carrying value. Therefore, no impairment was recognized for the period ended December 31, 2017.

Additionally, at December 31, 2017, the company performed a review to determine if there is any objective evidence that its investment in Norbord was impaired. As a result of this review, management determined there is no objective evidence of impairment of Norbord at December 31, 2017

XML

INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2017

Investment property [abstract]

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES

The following table presents the change in the fair value of the company’s investment properties:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Fair value, beginning of year	$	54,172		$	47,164
Additions	593			1,576
Acquisitions through business combinations	5,851			9,234
Disposals and reclassifications to assets held for sale	(6,169		)	(4,612		)
Fair value changes	1,021			960
Foreign currency translation	1,402			(150		)
Fair value, end of year	$	56,870		$	54,172

Investment properties include the company’s office, retail, multifamily, industrial and other properties as well as higher-and-better- use land within the company’s sustainable resources operations. Acquisitions and additions of $6.4 billion (2016–$10.8 billion) relate mainly to business combinations completed during the year, including a portfolio of manufactured housing communities in the U.S., office portfolios in the U.S., an office building in San Francisco, a student housing portfolio in the U.K., and an office portfolio in Mumbai. Refer to Note 5 for details of acquisitions through business combinations.

Disposals and reclassifications to assets held for sale of $6.2 billion include the sale of two properties in London, the disposal of a European logistics business, the sale of a 49% interest in a property located in New York, the reclassification of a 50% interest in a property located in Toronto to assets classified as held for sale and the deconsolidation of a Brazilian retail investment.

Investment properties generated $4.4 billion (2016 – $4.1 billion) in rental income and incurred $1.6 billion (2016 – $1.6 billion) in direct operating expenses. Our investment properties are pledged as collateral for the non-recourse borrowings at their respective properties.

The following table presents our investment properties measured at fair value:

AS AT DEC. 31 (MILLIONS)	2017		2016
Core office
United States	$	14,827	$	16,529
Canada	4,597		4,613
Australia	2,480		2,112
Europe	1,040		1,830
Brazil	327		315
Opportunistic and other
Opportunistic office	8,590		5,853
Opportunistic retail	3,412		4,217
Industrial	1,942		2,678
Multifamily	3,925		3,574
Triple net lease	4,804		4,790
Self-storage	1,854		1,624
Student housing	1,353		649
Manufactured housing	2,206		—
Other investment properties	5,513		5,388
	$	56,870	$	54,172

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	•    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	•    Decreases (increases) 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

The company’s investment properties are diversified by asset type, asset class, geography and markets. 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:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

XML

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2017

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:

	Renewable Power (a)						Infrastructure (b)						Real Estate (c)						Private Equity and Other (d)						Total
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Costs	$	24,991		$	18,031		$	9,253		$	8,045		$	5,854		$	5,783		$	4,050		$	5,268		$	44,148		$	37,127
Accumulated fair value changes1	13,280			12,298			3,272			2,690			798			694			(231		)	(243		)	17,119			15,439
Accumulated depreciation	(4,681		)	(3,776		)	(1,622		)	(1,190		)	(873		)	(825		)	(1,086		)	(1,429		)	(8,262		)	(7,220		)
Total	$	33,590		$	26,553		$	10,903		$	9,545		$	5,779		$	5,652		$	2,733		$	3,596		$	53,005		$	45,346

1. The accumulated fair value changes for private equity and other represent accumulated impairment charges, as assets in these segments are carried at amortized cost

Renewable Power, Infrastructure and Real Estate segments carry property, plant and equipment assets at fair value, classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs when determining fair value. Private Equity and other segments carry property, plant and equipment assets at amortized cost. As at December 31, 2017, $38.3 billion (2016 – $29.6 billion) of property, plant and equipment, at cost, were pledged as collateral for the property debt at their respective properties.

a) Renewable Power

Our renewable power property, plant and equipment consists of the following:

	Hydroelectric						Wind Energy, Solar and Other						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	14,382		$	7,441		$	3,649		$	3,509		$	18,031		$	10,950
Additions, net of disposals and assets reclassified as held for sale	256			253			(273		)	80			(17		)	333
Acquisitions through business combinations	—			5,731			6,923			10			6,923			5,741
Foreign currency translation	29			957			25			50			54			1,007
Cost, end of year	14,667			14,382			10,324			3,649			24,991			18,031
Accumulated fair value changes, beginning of year	11,440			11,035			858			615			12,298			11,650
Fair value changes	341			100			33			216			374			316
Dispositions and assets reclassified as held for sale	(8		)	—			—			—			(8		)	—
Foreign currency translation and other	403			305			213			27			616			332
Accumulated fair value changes, end of year	12,176			11,440			1,104			858			13,280			12,298
Accumulated depreciation, beginning of year	(2,947		)	(2,248		)	(829		)	(614		)	(3,776		)	(2,862		)
Depreciation expenses	(579		)	(586		)	(287		)	(217		)	(866		)	(803		)
Dispositions and assets reclassified as held for sale	—			9			51			5			51			14
Foreign currency translation and other	(38		)	(122		)	(52		)	(3		)	(90		)	(125		)
Accumulated depreciation, end of year	(3,564		)	(2,947		)	(1,117		)	(829		)	(4,681		)	(3,776		)
Balance, end of year	$	23,279		$	22,875		$	10,311		$	3,678		$	33,590		$	26,553

The following table presents our renewable power property, plant and equipment measured at fair value by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
North America	$	22,832	$	17,132
Brazil	3,443		2,893
Colombia	5,401		5,275
Europe	1,088		1,253
Other1	826		—
	$	33,590	$	26,553

1. Other refers primarily to South Africa, China, India, Malaysia and Thailand

Renewable power assets are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2017. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of renewable power assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s hydro, wind and solar generating facilities at the end of 2017 and 2016 are summarized below.

	North America		Brazil				Colombia			Europe
AS AT DEC. 31	2017	2016	2017		2016		2017		2016	2017	2016
Discount rate
Contracted	4.9 – 6.0%	4.8 – 5.5%	8.9	%	9.2	%	11.3	%	n/a	4.1 – 4.5%	4.1 – 5.0%
Uncontracted	6.5 – 7.6%	6.6 – 7.2%	10.2	%	10.5	%	12.6	%	n/a	5.9 – 6.3%	5.9 – 6.8%
Terminal capitalization rate1	6.2 – 7.5%	6.3 – 6.9%	n/a		n/a		12.6	%	n/a	n/a	n/a
Exit date	2037	2036	2032		2031		2037		n/a	2031	2031

1. Terminal capitalization rate applies only to hydroelectric assets in in North America and Colombia

Terminal values are included in the valuation of hydroelectric assets in the United States, Canada and Colombia. For the hydroelectric assets in Brazil, cash flows have been included based on the duration of the authorization or useful life of a concession asset without consideration of potential renewal value. The weighted-average remaining duration at December 31, 2017 is 15 years (2016 – 15 years). Consequently, there is no terminal value attributed to the hydroelectric assets in Brazil. The terminal value of hydroelectric assets in Europe is based on a percentage of replacement cost and consequently there is no terminal capitalization rate attributed to the hydroelectric assets in Europe.

Key assumptions on contracted generation and future power pricing are summarized below:

	Total Generation Contracted under Power Purchase Agreements				Power Prices from Long-Term Power Purchase Agreements (weighted average)		Estimates of Future Electricity Prices (weighted average)
AS AT DEC. 31, 2017	1 – 10 years		11 – 20 years		1 – 10 years	11 – 20 years	1 – 10 years	11 – 20 years
North America (prices in US$/MWh)	35	%	15	%	95	100	60	114
Brazil (prices in R$/MWh)	66	%	57	%	274	407	309	458
Colombia (prices in COP$/MWh)	17	%	—	%	211,000	—	238,000	339,000
Europe (prices in €/MWh)	78	%	35	%	90	107	78	95

The company’s estimate of future renewable power pricing is based on management’s estimate of the cost of securing new energy from renewable sources to meet future demand between 2021 and 2025 (2016 – 2023), which will maintain system reliability and provide adequate levels of reserve generations.

b) Infrastructure

Our infrastructure property, plant and equipment consists of the following:

	Utilities (i)						Transport (i)						Energy (i)						Sustainable Resources (ii)						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	2,894		$	2,945		$	2,361		$	1,953		$	2,382		$	1,487		$	408		$	340		$	8,045		$	6,725
Additions, net of disposals and assets reclassified as held for sale	350			367			103			78			81			89			93			5			627			539
Acquisitions through business combinations	—			—			—			242			100			825			—			—			100			1,067
Foreign currency translation	229			(418		)	191			88			67			(19		)	(6		)	63			481			(286		)
Cost, end of year	3,473			2,894			2,655			2,361			2,630			2,382			495			408			9,253			8,045
Accumulated fair value changes, beginning of year	1,044			946			782			973			351			209			513			385			2,690			2,513
Fair value changes	136			184			24			25			257			123			13			56			430			388
Foreign currency translation and other	76			(86		)	67			(216		)	21			19			(12		)	72			152			(211		)
Accumulated fair value changes, end of year	1,256			1,044			873			782			629			351			514			513			3,272			2,690
Accumulated depreciation, beginning of year	(384		)	(291		)	(517		)	(418		)	(258		)	(172		)	(31		)	(19		)	(1,190		)	(900		)
Depreciation expenses	(113		)	(128		)	(147		)	(126		)	(117		)	(99		)	(10		)	(19		)	(387		)	(372		)
Dispositions and assets reclassified as held for sale	16			1			22			1			4			—			3			1			45			3
Foreign currency translation and other	(28		)	34			(45		)	26			(12		)	13			(5		)	6			(90		)	79
Accumulated depreciation, end of year	(509		)	(384		)	(687		)	(517		)	(383		)	(258		)	(43		)	(31		)	(1,622		)	(1,190		)
Balance, end of year	$	4,220		$	3,554		$	2,841		$	2,626		$	2,876		$	2,475		$	966		$	890		$	10,903		$	9,545

i. Infrastructure – Utilities, Transport and Energy

Infrastructure’s PP&E assets are accounted for under the revaluation model, and the most recent date of revaluation was December 31, 2017. The company’s utilities assets consist of regulated transmission and regulated distribution networks, which are operated primarily under regulated rate base arrangements. In the company’s transport operations, the PP&E assets consist of railroads, toll roads and ports. PP&E assets in the energy operations are comprised of energy transmission, distribution and storage and district energy assets.

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

ii. Infrastructure – Sustainable Resources

Sustainable resources assets represent timberlands and other agricultural land. PP&E within our sustainable resource operations is accounted for under the revaluation model and the most recent date of revaluation was December 31, 2017.

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

c) Real Estate

	Cost						Accumulated Fair Value Changes				Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017		2016		2017			2016			2017			2016
Balance, beginning of year	$	5,783		$	5,300		$	694	$	612	$	(825	)	$	(596	)	$	5,652		$	5,316
Additions/(dispositions)1, net of assets reclassified as held for sale	(502		)	254			44		—		246			(6		)	(212		)	248
Acquisitions through business combinations	281			652			—		—		—			—			281			652
Foreign currency translation	292			(423		)	1		—		(13		)	21			280			(402		)
Fair value changes	—			—			59		82		—			—			59			82
Depreciation expenses	—			—			—		—		(281		)	(244		)	(281		)	(244		)
Balance, end of year	$	5,854		$	5,783		$	798	$	694	$	(873	)	$	(825	)	$	5,779		$	5,652

1. For accumulated depreciation, (additions)/dispositions

The company’s real estate PP&E assets include hospitality assets accounted for under the revaluation model, with the most recent revaluation as at December 31, 2017. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of real estate assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life.

d) Private Equity and Other

Private Equity and other PP&E includes assets owned by the company’s private equity and residential development operations. These assets are accounted for under the cost model, which requires the assets to be carried at cost less accumulated depreciation and any accumulated impairment losses. The following table presents the changes to the carrying value of the company’s property, plant and equipment assets included in these operations:

	Cost						Accumulated Impairment						Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Balance, beginning of year	$	5,268		$	5,309		$	(243	)	$	(231	)	$	(1,429	)	$	(1,197	)	$	3,596		$	3,881
Additions/(dispositions)1, net of assets reclassified as held for sale	(1,966		)	(101		)	36			4			752			125			(1,178		)	28
Acquisitions through business combinations	501			—			—			—						—			501			—
Foreign currency translation	247			60			(16		)	(16		)	(51		)	(14		)	180			30
Depreciation expenses	—			—			—			—			(358		)	(343		)	(358		)	(343		)
Impairment charges	—			—			(8		)	—			—			—			(8		)	—
Balance, end of year	$	4,050		$	5,268		$	(231	)	$	(243	)	$	(1,086	)	$	(1,429	)	$	2,733		$	3,596

1. For accumulated depreciation, (additions)/dispositions

XML

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

Intangible Assets [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The following table presents the breakdown of, and changes to, the balance of the company’s intangible assets:

	Cost						Accumulated Amortization and Impairment						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016
Balance, beginning of year	$	6,733		$	5,764		$	(660	)	$	(594	)	$	6,073		$	5,170
Additions, net of disposals	(25		)	(36		)	121			91			96			55
Acquisitions through business combinations	8,412			1,227			—			—			8,412			1,227
Amortization	—			—			(442		)	(166		)	(442		)	(166		)
Foreign currency translation	131			(222		)	(28		)	9			103			(213		)
Balance, end of year	$	15,251		$	6,733		$	(1,009	)	$	(660	)	$	14,242		$	6,073

The following table presents intangible assets by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	73	$	340
Canada	364		230
Australia	2,078		1,945
Europe	1,594		1,273
India	130		130
Chile	1,100		1,054
Peru	1,144		1,050
Brazil	7,537		28
Other	222		23
	$	14,242	$	6,073

Intangible assets are allocated to the following operating segments:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Infrastructure – Utilities	(a)	$	7,091	$	1,817
Infrastructure – Transport	(b)	2,663		2,504
Real estate	(c)	1,188		1,141
Private equity	(d)	3,094		426
Other		206		185
		$	14,242	$	6,073

a) Infrastructure – Utilities

The company’s Brazilian regulated gas transmission operation has concession agreements that provide the right to charge a tariff over the term of the agreements. The agreements have an expiration date between 2039 and 2041, which is the basis for the company’s determination of its remaining useful life. Upon expiry of the agreements, the asset shall be returned to the government and subject to concession upon public bidding.

Access agreements with the users of the company’s Australian regulated terminal are 100% take-or-pay contracts at a designated tariff rate based on the asset value. The concession arrangement has an expiration date of 2051 and the company has an option to extend the arrangement an additional 49 years. The aggregate duration of the arrangement and the extension option represents the remaining useful life of the concession.

b) Infrastructure – Transport

The company’s toll road concessions provide the right to charge a tariff to users of the roads over the term of the concessions. The Chilean, Peruvian and Indian concession arrangements have expiration dates of 2033, 2043 and 2027, respectively, which are the base for the company’s determination of the assets’ remaining useful lives. Also included within the company’s transport operations is $289 million (2016 – $265 million) of indefinite life intangible assets which represent perpetual conservancy rights associated with the company’s U.K. port operation.

c) Real Estate

The company’s intangible assets in its Real Estate segment are attributable to indefinite life trademarks associated with its hospitality assets, primarily Center Parcs and Atlantis. The Center Parcs and Atlantis trademark assets have been determined to have an indefinite useful life as the company has the legal right to operate these trademarks exclusively in certain territories and in perpetuity. The business models of Center Parcs and Atlantis are not subject to technological obsolescence or commercial innovations in any material way.

d) Private Equity

The company’s intangible assets in its Private Equity segment are primarily attributable to water and sewage concession agreements. The concession agreements provide the company the right to charge fees to users over the terms of the concessions in exchange for water treatment services, ongoing and regular maintenance work on water distribution assets and improvements to the water treatment and distribution systems. The concession agreements have expiration dates that range from 2037 to 2055 at which point the underlying concession assets will be returned to the grantors.

Intangible Asset Impairment Testing

Intangible assets, including trademarks, concession agreements and conservancy rights, are recorded at amortized cost and are tested for impairment using a discounted cash flow valuation annually or when an indicator of impairment is identified. This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

GOODWILL

12 Months Ended

Dec. 31, 2017

Intangible Assets [Abstract]

GOODWILL

GOODWILL

The following table presents the breakdown of, and changes to, the balance of goodwill:

	Cost				Accumulated Impairment						Total
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016		2017			2016			2017			2016
Balance, beginning of year	$	4,162	$	2,806	$	(379	)	$	(263	)	$	3,783		$	2,543
Acquisitions through business combinations	1,157		1,286		—			—			1,157			1,286
Impairment losses	—		—		(5		)	(65		)	(5		)	(65		)
Foreign currency translation and other1	388		70		(6		)	(51		)	382			19
Balance, end of year	$	5,707	$	4,162	$	(390	)	$	(379	)	$	5,317		$	3,783

1. Includes adjustment to goodwill based on final purchase price allocation

The following table presents goodwill by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	400	$	388
Canada	432		192
Australia	1,026		950
Colombia	912		907
Brazil	905		123
Europe	1,257		894
Other	385		329
	$	5,317	$	3,783

Goodwill is allocated to the following operating segments:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Private equity	(a)	$	1,555	$	1,155
Infrastructure	(b)	1,301		502
Real estate	(c)	1,127		780
Renewable power	(d)	901		896
Asset management		312		328
Other		121		122
Total		$	5,317	$	3,783

a) Private Equity

Goodwill in our Private Equity segment is primarily attributable to our construction business. Goodwill in our construction business is tested for impairment using a discounted cash flow analysis to determine the recoverable amount. The recoverable amounts for the years ended 2017 and 2016 were determined to be in excess of their carrying values. The valuation assumptions used to determine the recoverable amount are a discount rate of 9.7% (2016 – 12.0%), terminal growth rate of 2.9% (2016 – 4.0%) and terminal year of 2022 for cash flows included in the assumptions (2016 – 2021). The discount rate represents the market-based weighted-average cost of capital adjusted for risks specific to each operating region and the terminal growth rate represents the regional five-year forecasted average growth rate from leading industry organizations, weighted by our geographic exposure which can vary year over year.

Additionally, in 2017, a subsidiary of Brookfield completed several acquisitions, including a U.K. road fuel business, and allocated $342 million of the purchase price of these acquisitions to goodwill. The purchase price allocations for these acquisitions have been completed on a preliminary basis.

b) Infrastructure

Goodwill in our Infrastructure segment is primarily attributable to a Brazilian regulated gas transmission business, which we acquired in the current year and allocated $804 million of the purchase price to goodwill. The purchase price allocation for this acquisition has been completed on a preliminary basis. Excluding the acquisition made in 2017, the remainder of the goodwill is primarily attributable to an Australian port business acquired in 2016. The valuation assumptions used to determine the recoverable amount are a discount rate of 15.0%, terminal capitalization multiple of 8.9x and a cash flow period of 10 years. The carrying amount of the cash-generating was determined to not exceed its recoverable amount.

c) Real Estate

Goodwill in our Real Estate segment is primarily attributable to Center Parcs and IFC Seoul. We acquired IFC Seoul in 2016 and allocated $221 million of goodwill to the property in 2017 upon finalizing the purchase price allocation. Goodwill is tested annually for impairment by assessing if the carrying value of the cash-generating unit, including the allocated goodwill, exceeds its recoverable amount, determined as the greater of the estimated fair value less costs to sell or the value in use. The recoverable amounts for the years ended 2017 and 2016 were determined to be in excess of their carrying values. The valuation assumptions used to determine the recoverable amount are a discount rate of 7.7% (2016 – 8.3%) based on a market-based-weighted-average cost of capital, and a long-term growth rate of 2.3% (2016 – 2.3%).

d) Renewable Power

Goodwill in our Renewable Power segment is primarily attributable to Isagen, which arose from the inclusion of a deferred tax liability as the tax bases of the net assets acquired were lower than their fair values. The goodwill is recoverable as long as the tax circumstances that gave rise to the goodwill do not change. To date, no such changes have occurred.

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

INCOME TAXES

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

The major components of income tax expense for the years ended December 31, 2017 and 2016 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current income taxes	$	286		$	213
Deferred income tax expense/(recovery)
Origination and reversal of temporary differences	499			384
Recovery arising from previously unrecognized tax assets	3			27
Change of tax rates and new legislation	(175		)	(969		)
Total deferred income taxes	327			(558		)
Income taxes	$	613		$	(345	)

The company’s Canadian domestic statutory income tax rate has remained consistent at 26% throughout both of 2017 and 2016. The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below:

FOR THE YEARS ENDED DEC. 31	2017		2016
Statutory income tax rate	26	%	26	%
Increase (reduction) in rate resulting from:
Change in tax rates and new legislation	(3	)	(35	)
International operations subject to different tax rates	3		(5	)
Taxable income attributable to non-controlling interests	(9	)	(2	)
Portion of gains subject to different tax rates	(5	)	(1	)
(Recognition) derecognition of deferred tax assets	(2	)	1
Non-recognition of the benefit of current year’s tax losses	3		6
Other	(1	)	(2	)
Effective income tax rate	12	%	(12	)%

Deferred income tax assets and liabilities as at December 31, 2017 and 2016 relate to the following:

AS AT DEC. 31 (MILLIONS)	2017			2016
Non-capital losses (Canada)	$	657		$	814
Capital losses (Canada)	171			100
Losses (U.S.)	590			492
Losses (International)	861			481
Difference in basis	(12,224		)	(9,965		)
Total net deferred tax liabilities	$	(9,945	)	$	(8,078	)

The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2017 is approximately $5 billion (2016 – approximately $5 billion).

The company regularly assesses the status of open tax examinations and its historical tax filing positions for the potential for adverse outcomes to determine the adequacy of the provision for income and other taxes. The company believes that it has adequately provided for any tax adjustments that are more likely than not to occur as a result of ongoing tax examinations or historical filing positions.

The dividend payment on certain preferred shares of the company results in the payment of cash taxes in Canada and the company obtaining a deduction based on the amount of these taxes.

The following table details the expiry date, if applicable, of the unrecognized deferred tax assets:

AS AT DEC. 31 (MILLIONS)	2017		2016
One year from reporting date	$	—	$	26
Two years from reporting date	—		—
Three years from reporting date	6		59
After three years from reporting date	530		555
Do not expire	990		845
Total	$	1,526	$	1,485

The components of the income taxes in other comprehensive income for the years ended December 31, 2017 and 2016 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Revaluation of property, plant and equipment	$	(315	)	$	120
Financial contracts and power sale agreements	27			(37		)
Available-for-sale securities	5			38
Foreign currency translation	(43		)	59
Revaluation of pension obligation	1			(7		)
Total deferred tax in other comprehensive income	$	(325	)	$	173

XML

ACCOUNTS PAYABLE AND OTHER

12 Months Ended

Dec. 31, 2017

Subclassifications of assets, liabilities and equities [abstract]

ACCOUNTS PAYABLE AND OTHER

ACCOUNTS PAYABLE AND OTHER

AS AT DEC. 31 (MILLIONS)	2017		2016
Accounts payable	$	5,158	$	6,028
Provisions	1,651		1,427
Other liabilities	11,156		4,460
Total	$	17,965	$	11,915

The current and non-current balances of accounts payable and other liabilities are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	11,148	$	7,721
Non-current	6,817		4,194
Total	$	17,965	$	11,915

Post-Employment Benefits

The company offers pension and other post-employment benefit plans to employees of certain of its subsidiaries. The company’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The benefit plans’ in-year valuation change was an increase of $4 million (2016 – decrease of $40 million). The discount rate used was 4% (2016 – 4%) with an increase in the rate of compensation of 3% (2016 – 3%), and an investment rate of 5% (2016 – 4%).

AS AT DEC. 31 (MILLIONS)	2017			2016
Plan assets	$	516		$	592
Less accrued benefit obligation:
Defined benefit pension plan	(685		)	(790		)
Other post-employment benefits	(90		)	(88		)
Net liability	(259		)	(286		)
Less: net actuarial gains (losses)	(2		)	2
Accrued benefit liability	$	(261	)	$	(284	)

XML

CORPORATE BORROWINGS

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

CORPORATE BORROWINGS

CORPORATE BORROWINGS

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2017			2016
Term debt
Public – U.S.	Apr. 25, 2017	5.80	%	US$	$	—		$	239
Public – Canadian	Apr. 25, 2017	5.29	%	C$	—			186
Public – Canadian	Apr. 9, 2019	3.95	%	C$	478			447
Public – Canadian	Mar. 1, 2021	5.30	%	C$	278			260
Public – Canadian	Mar. 31, 2023	4.54	%	C$	479			448
Public – Canadian	Mar. 8, 2024	5.04	%	C$	398			372
Public – U.S.	Apr. 1, 2024	4.00	%	US$	748			—
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	689			646
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			495
Public – Canadian	Mar. 16, 2027	3.80	%	C$	397			372
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	335			313
Public – U.S.	Sep. 20, 2047	4.70	%	US$	546			—
					5,594			4,528
Commercial paper and bank borrowings		1.62	%	C$	103			—
Deferred financing costs1					(38		)	(28		)
Total					$	5,659		$	4,500

1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method

Corporate borrowings have a weighted-average interest rate of 4.6% (2016 – 4.8%) and include $3.2 billion (2016 – $3.0 billion) repayable in Canadian dollars of C$4.0 billion (2016 – C$4.1 billion).

NON-RECOURSE BORROWINGS

a) Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	5,602	$	1,918	$	653	$	550	$	77	$	8,800
2019	5,569		1,220		772		720		163		8,444
2020	3,960		1,216		933		540		82		6,731
2021	6,842		1,034		774		155		17		8,822
2022	3,194		1,031		765		410		6		5,406
Thereafter	12,068		7,811		5,113		523		3		25,518
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721
Total – Dec. 31, 2016	$	34,322	$	7,963	$	7,901	$	1,837	$	419	$	52,442

The weighted-average interest rate on property-specific borrowings as at December 31, 2017 was 4.9% (2016 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,800	$	7,655
Non-current	54,921		44,787
Total	$	63,721	$	52,442

Property-specific borrowings by currency include the following:

(MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	39,164	US$	39,164	$	31,804	US$	31,804
British pounds	6,117		£	4,525	5,251		£	4,250
Canadian dollars	5,272		C$	6,627	4,427		C$	5,951
Australian dollars	3,518		A$	4,506	3,066		A$	4,260
Brazilian reais	2,677		R$	8,856	1,569		R$	5,117
Korean won	1,682		₩	1,795,518	1,317		₩	1,589,450
Colombian pesos	1,556		COP$	4,645,648	1,693		COP$	5,086,971
Indian rupees	1,346		₨	85,720	715		₨	48,603
Chilean unidades de fomento	976		UF	22	901		UF	23
European Union euros	766		€	638	1,217		€	1,157
Peruvian nuevo soles	450		S	1,459	435		S	1,459
South African rand	154		ZAR	1,909	—		ZAR	—
New Zealand dollars	43		NZD$	60	47		NZD$	60
Total	$	63,721			$	52,442

b) Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	1,414	$	159	$	99	$	284	$	—	$	1,956
2019	158		—		—		38		—		196
2020	1,365		358		—		—		601		2,324
2021	277		—		298		—		—		575
2022	—		318		1,147		—		496		1,961
Thereafter	—		830		558		58		551		1,997
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009
Total – Dec. 31, 2016	$	2,765	$	2,030	$	1,002	$	536	$	1,616	$	7,949

The weighted-average interest rate on subsidiary borrowings as at December 31, 2017 was 4.1% (2016 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	1,956	$	866
Non-current	7,053		7,083
Total	$	9,009	$	7,949

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	5,305	US$	5,305	$	4,441	US$	4,441
Canadian dollars	3,547		C$	4,460	3,364		C$	4,525
Australian dollars	156		A$	199	143		A$	200
British pounds	1		£	1	—		£	—
European Union euros	—		€	—	1		€	1
Total	$	9,009			$	7,949

XML

NON-RECOURSE BORROWINGS

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

NON-RECOURSE BORROWINGS

CORPORATE BORROWINGS

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2017			2016
Term debt
Public – U.S.	Apr. 25, 2017	5.80	%	US$	$	—		$	239
Public – Canadian	Apr. 25, 2017	5.29	%	C$	—			186
Public – Canadian	Apr. 9, 2019	3.95	%	C$	478			447
Public – Canadian	Mar. 1, 2021	5.30	%	C$	278			260
Public – Canadian	Mar. 31, 2023	4.54	%	C$	479			448
Public – Canadian	Mar. 8, 2024	5.04	%	C$	398			372
Public – U.S.	Apr. 1, 2024	4.00	%	US$	748			—
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	689			646
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			495
Public – Canadian	Mar. 16, 2027	3.80	%	C$	397			372
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	335			313
Public – U.S.	Sep. 20, 2047	4.70	%	US$	546			—
					5,594			4,528
Commercial paper and bank borrowings		1.62	%	C$	103			—
Deferred financing costs1					(38		)	(28		)
Total					$	5,659		$	4,500

1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method

Corporate borrowings have a weighted-average interest rate of 4.6% (2016 – 4.8%) and include $3.2 billion (2016 – $3.0 billion) repayable in Canadian dollars of C$4.0 billion (2016 – C$4.1 billion).

NON-RECOURSE BORROWINGS

a) Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	5,602	$	1,918	$	653	$	550	$	77	$	8,800
2019	5,569		1,220		772		720		163		8,444
2020	3,960		1,216		933		540		82		6,731
2021	6,842		1,034		774		155		17		8,822
2022	3,194		1,031		765		410		6		5,406
Thereafter	12,068		7,811		5,113		523		3		25,518
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721
Total – Dec. 31, 2016	$	34,322	$	7,963	$	7,901	$	1,837	$	419	$	52,442

The weighted-average interest rate on property-specific borrowings as at December 31, 2017 was 4.9% (2016 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,800	$	7,655
Non-current	54,921		44,787
Total	$	63,721	$	52,442

Property-specific borrowings by currency include the following:

(MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	39,164	US$	39,164	$	31,804	US$	31,804
British pounds	6,117		£	4,525	5,251		£	4,250
Canadian dollars	5,272		C$	6,627	4,427		C$	5,951
Australian dollars	3,518		A$	4,506	3,066		A$	4,260
Brazilian reais	2,677		R$	8,856	1,569		R$	5,117
Korean won	1,682		₩	1,795,518	1,317		₩	1,589,450
Colombian pesos	1,556		COP$	4,645,648	1,693		COP$	5,086,971
Indian rupees	1,346		₨	85,720	715		₨	48,603
Chilean unidades de fomento	976		UF	22	901		UF	23
European Union euros	766		€	638	1,217		€	1,157
Peruvian nuevo soles	450		S	1,459	435		S	1,459
South African rand	154		ZAR	1,909	—		ZAR	—
New Zealand dollars	43		NZD$	60	47		NZD$	60
Total	$	63,721			$	52,442

b) Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	1,414	$	159	$	99	$	284	$	—	$	1,956
2019	158		—		—		38		—		196
2020	1,365		358		—		—		601		2,324
2021	277		—		298		—		—		575
2022	—		318		1,147		—		496		1,961
Thereafter	—		830		558		58		551		1,997
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009
Total – Dec. 31, 2016	$	2,765	$	2,030	$	1,002	$	536	$	1,616	$	7,949

The weighted-average interest rate on subsidiary borrowings as at December 31, 2017 was 4.1% (2016 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	1,956	$	866
Non-current	7,053		7,083
Total	$	9,009	$	7,949

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	5,305	US$	5,305	$	4,441	US$	4,441
Canadian dollars	3,547		C$	4,460	3,364		C$	4,525
Australian dollars	156		A$	199	143		A$	200
British pounds	1		£	1	—		£	—
European Union euros	—		€	—	1		€	1
Total	$	9,009			$	7,949

XML

SUBSIDIARY EQUITY OBLIGATIONS

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

SUBSIDIARY EQUITY OBLIGATIONS

SUBSIDIARY EQUITY OBLIGATIONS

Subsidiary equity obligations consist of the following:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Subsidiary preferred equity units	(a)	$	1,597	$	1,574
Limited-life funds and redeemable fund units	(b)	1,559		1,439
Subsidiary preferred shares and capital	(c)	505		552
Total		$	3,661	$	3,565

a) Subsidiary Preferred Equity Units

In 2014, BPY issued $1.8 billion of exchangeable preferred equity units in three$600 million tranches redeemable in 2021, 2024 and 2026, respectively. The preferred equity units are exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. BPY may redeem the preferred equity units after specified periods if the BPY equity unit price exceeds predetermined amounts. At maturity, the preferred equity units that remain outstanding will be converted into BPY equity units at the lower of $25.70 or the then market price of a BPY equity unit. The preferred equity units represent a compound financial instrument comprised of the financial liability representing the company’s obligations to redeem the preferred equity units at maturity for a variable number of BPY units and an equity instrument representing the holder’s right to convert the preferred equity units to a fixed number of BPY units. The corporation is required under certain circumstances to purchase the preferred equity units at their redemption value in equal amounts in 2021 and 2024 and may be required to purchase the 2026 tranche, as further described in Note 29(a).

AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Shares Outstanding	Cumulative Dividend Rate		Local Currency	2017		2016
Series 1	24,000,000	6.25	%	US$	$	551	$	541
Series 2	24,000,000	6.50	%	US$	529		522
Series 3	24,000,000	6.75	%	US$	517		511
Total					$	1,597	$	1,574

b) Limited-Life Funds and Redeemable Fund Units

Limited-life funds and redeemable fund units represent interests held in our consolidated funds by third-party investors that have been classified as a liability rather than as non-controlling interest, as holders of these interests can cause our funds to redeem their interest in the fund for cash equivalents at a specified time. As at December 31, 2017, we have $1.6 billion of subsidiary equity obligations arising from limited-life funds (2016 – $1.4 billion arising from limited-life funds and redeemable fund units).

In our real estate business, limited-life fund obligations include $813 million (2016 – $795 million) of equity interests held by third-party investors in two consolidated funds that have been classified as a liability, instead of non-controlling interest, as holders of these interests can cause the funds to redeem their interests in the fund for cash equivalents at the fair value of the interest at a set date.

As at December 31, 2017, we have $746 million (2016 – $592 million) of subsidiary equity obligations arising from limited-life fund units in our infrastructure business. These obligations are primarily composed of the portion of the equity interest held by third-party investors in our timberland and agriculture funds that are attributed to the value of the land held in the fund. The value of this equity interest has been classified as a liability, instead of non-controlling interest, as we are obligated to purchase the land from the third-party investors on maturity of the fund.

As at December 31, 2016, we had $52 million of redeemable fund unit obligations in our public securities business which were settled during 2017.

c) Subsidiary Preferred Shares and Capital

Preferred shares are classified as liabilities if the holders of the preferred shares have the right, after a fixed date, to convert the shares into common equity of the issuer based on the market price of the common equity of the issuer at that time unless they are previously redeemed by the issuer. The dividends paid on these securities are recorded in interest expense. As at December 31, 2017 and 2016, the balance related to obligations of BPY and its subsidiaries.

AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Shares Outstanding	Cumulative Dividend Rate		Local Currency	2017		2016
BPO Class AAA preferred shares
Series G	—	5.25	%	US$	$	—	$	81
Series J	—	5.00	%	C$	—		122
Series K	—	5.20	%	C$	—		93
Brookfield Property Split Corp (“BOP Split”) senior preferred shares
Series 1	924,390	5.25	%	US$	23		24
Series 2	699,165	5.75	%	C$	14		14
Series 3	909,994	5.00	%	C$	18		17
Series 4	940,486	5.20	%	C$	19		18
BSREP II RH B LLC (“Manufactured Housing”) preferred capital	—	9.00	%	US$	249		—
Rouse Series A preferred shares	5,600,000	5.00	%	US$	142		143
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares	10,000	5.00	%	US$	40		40
Total					$	505	$	552

The BPO Class AAA preferred shares, Series G, J and K were redeemed during the year.

Each series of the BOP Split senior preferred shares are redeemable at the option of either the issuer or the holder as the redemption and conversion option dates have passed.

Subsidiary preferred capital includes $249 million at December 31, 2017 (2016 – $nil) of preferred equity interests held by a third-party investor in Manufactured Housing which has been classified as a liability, rather than as non-controlling interest, due to the fact the holders are only entitled to distributions equal to their capital balance plus 9% annual return payable in monthly distributions until maturity in December 2025. The preferred capital was issued to partially fund the acquisition of the Manufactured Housing portfolio during the first quarter of 2017.

Subsidiary preferred shares include $142 million at December 31, 2017 (2016 – $143 million) of preferred equity interests held by a third-party investor in Rouse Properties, L.P., which have been classified as a liability, rather than as non-controlling interests, due to the fact that the interests have no voting rights and are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated.

Subsidiary preferred shares also include $40 million at December 31, 2017 (2016 – $40 million) of preferred equity interests held by a co-investor in Vintage Estates, which have been classified as a liability, rather than as non-controlling interests, due to the fact that the preferred equity interests are mandatorily redeemable on April 26, 2023 for cash at an amount equal to the outstanding principal balance of the preferred equity plus any accrued but unpaid dividends.

XML

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY

SUBSIDIARIES

The following table presents the details of the company’s subsidiaries with significant non-controlling interests:

	Jurisdiction of Formation	Ownership Interest Held by Non-Controlling Interests1,2
AS AT DEC. 31		2017		2016
Brookfield Property Partners L.P. (“BPY”)	Bermuda	30.6	%	31.2	%
Brookfield Renewable Partners L.P. (“BEP”)	Bermuda	39.8	%	38.7	%
Brookfield Infrastructure Partners L.P. (“BIP”)	Bermuda	70.1	%	70.2	%
Brookfield Business Partners L.P. (“BBU”)3	Bermuda	32.0	%	25.1	%

1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) resides with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees

2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units and general partnership units in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary

3. BBU was formed during 2016 through a special dividend of approximately 19 million limited partnership units, equivalent to a 20.7% economic interest in BBU, to the shareholders of the company’s Class A shares and Class B shares

During 2017, BBU and BEP completed equity issuances in which the company participated. The BBU and BEP issuances decreased the company’s interest by 6.9% and 1.1%, respectively, as the company participated at a lower interest than its ownership prior to the issuances.

The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2017:

	TSX	NYSE	Nasdaq
BPY1	BPY.UN	N/A	BPY
BEP	BEP.UN	BEP	N/A
BIP	BIP.UN	BIP	N/A
BBU	BBU.UN	BBU	N/A

1. BPY voluntarily moved its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Market effective November 16, 2017

The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:

AS AT DEC. 31 (MILLIONS)	2017		2016
BPY	$	19,736	$	18,790
BEP	10,139		8,879
BIP	11,376		7,710
BBU	4,000		2,173
Individually immaterial subsidiaries with non-controlling interests	6,377		5,683
	$	51,628	$	43,235

All publicly listed entities are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests are set out below. The summarized financial information represents amounts before intra-group eliminations:

	BPY						BEP						BIP						BBU
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Current assets	$	3,912		$	4,198		$	1,666		$	907		$	1,512		$	1,632		$	6,433		$	4,076
Non-current assets	80,435			73,929			29,238			26,830			27,965			19,643			9,371			4,117
Current liabilities	(11,829		)	(8,276		)	(2,514		)	(1,733		)	(1,564		)	(1,515		)	(5,690		)	(2,556		)
Non-current liabilities	(37,394		)	(35,690		)	(14,108		)	(13,332		)	(14,439		)	(10,116		)	(4,050		)	(1,599		)
Non-controlling interests	(19,736		)	(18,790		)	(10,139		)	(8,879		)	(11,376		)	(7,710		)	(4,000		)	(2,173		)
Equity attributable to Brookfield	$	15,388		$	15,371		$	4,143		$	3,793		$	2,098		$	1,934		$	2,064		$	1,865
Revenues	$	6,135		$	5,352		$	2,625		$	2,516		$	3,535		$	2,115		$	22,823		$	7,960
Net income attributable to:
Non-controlling interests	$	2,234		$	1,501		$	103		$	97		$	569		$	408		$	296		$	(170	)
Shareholders	234			1,216			(52		)	(57		)	5			120			(81		)	(32		)
	$	2,468		$	2,717		$	51		$	40		$	574		$	528		$	215		$	(202	)
Other comprehensive income (loss) attributable to:
Non-controlling interests	$	532		$	(36	)	$	786		$	915		$	269		$	426		$	64		$	101
Shareholders	348			(210		)	564			414			54			150			45			32
	$	880		$	(246	)	$	1,350		$	1,329		$	323		$	576		$	109		$	133

The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows:

	BPY						BEP						BIP						BBU
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Cash flows from (used in):
Operating activities	$	639		$	745		$	928		$	632		$	1,481		$	753		$	290		$	229
Financing activities	1,248			2,906			(27		)	2,709			3,814			899			1,353			586
Investing activities	(1,886		)	(3,234		)	(328		)	(3,191		)	(5,721		)	(1,058		)	(1,595		)	(96		)
Distributions paid to non-controlling interests in common equity	$	255		$	250		$	227		$	201		$	489		$	383		$	9		$	2

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY

Brookfield Finance Inc. (“BFI”) is an indirect 100% owned subsidiary of the corporation that may offer and sell debt securities. Any debt securities issued by BFI are fully and unconditionally guaranteed by the company. BFI issued $500 million of 4.25% notes due in 2026 and $550 million of 4.70% notes due in 2047 on May 25, 2016 and September 14, 2017, respectively.

Brookfield Finance LLC (“BFL”) is a Delaware limited liability company formed on February 6, 2017 and an indirect 100% owned subsidiary of the corporation. BFL is a “finance subsidiary,” as defined in Rule 3-10 of Regulation S-X. Any debt securities issued by BFL are fully and unconditionally guaranteed by the corporation. On March 10, 2017, BFL issued $750 million of 4.00% notes due 2024. BFL has no independent activities, assets or operations other than in connection with any debt securities it may issue.

Brookfield Investments Corporation (“BIC”) is an investment company that holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by the corporation’s subsidiaries. The corporation provided a full and unconditional guarantee of the Class 1 Senior Preferred Shares, Series A issued by BIC. As at December 31, 2017, C$42 million of these 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, BFL, BIC and non-guarantor subsidiaries:

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	168	$	30	$	43	$	22	$	44,908	$	(4,385	)	$	40,786
Net income attributable to shareholders	1,462		—		—		59		2,019		(2,078		)	1,462
Total assets	53,688		1,060		757		3,761		206,907		(73,453		)	192,720
Total liabilities	25,444		1,042		756		2,309		113,336		(30,039		)	112,848
AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	148	$	13	$	—	$	3	$	27,968	$	(3,721	)	$	24,411
Net income attributable to shareholders	1,651		—		—		66		1,854		(1,920		)	1,651
Total assets	47,505		507		—		2,974		169,033		(60,193		)	159,826
Total liabilities	21,052		497		—		1,411		87,252		(20,074		)	90,138

1. This column accounts for investments in all subsidiaries of the corporation under the equity method

2. This column accounts for investments in all subsidiaries of the corporation other than BFI, BFL and BIC on a combined basis

3. This column includes the necessary amounts to present the company on a consolidated basis

XML

EQUITY

12 Months Ended

Dec. 31, 2017

Equity [abstract]

EQUITY

EQUITY

Equity consists of the following:

AS AT DEC. 31 (MILLIONS)	2017		2016
Preferred equity	$	4,192	$	3,954
Non-controlling interests	51,628		43,235
Common equity	24,052		22,499
	$	79,872	$	69,688

a) Preferred Equity

Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following:

	Average Rate
AS AT DEC. 31 (MILLIONS)	2017		2016		2017		2016
Perpetual preferred shares
Floating rate	2.33	%	1.97	%	$	531	$	532
Fixed rate	4.82	%	4.82	%	749		753
	3.78	%	3.65	%	1,280		1,285
Fixed rate-reset preferred shares	4.21	%	4.42	%	2,912		2,669
	4.08	%	4.17	%	$	4,192	$	3,954

Further details on each series of preferred shares are as follows:

			Issued and Outstanding
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Rate		2017	2016	2017		2016
Class A preferred shares
Perpetual preferred shares
Series 2	70% P		10,465,100	10,465,100	$	169	$	169
Series 4	70% P/8.5%		2,800,000	2,800,000	45		45
Series 8	Variable up to P		2,479,585	2,479,585	43		43
Series 13	70% P		9,297,700	9,297,700	195		195
Series 15	B.A. + 40 b.p.1		2,000,000	2,000,000	42		42
Series 17	4.75	%	7,950,756	8,000,000	173		174
Series 18	4.75	%	7,966,158	8,000,000	180		181
Series 25	T-Bill + 230 b.p.1		1,533,133	1,533,133	38		38
Series 36	4.85	%	7,949,024	8,000,000	200		201
Series 37	4.90	%	7,949,083	8,000,000	195		197
					1,280		1,285
Rate-reset preferred shares2
Series 9	3.80	%	1,519,115	1,519,115	21		21
Series 24	3.01	%	9,394,250	9,394,250	230		230
Series 26	3.47	%	9,903,348	9,903,348	243		243
Series 28	2.73	%	9,359,387	9,394,373	235		235
Series 30	4.80	%	9,934,050	9,950,452	245		245
Series 32	4.50	%	11,982,568	11,982,568	303		303
Series 34	4.20	%	9,977,889	9,977,889	255		255
Series 38	4.40	%	8,000,000	8,000,000	181		181
Series 40	4.50	%	12,000,000	12,000,000	275		275
Series 42	4.50	%	12,000,000	12,000,000	269		269
Series 44	5.00	%	9,945,189	10,000,000	189		190
Series 46	4.80	%	11,895,790	12,000,000	220		222
Series 483	4.75	%	12,000,000	—	246		—
					2,912		2,669
Total					$	4,192	$	3,954

1. Rate determined quarterly

2. Dividend rates are fixed for five to six years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after five to six years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points

3. Issued on September 13, 2017

P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points

The company is authorized to issue an unlimited number of Class A preferred shares and an unlimited number of Class AA preferred shares, issuable in series. No Class AA preferred shares have been issued.

The Class A preferred shares are entitled to preference over the Class A and Class B Limited Voting Shares (“Class A and B shares”) on the declaration of dividends and other distributions to shareholders. All series of the outstanding preferred shares have a par value of C$25.00 per share.

b) Non-controlling Interests

Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders.

AS AT DEC. 31 (MILLIONS)	2017		2016
Common equity	$	47,281	$	39,974
Preferred equity	4,347		3,261
Total	$	51,628	$	43,235

Further information on non-controlling interests is provided in Note 4 – Subsidiaries.

c) Common Equity

The company’s common equity is comprised of the following:

AS AT DEC. 31 (MILLIONS)	2017		2016
Common shares	$	4,428	$	4,390
Contributed surplus	263		234
Retained earnings	11,864		11,490
Ownership changes	1,459		1,199
Accumulated other comprehensive income	6,038		5,186
Common equity	$	24,052	$	22,499

The company is authorized to issue an unlimited number of Class A shares and 85,120 Class B shares, together referred to as common shares. The company’s common 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 common stock, 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.

Total cash dividends paid to Class A shareholders during 2017 amounted to $540 million (2016 – $500 million) or $0.56 per share (2016 – $0.52 per share).

On June 22, 2017, the company completed the spin-off of Trisura Group Ltd. by paying a special dividend to the holders of the company’s Class A and Class B Shares. The special dividend of $102 million recorded in equity was based on the fair value of the assets distributed.

On June 20, 2016, the company paid a special dividend of approximately 19 million limited partnership units of a newly created subsidiary, Brookfield Business Partners L.P. (“BBU”), to the holders of the company’s Class A and B shares. This was a common control transaction and as such the special dividend of $441 million reflected in equity was based on the IFRS carrying value of the 21% interest in BBU distributed to shareholders on June 20, 2016.

The number of issued and outstanding common shares and unexercised options are as follows:

AS AT DEC. 31	2017	2016
Class A shares1	958,688,000	958,083,297
Class B shares	85,120	85,120
Shares outstanding1	958,773,120	958,168,417
Unexercised options and other share-based plans2	47,474,284	43,798,733
Total diluted shares	1,006,247,404	1,001,967,150

1. Net of 30,569,215 (2016 – 27,846,452) Class A shares held by the company in respect of long-term compensation agreements

2. Includes management share option plan and escrowed stock plan

The authorized common share capital consists of an unlimited number of shares. Shares issued and outstanding changed as follows:

FOR THE YEARS ENDED DEC. 31	2017		2016
Outstanding, beginning of year1	958,168,417		961,290,839
Issued (repurchased)
Repurchases	(3,448,665	)	(4,707,132	)
Long-term share ownership plans2	3,826,248		1,312,463
Dividend reinvestment plan and others	227,120		272,247
Outstanding, end of year1	958,773,120		958,168,417

1. Net of 30,569,215 (2016 – 27,846,452) Class A shares held by the company in respect of long-term compensation agreements

2. Includes management share option plan and restricted stock plan

Earnings Per Share

The components of basic and diluted earnings per share are summarized in the following table:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Net income attributable to shareholders	$	1,462		$	1,651
Preferred share dividends	(145		)	(133		)
Net income available to shareholders	$	1,317		$	1,518
Weighted average – common shares	958.8			959.0
Dilutive effect of the conversion of options and escrowed shares using treasury stock method	21.2			17.6
Common shares and common share equivalents	980.0			976.6

Share-Based Compensation

The expense recognized for share-based compensation is summarized in the following table:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Expense arising from equity-settled share-based payment transactions	$	69		$	64
Expense arising from cash-settled share-based payment transactions	281			32
Total expense arising from share-based payment transactions	350			96
Effect of hedging program	(275		)	(27		)
Total expense included in consolidated income	$	75		$	69

The share-based payment plans are described below. There were no cancellations or modifications to any of the plans during 2017 and 2016.

Equity-settled Share-based Awards

Management Share Option Plan

Options issued under the company’s Management Share Option Plan (“MSOP”) vest over a period of up to five years, expire 10 years after the grant date and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date.

The change in the number of options during 2017 and 2016 were as follows:

	Number of Options (000’s)1		Weighted- Average Exercise Price		Number of Options (000’s)2			Weighted- Average Exercise Price
Outstanding at January 1, 2017	7,684		C$	15.63	$	31,483		US$	25.77
Granted	—			—	6,331				36.92
Exercised	(4,887	)		17.50	(2,149		)		24.36
Canceled	—			—	(772		)		33.28
Outstanding at December 31, 2017	2,797		C$	12.35	34,893			US$	27.71

1. Options to acquire TSX listed Class A shares

2. Options to acquire NYSE listed Class A shares

	Number of Options (000’s)1		Weighted- Average Exercise Price		Number of Options (000’s)2			Weighted- Average Exercise Price
Outstanding at January 1, 2016	9,427		C$	17.07	$	28,488		US$	24.98
Granted	—			—	4,363				30.59
Exercised	(1,743	)		23.44	(970		)		22.00
Canceled	—			—	(398		)		31.25
Outstanding at December 31, 2016	7,684		C$	15.63	31,483			US$	25.77

1. Options to acquire TSX listed Class A shares

2. Options to acquire NYSE listed Class A shares

The cost of the options granted during the year was determined using the Black-Scholes valuation model, with inputs to the model as follows:

YEARS ENDED DEC. 31	Unit	2017	2016
Weighted-average share price	US$	36.92	30.59
Weighted-average fair value per option	US$	4.92	5.29
Average term to exercise	Years	7.5	7.5
Share price volatility1	%	18.9	28.0
Liquidity discount	%	25.0	25.0
Weighted-average annual dividend yield	%	2.1	1.6
Risk-free rate	%	2.3	1.6

1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise

At December 31, 2017, the following options to purchase Class A shares were outstanding:

	Weighted-Average Remaining Life	Options Outstanding (000’s)
Exercise Price		Vested	Unvested	Total
C$11.77	1.2 years	2,620	—	2,620
C$21.08	0.1 years	177	—	177
US$15.45	2.2 years	4,772	—	4,772
US$16.83 – US$23.37	3.8 years	5,834	—	5,834
US$25.21 – US$30.59	6.5 years	6,858	5,967	12,825
US$33.75 – US$36.32	7.1 years	2,049	3,191	5,240
US$36.88 – US$37.75	9.1 years	—	6,222	6,222
		22,310	15,380	37,690

At December 31, 2016, the following options to purchase Class A shares were outstanding:

	Weighted-Average Remaining Life	Options Outstanding (000’s)
Exercise Price		Vested	Unvested	Total
C$11.77	2.2 years	4,885	—	4,885
C$18.20 – C$23.63	1.1 years	2,159	—	2,159
C$26.02	0.1 years	640	—	640
US$15.45	3.2 years	5,153	—	5,153
US$16.83 – US$23.37	4.8 years	5,626	890	6,516
US$25.21 – US$30.59	7.5 years	4,692	9,143	13,835
US$33.75 – US$36.32	8.1 years	949	5,030	5,979
		24,104	15,063	39,167

Escrowed Stock Plan

The Escrowed Stock Plan (the “ES Plan”) provides executives with indirect ownership of Class A shares. Under the ES Plan, executives are granted common shares (the “ES Shares”) in one or more private companies that own Class A shares. The Class A shares are purchased on the open market with the purchase cost funded by the company. The ES shares vest over one to five years and must be held until the fifth anniversary of the grant date. At a date no less than five years, and no more than 10 years, from the grant date, all outstanding ES shares will be exchanged for Class A shares issued by the company based on the market value of Class A shares at the time of the exchange. The number of Class A shares issued on exchange will be less than the Class A shares purchased under the ES Plan resulting in a net reduction in the number of Class A shares issued by the company.

During 2017, 3.7 million Class A shares were purchased in respect of ES shares granted to executives under the ES Plan (2016 –3.3 million Class A shares) during the year. For the year ended December 31, 2017, the total expense incurred with respect to the ES Plan totaled $26 million (2016 – $26 million).

The cost of the escrowed shares granted during the year was determined using the Black-Scholes model of valuation with inputs to the model as follows:

YEARS ENDED DEC. 31	Unit	2017	2016
Weighted-average share price	US$	36.88	30.59
Weighted-average fair value per share	US$	4.92	5.29
Average term to exercise	Years	7.5	7.5
Share price volatility1	%	18.9	28.0
Liquidity discount	%	25.0	25.0
Weighted-average annual dividend yield	%	2.1	1.6
Risk-free rate	%	2.3	1.6

1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise

The change in the number of ES shares during 2017 and 2016 was as follows:

	Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2017	24,167		$	27.77
Granted	3,700		36.88
Exercised	(95	)	21.74
Outstanding at December 31, 2017	27,772		$	29.01

	Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2016	20,938		$	27.33
Granted	3,250		30.59
Exercised	(21	)	21.74
Outstanding at December 31, 2016	24,167		$	27.77

Restricted Stock Plan

The Restricted Stock Plan awards executives with Class A shares purchased on the open market (“Restricted Shares”). Under the Restricted Stock Plan, Restricted Shares awarded vest over a period of up to five years, except for Restricted Shares awarded in lieu of a cash bonus, which may vest immediately. Vested and unvested Restricted Shares are subject to a hold period of up to five years. Holders of Restricted Shares are entitled to vote Restricted Shares and to receive associated dividends. Employee compensation expense for the Restricted Stock Plan is charged against income over the vesting period.

During 2017, Brookfield granted 760,754 Class A shares (2016 – 449,110) pursuant to the terms and conditions of the Restricted Stock Plan, resulting in the recognition of $18 million (2016 – $11 million) of compensation expense.

Cash-settled Share-based Awards

Deferred Share Unit Plan and Restricted Share Unit Plan

The Deferred Share Unit Plan and Restricted Share Unit Plan provide for the issuance of DSUs and RSUs, respectively. Under these plans, qualifying employees and directors receive varying percentages of their annual incentive bonus or directors’ fees in the form of DSUs and RSUs. The DSUs and RSUs vest over periods of up to five years, and DSUs accumulate additional DSUs at the same rate as dividends on common shares based on the market value of the common shares at the time of the dividend. Participants are not allowed to convert DSUs and RSUs into cash until retirement or cessation of employment.

The value of the DSUs, when converted to cash, will be equivalent to the market value of the common shares at the time the conversion takes place. The value of the RSUs, when converted into cash, will be equivalent to the difference between the market price of equivalent number of common shares at the time the conversion takes place and the market price on the date the RSUs are granted. The company uses equity derivative contracts to offset its exposure to the change in share prices in respect of vested and unvested DSUs and RSUs. The fair value of the vested DSUs and RSUs as at December 31, 2017 was $1.0 billion (2016 – $777 million).

Employee compensation expense for these plans is charged against income over the vesting period of the DSUs and RSUs. The amount payable by the company in respect of vested DSUs and RSUs changes as a result of dividends and share price movements. All of the amounts attributable to changes in the amounts payable by the company are recorded as employee compensation expense in the period of the change. For the year ended December 31, 2017, employee compensation expense totaled $7 million (2016 – $5 million), net of the impact of hedging arrangements.

The change in the number of DSUs and RSUs during 2017 and 2016 was as follows:

	DSUs		RSUs
	Number of Units (000’s)		Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2017	14,986		10,920	C$	9.09
Granted and reinvested	661		—		—
Exercised and canceled	(703	)	—		—
Outstanding at December 31, 2017	14,944		10,920	C$	9.09

	DSUs		RSUs
	Number of Units (000’s)		Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2016	13,793		10,920	C$	9.09
Granted and reinvested	1,264		—		—
Exercised and canceled	(71	)	—		—
Outstanding at December 31, 2016	14,986		10,920	C$	9.09

The fair value of each DSU is equal to the traded price of the company’s common shares.

	Unit	Dec. 31, 2017	Dec. 31, 2016
Share price on date of measurement	C$	54.72	44.30
Share price on date of measurement	US$	43.54	33.01

The fair value of RSUs was determined primarily using the following inputs:

	Unit	Dec. 31, 2017	Dec. 31, 2016
Share price on date of measurement	C$	54.72	44.30
Weighted-average fair value of a unit	C$	45.63	35.21

XML

REVENUES

12 Months Ended

Dec. 31, 2017

Revenue [abstract]

REVENUES

REVENUES

Revenues include $14.5 billion (2016 – $14.7 billion) from the sale of goods, $25.1 billion (2016 – $8.4 billion) from the rendering of services and $1.2 billion (2016 – $1.3 billion) from other activities.

XML

DIRECT COSTS

12 Months Ended

Dec. 31, 2017

Analysis of income and expense [abstract]

DIRECT COSTS

DIRECT COSTS

Direct costs include all attributable expenses except interest, depreciation and amortization, taxes and fair value changes and primarily relate to cost of sales and compensation. The following table lists direct costs for 2017 and 2016 by nature:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Cost of sales	$	26,461	$	12,487
Compensation	2,795		2,039
Selling, general and administrative expenses	1,339		1,544
Property taxes, sales taxes and other	1,793		1,648
	$	32,388	$	17,718

XML

FAIR VALUE CHANGES

12 Months Ended

Dec. 31, 2017

Fair Value Measurement [Abstract]

FAIR VALUE CHANGES

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables list the company’s financial instruments by their respective classification as at December 31, 2017 and 2016:

a) Financial Instrument Classification

AS AT DEC. 31, 2017 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	5,139	$	5,139
Other financial assets
Government bonds	34		15		—		49
Corporate bonds	382		253		8		643
Fixed income securities and other	230		432		—		662
Common shares and warrants	585		1,247		—		1,832
Loans and notes receivable	63		—		1,551		1,614
	1,294		1,947		1,559		4,800
Accounts receivable and other2	1,383		—		8,233		9,616
	$	2,677	$	1,947	$	14,931	$	19,555
Financial liabilities
Corporate borrowings	$	—	$	—	$	5,659	$	5,659
Property-specific borrowings	—		—		63,721		63,721
Subsidiary borrowings	—		—		9,009		9,009
Accounts payable and other2	3,841		—		14,124		17,965
Subsidiary equity obligations	1,559		—		2,102		3,661
	$	5,400	$	—	$	94,615	$	100,015

1. Financial assets include $4.1 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $630 million included in accounts receivable and other and $950 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

AS AT DEC. 31, 2016 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	4,299	$	4,299
Other financial assets
Government bonds	22		32		—		54
Corporate bonds	13		342		—		355
Fixed income securities and other	170		335		—		505
Common shares and warrants	1,630		952		—		2,582
Loans and notes receivable	62		—		1,142		1,204
	1,897		1,661		1,142		4,700
Accounts receivable and other2	1,501		—		5,298		6,799
	$	3,398	$	1,661	$	10,739	$	15,798
Financial liabilities
Corporate borrowings	$	—	$	—	$	4,500	$	4,500
Property-specific borrowings	—		—		52,442		52,442
Subsidiary borrowings	—		—		7,949		7,949
Accounts payable and other2	2,019		—		9,896		11,915
Subsidiary equity obligations	1,439		—		2,126		3,565
	$	3,458	$	—	$	76,913	$	80,371

1. Total financial assets include $2.5 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $1 billion included in accounts receivable and other and $528 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

Gains or losses arising from changes in the fair value of fair value through profit or loss (“FVTPL”) financial assets are presented in the Consolidated Statements of Operations in the period in which they arise. Dividends from FVTPL and available-for-sale financial assets are recognized in the Consolidated Statements of Operations when the company’s right to receive payment is established. Interest on available-for-sale financial assets is calculated using the effective interest method and reported in our Consolidated Statements of Operations.

Available-for-sale securities are recorded on the balance sheet at fair value with changes in fair value recorded through other comprehensive income. These securities are assessed for impairment at each reporting date, with any impairment charges reported in our Consolidated Statements of Operations. As at December 31, 2017, the unrealized gains and losses relating to the fair value of available-for-sale securities amounted to $26 million (2016 – $286 million) and $nil (2016 – $28 million), respectively.

During the year ended December 31, 2017, $69 million of net deferred losses (2016 – $391 million) previously recognized in accumulated other comprehensive income were reclassified to net income as a result of the disposition or impairment of available-for-sale financial assets.

Included in cash and cash equivalents is $4.5 billion (2016 – $3.8 billion) of cash and $635 million (2016 – $454 million) of short-term deposits as at December 31, 2017.

b) Carrying and Fair Value

The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and 2016:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Financial assets
Cash and cash equivalents	$	5,139	$	5,139	$	4,299	$	4,299
Other financial assets
Government bonds	49		49		54		54
Corporate bonds	643		643		355		355
Fixed income securities and other	662		662		505		505
Common shares and warrants	1,832		1,832		2,582		2,582
Loans and notes receivable	1,614		1,657		1,204		1,204
	4,800		4,843		4,700		4,700
Accounts receivable and other	9,616		9,616		6,799		6,799
	$	19,555	$	19,598	$	15,798	$	15,798
Financial liabilities
Corporate borrowings	$	5,659	$	6,087	$	4,500	$	4,771
Property-specific borrowings	63,721		65,399		52,442		53,512
Subsidiary borrowings	9,009		9,172		7,949		8,103
Accounts payable and other	17,965		17,965		11,915		11,915
Subsidiary equity obligations	3,661		3,661		3,565		3,567
	$	100,015	$	102,284	$	80,371	$	81,868

The current and non-current balances of other financial assets are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	2,568	$	3,229
Non-current	2,232		1,471
Total	$	4,800	$	4,700

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:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	—	$	49	$	—	$	11	$	43	$	—
Corporate bonds	127		508		—		175		173		7
Fixed income securities and other	20		233		409		36		178		291
Common shares and warrants	1,586		—		246		1,309		—		1,273
Loans and notes receivables	—		62		1		—		51		11
Accounts receivable and other	15		1,155		213		2		1,342		157
	$	1,748	$	2,007	$	869	$	1,533	$	1,787	$	1,739
Financial liabilities
Accounts payable and other	$	134	$	3,003	$	704	$	98	$	1,859	$	62
Subsidiary equity obligations	—		—		1,559		—		52		1,387
	$	134	$	3,003	$	2,263	$	98	$	1,911	$	1,449

During the years ended December 31, 2017 and 2016, there were no transfers between Level 1, 2 or 3.

Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs.

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/ accounts payable)	$	1,155	/	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 Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
	(3,003		)
Other financial assets ..................	852			Valuation models based on observable market data

Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities), include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs.

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Corporate borrowings	$	6,087	$	—	$	—	$	4,771	$	—	$	—
Property-specific borrowings	2,123		24,502		38,774		1,360		16,724		35,428
Subsidiary borrowings	3,825		2,030		3,317		2,872		2,451		2,780
Subsidiary equity obligations	—		—		2,102		—		—		2,128

Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows.

d) Hedging Activities

The company uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest, currency, credit and other market risks. For certain derivatives which are used to manage exposures, the company determines whether hedge accounting can be applied. When hedge accounting may be applied, a hedge relationship may be designated as a fair value hedge, cash flow hedge or a hedge of foreign currency exposure of a net investment in a foreign operation. To qualify for hedge accounting, the derivative must be highly effective in accomplishing the objective of offsetting changes in the fair value or cash flows attributable to the hedged risk both at inception and over the life of the hedge. If it is determined that the derivative is not highly effective as a hedge, hedge accounting is discontinued prospectively.

i. Cash Flow Hedges

The company uses the following cash flow hedges: energy derivative contracts to hedge the sale of power; interest rate swaps to hedge the variability in cash flows or future cash flows related to a variable rate asset or liability; and equity derivatives to hedge long-term compensation arrangements. For the year ended December 31, 2017, pre-tax net unrealized gains of $42 million (2016 – net unrealized gains of $149 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2017, there was an unrealized derivative asset balance of $349 million relating to derivative contracts designated as cash flow hedges (2016 – $260 million asset).

ii. Net Investment Hedges

The company uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2017, unrealized pre-tax net losses of $748 million (2016 – net unrealized gains of $129 million) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2017, there was an unrealized derivative liability balance of $676 million relating to derivative contracts designated as net investment hedges (2016 – asset balance of $236 million).

e) Netting of Financial Instruments

Financial assets and liabilities are offset with the net amount reported in the Consolidated Balance Sheets where the company currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

The company enters into derivative transactions under International Swaps and Derivatives Association (“ISDA”) master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day are aggregated into a single net amount that is payable by one party to the other. The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements:

	Accounts Receivable and Other						Accounts Payable and Other
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016
Gross amounts of financial instruments before netting	$	1,605		$	1,625		$	2,124		$	1,186
Gross amounts of financial instruments set-off in Consolidated Balance Sheets	(223		)	(124		)	(267		)	(154		)
Net amount of financial instruments in Consolidated Balance Sheets	$	1,382		$	1,501		$	1,857		$	1,032

No financial instruments that were subject to master netting agreements or for which collateral has been posted were not set off in the Consolidated Balance Sheets.

FAIR VALUE CHANGES

Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Investment properties	$	1,021		$	960
GGP warrants	(268		)	(110		)
Impairment	(98		)	(771		)
Provisions	(246		)	(99		)
Transaction related gains (losses), net of deal costs	637			(148		)
Financial contracts	(600		)	65
Other fair value changes	(25		)	(27		)
	$	421		$	(130	)

XML

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

The company’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk, and other price risk), credit risk and liquidity risk. The company selectively uses derivative financial instruments principally to manage these risks.

The aggregate notional amount of the company’s derivative positions at December 31, 2017 and 2016 is as follows:

AS AT DEC. 31 ($ MILLIONS)	Note	2017		2016
Foreign exchange	(a)	$	28,573	$	21,782
Interest rates	(b)	18,433		17,092
Credit default swaps	(c)	43		182
Equity derivatives	(d)	1,384		2,583
Commodity instruments	(e)	2017		2016
Energy (GWh)		28,808		15,904
Natural gas (MMBtu – 000’s)		48,163		9,150

a) Foreign Exchange

The company held the following foreign exchange contracts with notional amounts at December 31, 2017 and December 31, 2016:

	Notional Amount (U.S. Dollars)				Average Exchange Rate
(MILLIONS)	2017		2016		2017		2016
Foreign exchange contracts
British pounds	$	7,312	$	6,231	$	1.29	$	1.26
Australian dollars	3,610		5,022		0.75		0.74
European Union euros	2,754		1,855		1.15		1.11
Canadian dollars	2,619		1,405		0.78		0.75
Korean won	578		485		1,100		1,153
Chinese yuan	346		252		6.72		7.06
Brazilian reais	62		511		0.27		0.32
Japanese yen	14		203		110.17		116.39
Other currencies	256		186		various		various
Cross currency interest rate swaps
Canadian dollars	2,442		2,269		0.76		0.82
European Union euros	1,914		530		1.06		1.06
Australian dollars	1,610		1,484		0.98		0.99
Japanese yen	750		—		113.33		—
Colombian pesos	299		125		3,056		3,056
British pounds	272		249		1.45		1.49
Foreign exchange options
European Union euros	1,801		—		1.21		—
Canadian dollars	1,000		—		0.76		—
British pounds	534		—		1.19		—
Japanese yen	400		975		118.00		118.00

Included in net income are unrealized net losses on foreign currency derivative contracts amounting to $364 million (2016 – $62 million) and included in the cumulative translation adjustment account in other comprehensive income are losses in respect of foreign currency contracts entered into for hedging purposes amounting to $1,491 million (2016 – gain of $893 million).

b) Interest Rates

At December 31, 2017, the company held interest rate swap and forward starting swap contracts having an aggregate notional amount of $8.8 billion (2016 – $6.6 billion), interest rate swaptions with an aggregate notional amount of $0.9 billion (2016 – $4.1 billion) and interest rate cap contracts with an aggregate notional amount of $8.7 billion (2016 – $6.4 billion).

c) Credit Default Swaps

As at December 31, 2017, the company held credit default swap contracts with an aggregate notional amount of $43 million (2016 – $182 million). Credit default swaps are contracts which are designed to compensate the purchaser for any change in the value of an underlying reference asset, based on measurement in credit spreads, upon the occurrence of predetermined credit events. The company is entitled to receive payments in the event of a predetermined credit event for up to $43 (2016 – $100 million) of the notional amount and could be required to make payments in respect of $nil (2016 – $82 million) of the notional amount.

d) Equity Derivatives

At December 31, 2017, the company held equity derivatives with a notional amount of $1,384 million (2016 – $2,583 million) which includes $1.1 billion (2016 – $988 million) notional amount that hedges long-term compensation arrangements. The balance represents common equity positions established in connection with the company’s investment activities. The fair value of these instruments was reflected in the company’s consolidated financial statements at year end.

e) Commodity Instruments

The company has entered into energy derivative contracts primarily to hedge the sale of generated power. The company endeavors to link forward electricity sale derivatives to specific periods in which it expects to generate electricity for sale. All energy derivative contracts are recorded at an amount equal to fair value and are reflected in the company’s consolidated financial statements. The company has financial contracts outstanding on 48,163,000 MMBtu’s of natural gas as part of its electricity sale price risk mitigation strategy.

Other Information Regarding Derivative Financial Instruments

The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2017 and 2016 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:

	2017								2016
FOR THE YEARS ENDED DECEMBER 31 (MILLIONS)	Notional		Effective Portion			Ineffective Portion			Notional		Effective Portion		Ineffective Portion
Cash flow hedges1	$	10,254	$	42		$	(16	)	$	11,998	$	149	$	(13	)
Net investment hedges	14,587		(748		)	—			13,973		129		—
	$	24,841	$	(706	)	$	(16	)	$	25,971	$	278	$	(13	)

1. Notional amount does not include 15,586 GWh, 45,014 MMBtu and 3,087 bbls and 8,561 GWh of commodity derivatives at December 31, 2017 and December 31, 2016, respectively

The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2017 and 2016, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting:

(MILLIONS)	Unrealized Gains During 2017		Unrealized Losses During 2017			Net Change During 2017			Net Change During 2016
Foreign exchange derivatives	$	119	$	(483	)	$	(364	)	$	(62	)
Interest rate derivatives	20		(35		)	(15		)	110
Credit default swaps	2		—			2			(5		)
Equity derivatives	204		(35		)	169			(9		)
Commodity derivatives	69		(103		)	(34		)	9
	$	414	$	(656	)	$	(242	)	$	43

The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2017 and the comparative notional amounts at December 31, 2016, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting:

	2017								2016
AS AT DEC. 31 ($ MILLIONS)	<1 Year		1 to 5 Years		>5 Years		Total Notional Amount		Total Notional Amount
Fair value through profit or loss
Foreign exchange derivatives	$	5,516	$	4,074	$	1,042	$	10,632	$	5,065
Interest rate derivatives	7,287		4,034		211		11,532		7,838
Credit default swaps	—		43		—		43		182
Equity derivatives	680		682		—		1,362		2,560
Commodity instruments
Energy (GWh)	5,328		7,894		—		13,222		7,343
Natural gas (MMBtu – 000’s)	2,459		690		—		3,149		9,150
Elected for hedge accounting
Foreign exchange derivatives	$	12,674	$	3,391	$	1,876	$	17,941	$	16,717
Interest rate derivatives	607		5,184		1,110		6,901		9,254
Equity derivatives	10		12		—		22		24
Commodity instruments
Energy (GWh)	1,412		11,494		2,680		15,586		8,561
Natural gas (MMBtu – 000’s)	37,052		7,962		—		45,014		—

XML

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS

The company is exposed to the following risks as a result of holding financial instruments: market risk (i.e. interest rate risk, currency exchange risk and other price risk that impact the fair value of financial instruments), credit risk and liquidity risk. The following is a description of these risks and how they are managed:

a) Market Risk

Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the company will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, currency exchange rates and changes in market prices due to factors other than interest rates or currency exchange rates, such as changes in equity prices, commodity prices or credit spreads.

The company manages market risk from foreign currency assets and liabilities and the impact of changes in currency exchange rates and interest rates by funding assets with financial liabilities in the same currency and with similar interest rate characteristics, and by holding financial contracts such as interest rate and foreign exchange derivatives to minimize residual exposures.

Financial instruments held by the company that are subject to market risk include other financial assets, borrowings and derivative instruments such as interest rate, currency, equity and commodity contracts.

i.    Interest Rate Risk

The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in the net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the value of financial instruments whose cash flows are fixed in nature.

The company’s assets largely consist of long-duration interest-sensitive physical assets. Accordingly, the company’s financial liabilities consist primarily of long-term fixed-rate debt or floating-rate debt that has been swapped with interest rate derivatives. These financial liabilities are, with few exceptions, recorded at their amortized cost. The company also holds interest rate caps to limit its exposure to increases in interest rates on floating rate debt that has not been swapped, and holds interest rate contracts to lock in fixed rates on anticipated future debt issuances and as an economic hedge against the changes in value of long duration interest sensitive physical assets that have not been otherwise matched with fixed rate debt.

The result of a 50 basis-point increase in interest rates on the company’s net floating rate financial assets and liabilities would have resulted in a corresponding decrease in net income before tax of $80 million (2016 – $45 million) on an annualized basis.

Changes in the value of fair value through profit or loss interest rate contracts are recorded in net income and changes in the value of contracts that are elected for hedge accounting are recorded in other comprehensive income. The impact of a 50 basis-point parallel increase in the yield curve on the aforementioned financial instruments is estimated to result in a corresponding increase in net income before tax of $53 million (2016 – $26 million) and an increase in other comprehensive income of $98 million (2016 – $72 million), for the years ended December 31, 2017 and 2016.

ii.    Currency Exchange Rate Risk

Changes in currency rates will impact the carrying value of financial instruments denominated in currencies other than the U.S. dollar.

The company holds financial instruments with net unmatched exposures in several currencies, changes in the translated value of which are recorded in net income. The impact of a 1% increase in the U.S. dollar against these currencies would have resulted in a $44 million (2016 – $38 million) increase in the value of these positions on a combined basis. The impact on cash flows from financial instruments would be insignificant. The company holds financial instruments to limit its exposure to the impact of foreign currencies on its net investments in foreign operations whose functional and reporting currencies are other than the U.S. dollar. A 1% increase in the U.S. dollar would increase the value of these hedging instruments by $142 million (2016 – $133 million) as at December 31, 2017, which would be recorded in other comprehensive income and offset by changes in the U.S. dollar carrying value of the net investment being hedged.

iii.    Other Price Risk

Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads.

Financial instruments held by the company that are exposed to equity price risk include equity securities and equity derivatives. A 5% decrease in the market price of equity securities and equity derivatives held by the company, excluding equity derivatives that hedge compensation arrangements, would have decreased net income by $45 million (2016 – $161 million) and decreased other comprehensive income by $62 million (2016 – $48 million), prior to taxes. The company’s liability in respect of equity compensation arrangements is subject to variability based on changes in the company’s underlying common share price. The company holds equity derivatives to hedge almost all of the variability. A 5% change in the common equity price of the company in respect of compensation agreements would increase the compensation liability and compensation expense by $65 million (2016 – $52 million). This increase would be offset by a $65 million (2016 – $52 million) change in value of the associated equity derivatives of which $64 million (2016 – $51 million) would offset the above-mentioned increase in compensation expense and the remaining $1 million (2016 – $1 million) would be recorded in other comprehensive income.

The company sells power and generation capacity under long-term agreements and financial contracts to stabilize future revenues. Certain of the contracts are considered financial instruments and are recorded at fair value in the consolidated financial statements, with changes in value being recorded in either net income or other comprehensive income as applicable. A 5% increase in energy prices would have decreased net income for the year ended December 31, 2017 by approximately $11 million (2016 – $15 million) and decreased other comprehensive income by $4 million (2016 – $16 million), prior to taxes. The corresponding increase in the value of the revenue or capacity being contracted, however, is not recorded in net income until subsequent periods.

The company held credit default swap contracts with a total notional amount of $43 million (2016 – $182 million) at December 31, 2017. The company is exposed to changes in the credit spread of the contracts’ underlying reference assets. A 50 basis-point increase in the credit spread of the underlying reference assets would have increased net income by $1 million (2016 – $2 million) for the year ended December 31, 2017, prior to taxes.

b) Credit Risk

Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The company’s exposure to credit risk in respect of financial instruments relates primarily to counterparty obligations regarding derivative contracts, loans receivable and credit investments such as bonds and preferred shares.

The company assesses the creditworthiness of each counterparty before entering into contracts with a view to ensuring that counterparties meet minimum credit quality requirements. Management evaluates and monitors counterparty credit risk for derivative financial instruments and endeavors to minimize counterparty credit risk through diversification, collateral arrangements, and other credit risk mitigation techniques. The credit risk of derivative financial instruments is generally limited to the positive fair value of the instruments, which, in general, tends to be a relatively small proportion of the notional value. Substantially all of the company’s derivative financial instruments involve either counterparties that are banks or other financial institutions in North America, the United Kingdom and Australia, or arrangements that have embedded credit risk mitigation features. The company does not expect to incur credit losses in respect of any of these counterparties. The maximum exposure in respect of loans receivable and credit investments is equal to the carrying value.

c) Liquidity Risk

Liquidity risk is the risk that the company cannot meet a demand for cash or fund an obligation as it comes due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price.

To help ensure the company is able to react to contingencies and investment opportunities quickly, the company maintains sources of liquidity at the corporate and subsidiary levels. The primary source of liquidity consists of cash and other financial assets, net of deposits and other associated liabilities, and undrawn committed credit facilities.

The company is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. The company believes these risks are mitigated through the use of long-term debt secured by high quality assets, maintaining debt levels that are in management’s opinion relatively conservative, and by diversifying maturities over an extended period of time. The company also seeks to include in its agreements terms that protect the company from liquidity issues of counterparties that might otherwise impact the company’s liquidity.

The following tables present the contractual maturities of the company’s financial liabilities at December 31, 2017 and 2016:

	Payments Due by Period
AS AT DECEMBER 31, 2017 (MILLIONS)	<1 Year		1 to 3 Years		4 to 5 Years		After 5 Years		Total
Principal repayments
Corporate borrowings	$	—	$	478	$	278	$	4,903	$	5,659
Property-specific borrowings	8,800		15,175		14,228		25,518		63,721
Other debt of subsidiaries	1,956		2,520		2,536		1,997		9,009
Subsidiary equity obligations	76		53		1,001		2,531		3,661
Interest expense1
Corporate borrowings	259		494		462		1,433		2,648
Non-recourse borrowings	3,248		5,024		3,575		5,314		17,161
Subsidiary equity obligations	226		428		340		322		1,316

1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates

	Payments Due by Period
AS AT DECEMBER 31, 2016 (MILLIONS)	<1 Year		1 to 3 Years		4 to 5 Years		After 5 Years		Total
Principal repayments
Corporate borrowings	$	425	$	447	$	260	$	3,368	$	4,500
Property-specific borrowings	7,655		13,965		13,467		17,355		52,442
Other debt of subsidiaries	866		2,699		1,955		2,429		7,949
Subsidiary equity obligations	421		143		1,217		1,784		3,565
Interest expense1
Corporate borrowings	201		375		342		878		1,796
Non-recourse borrowings	2,776		4,549		3,219		4,378		14,922
Subsidiary equity obligations	198		376		318		378		1,270

1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates

XML

CAPITAL MANAGEMENT

12 Months Ended

Dec. 31, 2017

Disclosure of objectives, policies and processes for managing capital [abstract]

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT

The capital of the company consists of the components of equity in the company’s consolidated balance sheet (i.e. common and preferred equity). As at December 31, 2017, the recorded values of these items in the company’s consolidated financial statements totaled $28.2 billion (2016 – $26.5 billion).

The company’s objectives when managing this capital are to maintain an appropriate balance between holding a sufficient amount of capital to support its operations, which includes maintaining investment-grade ratings at the corporate level, and providing shareholders with a prudent amount of leverage to enhance returns. Corporate leverage, which consists of corporate debt as well as subsidiary obligations that are guaranteed by the company or are otherwise considered corporate in nature, totaled $5.7 billion based on carrying values at December 31, 2017 (2016 – $4.5 billion). The company monitors its capital base and leverage primarily in the context of its deconsolidated debt-to-total capitalization ratios. The ratio as at December 31, 2017 was 16% (2016 – 14%).

The consolidated capitalization of the company includes the capital and financial obligations of consolidated entities, including long-term property-specific borrowings, subsidiary borrowings, capital securities as well as common and preferred equity held by other investors in these entities. The capital in these entities is managed at the entity level with oversight by management of the company. The capital is managed with the objective of maintaining investment-grade levels in most circumstances and is, except in limited and carefully managed circumstances, without any recourse to the company. Management of the company also takes into consideration capital requirements of consolidated and non-consolidated entities in which it has interests in when considering the appropriate level of capital and liquidity on a deconsolidated basis.

The company is subject to limited covenants in respect of its corporate debt and is in full compliance with all such covenants as at December 31, 2017 and 2016. The company is also in compliance with all covenants and other capital requirements related to regulatory or contractual obligations of material consequence to the company.

XML

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2017

Related Party [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

a) Related Parties

Related parties include subsidiaries, associates, joint arrangements, key management personnel, the Board of Directors (“Directors”), immediate family members of key management personnel and Directors and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members.

b) Key Management Personnel and Directors

Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the company’s activities, directly or indirectly, and consist of the company’s Senior Executives. The company’s Directors do not plan, direct or control the activities of the company directly; they provide oversight over the business.

The remuneration of key management personnel and Directors of the company during the years ended December 31, 2017 and 2016 was as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Salaries, incentives and short-term benefits	$	18	$	19
Share-based payments	54		50
	$	72	$	69

The remuneration of key management personnel and Directors is determined by the Management Resources and Compensation Committee of the Board of Directors having regard to the performance of individuals and market funds.

c) Related Party Transactions

In the normal course of operations, the company executes transactions on market terms with related parties that have been measured at exchange value and are recognized in the consolidated financial statements, including, but not limited to: base management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; power purchase and sale agreements; capital commitments to private funds; the acquisition and disposition of assets and businesses; derivative contracts; and the construction and development of assets. Transactions and balances between consolidated entities are fully eliminated upon consolidation.

The following table lists the related party balances included within the consolidated financial statements as at and for the years ended December 31, 2017 and 2016:

AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Investment and other losses	$	(268	)	$	(110	)
Financial assets	—			1,254
Management fees received	47			56

Prior year’s balance of $1.3 billion represents warrants that BPY holds which are convertible into common shares of GGP. As at December 31, 2017, as a result of the conversion of the warrants to common shares of the company, we no longer hold any related party financial assets.

In connection with our open-ended real estate fund launched in 2016, BPY contributed certain operating buildings and development projects for net proceeds of approximately $500 million, which was received in the form of cash and limited partner interest in the fund. The company is the general partner of the fund and will earn fees for the management of this fund. This fund is equity accounted for in the consolidated financial statements of the company.

XML

OTHER INFORMATION

12 Months Ended

Dec. 31, 2017

Other Information [Abstract]

OTHER INFORMATION

OTHER INFORMATION

a) Guarantees and Contingencies

In the normal course of business, the company enters into contractual obligations which include commitments to provide bridge financing, letters of credit, guarantees and reinsurance obligations. As at December 31, 2017, the company had $2.6 billion (2016 –$2.6 billion) of such commitments outstanding. The company also had $3.8 billion of future operating lease obligations at December 31, 2017, of which $1.9 billion relates to land leases with agreements largely expiring after the year 2065.

In addition, the company executes agreements that provide for indemnifications and guarantees to third parties in transactions or dealings such as business dispositions, business acquisitions, sales of assets, provision of services, securitization agreements and underwriting and agency agreements. The company has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents the company from making a reasonable estimate of the maximum potential amount the company could be required to pay third parties, as in most cases, the agreements do not specify a maximum amount, and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Neither the company nor its consolidated subsidiaries have made significant payments in the past nor do they expect at this time to make any significant payments under such indemnification agreements in the future.

The company periodically enters into joint ventures, consortium or other arrangements that have contingent liquidity rights in favor of the company or its counterparties. These include buy sell arrangements, registration rights and other customary arrangements that generally have embedded protective terms that mitigate the risk to us. The amount, timing and likelihood of any payments by the company under these arrangements is, in most cases, dependent on either further contingent events or circumstances applicable to the counterparty and therefore cannot be determined at this time.

The company is contingently liable with respect to litigation and claims that arise in the normal course of business. It is not reasonably possible that any of the ongoing litigation as at December 31, 2017 could result in a material settlement liability.

The company has up to $4 billion of insurance for damage and business interruption costs sustained as a result of an act of terrorism. However, a terrorist act could have a material effect on the company’s assets to the extent damages exceed the coverage.

The company, through its subsidiaries within the residential properties operations, is contingently liable for obligations of its associates in its land development joint ventures. In each case, all of the assets of the joint venture are available first for the purpose of satisfying these obligations, with the balance shared among the participants in accordance with predetermined joint venture arrangements.

The corporation has entered into arrangements with respect to the $1.8 billion of exchangeable preferred equity units issued by BPY discussed in Note 19, which are redeemable in equal tranches of $600 million in 2021, 2024 and 2026, respectively.

The preferred equity units are exchangeable into equity units of BPY at $25.70 per unit, at the option of the holder, at any time up to and including the maturity date. BPY may redeem the preferred equity units after specified periods if the BPY equity unit price exceeds predetermined amounts. At maturity, the preferred equity units will be converted into BPY equity units at the lower of $25.70 or the then market price of a BPY equity unit. In order to provide the purchaser with enhanced liquidity, the corporation has agreed to purchase the preferred equity units for cash at the option of the holder, for the initial purchase price plus accrued and unpaid dividends. In order to decrease dilution risk to BPY, the corporation has agreed with the holder and BPY that if the price of a BPY equity unit is less than 80% of the exchange price of $25.70 at the redemption date of the 2021 and 2024 tranches, the corporation will acquire the preferred equity units subject to redemption, at the redemption price, and to exchange these preferred equity units for preferred equity units with similar terms and conditions, including redemption date, as the 2026 tranche.

b) Supplemental Cash Flow Information

Sustaining capital expenditures in the company’s renewable power operations were $140 million (2016 – $67 million), in its real estate operations were $223 million (2016 – $300 million) and in its infrastructure operations were $927 million (2016 – $390 million).

During the year, the company capitalized $203 million (2016 – $229 million) of interest primarily to investment properties and residential inventory under development.

XML

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2017

Disclosure of non-adjusting events after reporting period [abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

In the first quarter of 2018, BPY signed a definitive agreement to acquire the common shares of GGP that it does not already own. The purchase price is comprised of a fixed amount of $9.25 billion of cash and approximately 254 million units of BPY or an equivalent equity instrument that will be issued on the close of the transaction. The cash component of the transaction is expected to be funded through approximately $4 billion of asset sales, with the balance funded through debt at the GGP level, that will be non-recourse to the corporation or BPY. We expect our ownership of BPY to be approximately 50% following this transaction.

XML

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2017

Disclosure of Significant Accounting Policies [Abstract]

Statement of Compliance

Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

These financial statements were authorized for issuance by the Board of Directors of the company on March 29, 2018.

Adoption of Accounting Standards and Future Changes in Accounting Standards

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, 2017 as follows:

i.    Income Tax

The amendments to IAS 12, Income Taxes clarify the following aspects: (i) unrealized losses on debt instruments measured at fair value in the financial statements and measured at cost for tax purposes give rise to a deductible temporary difference regardless of whether the debt instrument’s holder expects to recover the carrying amount of the debt instrument by sale or by use; (ii) the carrying amount of an asset does not limit the estimation of probable future taxable profits; (iii) estimates for future taxable profits exclude tax deductions resulting from the reversal of deductible temporary differences; and (iv) an entity assesses a deferred tax asset in combination with other deferred tax assets. The company adopted the amendments on January 1, 2017, on a prospective basis; the adoption did not have a significant impact on the company’s consolidated financial statements.

ii.    Statement of Cash Flows

In January 2016, the IASB issued amendments to IAS 7 Statement of Cash Flows (“IAS 7”), effective for annual periods beginning January 1, 2017. The IASB requires that the following changes in liabilities arising from financing activities are disclosed (to the extent necessary): (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes. Since the amendments were issued less than one year before the effective date, the company was required to provide comparative information when it first applies the amendments. The company has determined that there are no material impacts on its consolidated financial statements as the existing disclosures already include the material information required by the amendments.

c)    Future Changes in Accounting Standards

i.    Revenue from Contracts with Customers

IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The standard supersedes IAS 18, Revenue, IAS 11, Construction Contracts and a number of revenue-related interpretations. IFRS 15 applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 must be applied for periods beginning on or after January 1, 2018 with early application permitted. An entity may adopt the standard on a fully retrospective basis or on a modified retrospective basis.

Management assessed the company’s revenue streams and has substantially completed accumulating, identifying and inventorying detailed information on contracts that may be impacted by the changes at the transition date. Management has also nearly finalized the documented analysis and assessment of the potential impact to IT systems and internal controls. The key areas of focus within the context of the standard relate primarily to the identification of performance obligations and the evaluation of the appropriate period of recognition of revenue for each of these performance obligations.

IFRS 15 requires a higher threshold of probability to be achieved with regards to recognizing revenue arising from variable consideration and claims and variations resulting from contract modifications compared to the current standards. It will therefore give rise to a delay in the recognition of revenue, particularly in our construction services business, which often comes with recognition uncertainty depending on the progress of our construction projects and gives rise to contract modifications that require customers’ approvals before revenue can be recognized. While revenue is currently recognized when it is probable that work performed will result in revenue, under the new standard revenue will be recognized when it is highly probable that a significant reversal of revenue will not occur as a result of these items. Significant judgments and estimates have been used to determine the impact, including the assessment of the probability of customer approval of variations and acceptance of claims and estimation of project completion dates. Despite this variability, a contract’s cash flows and overall profitability at completion will be the same under the new method as under the current method.

We will adopt the new revenue guidance effective January 1, 2018, using the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of consolidated retained earnings as if the standard had always been in effect – comparative periods will not be restated. We expect a reduction in opening consolidated retained earnings of approximately $250 million, net of taxes.

ii.    Financial Instruments

In July 2014, the IASB issued the final publication of IFRS 9 Financial Instruments (“IFRS 9”), superseding IAS 39 Financial Instruments. IFRS 9 establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows. This new standard also includes a new general hedge accounting standard which will align hedge accounting more closely with risk management. It does not fully change the types of hedging relationships or the requirement to measure and recognize ineffectiveness; however, it will allow more hedging strategies that are used for risk management purposes to qualify for hedge accounting and introduce more judgment to assess the effectiveness of a hedging relationship. The standard has a mandatory effective date for annual periods beginning on or after January 1, 2018 with early adoption permitted.

A global team has evaluated the impact of adopting IFRS 9 on its consolidated financial statements and business processes. Management participated in a number of strategic planning and analysis sessions with its subsidiaries and associates in order to evaluate the impact of the standard primarily focusing on the appropriateness of financial asset classification and the consideration of the financial asset impairment requirements under the Standard. Changes resulting from the standard relating to hedge accounting have been evaluated centrally and we have determined that certain hedge accounting relationships relating to aggregated foreign currency exposures will qualify for hedge accounting and, consequently, management is in the process of finalizing the hedge documentation for these relationships with the view to apply hedge accounting to these relationships prospectively commencing on January 1, 2018.

The company is finalizing the documented analysis and assessment of potential impacts to IT systems and internal controls. We will adopt IFRS 9 effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings as if the standard had always been in effect and whereby comparative periods will not be restated. No material adjustments are expected, and we expect that the adoption of IFRS 9 will have an immaterial impact to our net income on an ongoing basis.

iii.    Leases

In January 2016, the IASB published a new standard – IFRS 16 Leases (“IFRS 16”). The new standard brings most leases on balance sheet, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17 Leases and related interpretations and is effective for periods beginning on or after January 1, 2019, with earlier adoption permitted if IFRS 15 has also been applied. The company is in the process of evaluating the impact of IFRS 16 on its consolidated financial statements.

iv.    Foreign Currency Transactions and Advance Consideration

IFRIC 22, Foreign Currency Transactions and Advance Consideration (“IFRIC 22”) clarifies that the date of foreign currency transactions for purposes of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part thereof) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration. The interpretation is effective for periods beginning on or after January 1, 2018 and may be applied either retrospectively or prospectively. The company plans to adopt the standard using the prospective approach, and does not expect a material impact.

v.    Uncertainty over Income Tax Treatments

In June 2017, the IASB published IFRIC 23 Uncertainty over Income Tax Treatments (“IFRIC 23”), effective for annual periods beginning on or after January 1, 2019. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. The interpretation may be applied on either a fully retrospective basis or a modified retrospective basis without restatement of comparative information. The company is currently evaluating the impact of IFRIC 23 on its consolidated financial statements.

Basis of Presentation

Basis of Presentation

The consolidated financial statements are prepared on a going concern basis.

i.    Subsidiaries

The consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company exercises control. Control exists when the company has the power to direct the relevant activities, exposure or rights to variable returns from involvement with the investee, and the ability to use its power over the investee to affect the amount of its returns. Subsidiaries are consolidated from the date control is obtained and continue to be consolidated until the date when control is lost. The company continually reassesses whether or not it controls an investee, particularly if facts and circumstances indicate there is a change to one or more of the control criteria previously mentioned. In certain circumstances when the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights are sufficient to give it power.

Non-controlling interests in the equity of the company’s subsidiaries are included within equity on the Consolidated Balance Sheets. All intercompany balances, transactions, unrealized gains and losses are eliminated in full.

Certain of the company’s subsidiaries are subject to profit sharing arrangements, such as carried interest, between the company and the non-controlling equity holders, whereby the company is entitled to a participation in profits, as determined under the agreements. The attribution of net income amongst equity holders in these subsidiaries reflects the impact of these profit sharing arrangements when the attribution of profits as determined in the agreement is no longer subject to adjustment based on future events and correspondingly reduces non-controlling interests’ attributable share of those profits.

Gains or losses resulting from changes in the company’s ownership interest of a subsidiary that do not result in a loss of control are accounted for as equity transactions and are recorded within ownership changes as a component of equity. When we dispose of all or part of a subsidiary, the difference between the carrying value of what is sold and the proceeds from disposition is recognized within other income and gains in the Consolidated Statements of Operations.

Transaction costs incurred in connection with the acquisition of control of a subsidiary are expensed immediately within fair value changes in the Consolidated Statements of Operations.

Refer to Note 4 for additional information on subsidiaries of the company with significant non-controlling interests.

ii.    Associates and Joint Ventures

Associates are entities over which the company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The company accounts for associates and joint ventures using the equity method of accounting within equity accounted investments on the Consolidated Balance Sheets.

Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the company records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the company’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the company’s interest in an associate or joint venture is adjusted for the company’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each balance sheet date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(j).

iii.    Joint Operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, related to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require unanimous consent of parties sharing control. The company recognizes only its assets, liabilities and share of the results of operations of the joint operation. The assets, liabilities and results of joint operations are included within the respective line items of the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income.

Foreign Currency Translation

Foreign Currency Translation

The U.S. dollar is the functional and presentation currency of the company. Each of the company’s subsidiaries, associates, joint ventures and joint operations determines its own functional currency and items included in the consolidated financial statements of each subsidiary, associate, joint venture and joint operation are measured using that functional currency.

Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are accumulated as a component of equity. On the disposal of a foreign operation, or the loss of control, joint control or significant influence, the component of accumulated other comprehensive income relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner.

Foreign currency denominated monetary assets and liabilities of the company are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains or losses on transactions which hedge these items are also included in net income. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits and highly liquid short-term investments with original maturities of three months or less.

Related Party Transactions

Related Party Transactions

In the normal course of operations, the company enters into various transactions on market terms with related parties. The majority of transactions with related parties are between consolidated entities and eliminate on consolidation. We consider key management personnel, the Board of Directors and material shareholders to be related parties. See additional details in Note 28. The company’s subsidiaries with significant non-controlling interests are described in Note 4 and its associates and joint ventures are described in Note 10.

Investment Properties

Investment Properties

The company uses the fair value method to account for real estate classified as an investment property. A property is determined to be an investment property when it is principally held either to earn rental income or for capital appreciation, or both. Investment properties also include properties that are under development or redevelopment for future use as investment property. Investment property is initially measured at cost including transaction costs, or at fair values if acquired in a business combination. Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in net income during the period in which they arise.

Fair values are completed by undertaking one of two accepted income approach methods, which include either: (i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 cash flows; or (ii) undertaking a direct capitalization approach whereby a capitalization rate is applied to estimated current year cash flows. The future cash flows of each property are based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting current conditions, less future cash outflows relating to such current and future leases.

Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets.

Property, Plant and Equipment

Revaluation of Property, Plant and Equipment

The company uses the revaluation method of accounting for certain classes of property, plant and equipment as well as certain assets which are under development for future use as property, plant and equipment. Property, plant and equipment measured using the revaluation method is initially measured at cost, or at fair values if acquired in a business combination, and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed on an annual basis at the end of each fiscal year, commencing in the first year subsequent to the date of acquisition, unless there is an indication that assets are impaired. Where the carrying amount of an asset increases as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity in revaluation surplus, unless the increase reverses a previously recognized impairment recorded through net income, in which case that portion of the increase is recognized in net income.

Where the carrying amount of an asset decreases, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Depreciation of an asset commences when it is available for use. On loss of control or partial disposition of an asset measured using the revaluation method, all accumulated revaluation surplus or the portion disposed of, respectively, is transferred into retained earnings or ownership changes, respectively.

Hospitality Assets

Hospitality operating assets within our real estate operations are classified as property, plant and equipment and are accounted for using the revaluation method. The company determines the fair value for these assets by using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value of hospitality properties are also reviewed in reference to each hospitality asset’s enterprise value which is determined using a discounted cash flow model.

Depreciation on hotel assets is calculated on a straight-line basis over the estimated useful lives of the components of the assets, which range from 5 to 50 years for buildings and building improvements, 13 to 15 years for land improvements and 2 to 15 years for other equipment.

The company accounts for its other property, plant and equipment using the revaluation method or the cost model, depending on the nature of the asset and the operating segment.

Depreciation on other property, plant and equipment measured using the revaluation method is initially measured at cost and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Under the cost method, assets are initially recorded at cost and are subsequently depreciated over the assets’ useful lives, unless an impairment is identified requiring a write-down to estimated fair value.

Oil and natural gas pre-licensing costs incurred before the legal right to explore a specific area have been obtained are expensed in the period in which they are incurred. Once the legal right to explore has been acquired and development and exploration costs commence, attributable costs are capitalized. The net carrying value of oil and gas properties is depleted using the production method based on estimated proved plus probable oil and natural gas reserves.

Sustainable Resources

Sustainable resources consist of standing timber and other agricultural assets and are measured at fair value after deducting the estimated selling costs and are recorded in accounts receivable and other on the Consolidated Balance Sheets. Estimated selling costs include commissions, levies, delivery costs, transfer taxes and duties. The fair value of standing timber is calculated using the present value of anticipated future cash flows for standing timber before tax and terminal dates of 30 years. Fair value is determined based on felling plans, assessments regarding growth, timber prices and felling and silviculture costs. Changes in fair value are recorded in net income in the period of change. The company determines fair value of its standing timber using external valuations on an annual basis.

Harvested timber is included in inventory and is measured at the lower of fair value less estimated costs to sell at the time of harvest and net realizable value.

Land used in the production of standing timber, as well as bridges, roads and other equipment used in sustainable resources production are accounted for using the revaluation method and included in property, plant and equipment. Bridges, roads and equipment are depreciated over their useful lives, generally 3 to 30 years.

Renewable Power Generation

Renewable power generating assets, including assets under development, are classified as property, plant and equipment and are accounted for using the revaluation method. The company determines the fair value of its renewable power generating assets using discounted cash flow analysis, which includes estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Discount rates are selected for each facility giving consideration to the expected proportion of contracted to uncontracted revenue and markets into which power is sold.

Generally, the first 20 years of cash flow are discounted with a residual value based on the terminal value cash flows. The fair value and estimated remaining service lives are reassessed on an annual basis.

Infrastructure

Utilities, transport, communication and energy assets within our infrastructure operations as well as assets under development classified as property, plant and equipment on the Consolidated Balance Sheets are accounted for using the revaluation method. The company determines the fair value of its utilities, transport, communication and energy assets using discounted cash flow analysis, which includes estimates of forecasted revenue, operating costs, maintenance and other capital expenditures. Valuations are performed internally on an annual basis. Discount rates are selected for each asset, giving consideration to the volatility and geography of its revenue streams.

Cost is allocated to the significant components of power generating assets and each component is depreciated separately.

The depreciation of property, plant and equipment in our Brazilian renewable power operations is based on the duration of the authorization or the useful life of a concession. The weighted-average remaining duration at December 31, 2017 is 15 years (2016 – 15 years). Land rights are included as part of the concession or authorization and are subject to depreciation.

The fair value and the estimated remaining service lives are reassessed annually.

Public service concessions that provide the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as intangible assets.

Inventory

Inventory

Private Equity

Fuel inventories within our Private Equity segment are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories. Changes in fair value less costs to sell are recognized in direct costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value.

Real Estate

Residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, which includes pre-development expenditures and capitalized borrowing costs, and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell.

Homes and other properties held for sale, which include properties subject to sale agreements, are recorded at the lower of cost and net realizable value in inventory. Costs are allocated to the saleable acreage of each project or subdivision in proportion to the anticipated revenue.

Residential Development

Inventories consist of land held for development, land under development, homes under construction, completed homes and model homes. In addition to direct land acquisitions, land development and improvement costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction or development. Indirect costs are allocated to homes or lots based on the number of units in a community.

Land and housing assets are recorded at the lower of cost and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell.

Other Financial Assets

Other Financial Assets

Other financial assets are classified as fair value through profit or loss, available for sale or at amortized cost depending on their nature and use within the company’s business. Changes in the fair values of financial instruments classified as fair value through profit or loss and available for sale are recognized in net income and other comprehensive income, respectively. The cumulative changes in the fair values of available-for-sale securities previously recognized in accumulated other comprehensive income are reclassified to net income when the security is sold, when there is a significant or prolonged decline in fair value or when the company acquires a controlling or significant interest in the underlying investment and commences equity accounting or consolidating the investment. Other financial assets are recognized on their trade date and initially recorded at fair value with changes in fair value recorded in net income or other comprehensive income in accordance with their classification. Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used.

The company assesses the carrying value of available-for-sale securities for impairment when there is objective evidence that the asset is impaired. When objective evidence of impairment exists, the cumulative loss in other comprehensive income is reclassified to net income.

Other financial assets also include loans and notes receivable which are recorded initially at fair value and, with the exception of loans and notes receivable designated as fair value through profit or loss, are subsequently measured at amortized cost using the effective interest method, less any applicable provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Loans and receivables designated as fair value through profit or loss are recorded at fair value, with changes in fair value recorded in net income in the period in which they arise.

Fair Value Measurement

Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset or liability’s anticipated life.

Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate.

Refer to the investment properties and revaluation of property, plant and equipment explanations for the approach taken to determine the fair value of these operating assets.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

At each balance sheet date or more often if events or circumstances indicate there may be impairment, the company assesses whether its assets, other than those measured at fair value with changes in value recorded in net income, have any indication of impairment. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal and the discounted future cash flows generated from use and eventual disposal from an asset or cash-generating unit, is less than their carrying value. Impairment losses are recorded as fair value changes within the Consolidated Statements of Operations. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously.

Accounts Receivable

Accounts Receivable

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for uncollectability.

Intangible Assets

Intangible Assets

Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within depreciation and amortization in the Consolidated Statements of Operations.

Certain of the company’s intangible assets have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount.

Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income.

Goodwill

Goodwill

Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company identifies cash-generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets.

Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal.

Subsidiary Equity Obligations

Subsidiary Equity Obligations

Subsidiary equity obligations include subsidiary preferred equity units, subsidiary preferred shares and capital securities, limited-life funds and redeemable fund units.

Subsidiary preferred equity units and capital securities are preferred shares that may be settled by a variable number of common equity units upon their conversion by the holders or the company. These instruments, as well as the related accrued distributions, are classified as liabilities on the Consolidated Balance Sheets. Dividends or yield distributions on these instruments are recorded as interest expense. To the extent conversion features are not closely related to the underlying liability the instruments are bifurcated into debt and equity components.

Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life.

Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice.

Limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within subsidiary equity obligations on the Consolidated Balance Sheets. Changes in the fair value are recorded in net income in the period of the change.

Revenue Recognition

Revenue Recognition

i.    Asset Management

Asset management revenues consist of base management fees, advisory fees, incentive distributions and performance-based incentive fees which arise from the rendering of services. Revenues from base management fees, advisory fees and incentive distributions are recorded on an accrual basis based on the amounts receivable at the balance sheet date and are recorded within revenues in the Consolidated Statements of Operations.

Revenues from performance-based incentive fees and profit sharing arrangements are recorded on the accrual basis based on the amount that would be due under the formula established by the contract where it is no longer subject to adjustment based on future events. A significant portion of the asset management revenues are eliminated on consolidation, and that which survives is recorded as revenue in the Consolidated Statements of Operations.

ii.    Real Estate Operations

Real estate revenues primarily consist of rental revenues from leasing activities and hospitality revenues and interest and dividends from unconsolidated real estate investments.

Real estate rental income is recognized when the property is ready for its intended use. Office and retail properties are considered to be ready for their intended use when the property is capable of operating in the manner intended by management, which generally occurs upon completion of construction and receipt of all occupancy and other material permits.

The company has retained substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for leases with its tenants as operating leases. Revenue recognition under a lease commences when the tenant has a right to use the leased asset. The total amount of contractual rent to be received from operating leases is recognized on a straight-line basis over the term of the lease; a straight-line or free rent receivable, as applicable, is recorded as a component of investment property for the difference between the amount of rental revenue recorded and the contractual amount received. Rental revenue includes percentage participating rents and recoveries of operating expenses, including property, capital and similar taxes. Percentage participating rents are recognized when tenants’ specified sales targets have been met. Operating expense recoveries are recognized in the period that recoverable costs are chargeable to tenants.

Revenue from the sales of land and buildings not classified as investment properties is recognized at the time that the risks and rewards of ownership have been transferred, possession or title passes to the purchaser, all material conditions of the sales contract have been met and a significant cash down payment or appropriate security is received.

Revenue from hospitality operations are recognized when goods and services are provided, and collection is reasonably assured.

iii.    Renewable Power Operations

Renewable power revenues are derived from the sale of electricity and are recorded at the time power is provided based upon the output delivered and capacity provided at rates specified under either contract terms or prevailing market rates. Costs of generating electricity are recorded as incurred.

iv.    Sustainable Resources Operations

Revenue from timberland operations is derived from the sale of logs and related products. The company recognizes sales to external customers when the product is shipped, title passes, and collectability is reasonably assured. Revenue from agricultural development operations is recognized at the time that the risks and rewards of ownership have transferred.

v.    Infrastructure Operations

Utilities Operations

Revenue from utilities operations is derived from the distribution and transmission of energy as well as from the company’s coal terminal. Distribution and transmission revenue is recognized when services are rendered based upon usage or volume during that period. Terminal infrastructure charges are charged at set rates per tonne of coal based on each customer’s annual contracted tonnage and are then recognized on a pro rata basis each month. The company’s coal terminal also recognizes variable handling charges based on tonnes of coal shipped through the terminal.

Transport Operations

Revenue from transport operations consists primarily of freight and transportation services revenue. Freight and transportation services revenue is recognized at the time of the provision of services based primarily on usage or volume throughput during the period.

Energy Operations

Revenue from energy operations consists primarily of energy transmission, distribution and storage income. Energy revenue is recognized when services are provided and are rendered based upon usage or volume throughput during the period.

Communications Infrastructure

Revenue from communications infrastructure is derived from contracts with media broadcasting and telecommunication customers to access infrastructure. Customers pay upfront and recurring fees to lease space on towers to host their equipment. Recurring rental revenue is recognized on a straight-line basis based on lease agreements. Upfront payments which are separable from the recurring revenue under IFRIC 18 are recognized on a percentage of completion basis on the construction asset to which they relate.

vi.    Private Equity Operations

Revenue from our private equity operations primarily consists of revenues from the sale of goods or products and rendering of services. Sales are recognized when the product is shipped, title passes, and collectability is reasonably assured. Service revenues are recognized when the services are provided.

Revenues from construction contracts are recognized using the percentage-of-completion method once the outcome of the construction contract can be estimated reliably, in proportion to the stage of completion of the contract, and to the extent to which collectability is reasonably assured. The stage of completion is measured by reference to actual costs incurred as a percentage of estimated total costs of each contract. When the outcome cannot be reliably determined, contract costs are expensed as incurred and revenue is only recorded to the extent that the costs are determined to be recoverable. Where it is probable that a loss will arise from a construction contract, the excess of total expected costs over total expected revenue is recognized as an expense immediately.

Within our business services operations, revenue from the sale of goods in our U.K. road fuel service business represents net invoiced sales of fuel products and RTFO certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of the consideration received. Revenue is recognized at the point that title passes to the customer.

vii.    Residential Development Operations

Revenue from residential land sales is recognized at the time that the risks and rewards of ownership have been transferred, which is generally when possession or title passes to the purchaser, all material conditions of the sales contract have been met and a significant cash down payment or appropriate security is received.

Revenue from the sale of homes and residential condominium projects is recognized upon completion, when title passes to the purchaser upon closing and at which time all proceeds are received or collectability is reasonably assured.

viii.    Investments in Financial Assets

Dividend and interest income from other financial assets are recorded within revenues when declared or on an accrual basis using the effective interest method.

Interest revenue from loans and notes receivable, less a provision for uncollectible amounts, is recorded on the accrual basis using the effective interest method.

xii.    Other Income and Gains

Other income and gains represent the excess of proceeds over carrying values on the disposition of subsidiaries, investments or assets, or the settlement of liabilities for less than carrying values.

Derivative Financial Instruments and Hedge Accounting

Derivative Financial Instruments and Hedge Accounting

The company selectively utilizes derivative financial instruments primarily to manage financial risks, including interest rate, commodity and foreign exchange risks. Derivative financial instruments are recorded at fair value within the company’s consolidated financial statements. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be effective as a hedge based on an expectation of offsetting cash flows or fair values. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in net income over the remaining term of the original hedging relationship. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in accounts receivable and other or accounts payable and other, respectively.

i.    Items Classified as Hedges

Realized and unrealized gains and losses on foreign exchange contracts designated as hedges of currency risks relating to a net investment in a subsidiary or an associate are included in equity. Gains or losses are reclassified into net income in the period in which the subsidiary or associate is disposed of or to the extent that the hedges are ineffective. Where a subsidiary is partially disposed, and control is retained, any associated gains or costs are reclassified within equity to ownership changes. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at their estimated fair value with changes in fair value recorded in net income or as a component of equity, as applicable.

Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate swap contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. The periodic exchanges of payments on interest rate contracts designated as hedges of future interest payments are amortized into net income over the term of the corresponding interest payments.

Unrealized gains and losses on electricity contracts designated as cash flow hedges of future power generation revenue are included in equity as a cash flow hedge. The periodic exchanges of payments on power generation commodity swap contracts designated as hedges are recorded on a settlement basis as an adjustment to power generation revenue.

ii.    Items Not Classified as Hedges

Derivative financial instruments that are not designated as hedges are carried at their estimated fair value, and gains and losses arising from changes in fair value are recognized in net income in the period in which the change occurs. Realized and unrealized gains and losses on equity derivatives used to offset changes in share prices in respect of vested Deferred Share Units and Restricted Share Units are recorded together with the corresponding compensation expense. Realized and unrealized gains on other derivatives not designated as hedges are recorded in revenues, direct costs or corporate costs, as applicable. Realized and unrealized gains and losses on derivatives which are considered economic hedges, and where hedge accounting is not able to be elected, are recorded in fair value changes in the Consolidated Statements of Operations.

Income Taxes

Income Taxes

Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries, based on the tax rates and laws enacted or substantively enacted at the balance sheet date. Current and deferred income tax relating to items recognized directly in equity are also recognized in equity. Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases and carrying amounts of assets and liabilities. Deferred income tax assets are recognized for all deductible temporary differences and for the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent it is no longer probable that the income tax assets will be recovered. Deferred income tax assets and liabilities are measured using the tax rates that are expected to apply to the year when the asset is realized or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Business Combinations

Business Combinations

Business combinations are accounted for using the acquisition method. The cost of a business acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale which are recognized and measured at fair value less costs to sell. The interest of non-controlling shareholders in the acquiree is initially measured at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized.

To the extent the fair value of consideration paid exceeds the fair value of the net identifiable tangible and intangible assets, the excess is recorded as goodwill. To the extent the fair value of consideration paid is less than the fair value of net identifiable tangible and intangible assets, the excess is recognized in net income.

When a business combination is achieved in stages, previously held interests in the acquired entity are re-measured to fair value at the acquisition date, which is the date control is obtained, and the resulting gain or loss, if any, is recognized in net income, other than amounts transferred directly to retained earnings. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to net income. Transaction costs are recorded as an expense within fair value changes in the Consolidated Statements of Operations.

Capitalized Costs

Capitalized Costs

Capitalized costs related to assets under development and redevelopment include all eligible expenditures incurred in connection with the acquisition, development and construction of the asset until it is available for its intended use. These expenditures consist of costs that are directly attributable to these assets.

Borrowing costs are capitalized when such costs are directly attributable to the acquisition, construction or production of a qualifying asset. A qualifying asset is an asset that takes a substantial period of time to prepare for its intended use.

Share-based Payments

Share-based Payments

The company issues share-based awards to certain employees and non-employee directors. The cost of equity-settled share-based transactions, comprised of share options, restricted shares and escrowed shares, is determined as the fair value of the award on the grant date using a fair value model. The cost of equity-settled share-based transactions is recognized as each tranche vests and is recorded in contributed surplus as a component of equity. The cost of cash-settled share-based transactions, comprised of Deferred Share Units (“DSUs”) and Restricted Share Units (“RSUs”), is measured as the fair value at the grant date, and expensed on a proportionate basis consistent with the vesting features over the vesting period with the recognition of a corresponding liability. The liability is recorded as a provision within accounts payable and other and measured at each reporting date at fair value with changes in fair value recognized in net income.

Provisions

Provisions

A provision is a liability of uncertain timing that is recognized when the company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The company’s significant provisions consist of pensions and other long-term and post-employment benefits, warranties on some products or services, obligations to retire or decommission tangible long-lived assets and the cost of legal claims arising in the normal course of operations.

Pensions and Other Post-Employment Benefits

Pensions and Other Post-Employment Benefits

The company offers pension and other post-employment benefit plans to employees of certain of its subsidiaries, with certain of these subsidiaries offering defined benefit plans. Defined benefit pension expenses, which include the current year’s service cost, are included in direct costs. For each defined benefit plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets as a defined benefit liability reported in accounts payable and other on our Consolidated Balance Sheets. The company’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations.

b.    Other Long-Term Incentive Plans

The company provides long-term incentive plans to certain employees whereby the company allocates a portion of the amounts realized through subsidiary profit sharing agreements to its employees. The cost of these plans is recognized over the requisite service period, provided it is probable that the vesting conditions will be achieved, based on the underlying subsidiary profit sharing arrangement. The liability is recorded within accounts payable and other and measured at each reporting date with the corresponding expense recognized in direct costs.

Warranties, Asset Retirement, Legal and Other

Warranties, Asset Retirement, Legal and Other

Certain consolidated entities offer warranties on the sale of products or services. A provision is recorded to provide for future warranty costs based on management’s best estimate of probable warranty claims.

Certain consolidated entities have legal obligations to retire tangible long-lived assets. A provision is recorded at each reporting date to provide for the estimated fair value of the asset retirement obligation upon decommissioning of the asset period.

In the normal course of operations, the company may become involved in legal proceedings. Management analyzes information about these legal matters and provides provisions for probable contingent losses, including estimated legal expenses to resolve the matters. Internal and external legal counsel are used in order to estimate the probability of an unfavorable outcome and the amount of loss.

Critical Estimates and Judgments

Critical Estimates and Judgments

The preparation of financial statements requires management to make estimates and judgments that affect the carried amounts of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses recorded during the period. Actual results could differ from those estimates.

In making estimates and judgments, management relies on external information and observable conditions, where possible, supplemented by internal analysis as required. These estimates and judgments have been applied in a manner consistent with prior periods and there are no known trends, commitments, events or uncertainties that the company believes will materially affect the methodology or assumptions utilized in making estimates and judgments in these consolidated financial statements.

i.    Critical Estimates

The significant estimates used in determining the recorded amount for assets and liabilities in the consolidated financial statements include the following:

a.    Investment Properties

The critical assumptions and estimates used when determining the fair value of commercial properties are: the timing of rental income from future leases reflecting current market conditions, less assumptions of future cash costs in respect of current and future leases; maintenance and other capital expenditures; discount rates; terminal capitalization rates; and terminal valuation dates. Properties under development are recorded at fair value using a discounted cash flow model which includes estimates in respect of the timing and cost to complete the development.

Further information on investment property estimates is provided in Note 11.

b.    Revaluation Method for Property, Plant and Equipment

When determining the carrying value of property, plant and equipment using the revaluation method, the company uses the following critical assumptions and estimates: the timing of forecasted revenues; future sales prices and associated expenses; future sales volumes; future regulatory rates; maintenance and other capital expenditures; discount rates; terminal capitalization rates; terminal valuation dates; useful lives; and residual values. Determination of the fair value of property, plant and equipment under development includes estimates in respect of the timing and cost to complete the development.

Further information on estimates used in the revaluation method for property, plant and equipment is provided in Note 12.

c.    Financial Instruments

Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the credit worthiness of the company relative to its counterparties; the credit risk of the company’s counterparties; estimated future cash flows; the amount of the liability and equity components of compound financial instruments; discount rates and volatility utilized in option valuations.

Further information on estimates used in determining the carrying value of financial instruments is provided in Notes 6, 25 and 26.

d.    Inventory

The company estimates the net realizable value of its inventory using estimates and assumptions about future development costs, costs to hold and future selling costs.

e.    Sustainable Resources

The fair value of standing timber and agricultural assets is based on the following estimates and assumptions: the timing of forecasted revenues and prices; estimated selling costs; sustainable felling plans; growth assumptions; silviculture costs; discount rates; terminal capitalization rates; and terminal valuation dates.

f.    Other

Other estimates and assumptions utilized in the preparation of the company’s consolidated financial statements are: the assessment or determination of net recoverable amount; oil and gas reserves; depreciation and amortization rates and useful lives; estimation of recoverable amounts of cash-generating units for impairment assessments of goodwill and intangible assets; ability to utilize tax losses and other tax measurements; fair value of assets held as collateral and the percentage of completion for construction contracts.

ii.    Critical Judgments

Management is required to make critical judgments when applying its accounting policies. The following judgments have the most significant effect on the consolidated financial statements:

a.    Control or Level of Influence

When determining the appropriate basis of accounting for the company’s investees, the company makes judgments about the degree of influence that it exerts directly or through an arrangement over the investees’ relevant activities. This may include the ability to elect investee directors or appoint management. Control is obtained when the company has the power to direct the relevant investing, financing and operating decisions of an entity and does so in its capacity as principal of the operations, rather than as an agent for other investors. Operating as a principal includes having sufficient capital at risk in any investee and exposure to the variability of the returns generated as a result of the decisions of the company as principal. Judgment is used in determining the sufficiency of the capital at risk or variability of returns. In making these judgments, the company considers the ability of other investors to remove the company as a manager or general partner in a controlled partnership.

b.    Investment Properties

When applying the company’s accounting policy for investment properties, judgment is applied in determining whether certain costs are additions to the carrying amount of the property and, for properties under development, identifying the point at which practical completion of the property occurs and identifying the directly attributable borrowing costs to be included in the carrying value of the development property.

c.    Property, Plant and Equipment

The company’s accounting policy for its property, plant and equipment requires critical judgments over the assessment of carrying value, whether certain costs are additions to the carrying amount of the property, plant and equipment as opposed to repairs and maintenance, and for assets under development the identification of when the asset is capable of being used as intended and identifying the directly attributable borrowing costs to be included in the asset’s carrying value.

For assets that are measured using the revaluation method, judgment is required when estimating future prices, volumes, discount and capitalization rates. Judgment is applied when determining future electricity prices considering broker quotes for the years in which there is a liquid market available and, for the subsequent years, our best estimate of electricity prices from renewable sources that would allow new entrants into the market.

d.    Common Control Transactions

The purchase and sale of businesses or subsidiaries between entities under common control are not specifically addressed in IFRS and accordingly, management uses judgment when determining a policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. The company’s policy is to record assets and liabilities recognized as a result of transfers of businesses or subsidiaries between entities under common control at carrying value. Differences between the carrying amount of the consideration given or received and the carrying amount of the assets and liabilities transferred are recorded directly in equity.

e.    Indicators of Impairment

Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the company’s assets, including: the determination of the company’s ability to hold financial assets; the estimation of a cash-generating unit’s future revenues and direct costs; the determination of discount and capitalization rates; and when an asset’s carrying value is above the value derived using publicly traded prices which are quoted in a liquid market.

f.    Income Taxes

The company makes judgments when determining the future tax rates applicable to subsidiaries and identifying the temporary differences that relate to each subsidiary. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply during the period when the assets are realized or the liabilities settled, using the tax rates and laws enacted or substantively enacted at the consolidated balance sheet dates. The company measures deferred income taxes associated with its investment properties based on its specific intention with respect to each asset at the end of the reporting period. Where the company has a specific intention to sell a property in the foreseeable future, deferred taxes on the building portion of an investment property are measured based on the tax consequences that would follow the disposition of the property. Otherwise, deferred taxes are measured on the basis the carrying value of the investment property will be recovered substantially through use.

g.    Classification of Non-Controlling Interests in Limited-Life Funds

Non-controlling interests in limited-life funds are classified as liabilities (subsidiary equity obligations) or equity (non-controlling interests) depending on whether an obligation exists to distribute residual net assets to non-controlling interests on liquidation in the form of cash or another financial asset or assets delivered in kind. Judgment is required to determine what the governing documents of each entity require or permit in this regard.

h.    Other

Other critical judgments include the determination of effectiveness of financial hedges for accounting purposes; the likelihood and timing of anticipated transactions for hedge accounting; and the determination of functional currency.

XML

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Significant Accounting Policies [Abstract]

Schedule of useful lives of assets

Depreciation on utilities, transport, communication and energy assets is calculated on a straight-line basis over the estimated service lives of the components of the assets, which are as follows:

(YEARS)	Useful Lives
Buildings	Up to 70
Leasehold improvements	Up to 50
District energy systems and gas storage assets	Up to 50
Machinery, equipment, transmission stations and towers	Up to 40
Network systems	Up to 60
Rail and transport assets	Up to 40

Depreciation of an asset commences when it is available for use. PP&E is depreciated on a straight-line basis over the estimated useful lives of each component of the asset as follows:

(YEARS)	Useful Lives
Buildings	Up to 50
Leasehold improvements	Up to 40
Machinery and equipment	Up to 20
Oil and gas related equipment	Up to 10

Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows:

(YEARS)	Useful Lives
Dams	Up to 115
Penstocks	Up to 60
Powerhouses	Up to 115
Hydroelectric generating units	Up to 115
Wind generating units	Up to 30
Solar generating units	Up to 30
Other assets	Up to 60

	Cost						Accumulated Fair Value Changes				Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017		2016		2017			2016			2017			2016
Balance, beginning of year	$	5,783		$	5,300		$	694	$	612	$	(825	)	$	(596	)	$	5,652		$	5,316
Additions/(dispositions)1, net of assets reclassified as held for sale	(502		)	254			44		—		246			(6		)	(212		)	248
Acquisitions through business combinations	281			652			—		—		—			—			281			652
Foreign currency translation	292			(423		)	1		—		(13		)	21			280			(402		)
Fair value changes	—			—			59		82		—			—			59			82
Depreciation expenses	—			—			—		—		(281		)	(244		)	(281		)	(244		)
Balance, end of year	$	5,854		$	5,783		$	798	$	694	$	(873	)	$	(825	)	$	5,779		$	5,652

1. For accumulated depreciation, (additions)/dispositions

The following table presents our renewable power property, plant and equipment measured at fair value by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
North America	$	22,832	$	17,132
Brazil	3,443		2,893
Colombia	5,401		5,275
Europe	1,088		1,253
Other1	826		—
	$	33,590	$	26,553

1. Other refers primarily to South Africa, China, India, Malaysia and Thailand

Our renewable power property, plant and equipment consists of the following:

	Hydroelectric						Wind Energy, Solar and Other						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	14,382		$	7,441		$	3,649		$	3,509		$	18,031		$	10,950
Additions, net of disposals and assets reclassified as held for sale	256			253			(273		)	80			(17		)	333
Acquisitions through business combinations	—			5,731			6,923			10			6,923			5,741
Foreign currency translation	29			957			25			50			54			1,007
Cost, end of year	14,667			14,382			10,324			3,649			24,991			18,031
Accumulated fair value changes, beginning of year	11,440			11,035			858			615			12,298			11,650
Fair value changes	341			100			33			216			374			316
Dispositions and assets reclassified as held for sale	(8		)	—			—			—			(8		)	—
Foreign currency translation and other	403			305			213			27			616			332
Accumulated fair value changes, end of year	12,176			11,440			1,104			858			13,280			12,298
Accumulated depreciation, beginning of year	(2,947		)	(2,248		)	(829		)	(614		)	(3,776		)	(2,862		)
Depreciation expenses	(579		)	(586		)	(287		)	(217		)	(866		)	(803		)
Dispositions and assets reclassified as held for sale	—			9			51			5			51			14
Foreign currency translation and other	(38		)	(122		)	(52		)	(3		)	(90		)	(125		)
Accumulated depreciation, end of year	(3,564		)	(2,947		)	(1,117		)	(829		)	(4,681		)	(3,776		)
Balance, end of year	$	23,279		$	22,875		$	10,311		$	3,678		$	33,590		$	26,553

The company’s property, plant and equipment relates to the operating segments as shown below:

	Renewable Power (a)						Infrastructure (b)						Real Estate (c)						Private Equity and Other (d)						Total
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Costs	$	24,991		$	18,031		$	9,253		$	8,045		$	5,854		$	5,783		$	4,050		$	5,268		$	44,148		$	37,127
Accumulated fair value changes1	13,280			12,298			3,272			2,690			798			694			(231		)	(243		)	17,119			15,439
Accumulated depreciation	(4,681		)	(3,776		)	(1,622		)	(1,190		)	(873		)	(825		)	(1,086		)	(1,429		)	(8,262		)	(7,220		)
Total	$	33,590		$	26,553		$	10,903		$	9,545		$	5,779		$	5,652		$	2,733		$	3,596		$	53,005		$	45,346

1. The accumulated fair value changes for private equity and other represent accumulated impairment charges, as assets in these segments are carried at amortized cost

Our infrastructure property, plant and equipment consists of the following:

	Utilities (i)						Transport (i)						Energy (i)						Sustainable Resources (ii)						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	2,894		$	2,945		$	2,361		$	1,953		$	2,382		$	1,487		$	408		$	340		$	8,045		$	6,725
Additions, net of disposals and assets reclassified as held for sale	350			367			103			78			81			89			93			5			627			539
Acquisitions through business combinations	—			—			—			242			100			825			—			—			100			1,067
Foreign currency translation	229			(418		)	191			88			67			(19		)	(6		)	63			481			(286		)
Cost, end of year	3,473			2,894			2,655			2,361			2,630			2,382			495			408			9,253			8,045
Accumulated fair value changes, beginning of year	1,044			946			782			973			351			209			513			385			2,690			2,513
Fair value changes	136			184			24			25			257			123			13			56			430			388
Foreign currency translation and other	76			(86		)	67			(216		)	21			19			(12		)	72			152			(211		)
Accumulated fair value changes, end of year	1,256			1,044			873			782			629			351			514			513			3,272			2,690
Accumulated depreciation, beginning of year	(384		)	(291		)	(517		)	(418		)	(258		)	(172		)	(31		)	(19		)	(1,190		)	(900		)
Depreciation expenses	(113		)	(128		)	(147		)	(126		)	(117		)	(99		)	(10		)	(19		)	(387		)	(372		)
Dispositions and assets reclassified as held for sale	16			1			22			1			4			—			3			1			45			3
Foreign currency translation and other	(28		)	34			(45		)	26			(12		)	13			(5		)	6			(90		)	79
Accumulated depreciation, end of year	(509		)	(384		)	(687		)	(517		)	(383		)	(258		)	(43		)	(31		)	(1,622		)	(1,190		)
Balance, end of year	$	4,220		$	3,554		$	2,841		$	2,626		$	2,876		$	2,475		$	966		$	890		$	10,903		$	9,545

The following table presents the changes to the carrying value of the company’s property, plant and equipment assets included in these operations:

	Cost						Accumulated Impairment						Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Balance, beginning of year	$	5,268		$	5,309		$	(243	)	$	(231	)	$	(1,429	)	$	(1,197	)	$	3,596		$	3,881
Additions/(dispositions)1, net of assets reclassified as held for sale	(1,966		)	(101		)	36			4			752			125			(1,178		)	28
Acquisitions through business combinations	501			—			—			—						—			501			—
Foreign currency translation	247			60			(16		)	(16		)	(51		)	(14		)	180			30
Depreciation expenses	—			—			—			—			(358		)	(343		)	(358		)	(343		)
Impairment charges	—			—			(8		)	—			—			—			(8		)	—
Balance, end of year	$	4,050		$	5,268		$	(231	)	$	(243	)	$	(1,086	)	$	(1,429	)	$	2,733		$	3,596

1. For accumulated depreciation, (additions)/dispositions

XML

SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

Operating Segments [Abstract]

Summary of financial information by segment

Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Notes
External revenues	$	286	$	6,824		$	2,788		$	3,859		$	24,220		$	2,447		$	362		$	40,786
Inter-segment revenues	1,181		38			—			12			357			—			—			1,588			i
Segmented revenues	1,467		6,862			2,788			3,871			24,577			2,447			362			42,374
FFO from equity accounted investments	—		904			23			904			229			1			8			2,069			ii
Interest expense	—		(1,901		)	(691		)	(453		)	(237		)	(83		)	(261		)	(3,626		)	iii
Current income taxes	—		(63		)	(39		)	(111		)	(84		)	(46		)	57			(286		)	iv
Funds from operations	970		2,004			270			345			333			34			(146		)	3,810			v
Common equity	312		16,725			4,944			2,834			4,215			2,915			(7,893		)	24,052
Equity accounted investments	—		19,596			509			8,793			2,385			346			365			31,994
Additions to non-current assets1	—		10,025			7,555			7,991			6,307			74			328			32,280

1. Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill

AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Notes
External revenues	$	348	$	6,324		$	2,474		$	2,414		$	9,603		$	3,019		$	229		$	24,411
Inter-segment revenues	972		14			—			—			359			—			6			1,351			i
Segmented revenues	1,320		6,338			2,474			2,414			9,962			3,019			235			25,762
FFO from equity accounted investments	—		896			9			683			163			6			(6		)	1,751			ii
Interest expense	—		(1,736		)	(615		)	(409		)	(147		)	(91		)	(241		)	(3,239		)	iii
Current income taxes	—		(21		)	(43		)	(35		)	(40		)	(51		)	(23		)	(213		)	iv
Funds from operations	866		1,561			180			374			405			63			(212		)	3,237			v
Common equity	328		16,727			4,826			2,697			2,862			2,679			(7,620		)	22,499
Equity accounted investments	—		16,628			206			7,346			336			374			87			24,977
Additions to non-current assets1	—		12,311			6,899			5,105			359			93			59			24,826

1. Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill

Summary of reconciliation of FFO from equity accounted investments

The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments.

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Consolidated equity accounted income	$	1,213	$	1,293
Non-FFO items from equity accounted investments1	856		458
FFO from equity accounted investments	$	2,069	$	1,751

1. Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments

Schedule of components of income tax expense

The following table reconciles consolidated income taxes to current income taxes by segment:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current tax recovery (expense)	$	(286	)	$	(213	)
Deferred income tax recovery (expense)	(327		)	558
Income tax recovery (expense)	$	(613	)	$	345

The major components of income tax expense for the years ended December 31, 2017 and 2016 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current income taxes	$	286		$	213
Deferred income tax expense/(recovery)
Origination and reversal of temporary differences	499			384
Recovery arising from previously unrecognized tax assets	3			27
Change of tax rates and new legislation	(175		)	(969		)
Total deferred income taxes	327			(558		)
Income taxes	$	613		$	(345	)

Summary of reconciliation of FFO to net income

The following table reconciles net income to total FFO:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Note	2017			2016
Net income		$	4,551		$	3,338
Realized disposition gains in fair value changes or prior periods	vi	1,116			766
Non-controlling interests in FFO		(4,964		)	(2,917		)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		856			458
Fair value changes		(421		)	130
Depreciation and amortization		2,345			2,020
Deferred income taxes		327			(558		)
Total FFO		$	3,810		$	3,237

Summary of financial information by geographic regions

The company’s revenues by location of operations are as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
United States	$	8,284	$	8,073
Canada	5,883		4,427
United Kingdom	15,106		2,858
Other Europe	617		465
Australia	4,405		3,843
Brazil	3,206		1,737
Colombia	970		975
Other	2,315		2,033
	$	40,786	$	24,411

The company’s consolidated assets by location are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	84,860	$	75,556
Canada	21,897		19,324
United Kingdom	20,005		15,740
Other Europe	3,979		4,460
Australia	14,501		12,920
Brazil	23,931		12,807
Colombia	7,362		7,296
Other	16,185		11,723
	$	192,720	$	159,826

Summary of external revenues within operating segments

Total external revenues within our operating segments are as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Asset management	$	286	$	348
Real estate
Core office	2,121		2,170
Opportunistic and other	4,703		4,154
Renewable power
Hydroelectric	2,183		2,055
Wind energy, solar, storage & other	605		419
Infrastructure
Utilities	1,785		825
Transport	1,290		892
Energy	460		398
Sustainable resources and other	324		299
Private equity
Construction services	4,650		4,028
Business services	16,224		2,006
Energy	280		441
Industrial and other operations	3,066		3,128
Residential development	2,447		3,019
Corporate activities	362		229
	$	40,786	$	24,411

XML

SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

Schedule of interests in subsidiaries

The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2017:

	TSX	NYSE	Nasdaq
BPY1	BPY.UN	N/A	BPY
BEP	BEP.UN	BEP	N/A
BIP	BIP.UN	BIP	N/A
BBU	BBU.UN	BBU	N/A

1. BPY voluntarily moved its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Market effective November 16, 2017

The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:

AS AT DEC. 31 (MILLIONS)	2017		2016
BPY	$	19,736	$	18,790
BEP	10,139		8,879
BIP	11,376		7,710
BBU	4,000		2,173
Individually immaterial subsidiaries with non-controlling interests	6,377		5,683
	$	51,628	$	43,235

Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests are set out below. The summarized financial information represents amounts before intra-group eliminations:

	BPY						BEP						BIP						BBU
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Current assets	$	3,912		$	4,198		$	1,666		$	907		$	1,512		$	1,632		$	6,433		$	4,076
Non-current assets	80,435			73,929			29,238			26,830			27,965			19,643			9,371			4,117
Current liabilities	(11,829		)	(8,276		)	(2,514		)	(1,733		)	(1,564		)	(1,515		)	(5,690		)	(2,556		)
Non-current liabilities	(37,394		)	(35,690		)	(14,108		)	(13,332		)	(14,439		)	(10,116		)	(4,050		)	(1,599		)
Non-controlling interests	(19,736		)	(18,790		)	(10,139		)	(8,879		)	(11,376		)	(7,710		)	(4,000		)	(2,173		)
Equity attributable to Brookfield	$	15,388		$	15,371		$	4,143		$	3,793		$	2,098		$	1,934		$	2,064		$	1,865
Revenues	$	6,135		$	5,352		$	2,625		$	2,516		$	3,535		$	2,115		$	22,823		$	7,960
Net income attributable to:
Non-controlling interests	$	2,234		$	1,501		$	103		$	97		$	569		$	408		$	296		$	(170	)
Shareholders	234			1,216			(52		)	(57		)	5			120			(81		)	(32		)
	$	2,468		$	2,717		$	51		$	40		$	574		$	528		$	215		$	(202	)
Other comprehensive income (loss) attributable to:
Non-controlling interests	$	532		$	(36	)	$	786		$	915		$	269		$	426		$	64		$	101
Shareholders	348			(210		)	564			414			54			150			45			32
	$	880		$	(246	)	$	1,350		$	1,329		$	323		$	576		$	109		$	133

The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows:

	BPY						BEP						BIP						BBU
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Cash flows from (used in):
Operating activities	$	639		$	745		$	928		$	632		$	1,481		$	753		$	290		$	229
Financing activities	1,248			2,906			(27		)	2,709			3,814			899			1,353			586
Investing activities	(1,886		)	(3,234		)	(328		)	(3,191		)	(5,721		)	(1,058		)	(1,595		)	(96		)
Distributions paid to non-controlling interests in common equity	$	255		$	250		$	227		$	201		$	489		$	383		$	9		$	2

The following table presents the details of the company’s subsidiaries with significant non-controlling interests:

	Jurisdiction of Formation	Ownership Interest Held by Non-Controlling Interests1,2
AS AT DEC. 31		2017		2016
Brookfield Property Partners L.P. (“BPY”)	Bermuda	30.6	%	31.2	%
Brookfield Renewable Partners L.P. (“BEP”)	Bermuda	39.8	%	38.7	%
Brookfield Infrastructure Partners L.P. (“BIP”)	Bermuda	70.1	%	70.2	%
Brookfield Business Partners L.P. (“BBU”)3	Bermuda	32.0	%	25.1	%

1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) resides with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees

2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units and general partnership units in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary

3. BBU was formed during 2016 through a special dividend of approximately 19 million limited partnership units, equivalent to a 20.7% economic interest in BBU, to the shareholders of the company’s Class A shares and Class B shares

The following tables contain summarized financial information of the corporation, BFI, BFL, BIC and non-guarantor subsidiaries:

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	168	$	30	$	43	$	22	$	44,908	$	(4,385	)	$	40,786
Net income attributable to shareholders	1,462		—		—		59		2,019		(2,078		)	1,462
Total assets	53,688		1,060		757		3,761		206,907		(73,453		)	192,720
Total liabilities	25,444		1,042		756		2,309		113,336		(30,039		)	112,848
AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	148	$	13	$	—	$	3	$	27,968	$	(3,721	)	$	24,411
Net income attributable to shareholders	1,651		—		—		66		1,854		(1,920		)	1,651
Total assets	47,505		507		—		2,974		169,033		(60,193		)	159,826
Total liabilities	21,052		497		—		1,411		87,252		(20,074		)	90,138

1. This column accounts for investments in all subsidiaries of the corporation under the equity method

2. This column accounts for investments in all subsidiaries of the corporation other than BFI, BFL and BIC on a combined basis

3. This column includes the necessary amounts to present the company on a consolidated basis

XML

ACQUISITIONS OF CONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations1 [Abstract]

Disclosure of detailed information about business combinations

The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2017. No material changes were made to the provisional allocations:

(MILLIONS)	Renewable Power			Private Equity			Infrastructure			Real Estate and Other			Total
Cash and cash equivalents	$	762		$	335		$	89		$	39		$	1,225
Accounts receivable and other	980			2,393			345			134			3,852
Inventory	—			701			—			3			704
Equity accounted investments	—			231			—			—			231
Investment properties	—			—			—			5,851			5,851
Property, plant and equipment	6,923			501			100			281			7,805
Intangible assets	27			2,870			5,515			—			8,412
Goodwill	—			342			815			—			1,157
Deferred income tax assets	18			59			—			—			77
Total assets	8,710			7,432			6,864			6,308			29,314
Less:
Accounts payable and other	(1,391		)	(2,109		)	(222		)	(169		)	(3,891		)
Non-recourse borrowings	(4,902		)	(1,678		)	(30		)	(1,955		)	(8,565		)
Deferred income tax liabilities	(59		)	(806		)	(957		)	(45		)	(1,867		)
Non-controlling interests1	(830		)	(826		)	(477		)	(123		)	(2,256		)
	(7,182		)	(5,419		)	(1,686		)	(2,292		)	(16,579		)
Net assets acquired	$	1,528		$	2,013		$	5,178		$	4,016		$	12,735
Consideration2	$	1,528		$	2,006		$	5,178		$	3,845		$	12,557

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2016:

	Real Estate															Renewable Power						Infrastructure
(MILLIONS)	Rouse			IFC Seoul			Simply Storage			City Point			Student Housing			Isagen			Holtwood			Rutas			Niska			Linx
Cash and cash equivalents	$	32		$	25		$	16		$	1		$	33		$	113		$	—		$	115		$	15		$	12
Accounts receivable and other	94			13			28			5			3			174			1			121			99			232
Inventory	—			—			2			—			—			15			—			—			39			—
Equity accounted investments	—			—			—			—			—			—			—			—			—			115
Investment properties	3,010			1,911			1,044			742			608			—			—			—			—			—
Property, plant and equipment	13			303			—			—			—			4,772			859			6			825			229
Intangible assets	—			2			—			—			1			—			—			973			—			69
Goodwill	—			—			—			12			5			799			—			139			82			210
Deferred income tax assets	—			2			—			—			—			—			—			—			—			—
Total assets	3,149			2,256			1,090			760			650			5,873			860			1,354			1,060			867
Less:
Accounts payable and other	(231		)	(107		)	(12		)	(6		)	(49		)	(381		)	(1		)	(7		)	(71		)	(148		)
Non-recourse borrowings	(1,840		)	—			(592		)	—			(202		)	(1,130		)	—			(441		)	(337		)	(181		)
Deferred income tax liabilities	—			(35		)	—			—			—			(1,019		)	—			(153		)	(77		)	(33		)
Non-controlling interests1	(15		)	—			(15		)	—			(2		)	(1,417		)	—			(626		)	(348		)	(360		)
	(2,086		)	(142		)	(619		)	(6		)	(253		)	(3,947		)	(1		)	(1,227		)	(833		)	(722		)
Net assets acquired	$	1,063		$	2,114		$	471		$	754		$	397		$	1,926		$	859		$	127		$	227		$	145
Consideration2	$	1,063		$	2,114		$	471		$	754		$	397		$	1,926		$	859		$	127		$	227		$	145

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests

The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2016. No material changes were made to the provisional allocations disclosed in the 2016 consolidated financial statements:

(MILLIONS)	Real Estate			Renewable Power			Infrastructure and Other			Total
Cash and cash equivalents	$	119		$	117		$	155		$	391
Accounts receivable and other	155			177			672			1,004
Inventory	10			15			39			64
Equity accounted investments	—			—			115			115
Investment properties	9,234			—			—			9,234
Property, plant and equipment	652			5,741			1,067			7,460
Intangible assets	2			—			1,225			1,227
Goodwill	17			799			470			1,286
Deferred income tax assets	2			—			12			14
Total assets	10,191			6,849			3,755			20,795
Less:
Accounts payable and other	(413		)	(385		)	(318		)	(1,116		)
Non-recourse borrowings	(2,859		)	(1,130		)	(1,161		)	(5,150		)
Deferred income tax liabilities	(35		)	(1,020		)	(263		)	(1,318		)
Non-controlling interests1	(33		)	(1,417		)	(1,402		)	(2,852		)
	(3,340		)	(3,952		)	(3,144		)	(10,436		)
Net assets acquired	$	6,851		$	2,897		$	611		$	10,359
Consideration2	$	6,824		$	2,897		$	611		$	10,332

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2017:

	Renewable Power						Private Equity						Infrastructure			Real Estate
(MILLIONS)	TerraForm Power			TerraForm Global			BRK			Greenergy			NTS			Manu- factured Housing			Houston Center			Mumbai Office Portfolio
Cash and cash equivalents	$	149		$	611		$	296		$	28		$	89		$	16		$	—		$	11
Accounts receivable and other	707			266			1,043			1,290			317			79			22			12
Inventory	—			—			10			650			—			—			—			—
Equity accounted investments	—			—			109			114			—			—			—			—
Investment properties	—			—			—			—			—			2,107			825			679
Property, plant and equipment	5,678			1,208			200			154			—			—			—			—
Intangible assets	—			—			2,467			212			5,515			—			—			—
Goodwill	—			—			17			92			804			—			—			—
Deferred income tax assets	—			18			50			9			—			—			—			—
Total assets	6,534			2,103			4,192			2,549			6,725			2,202			847			702
Less:
Accounts payable and other	(1,239		)	(142		)	(227		)	(1,744		)	(202		)	(36		)	(28		)	(44		)
Non-recourse borrowings	(3,714		)	(1,188		)	(1,468		)	(210		)	—			(1,261		)	—			(511		)
Deferred income tax liabilities	(33		)	(15		)	(746		)	(52		)	(946		)	—			—			(45		)
Non-controlling interests1	(829		)	(1		)	(745		)	(81		)	(477		)	(30		)	—			—
	(5,815		)	(1,346		)	(3,186		)	(2,087		)	(1,625		)	(1,327		)	(28		)	(600		)
Net assets acquired	$	719		$	757		$	1,006		$	462		$	5,100		$	875		$	819		$	102
Consideration2	$	719		$	757		$	1,006		$	462		$	5,100		$	768		$	819		$	102

1. Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the assets and liabilities on the date of acquisition

2. Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Measurement [Abstract]

Financial assets classification and other financial assets

Financial Instrument Classification

AS AT DEC. 31, 2017 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	5,139	$	5,139
Other financial assets
Government bonds	34		15		—		49
Corporate bonds	382		253		8		643
Fixed income securities and other	230		432		—		662
Common shares and warrants	585		1,247		—		1,832
Loans and notes receivable	63		—		1,551		1,614
	1,294		1,947		1,559		4,800
Accounts receivable and other2	1,383		—		8,233		9,616
	$	2,677	$	1,947	$	14,931	$	19,555
Financial liabilities
Corporate borrowings	$	—	$	—	$	5,659	$	5,659
Property-specific borrowings	—		—		63,721		63,721
Subsidiary borrowings	—		—		9,009		9,009
Accounts payable and other2	3,841		—		14,124		17,965
Subsidiary equity obligations	1,559		—		2,102		3,661
	$	5,400	$	—	$	94,615	$	100,015

1. Financial assets include $4.1 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $630 million included in accounts receivable and other and $950 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

AS AT DEC. 31, 2016 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	4,299	$	4,299
Other financial assets
Government bonds	22		32		—		54
Corporate bonds	13		342		—		355
Fixed income securities and other	170		335		—		505
Common shares and warrants	1,630		952		—		2,582
Loans and notes receivable	62		—		1,142		1,204
	1,897		1,661		1,142		4,700
Accounts receivable and other2	1,501		—		5,298		6,799
	$	3,398	$	1,661	$	10,739	$	15,798
Financial liabilities
Corporate borrowings	$	—	$	—	$	4,500	$	4,500
Property-specific borrowings	—		—		52,442		52,442
Subsidiary borrowings	—		—		7,949		7,949
Accounts payable and other2	2,019		—		9,896		11,915
Subsidiary equity obligations	1,439		—		2,126		3,565
	$	3,458	$	—	$	76,913	$	80,371

1. Total financial assets include $2.5 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $1 billion included in accounts receivable and other and $528 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

The current and non-current balances of other financial assets are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	2,568	$	3,229
Non-current	2,232		1,471
Total	$	4,800	$	4,700

Financial liabilities classification

Financial Instrument Classification

AS AT DEC. 31, 2017 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	5,139	$	5,139
Other financial assets
Government bonds	34		15		—		49
Corporate bonds	382		253		8		643
Fixed income securities and other	230		432		—		662
Common shares and warrants	585		1,247		—		1,832
Loans and notes receivable	63		—		1,551		1,614
	1,294		1,947		1,559		4,800
Accounts receivable and other2	1,383		—		8,233		9,616
	$	2,677	$	1,947	$	14,931	$	19,555
Financial liabilities
Corporate borrowings	$	—	$	—	$	5,659	$	5,659
Property-specific borrowings	—		—		63,721		63,721
Subsidiary borrowings	—		—		9,009		9,009
Accounts payable and other2	3,841		—		14,124		17,965
Subsidiary equity obligations	1,559		—		2,102		3,661
	$	5,400	$	—	$	94,615	$	100,015

1. Financial assets include $4.1 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $630 million included in accounts receivable and other and $950 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

AS AT DEC. 31, 2016 (MILLIONS)	Fair Value Through Profit or Loss		Available for Sale		Loans and Receivables/Other Financial Liabilities
MEASUREMENT BASIS	(Fair Value)		(Fair Value)		(Amortized Cost)		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	4,299	$	4,299
Other financial assets
Government bonds	22		32		—		54
Corporate bonds	13		342		—		355
Fixed income securities and other	170		335		—		505
Common shares and warrants	1,630		952		—		2,582
Loans and notes receivable	62		—		1,142		1,204
	1,897		1,661		1,142		4,700
Accounts receivable and other2	1,501		—		5,298		6,799
	$	3,398	$	1,661	$	10,739	$	15,798
Financial liabilities
Corporate borrowings	$	—	$	—	$	4,500	$	4,500
Property-specific borrowings	—		—		52,442		52,442
Subsidiary borrowings	—		—		7,949		7,949
Accounts payable and other2	2,019		—		9,896		11,915
Subsidiary equity obligations	1,439		—		2,126		3,565
	$	3,458	$	—	$	76,913	$	80,371

1. Total financial assets include $2.5 billion of assets pledged as collateral

2. Includes derivative instruments which are elected for hedge accounting, totaling $1 billion included in accounts receivable and other and $528 million included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income

The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Corporate borrowings	$	6,087	$	—	$	—	$	4,771	$	—	$	—
Property-specific borrowings	2,123		24,502		38,774		1,360		16,724		35,428
Subsidiary borrowings	3,825		2,030		3,317		2,872		2,451		2,780
Subsidiary equity obligations	—		—		2,102		—		—		2,128

Carrying and fair values of financial assets

The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	—	$	49	$	—	$	11	$	43	$	—
Corporate bonds	127		508		—		175		173		7
Fixed income securities and other	20		233		409		36		178		291
Common shares and warrants	1,586		—		246		1,309		—		1,273
Loans and notes receivables	—		62		1		—		51		11
Accounts receivable and other	15		1,155		213		2		1,342		157
	$	1,748	$	2,007	$	869	$	1,533	$	1,787	$	1,739
Financial liabilities
Accounts payable and other	$	134	$	3,003	$	704	$	98	$	1,859	$	62
Subsidiary equity obligations	—		—		1,559		—		52		1,387
	$	134	$	3,003	$	2,263	$	98	$	1,911	$	1,449

The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and 2016:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Financial assets
Cash and cash equivalents	$	5,139	$	5,139	$	4,299	$	4,299
Other financial assets
Government bonds	49		49		54		54
Corporate bonds	643		643		355		355
Fixed income securities and other	662		662		505		505
Common shares and warrants	1,832		1,832		2,582		2,582
Loans and notes receivable	1,614		1,657		1,204		1,204
	4,800		4,843		4,700		4,700
Accounts receivable and other	9,616		9,616		6,799		6,799
	$	19,555	$	19,598	$	15,798	$	15,798
Financial liabilities
Corporate borrowings	$	5,659	$	6,087	$	4,500	$	4,771
Property-specific borrowings	63,721		65,399		52,442		53,512
Subsidiary borrowings	9,009		9,172		7,949		8,103
Accounts payable and other	17,965		17,965		11,915		11,915
Subsidiary equity obligations	3,661		3,661		3,565		3,567
	$	100,015	$	102,284	$	80,371	$	81,868

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/ accounts payable)	$	1,155	/	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 Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
	(3,003		)
Other financial assets ..................	852			Valuation models based on observable market data

The following table presents our investment properties measured at fair value:

AS AT DEC. 31 (MILLIONS)	2017		2016
Core office
United States	$	14,827	$	16,529
Canada	4,597		4,613
Australia	2,480		2,112
Europe	1,040		1,830
Brazil	327		315
Opportunistic and other
Opportunistic office	8,590		5,853
Opportunistic retail	3,412		4,217
Industrial	1,942		2,678
Multifamily	3,925		3,574
Triple net lease	4,804		4,790
Self-storage	1,854		1,624
Student housing	1,353		649
Manufactured housing	2,206		—
Other investment properties	5,513		5,388
	$	56,870	$	54,172

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:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	—	$	49	$	—	$	11	$	43	$	—
Corporate bonds	127		508		—		175		173		7
Fixed income securities and other	20		233		409		36		178		291
Common shares and warrants	1,586		—		246		1,309		—		1,273
Loans and notes receivables	—		62		1		—		51		11
Accounts receivable and other	15		1,155		213		2		1,342		157
	$	1,748	$	2,007	$	869	$	1,533	$	1,787	$	1,739
Financial liabilities
Accounts payable and other	$	134	$	3,003	$	704	$	98	$	1,859	$	62
Subsidiary equity obligations	—		—		1,559		—		52		1,387
	$	134	$	3,003	$	2,263	$	98	$	1,911	$	1,449

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/ accounts payable)	$	1,155	/	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 Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
	(3,003		)
Other financial assets ..................	852			Valuation models based on observable market data

The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and 2016:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Financial assets
Cash and cash equivalents	$	5,139	$	5,139	$	4,299	$	4,299
Other financial assets
Government bonds	49		49		54		54
Corporate bonds	643		643		355		355
Fixed income securities and other	662		662		505		505
Common shares and warrants	1,832		1,832		2,582		2,582
Loans and notes receivable	1,614		1,657		1,204		1,204
	4,800		4,843		4,700		4,700
Accounts receivable and other	9,616		9,616		6,799		6,799
	$	19,555	$	19,598	$	15,798	$	15,798
Financial liabilities
Corporate borrowings	$	5,659	$	6,087	$	4,500	$	4,771
Property-specific borrowings	63,721		65,399		52,442		53,512
Subsidiary borrowings	9,009		9,172		7,949		8,103
Accounts payable and other	17,965		17,965		11,915		11,915
Subsidiary equity obligations	3,661		3,661		3,565		3,567
	$	100,015	$	102,284	$	80,371	$	81,868

Schedule of significant unobservable inputs used and change in balance of financial assets

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Schedule of significant unobservable inputs used and change in balance of financial liabilities

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

Disclosure of offsetting of financial assets and financial liabilities

The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements:

	Accounts Receivable and Other						Accounts Payable and Other
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016
Gross amounts of financial instruments before netting	$	1,605		$	1,625		$	2,124		$	1,186
Gross amounts of financial instruments set-off in Consolidated Balance Sheets	(223		)	(124		)	(267		)	(154		)
Net amount of financial instruments in Consolidated Balance Sheets	$	1,382		$	1,501		$	1,857		$	1,032

XML

ACCOUNTS RECEIVABLE AND OTHER (Tables)

12 Months Ended

Dec. 31, 2017

Subclassifications of assets, liabilities and equities [abstract]

Schedule of accounts receivable and other

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Accounts receivable	(a)	$	7,209	$	4,294
Prepaid expenses and other assets	(a)	3,350		3,448
Restricted cash	(b)	1,024		1,004
Sustainable resources	(c)	390		387
Total		$	11,973	$	9,133

Schedule of current and non-current accounts receivable

The current and non-current balances of accounts receivable and other are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,492	$	6,490
Non-current	3,481		2,643
Total	$	11,973	$	9,133

Schedule of change in balance of timberlands and other agricultural assets

The following table presents the change in the balance of timberlands and other agricultural assets:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Balance, beginning of year	$	387		$	355
Additions, net of disposals	78			58
Fair value adjustments	21			30
Decrease due to harvest	(103		)	(76		)
Foreign currency changes	7			20
Balance, end of year	$	390		$	387

Schedule of significant unobservable inputs

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

Schedule of inventory properties

AS AT DEC. 31 (MILLIONS)	2017		2016
Residential properties under development	$	2,245	$	2,215
Land held for development	1,922		1,609
Completed residential properties	917		952
Industrial products and other	1,227		573
Total	$	6,311	$	5,349

Schedule of current and non-current balances of inventory

The current and non-current balances of inventory are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	3,585	$	2,987
Non-current	2,726		2,362
Total	$	6,311	$	5,349

XML

HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2017

Non-current Assets Held For Sale And Discontinued Operations [Abstract]

Schedule of assets and liabilities classified as held-for-sale

The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2017 and December 31, 2016:

					2017		2016
AS AT DEC. 31 (MILLIONS)	Real Estate		Other		Total		Total
Assets
Cash and cash equivalents	$	20	$	—	$	20	$	8
Accounts receivables and other	44		—		44		134
Investment properties	1,007		—		1,007		165
Property, plant and equipment	475		15		490		58
Other long-term assets	44		—		44		67
Assets classified as held for sale	$	1,590	$	15	$	1,605	$	432
Liabilities
Accounts payable and other	$	212	$	—	$	212	$	67
Property-specific borrowings	1,212		—		1,212		60
Liabilities associated with assets classified as held for sale	$	1,424	$	—	$	1,424	$	127

XML

EQUITY ACCOUNTED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

Schedule of voting interests and carrying value of investments in joint ventures

The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:

	Investment Type	Ownership Interest				Carrying Value
AS AT DEC. 31 (MILLIONS)		2017		2016		2017		2016
Real estate
GGP Inc. (“GGP”)	Associate	34	%	29	%	$	8,844	$	7,453
Canary Wharf Group plc (“Canary Wharf”)	Joint Venture	50	%	50	%	3,284		2,866
Manhattan West, New York1	Joint Venture	56	%	56	%	1,439		1,214
Other real estate joint ventures1	Joint Venture	12 – 90%		12 – 90%		4,565		3,651
Other real estate investments1	Associate	10 – 90%		19 – 90%		1,465		1,444
						19,597		16,628
Renewable power
Renewable power investments	Associate	14 – 50%		14 – 50%		509		206
Infrastructure
Brazilian toll road1	Associate	60	%	57	%	2,109		1,703
North American natural gas transmission operations	Joint Venture	50	%	50	%	1,013		806
South American transmission operations	Associate	28	%	28	%	930		699
Brazilian rail and port operations	Associate	27	%	27	%	1,046		901
European communications business	Associate	45	%	45	%	1,607		1,313
Australian ports operation	Associate	50	%	50	%	740		693
Other infrastructure investments	Associate	11 – 50%		11 – 50%		1,348		1,231
						8,793		7,346
Private equity
Norbord2	Associate	40	%	n/a		1,364		n/a
Other private equity investments1	Associate	14 – 89%		14 – 89%		1,023		339
						2,387		339
Other joint ventures1	Joint Venture	20 – 85%		20 – 85%		346		374
Other investments1	Associate	12 – 33%		12 – 33%		362		84
Total						$	31,994	$	24,977

1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted

2. Our investment in Norbord has been deconsolidated upon distribution of Norbord shares to fund investors, reducing our ownership share to 40%. As a result, we now equity account for this investment. We recognized a non-cash gain of $790 million on deconsolidation

Schedule of voting interests and carrying value of investments in associates

The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:

	Investment Type	Ownership Interest				Carrying Value
AS AT DEC. 31 (MILLIONS)		2017		2016		2017		2016
Real estate
GGP Inc. (“GGP”)	Associate	34	%	29	%	$	8,844	$	7,453
Canary Wharf Group plc (“Canary Wharf”)	Joint Venture	50	%	50	%	3,284		2,866
Manhattan West, New York1	Joint Venture	56	%	56	%	1,439		1,214
Other real estate joint ventures1	Joint Venture	12 – 90%		12 – 90%		4,565		3,651
Other real estate investments1	Associate	10 – 90%		19 – 90%		1,465		1,444
						19,597		16,628
Renewable power
Renewable power investments	Associate	14 – 50%		14 – 50%		509		206
Infrastructure
Brazilian toll road1	Associate	60	%	57	%	2,109		1,703
North American natural gas transmission operations	Joint Venture	50	%	50	%	1,013		806
South American transmission operations	Associate	28	%	28	%	930		699
Brazilian rail and port operations	Associate	27	%	27	%	1,046		901
European communications business	Associate	45	%	45	%	1,607		1,313
Australian ports operation	Associate	50	%	50	%	740		693
Other infrastructure investments	Associate	11 – 50%		11 – 50%		1,348		1,231
						8,793		7,346
Private equity
Norbord2	Associate	40	%	n/a		1,364		n/a
Other private equity investments1	Associate	14 – 89%		14 – 89%		1,023		339
						2,387		339
Other joint ventures1	Joint Venture	20 – 85%		20 – 85%		346		374
Other investments1	Associate	12 – 33%		12 – 33%		362		84
Total						$	31,994	$	24,977

1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted

2. Our investment in Norbord has been deconsolidated upon distribution of Norbord shares to fund investors, reducing our ownership share to 40%. As a result, we now equity account for this investment. We recognized a non-cash gain of $790 million on deconsolidation

The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures.

	2017								2016
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Revenue		Net Income			OCI			Revenue		Net Income			OCI
Real estate
GGP	$	2,405	$	(591	)	$	12		$	2,427	$	1,735		$	4
Canary Wharf	581		183			5			654		19			(4		)
Manhattan West, New York	81		319			—			78		188			—
Other real estate joint ventures and investments	1,564		1,222			119			1,727		1,110			34
Renewable power
Renewable power investments	65		11			59			74		—			18
Infrastructure
Brazilian toll road	928		95			(39		)	766		185			382
North American natural gas transmission operations	681		15			(1		)	573		133			5
South American transmission operations	441		37			806			433		38			217
Brazilian rail and port operations	1,409		56			490			1,024		70			976
European communications business	783		58			435			767		121			376
Australian ports operation	418		19			78			164		(31		)	(81		)
Other infrastructure investments	1,809		98			(19		)	1,091		54			280
Private equity
Norbord	498		(8		)	5			n/a		n/a			n/a
Other private equity investments	2,548		710			(76		)	1,343		148			(138		)
Other	194		23			4			252		26			2
Total	$	14,405	$	2,247		$	1,878		$	11,373	$	3,796		$	2,071

Schedule of changes in the balance of investments in associates and joint ventures

The following table presents the change in the balance of investments in associates and joint ventures:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Balance, beginning of year	$	24,977		$	23,216
Additions, net of disposals	5,063			660
Acquisitions through business combinations	231			115
Share of net income	1,213			1,293
Share of other comprehensive income	515			430
Distributions received	(732		)	(675		)
Foreign exchange	727			(62		)
Balance, end of year	$	31,994		$	24,977

Schedule of investments in associates

The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:

	2017								2016
AS AT DEC. 31 (MILLIONS)	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities
Real estate
GGP	$	1,029	$	37,841	$	947	$	13,062	$	1,547	$	38,460	$	2,540	$	12,656
Canary Wharf	844		13,092		703		6,759		776		11,641		461		6,224
Manhattan West, New York	74		4,248		816		941		244		3,374		733		718
Other real estate joint ventures and investments	1,206		25,547		1,268		10,110		657		20,986		2,119		6,908
Renewable power
Renewable power investments	153		2,536		115		1,080		45		934		42		532
Infrastructure
Brazilian toll road	304		5,769		602		2,102		263		4,977		823		1,665
North American natural gas transmission operations	139		4,741		139		2,716		122		5,767		1,353		2,925
South American transmission operations	280		7,122		181		3,874		221		5,519		142		3,234
Brazilian rail and port operations	743		6,131		515		2,405		460		5,265		674		1,645
European communications business	464		6,281		561		2,968		328		5,437		443		2,528
Australian ports operation	198		2,281		24		1,332		171		2,166		66		1,229
Other infrastructure investments	695		5,240		865		2,301		360		4,378		515		1,827
Private equity
Norbord	709		2,374		356		728		n/a		n/a		n/a		n/a
Other private equity investments	2,001		18,122		3,124		13,192		616		3,901		694		3,458
Other	800		60		90		100		1,024		8		81		113
	$	9,639	$	141,385	$	10,306	$	63,670	$	6,834	$	112,813	$	10,686	$	45,662

Schedule of investments in joint ventures

The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:

	2017								2016
AS AT DEC. 31 (MILLIONS)	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities
Real estate
GGP	$	1,029	$	37,841	$	947	$	13,062	$	1,547	$	38,460	$	2,540	$	12,656
Canary Wharf	844		13,092		703		6,759		776		11,641		461		6,224
Manhattan West, New York	74		4,248		816		941		244		3,374		733		718
Other real estate joint ventures and investments	1,206		25,547		1,268		10,110		657		20,986		2,119		6,908
Renewable power
Renewable power investments	153		2,536		115		1,080		45		934		42		532
Infrastructure
Brazilian toll road	304		5,769		602		2,102		263		4,977		823		1,665
North American natural gas transmission operations	139		4,741		139		2,716		122		5,767		1,353		2,925
South American transmission operations	280		7,122		181		3,874		221		5,519		142		3,234
Brazilian rail and port operations	743		6,131		515		2,405		460		5,265		674		1,645
European communications business	464		6,281		561		2,968		328		5,437		443		2,528
Australian ports operation	198		2,281		24		1,332		171		2,166		66		1,229
Other infrastructure investments	695		5,240		865		2,301		360		4,378		515		1,827
Private equity
Norbord	709		2,374		356		728		n/a		n/a		n/a		n/a
Other private equity investments	2,001		18,122		3,124		13,192		616		3,901		694		3,458
Other	800		60		90		100		1,024		8		81		113
	$	9,639	$	141,385	$	10,306	$	63,670	$	6,834	$	112,813	$	10,686	$	45,662

The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures.

	2017								2016
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Revenue		Net Income			OCI			Revenue		Net Income			OCI
Real estate
GGP	$	2,405	$	(591	)	$	12		$	2,427	$	1,735		$	4
Canary Wharf	581		183			5			654		19			(4		)
Manhattan West, New York	81		319			—			78		188			—
Other real estate joint ventures and investments	1,564		1,222			119			1,727		1,110			34
Renewable power
Renewable power investments	65		11			59			74		—			18
Infrastructure
Brazilian toll road	928		95			(39		)	766		185			382
North American natural gas transmission operations	681		15			(1		)	573		133			5
South American transmission operations	441		37			806			433		38			217
Brazilian rail and port operations	1,409		56			490			1,024		70			976
European communications business	783		58			435			767		121			376
Australian ports operation	418		19			78			164		(31		)	(81		)
Other infrastructure investments	1,809		98			(19		)	1,091		54			280
Private equity
Norbord	498		(8		)	5			n/a		n/a			n/a
Other private equity investments	2,548		710			(76		)	1,343		148			(138		)
Other	194		23			4			252		26			2
Total	$	14,405	$	2,247		$	1,878		$	11,373	$	3,796		$	2,071

Schedule of distributions from equity accounted investments by operating segments

The following table presents distributions from equity accounted investments by operating segment:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Real estate	$	353	$	508
Renewable power	31		6
Infrastructure	121		85
Private equity and other	227		76
	$	732	$	675

Schedule of fair value of equity accounted investments

The fair value based on the publicly listed price of these equity accounted investments in comparison to the company’s carrying value is as follows:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Public Price		Carrying Value		Public Price		Carrying Value
GGP	$	7,570	$	8,844	$	6,379	$	7,453
Norbord1	1,176		1,364		n/a		n/a
Other	286		201		44		—
	$	9,032	$	10,409	$	6,423	$	7,453

1. Our investment in Norbord was consolidated as at December 31, 2016 and therefore has not been included in prior year figures

XML

INVESTMENT PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2017

Investment property [abstract]

Schedule of changes in fair value of investment properties

The following table presents the change in the fair value of the company’s investment properties:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Fair value, beginning of year	$	54,172		$	47,164
Additions	593			1,576
Acquisitions through business combinations	5,851			9,234
Disposals and reclassifications to assets held for sale	(6,169		)	(4,612		)
Fair value changes	1,021			960
Foreign currency translation	1,402			(150		)
Fair value, end of year	$	56,870		$	54,172

Schedule of investment properties measured at fair value

The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:

	2017						2016
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	—	$	49	$	—	$	11	$	43	$	—
Corporate bonds	127		508		—		175		173		7
Fixed income securities and other	20		233		409		36		178		291
Common shares and warrants	1,586		—		246		1,309		—		1,273
Loans and notes receivables	—		62		1		—		51		11
Accounts receivable and other	15		1,155		213		2		1,342		157
	$	1,748	$	2,007	$	869	$	1,533	$	1,787	$	1,739
Financial liabilities
Accounts payable and other	$	134	$	3,003	$	704	$	98	$	1,859	$	62
Subsidiary equity obligations	—		—		1,559		—		52		1,387
	$	134	$	3,003	$	2,263	$	98	$	1,911	$	1,449

The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and 2016:

	2017				2016
AS AT DEC. 31 (MILLIONS)	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Financial assets
Cash and cash equivalents	$	5,139	$	5,139	$	4,299	$	4,299
Other financial assets
Government bonds	49		49		54		54
Corporate bonds	643		643		355		355
Fixed income securities and other	662		662		505		505
Common shares and warrants	1,832		1,832		2,582		2,582
Loans and notes receivable	1,614		1,657		1,204		1,204
	4,800		4,843		4,700		4,700
Accounts receivable and other	9,616		9,616		6,799		6,799
	$	19,555	$	19,598	$	15,798	$	15,798
Financial liabilities
Corporate borrowings	$	5,659	$	6,087	$	4,500	$	4,771
Property-specific borrowings	63,721		65,399		52,442		53,512
Subsidiary borrowings	9,009		9,172		7,949		8,103
Accounts payable and other	17,965		17,965		11,915		11,915
Subsidiary equity obligations	3,661		3,661		3,565		3,567
	$	100,015	$	102,284	$	80,371	$	81,868

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/ accounts payable)	$	1,155	/	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 Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
	(3,003		)
Other financial assets ..................	852			Valuation models based on observable market data

The following table presents our investment properties measured at fair value:

AS AT DEC. 31 (MILLIONS)	2017		2016
Core office
United States	$	14,827	$	16,529
Canada	4,597		4,613
Australia	2,480		2,112
Europe	1,040		1,830
Brazil	327		315
Opportunistic and other
Opportunistic office	8,590		5,853
Opportunistic retail	3,412		4,217
Industrial	1,942		2,678
Multifamily	3,925		3,574
Triple net lease	4,804		4,790
Self-storage	1,854		1,624
Student housing	1,353		649
Manufactured housing	2,206		—
Other investment properties	5,513		5,388
	$	56,870	$	54,172

Schedule of key valuation metrics for investment properties

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2017

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

Depreciation on utilities, transport, communication and energy assets is calculated on a straight-line basis over the estimated service lives of the components of the assets, which are as follows:

(YEARS)	Useful Lives
Buildings	Up to 70
Leasehold improvements	Up to 50
District energy systems and gas storage assets	Up to 50
Machinery, equipment, transmission stations and towers	Up to 40
Network systems	Up to 60
Rail and transport assets	Up to 40

Depreciation of an asset commences when it is available for use. PP&E is depreciated on a straight-line basis over the estimated useful lives of each component of the asset as follows:

(YEARS)	Useful Lives
Buildings	Up to 50
Leasehold improvements	Up to 40
Machinery and equipment	Up to 20
Oil and gas related equipment	Up to 10

Depreciation on renewable power generating assets is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows:

(YEARS)	Useful Lives
Dams	Up to 115
Penstocks	Up to 60
Powerhouses	Up to 115
Hydroelectric generating units	Up to 115
Wind generating units	Up to 30
Solar generating units	Up to 30
Other assets	Up to 60

	Cost						Accumulated Fair Value Changes				Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017		2016		2017			2016			2017			2016
Balance, beginning of year	$	5,783		$	5,300		$	694	$	612	$	(825	)	$	(596	)	$	5,652		$	5,316
Additions/(dispositions)1, net of assets reclassified as held for sale	(502		)	254			44		—		246			(6		)	(212		)	248
Acquisitions through business combinations	281			652			—		—		—			—			281			652
Foreign currency translation	292			(423		)	1		—		(13		)	21			280			(402		)
Fair value changes	—			—			59		82		—			—			59			82
Depreciation expenses	—			—			—		—		(281		)	(244		)	(281		)	(244		)
Balance, end of year	$	5,854		$	5,783		$	798	$	694	$	(873	)	$	(825	)	$	5,779		$	5,652

1. For accumulated depreciation, (additions)/dispositions

The following table presents our renewable power property, plant and equipment measured at fair value by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
North America	$	22,832	$	17,132
Brazil	3,443		2,893
Colombia	5,401		5,275
Europe	1,088		1,253
Other1	826		—
	$	33,590	$	26,553

1. Other refers primarily to South Africa, China, India, Malaysia and Thailand

Our renewable power property, plant and equipment consists of the following:

	Hydroelectric						Wind Energy, Solar and Other						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	14,382		$	7,441		$	3,649		$	3,509		$	18,031		$	10,950
Additions, net of disposals and assets reclassified as held for sale	256			253			(273		)	80			(17		)	333
Acquisitions through business combinations	—			5,731			6,923			10			6,923			5,741
Foreign currency translation	29			957			25			50			54			1,007
Cost, end of year	14,667			14,382			10,324			3,649			24,991			18,031
Accumulated fair value changes, beginning of year	11,440			11,035			858			615			12,298			11,650
Fair value changes	341			100			33			216			374			316
Dispositions and assets reclassified as held for sale	(8		)	—			—			—			(8		)	—
Foreign currency translation and other	403			305			213			27			616			332
Accumulated fair value changes, end of year	12,176			11,440			1,104			858			13,280			12,298
Accumulated depreciation, beginning of year	(2,947		)	(2,248		)	(829		)	(614		)	(3,776		)	(2,862		)
Depreciation expenses	(579		)	(586		)	(287		)	(217		)	(866		)	(803		)
Dispositions and assets reclassified as held for sale	—			9			51			5			51			14
Foreign currency translation and other	(38		)	(122		)	(52		)	(3		)	(90		)	(125		)
Accumulated depreciation, end of year	(3,564		)	(2,947		)	(1,117		)	(829		)	(4,681		)	(3,776		)
Balance, end of year	$	23,279		$	22,875		$	10,311		$	3,678		$	33,590		$	26,553

The company’s property, plant and equipment relates to the operating segments as shown below:

	Renewable Power (a)						Infrastructure (b)						Real Estate (c)						Private Equity and Other (d)						Total
AS AT DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Costs	$	24,991		$	18,031		$	9,253		$	8,045		$	5,854		$	5,783		$	4,050		$	5,268		$	44,148		$	37,127
Accumulated fair value changes1	13,280			12,298			3,272			2,690			798			694			(231		)	(243		)	17,119			15,439
Accumulated depreciation	(4,681		)	(3,776		)	(1,622		)	(1,190		)	(873		)	(825		)	(1,086		)	(1,429		)	(8,262		)	(7,220		)
Total	$	33,590		$	26,553		$	10,903		$	9,545		$	5,779		$	5,652		$	2,733		$	3,596		$	53,005		$	45,346

1. The accumulated fair value changes for private equity and other represent accumulated impairment charges, as assets in these segments are carried at amortized cost

Our infrastructure property, plant and equipment consists of the following:

	Utilities (i)						Transport (i)						Energy (i)						Sustainable Resources (ii)						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
Cost, beginning of year	$	2,894		$	2,945		$	2,361		$	1,953		$	2,382		$	1,487		$	408		$	340		$	8,045		$	6,725
Additions, net of disposals and assets reclassified as held for sale	350			367			103			78			81			89			93			5			627			539
Acquisitions through business combinations	—			—			—			242			100			825			—			—			100			1,067
Foreign currency translation	229			(418		)	191			88			67			(19		)	(6		)	63			481			(286		)
Cost, end of year	3,473			2,894			2,655			2,361			2,630			2,382			495			408			9,253			8,045
Accumulated fair value changes, beginning of year	1,044			946			782			973			351			209			513			385			2,690			2,513
Fair value changes	136			184			24			25			257			123			13			56			430			388
Foreign currency translation and other	76			(86		)	67			(216		)	21			19			(12		)	72			152			(211		)
Accumulated fair value changes, end of year	1,256			1,044			873			782			629			351			514			513			3,272			2,690
Accumulated depreciation, beginning of year	(384		)	(291		)	(517		)	(418		)	(258		)	(172		)	(31		)	(19		)	(1,190		)	(900		)
Depreciation expenses	(113		)	(128		)	(147		)	(126		)	(117		)	(99		)	(10		)	(19		)	(387		)	(372		)
Dispositions and assets reclassified as held for sale	16			1			22			1			4			—			3			1			45			3
Foreign currency translation and other	(28		)	34			(45		)	26			(12		)	13			(5		)	6			(90		)	79
Accumulated depreciation, end of year	(509		)	(384		)	(687		)	(517		)	(383		)	(258		)	(43		)	(31		)	(1,622		)	(1,190		)
Balance, end of year	$	4,220		$	3,554		$	2,841		$	2,626		$	2,876		$	2,475		$	966		$	890		$	10,903		$	9,545

The following table presents the changes to the carrying value of the company’s property, plant and equipment assets included in these operations:

	Cost						Accumulated Impairment						Accumulated Depreciation						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Balance, beginning of year	$	5,268		$	5,309		$	(243	)	$	(231	)	$	(1,429	)	$	(1,197	)	$	3,596		$	3,881
Additions/(dispositions)1, net of assets reclassified as held for sale	(1,966		)	(101		)	36			4			752			125			(1,178		)	28
Acquisitions through business combinations	501			—			—			—						—			501			—
Foreign currency translation	247			60			(16		)	(16		)	(51		)	(14		)	180			30
Depreciation expenses	—			—			—			—			(358		)	(343		)	(358		)	(343		)
Impairment charges	—			—			(8		)	—			—			—			(8		)	—
Balance, end of year	$	4,050		$	5,268		$	(231	)	$	(243	)	$	(1,086	)	$	(1,429	)	$	2,733		$	3,596

1. For accumulated depreciation, (additions)/dispositions

Schedule of significant unobservable inputs

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Schedule of significant unobservable inputs

Key valuation metrics of the company’s hydro, wind and solar generating facilities at the end of 2017 and 2016 are summarized below.

	North America		Brazil				Colombia			Europe
AS AT DEC. 31	2017	2016	2017		2016		2017		2016	2017	2016
Discount rate
Contracted	4.9 – 6.0%	4.8 – 5.5%	8.9	%	9.2	%	11.3	%	n/a	4.1 – 4.5%	4.1 – 5.0%
Uncontracted	6.5 – 7.6%	6.6 – 7.2%	10.2	%	10.5	%	12.6	%	n/a	5.9 – 6.3%	5.9 – 6.8%
Terminal capitalization rate1	6.2 – 7.5%	6.3 – 6.9%	n/a		n/a		12.6	%	n/a	n/a	n/a
Exit date	2037	2036	2032		2031		2037		n/a	2031	2031

1. Terminal capitalization rate applies only to hydroelectric assets in in North America and Colombia

Schedule of power generating assets

Key assumptions on contracted generation and future power pricing are summarized below:

	Total Generation Contracted under Power Purchase Agreements				Power Prices from Long-Term Power Purchase Agreements (weighted average)		Estimates of Future Electricity Prices (weighted average)
AS AT DEC. 31, 2017	1 – 10 years		11 – 20 years		1 – 10 years	11 – 20 years	1 – 10 years	11 – 20 years
North America (prices in US$/MWh)	35	%	15	%	95	100	60	114
Brazil (prices in R$/MWh)	66	%	57	%	274	407	309	458
Colombia (prices in COP$/MWh)	17	%	—	%	211,000	—	238,000	339,000
Europe (prices in €/MWh)	78	%	35	%	90	107	78	95

XML

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets [Abstract]

Schedule of detailed information about intangible assets

The following table presents the breakdown of, and changes to, the balance of the company’s intangible assets:

	Cost						Accumulated Amortization and Impairment						Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016
Balance, beginning of year	$	6,733		$	5,764		$	(660	)	$	(594	)	$	6,073		$	5,170
Additions, net of disposals	(25		)	(36		)	121			91			96			55
Acquisitions through business combinations	8,412			1,227			—			—			8,412			1,227
Amortization	—			—			(442		)	(166		)	(442		)	(166		)
Foreign currency translation	131			(222		)	(28		)	9			103			(213		)
Balance, end of year	$	15,251		$	6,733		$	(1,009	)	$	(660	)	$	14,242		$	6,073

The following table presents intangible assets by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	73	$	340
Canada	364		230
Australia	2,078		1,945
Europe	1,594		1,273
India	130		130
Chile	1,100		1,054
Peru	1,144		1,050
Brazil	7,537		28
Other	222		23
	$	14,242	$	6,073

Intangible assets are allocated to the following operating segments:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Infrastructure – Utilities	(a)	$	7,091	$	1,817
Infrastructure – Transport	(b)	2,663		2,504
Real estate	(c)	1,188		1,141
Private equity	(d)	3,094		426
Other		206		185
		$	14,242	$	6,073

Schedule of significant unobservable inputs

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets [Abstract]

Disclosure of reconciliation of changes in goodwill

The following table presents the breakdown of, and changes to, the balance of goodwill:

	Cost				Accumulated Impairment						Total
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016		2017			2016			2017			2016
Balance, beginning of year	$	4,162	$	2,806	$	(379	)	$	(263	)	$	3,783		$	2,543
Acquisitions through business combinations	1,157		1,286		—			—			1,157			1,286
Impairment losses	—		—		(5		)	(65		)	(5		)	(65		)
Foreign currency translation and other1	388		70		(6		)	(51		)	382			19
Balance, end of year	$	5,707	$	4,162	$	(390	)	$	(379	)	$	5,317		$	3,783

1. Includes adjustment to goodwill based on final purchase price allocation

The following table presents goodwill by geography:

AS AT DEC. 31 (MILLIONS)	2017		2016
United States	$	400	$	388
Canada	432		192
Australia	1,026		950
Colombia	912		907
Brazil	905		123
Europe	1,257		894
Other	385		329
	$	5,317	$	3,783

Goodwill is allocated to the following operating segments:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Private equity	(a)	$	1,555	$	1,155
Infrastructure	(b)	1,301		502
Real estate	(c)	1,127		780
Renewable power	(d)	901		896
Asset management		312		328
Other		121		122
Total		$	5,317	$	3,783

Schedule of significant unobservable inputs

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2017			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	409		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
Warrants (common shares and warrants)	246			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
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,559		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	213		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(704		)		•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2017 and 2016:

	Financial  Assets						Financial  Liabilities
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016
Balance, beginning of year	$	1,739		$	1,691		$	1,449		$	1,261
Fair value changes in net income	(313		)	(102		)	(2		)	48
Fair value changes in other comprehensive income1	5			(12		)	67			35
Additions, net of disposals	(562		)	162			749			105
Balance, end of year	$	869		$	1,739		$	2,263		$	1,449

1. Includes foreign currency translation

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate/terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2017					2016
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	7.0	%	5.8	%	13	6.8	%	5.6	%	12
Canada	6.1	%	5.5	%	10	6.2	%	5.5	%	10
Australia	7.0	%	6.1	%	10	7.3	%	6.1	%	10
Europe	n/a		n/a		n/a	6.0	%	5.0	%	12
Brazil	9.7	%	7.6	%	7	9.3	%	7.5	%	10
Opportunistic and other
Opportunistic office	9.7	%	6.9	%	8	9.9	%	7.6	%	7
Opportunistic retail	9.0	%	8.0	%	10	10.2	%	8.1	%	12
Industrial	6.8	%	6.2	%	10	7.4	%	6.6	%	10
Multifamily	4.8	%	n/a		n/a	4.9	%	n/a		n/a
Triple net lease	6.4	%	n/a		n/a	6.1	%	n/a		n/a
Self-storage	5.8	%	n/a		n/a	6.2	%	n/a		n/a
Student housing	5.8	%	n/a		n/a	5.9	%	n/a		n/a
Manufactured housing	5.8	%	n/a		n/a	n/a		n/a		n/a
Other investment properties	5.8	%	n/a		n/a	5.4	%	n/a		n/a

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	•    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	•    Decreases (increases) 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

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport and energy assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy and sustainable resources assets at the end of 2017 and 2016 are summarized below.

	Utilities		Transport		Energy		Sustainable Resources
AS AT DEC. 31	2017	2016	2017	2016	2017	2016	2017	2016
Discount rates	7 – 12%	7 – 12%	10 – 15%	10 – 17%	12 – 15%	9 – 14%	5 – 8%	6%
Terminal capitalization multiples	7x – 21x	7x – 18x	9x – 14x	8x – 14x	8x – 13x	10x – 12x	n/a	n/a
Investment horizon / Exit date(years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	3 – 30	3 – 30

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily driven by avoided cost or future replacement value	•    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
	•    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

This valuation utilizes the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate/multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date/terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

XML

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Schedule of components of income tax expense

The following table reconciles consolidated income taxes to current income taxes by segment:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current tax recovery (expense)	$	(286	)	$	(213	)
Deferred income tax recovery (expense)	(327		)	558
Income tax recovery (expense)	$	(613	)	$	345

The major components of income tax expense for the years ended December 31, 2017 and 2016 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Current income taxes	$	286		$	213
Deferred income tax expense/(recovery)
Origination and reversal of temporary differences	499			384
Recovery arising from previously unrecognized tax assets	3			27
Change of tax rates and new legislation	(175		)	(969		)
Total deferred income taxes	327			(558		)
Income taxes	$	613		$	(345	)

Schedule of income tax rates

The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below:

FOR THE YEARS ENDED DEC. 31	2017		2016
Statutory income tax rate	26	%	26	%
Increase (reduction) in rate resulting from:
Change in tax rates and new legislation	(3	)	(35	)
International operations subject to different tax rates	3		(5	)
Taxable income attributable to non-controlling interests	(9	)	(2	)
Portion of gains subject to different tax rates	(5	)	(1	)
(Recognition) derecognition of deferred tax assets	(2	)	1
Non-recognition of the benefit of current year’s tax losses	3		6
Other	(1	)	(2	)
Effective income tax rate	12	%	(12	)%

Schedule of deferred income tax assets and liabilities

Deferred income tax assets and liabilities as at December 31, 2017 and 2016 relate to the following:

AS AT DEC. 31 (MILLIONS)	2017			2016
Non-capital losses (Canada)	$	657		$	814
Capital losses (Canada)	171			100
Losses (U.S.)	590			492
Losses (International)	861			481
Difference in basis	(12,224		)	(9,965		)
Total net deferred tax liabilities	$	(9,945	)	$	(8,078	)

Disclosure of unrecognized deferred tax assets

The following table details the expiry date, if applicable, of the unrecognized deferred tax assets:

AS AT DEC. 31 (MILLIONS)	2017		2016
One year from reporting date	$	—	$	26
Two years from reporting date	—		—
Three years from reporting date	6		59
After three years from reporting date	530		555
Do not expire	990		845
Total	$	1,526	$	1,485

Schedule of components of income taxes in other comprehensive income

The components of the income taxes in other comprehensive income for the years ended December 31, 2017 and 2016 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Revaluation of property, plant and equipment	$	(315	)	$	120
Financial contracts and power sale agreements	27			(37		)
Available-for-sale securities	5			38
Foreign currency translation	(43		)	59
Revaluation of pension obligation	1			(7		)
Total deferred tax in other comprehensive income	$	(325	)	$	173

XML

ACCOUNTS PAYABLE AND OTHER (Tables)

12 Months Ended

Dec. 31, 2017

Subclassifications of assets, liabilities and equities [abstract]

Schedule of accounts payable and other liabilities

AS AT DEC. 31 (MILLIONS)	2017		2016
Accounts payable	$	5,158	$	6,028
Provisions	1,651		1,427
Other liabilities	11,156		4,460
Total	$	17,965	$	11,915

The current and non-current balances of accounts payable and other liabilities are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	11,148	$	7,721
Non-current	6,817		4,194
Total	$	17,965	$	11,915

Schedule of post-employment benefit plans

AS AT DEC. 31 (MILLIONS)	2017			2016
Plan assets	$	516		$	592
Less accrued benefit obligation:
Defined benefit pension plan	(685		)	(790		)
Other post-employment benefits	(90		)	(88		)
Net liability	(259		)	(286		)
Less: net actuarial gains (losses)	(2		)	2
Accrued benefit liability	$	(261	)	$	(284	)

XML

CORPORATE BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

Disclosure of corporate borrowings

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2017			2016
Term debt
Public – U.S.	Apr. 25, 2017	5.80	%	US$	$	—		$	239
Public – Canadian	Apr. 25, 2017	5.29	%	C$	—			186
Public – Canadian	Apr. 9, 2019	3.95	%	C$	478			447
Public – Canadian	Mar. 1, 2021	5.30	%	C$	278			260
Public – Canadian	Mar. 31, 2023	4.54	%	C$	479			448
Public – Canadian	Mar. 8, 2024	5.04	%	C$	398			372
Public – U.S.	Apr. 1, 2024	4.00	%	US$	748			—
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	689			646
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			495
Public – Canadian	Mar. 16, 2027	3.80	%	C$	397			372
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	335			313
Public – U.S.	Sep. 20, 2047	4.70	%	US$	546			—
					5,594			4,528
Commercial paper and bank borrowings		1.62	%	C$	103			—
Deferred financing costs1					(38		)	(28		)
Total					$	5,659		$	4,500

1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	5,602	$	1,918	$	653	$	550	$	77	$	8,800
2019	5,569		1,220		772		720		163		8,444
2020	3,960		1,216		933		540		82		6,731
2021	6,842		1,034		774		155		17		8,822
2022	3,194		1,031		765		410		6		5,406
Thereafter	12,068		7,811		5,113		523		3		25,518
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721
Total – Dec. 31, 2016	$	34,322	$	7,963	$	7,901	$	1,837	$	419	$	52,442

The weighted-average interest rate on property-specific borrowings as at December 31, 2017 was 4.9% (2016 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,800	$	7,655
Non-current	54,921		44,787
Total	$	63,721	$	52,442

Property-specific borrowings by currency include the following:

(MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	39,164	US$	39,164	$	31,804	US$	31,804
British pounds	6,117		£	4,525	5,251		£	4,250
Canadian dollars	5,272		C$	6,627	4,427		C$	5,951
Australian dollars	3,518		A$	4,506	3,066		A$	4,260
Brazilian reais	2,677		R$	8,856	1,569		R$	5,117
Korean won	1,682		₩	1,795,518	1,317		₩	1,589,450
Colombian pesos	1,556		COP$	4,645,648	1,693		COP$	5,086,971
Indian rupees	1,346		₨	85,720	715		₨	48,603
Chilean unidades de fomento	976		UF	22	901		UF	23
European Union euros	766		€	638	1,217		€	1,157
Peruvian nuevo soles	450		S	1,459	435		S	1,459
South African rand	154		ZAR	1,909	—		ZAR	—
New Zealand dollars	43		NZD$	60	47		NZD$	60
Total	$	63,721			$	52,442

b) Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	1,414	$	159	$	99	$	284	$	—	$	1,956
2019	158		—		—		38		—		196
2020	1,365		358		—		—		601		2,324
2021	277		—		298		—		—		575
2022	—		318		1,147		—		496		1,961
Thereafter	—		830		558		58		551		1,997
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009
Total – Dec. 31, 2016	$	2,765	$	2,030	$	1,002	$	536	$	1,616	$	7,949

The weighted-average interest rate on subsidiary borrowings as at December 31, 2017 was 4.1% (2016 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	1,956	$	866
Non-current	7,053		7,083
Total	$	9,009	$	7,949

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	5,305	US$	5,305	$	4,441	US$	4,441
Canadian dollars	3,547		C$	4,460	3,364		C$	4,525
Australian dollars	156		A$	199	143		A$	200
British pounds	1		£	1	—		£	—
European Union euros	—		€	—	1		€	1
Total	$	9,009			$	7,949

XML

NON-RECOURSE BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2017			2016
Term debt
Public – U.S.	Apr. 25, 2017	5.80	%	US$	$	—		$	239
Public – Canadian	Apr. 25, 2017	5.29	%	C$	—			186
Public – Canadian	Apr. 9, 2019	3.95	%	C$	478			447
Public – Canadian	Mar. 1, 2021	5.30	%	C$	278			260
Public – Canadian	Mar. 31, 2023	4.54	%	C$	479			448
Public – Canadian	Mar. 8, 2024	5.04	%	C$	398			372
Public – U.S.	Apr. 1, 2024	4.00	%	US$	748			—
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	689			646
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			495
Public – Canadian	Mar. 16, 2027	3.80	%	C$	397			372
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	335			313
Public – U.S.	Sep. 20, 2047	4.70	%	US$	546			—
					5,594			4,528
Commercial paper and bank borrowings		1.62	%	C$	103			—
Deferred financing costs1					(38		)	(28		)
Total					$	5,659		$	4,500

1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	5,602	$	1,918	$	653	$	550	$	77	$	8,800
2019	5,569		1,220		772		720		163		8,444
2020	3,960		1,216		933		540		82		6,731
2021	6,842		1,034		774		155		17		8,822
2022	3,194		1,031		765		410		6		5,406
Thereafter	12,068		7,811		5,113		523		3		25,518
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721
Total – Dec. 31, 2016	$	34,322	$	7,963	$	7,901	$	1,837	$	419	$	52,442

The weighted-average interest rate on property-specific borrowings as at December 31, 2017 was 4.9% (2016 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,800	$	7,655
Non-current	54,921		44,787
Total	$	63,721	$	52,442

Property-specific borrowings by currency include the following:

(MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	39,164	US$	39,164	$	31,804	US$	31,804
British pounds	6,117		£	4,525	5,251		£	4,250
Canadian dollars	5,272		C$	6,627	4,427		C$	5,951
Australian dollars	3,518		A$	4,506	3,066		A$	4,260
Brazilian reais	2,677		R$	8,856	1,569		R$	5,117
Korean won	1,682		₩	1,795,518	1,317		₩	1,589,450
Colombian pesos	1,556		COP$	4,645,648	1,693		COP$	5,086,971
Indian rupees	1,346		₨	85,720	715		₨	48,603
Chilean unidades de fomento	976		UF	22	901		UF	23
European Union euros	766		€	638	1,217		€	1,157
Peruvian nuevo soles	450		S	1,459	435		S	1,459
South African rand	154		ZAR	1,909	—		ZAR	—
New Zealand dollars	43		NZD$	60	47		NZD$	60
Total	$	63,721			$	52,442

b) Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	1,414	$	159	$	99	$	284	$	—	$	1,956
2019	158		—		—		38		—		196
2020	1,365		358		—		—		601		2,324
2021	277		—		298		—		—		575
2022	—		318		1,147		—		496		1,961
Thereafter	—		830		558		58		551		1,997
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009
Total – Dec. 31, 2016	$	2,765	$	2,030	$	1,002	$	536	$	1,616	$	7,949

The weighted-average interest rate on subsidiary borrowings as at December 31, 2017 was 4.1% (2016 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	1,956	$	866
Non-current	7,053		7,083
Total	$	9,009	$	7,949

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	5,305	US$	5,305	$	4,441	US$	4,441
Canadian dollars	3,547		C$	4,460	3,364		C$	4,525
Australian dollars	156		A$	199	143		A$	200
British pounds	1		£	1	—		£	—
European Union euros	—		€	—	1		€	1
Total	$	9,009			$	7,949

XML

SUBSIDIARY EQUITY OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

Disclosure of debt obligations held in subsidiaries

AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Shares Outstanding	Cumulative Dividend Rate		Local Currency	2017		2016
Series 1	24,000,000	6.25	%	US$	$	551	$	541
Series 2	24,000,000	6.50	%	US$	529		522
Series 3	24,000,000	6.75	%	US$	517		511
Total					$	1,597	$	1,574

AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Shares Outstanding	Cumulative Dividend Rate		Local Currency	2017		2016
BPO Class AAA preferred shares
Series G	—	5.25	%	US$	$	—	$	81
Series J	—	5.00	%	C$	—		122
Series K	—	5.20	%	C$	—		93
Brookfield Property Split Corp (“BOP Split”) senior preferred shares
Series 1	924,390	5.25	%	US$	23		24
Series 2	699,165	5.75	%	C$	14		14
Series 3	909,994	5.00	%	C$	18		17
Series 4	940,486	5.20	%	C$	19		18
BSREP II RH B LLC (“Manufactured Housing”) preferred capital	—	9.00	%	US$	249		—
Rouse Series A preferred shares	5,600,000	5.00	%	US$	142		143
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares	10,000	5.00	%	US$	40		40
Total					$	505	$	552

Subsidiary equity obligations consist of the following:

AS AT DEC. 31 (MILLIONS)	Note	2017		2016
Subsidiary preferred equity units	(a)	$	1,597	$	1,574
Limited-life funds and redeemable fund units	(b)	1,559		1,439
Subsidiary preferred shares and capital	(c)	505		552
Total		$	3,661	$	3,565

XML

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY (Tables)

12 Months Ended

Dec. 31, 2017

Interests In Other Entities [Abstract]

Schedule of interests in subsidiaries

The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2017:

	TSX	NYSE	Nasdaq
BPY1	BPY.UN	N/A	BPY
BEP	BEP.UN	BEP	N/A
BIP	BIP.UN	BIP	N/A
BBU	BBU.UN	BBU	N/A

1. BPY voluntarily moved its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Market effective November 16, 2017

The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:

AS AT DEC. 31 (MILLIONS)	2017		2016
BPY	$	19,736	$	18,790
BEP	10,139		8,879
BIP	11,376		7,710
BBU	4,000		2,173
Individually immaterial subsidiaries with non-controlling interests	6,377		5,683
	$	51,628	$	43,235

Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests are set out below. The summarized financial information represents amounts before intra-group eliminations:

	BPY						BEP						BIP						BBU
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Current assets	$	3,912		$	4,198		$	1,666		$	907		$	1,512		$	1,632		$	6,433		$	4,076
Non-current assets	80,435			73,929			29,238			26,830			27,965			19,643			9,371			4,117
Current liabilities	(11,829		)	(8,276		)	(2,514		)	(1,733		)	(1,564		)	(1,515		)	(5,690		)	(2,556		)
Non-current liabilities	(37,394		)	(35,690		)	(14,108		)	(13,332		)	(14,439		)	(10,116		)	(4,050		)	(1,599		)
Non-controlling interests	(19,736		)	(18,790		)	(10,139		)	(8,879		)	(11,376		)	(7,710		)	(4,000		)	(2,173		)
Equity attributable to Brookfield	$	15,388		$	15,371		$	4,143		$	3,793		$	2,098		$	1,934		$	2,064		$	1,865
Revenues	$	6,135		$	5,352		$	2,625		$	2,516		$	3,535		$	2,115		$	22,823		$	7,960
Net income attributable to:
Non-controlling interests	$	2,234		$	1,501		$	103		$	97		$	569		$	408		$	296		$	(170	)
Shareholders	234			1,216			(52		)	(57		)	5			120			(81		)	(32		)
	$	2,468		$	2,717		$	51		$	40		$	574		$	528		$	215		$	(202	)
Other comprehensive income (loss) attributable to:
Non-controlling interests	$	532		$	(36	)	$	786		$	915		$	269		$	426		$	64		$	101
Shareholders	348			(210		)	564			414			54			150			45			32
	$	880		$	(246	)	$	1,350		$	1,329		$	323		$	576		$	109		$	133

The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows:

	BPY						BEP						BIP						BBU
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016			2017			2016			2017			2016			2017			2016
Cash flows from (used in):
Operating activities	$	639		$	745		$	928		$	632		$	1,481		$	753		$	290		$	229
Financing activities	1,248			2,906			(27		)	2,709			3,814			899			1,353			586
Investing activities	(1,886		)	(3,234		)	(328		)	(3,191		)	(5,721		)	(1,058		)	(1,595		)	(96		)
Distributions paid to non-controlling interests in common equity	$	255		$	250		$	227		$	201		$	489		$	383		$	9		$	2

The following table presents the details of the company’s subsidiaries with significant non-controlling interests:

	Jurisdiction of Formation	Ownership Interest Held by Non-Controlling Interests1,2
AS AT DEC. 31		2017		2016
Brookfield Property Partners L.P. (“BPY”)	Bermuda	30.6	%	31.2	%
Brookfield Renewable Partners L.P. (“BEP”)	Bermuda	39.8	%	38.7	%
Brookfield Infrastructure Partners L.P. (“BIP”)	Bermuda	70.1	%	70.2	%
Brookfield Business Partners L.P. (“BBU”)3	Bermuda	32.0	%	25.1	%

1. Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) resides with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees

2. The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units and general partnership units in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary

3. BBU was formed during 2016 through a special dividend of approximately 19 million limited partnership units, equivalent to a 20.7% economic interest in BBU, to the shareholders of the company’s Class A shares and Class B shares

The following tables contain summarized financial information of the corporation, BFI, BFL, BIC and non-guarantor subsidiaries:

AS AT AND FOR THE YEAR ENDED DEC. 31, 2017 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	168	$	30	$	43	$	22	$	44,908	$	(4,385	)	$	40,786
Net income attributable to shareholders	1,462		—		—		59		2,019		(2,078		)	1,462
Total assets	53,688		1,060		757		3,761		206,907		(73,453		)	192,720
Total liabilities	25,444		1,042		756		2,309		113,336		(30,039		)	112,848
AS AT AND FOR THE YEAR ENDED DEC. 31, 2016 (MILLIONS)	The  corporation1		BFI		BFL		BIC		Subsidiaries of the corporation  other than BFI, BFL and BIC2		Consolidating  Adjustments3			The Company  Consolidated
Revenues	$	148	$	13	$	—	$	3	$	27,968	$	(3,721	)	$	24,411
Net income attributable to shareholders	1,651		—		—		66		1,854		(1,920		)	1,651
Total assets	47,505		507		—		2,974		169,033		(60,193		)	159,826
Total liabilities	21,052		497		—		1,411		87,252		(20,074		)	90,138

1. This column accounts for investments in all subsidiaries of the corporation under the equity method

2. This column accounts for investments in all subsidiaries of the corporation other than BFI, BFL and BIC on a combined basis

3. This column includes the necessary amounts to present the company on a consolidated basis

XML

EQUITY EQUITY (Tables)

12 Months Ended

Dec. 31, 2017

Equity [abstract]

Schedule of equity

Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders.

AS AT DEC. 31 (MILLIONS)	2017		2016
Common equity	$	47,281	$	39,974
Preferred equity	4,347		3,261
Total	$	51,628	$	43,235

Equity consists of the following:

AS AT DEC. 31 (MILLIONS)	2017		2016
Preferred equity	$	4,192	$	3,954
Non-controlling interests	51,628		43,235
Common equity	24,052		22,499
	$	79,872	$	69,688

At December 31, 2016, the following options to purchase Class A shares were outstanding:

	Weighted-Average Remaining Life	Options Outstanding (000’s)
Exercise Price		Vested	Unvested	Total
C$11.77	2.2 years	4,885	—	4,885
C$18.20 – C$23.63	1.1 years	2,159	—	2,159
C$26.02	0.1 years	640	—	640
US$15.45	3.2 years	5,153	—	5,153
US$16.83 – US$23.37	4.8 years	5,626	890	6,516
US$25.21 – US$30.59	7.5 years	4,692	9,143	13,835
US$33.75 – US$36.32	8.1 years	949	5,030	5,979
		24,104	15,063	39,167

The authorized common share capital consists of an unlimited number of shares. Shares issued and outstanding changed as follows:

FOR THE YEARS ENDED DEC. 31	2017		2016
Outstanding, beginning of year1	958,168,417		961,290,839
Issued (repurchased)
Repurchases	(3,448,665	)	(4,707,132	)
Long-term share ownership plans2	3,826,248		1,312,463
Dividend reinvestment plan and others	227,120		272,247
Outstanding, end of year1	958,773,120		958,168,417

1. Net of 30,569,215 (2016 – 27,846,452) Class A shares held by the company in respect of long-term compensation agreements

2. Includes management share option plan and restricted stock plan

Common Equity

The company’s common equity is comprised of the following:

AS AT DEC. 31 (MILLIONS)	2017		2016
Common shares	$	4,428	$	4,390
Contributed surplus	263		234
Retained earnings	11,864		11,490
Ownership changes	1,459		1,199
Accumulated other comprehensive income	6,038		5,186
Common equity	$	24,052	$	22,499

The number of issued and outstanding common shares and unexercised options are as follows:

AS AT DEC. 31	2017	2016
Class A shares1	958,688,000	958,083,297
Class B shares	85,120	85,120
Shares outstanding1	958,773,120	958,168,417
Unexercised options and other share-based plans2	47,474,284	43,798,733
Total diluted shares	1,006,247,404	1,001,967,150

1. Net of 30,569,215 (2016 – 27,846,452) Class A shares held by the company in respect of long-term compensation agreements

2. Includes management share option plan and escrowed stock plan

	Average Rate
AS AT DEC. 31 (MILLIONS)	2017		2016		2017		2016
Perpetual preferred shares
Floating rate	2.33	%	1.97	%	$	531	$	532
Fixed rate	4.82	%	4.82	%	749		753
	3.78	%	3.65	%	1,280		1,285
Fixed rate-reset preferred shares	4.21	%	4.42	%	2,912		2,669
	4.08	%	4.17	%	$	4,192	$	3,954

Further details on each series of preferred shares are as follows:

			Issued and Outstanding
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)	Rate		2017	2016	2017		2016
Class A preferred shares
Perpetual preferred shares
Series 2	70% P		10,465,100	10,465,100	$	169	$	169
Series 4	70% P/8.5%		2,800,000	2,800,000	45		45
Series 8	Variable up to P		2,479,585	2,479,585	43		43
Series 13	70% P		9,297,700	9,297,700	195		195
Series 15	B.A. + 40 b.p.1		2,000,000	2,000,000	42		42
Series 17	4.75	%	7,950,756	8,000,000	173		174
Series 18	4.75	%	7,966,158	8,000,000	180		181
Series 25	T-Bill + 230 b.p.1		1,533,133	1,533,133	38		38
Series 36	4.85	%	7,949,024	8,000,000	200		201
Series 37	4.90	%	7,949,083	8,000,000	195		197
					1,280		1,285
Rate-reset preferred shares2
Series 9	3.80	%	1,519,115	1,519,115	21		21
Series 24	3.01	%	9,394,250	9,394,250	230		230
Series 26	3.47	%	9,903,348	9,903,348	243		243
Series 28	2.73	%	9,359,387	9,394,373	235		235
Series 30	4.80	%	9,934,050	9,950,452	245		245
Series 32	4.50	%	11,982,568	11,982,568	303		303
Series 34	4.20	%	9,977,889	9,977,889	255		255
Series 38	4.40	%	8,000,000	8,000,000	181		181
Series 40	4.50	%	12,000,000	12,000,000	275		275
Series 42	4.50	%	12,000,000	12,000,000	269		269
Series 44	5.00	%	9,945,189	10,000,000	189		190
Series 46	4.80	%	11,895,790	12,000,000	220		222
Series 483	4.75	%	12,000,000	—	246		—
					2,912		2,669
Total					$	4,192	$	3,954

1. Rate determined quarterly

2. Dividend rates are fixed for five to six years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after five to six years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points

3. Issued on September 13, 2017

P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points

At December 31, 2017, the following options to purchase Class A shares were outstanding:

	Weighted-Average Remaining Life	Options Outstanding (000’s)
Exercise Price		Vested	Unvested	Total
C$11.77	1.2 years	2,620	—	2,620
C$21.08	0.1 years	177	—	177
US$15.45	2.2 years	4,772	—	4,772
US$16.83 – US$23.37	3.8 years	5,834	—	5,834
US$25.21 – US$30.59	6.5 years	6,858	5,967	12,825
US$33.75 – US$36.32	7.1 years	2,049	3,191	5,240
US$36.88 – US$37.75	9.1 years	—	6,222	6,222
		22,310	15,380	37,690

Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following:

	Average Rate
AS AT DEC. 31 (MILLIONS)	2017		2016		2017		2016
Perpetual preferred shares
Floating rate	2.33	%	1.97	%	$	531	$	532
Fixed rate	4.82	%	4.82	%	749		753
	3.78	%	3.65	%	1,280		1,285
Fixed rate-reset preferred shares	4.21	%	4.42	%	2,912		2,669
	4.08	%	4.17	%	$	4,192	$	3,954

Schedule of basic and diluted earnings per share

The components of basic and diluted earnings per share are summarized in the following table:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Net income attributable to shareholders	$	1,462		$	1,651
Preferred share dividends	(145		)	(133		)
Net income available to shareholders	$	1,317		$	1,518
Weighted average – common shares	958.8			959.0
Dilutive effect of the conversion of options and escrowed shares using treasury stock method	21.2			17.6
Common shares and common share equivalents	980.0			976.6

Schedule of expense recognized for share-based compensation

The expense recognized for share-based compensation is summarized in the following table:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Expense arising from equity-settled share-based payment transactions	$	69		$	64
Expense arising from cash-settled share-based payment transactions	281			32
Total expense arising from share-based payment transactions	350			96
Effect of hedging program	(275		)	(27		)
Total expense included in consolidated income	$	75		$	69

Schedule of number and weighted average exercise prices of share options

The change in the number of DSUs and RSUs during 2017 and 2016 was as follows:

	DSUs		RSUs
	Number of Units (000’s)		Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2017	14,986		10,920	C$	9.09
Granted and reinvested	661		—		—
Exercised and canceled	(703	)	—		—
Outstanding at December 31, 2017	14,944		10,920	C$	9.09

	DSUs		RSUs
	Number of Units (000’s)		Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2016	13,793		10,920	C$	9.09
Granted and reinvested	1,264		—		—
Exercised and canceled	(71	)	—		—
Outstanding at December 31, 2016	14,986		10,920	C$	9.09

The change in the number of options during 2017 and 2016 were as follows:

	Number of Options (000’s)1		Weighted- Average Exercise Price		Number of Options (000’s)2			Weighted- Average Exercise Price
Outstanding at January 1, 2017	7,684		C$	15.63	$	31,483		US$	25.77
Granted	—			—	6,331				36.92
Exercised	(4,887	)		17.50	(2,149		)		24.36
Canceled	—			—	(772		)		33.28
Outstanding at December 31, 2017	2,797		C$	12.35	34,893			US$	27.71

1. Options to acquire TSX listed Class A shares

2. Options to acquire NYSE listed Class A shares

	Number of Options (000’s)1		Weighted- Average Exercise Price		Number of Options (000’s)2			Weighted- Average Exercise Price
Outstanding at January 1, 2016	9,427		C$	17.07	$	28,488		US$	24.98
Granted	—			—	4,363				30.59
Exercised	(1,743	)		23.44	(970		)		22.00
Canceled	—			—	(398		)		31.25
Outstanding at December 31, 2016	7,684		C$	15.63	31,483			US$	25.77

1. Options to acquire TSX listed Class A shares

2. Options to acquire NYSE listed Class A shares

The change in the number of ES shares during 2017 and 2016 was as follows:

	Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2017	24,167		$	27.77
Granted	3,700		36.88
Exercised	(95	)	21.74
Outstanding at December 31, 2017	27,772		$	29.01

	Number of Units (000’s)		Weighted- Average Exercise Price
Outstanding at January 1, 2016	20,938		$	27.33
Granted	3,250		30.59
Exercised	(21	)	21.74
Outstanding at December 31, 2016	24,167		$	27.77

Schedule of options granted using black-scholes module

The cost of the escrowed shares granted during the year was determined using the Black-Scholes model of valuation with inputs to the model as follows:

YEARS ENDED DEC. 31	Unit	2017	2016
Weighted-average share price	US$	36.88	30.59
Weighted-average fair value per share	US$	4.92	5.29
Average term to exercise	Years	7.5	7.5
Share price volatility1	%	18.9	28.0
Liquidity discount	%	25.0	25.0
Weighted-average annual dividend yield	%	2.1	1.6
Risk-free rate	%	2.3	1.6

1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise

The fair value of each DSU is equal to the traded price of the company’s common shares.

	Unit	Dec. 31, 2017	Dec. 31, 2016
Share price on date of measurement	C$	54.72	44.30
Share price on date of measurement	US$	43.54	33.01

The fair value of RSUs was determined primarily using the following inputs:

	Unit	Dec. 31, 2017	Dec. 31, 2016
Share price on date of measurement	C$	54.72	44.30
Weighted-average fair value of a unit	C$	45.63	35.21

The cost of the options granted during the year was determined using the Black-Scholes valuation model, with inputs to the model as follows:

YEARS ENDED DEC. 31	Unit	2017	2016
Weighted-average share price	US$	36.92	30.59
Weighted-average fair value per option	US$	4.92	5.29
Average term to exercise	Years	7.5	7.5
Share price volatility1	%	18.9	28.0
Liquidity discount	%	25.0	25.0
Weighted-average annual dividend yield	%	2.1	1.6
Risk-free rate	%	2.3	1.6

1. Share price volatility was determined based on historical share prices over a similar period to the average term to exercise

XML

DIRECT COSTS (Tables)

12 Months Ended

Dec. 31, 2017

Analysis of income and expense [abstract]

Disclosure of direct costs

The following table lists direct costs for 2017 and 2016 by nature:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Cost of sales	$	26,461	$	12,487
Compensation	2,795		2,039
Selling, general and administrative expenses	1,339		1,544
Property taxes, sales taxes and other	1,793		1,648
	$	32,388	$	17,718

XML

FAIR VALUE CHANGES (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Measurement [Abstract]

Fair value changes

Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Investment properties	$	1,021		$	960
GGP warrants	(268		)	(110		)
Impairment	(98		)	(771		)
Provisions	(246		)	(99		)
Transaction related gains (losses), net of deal costs	637			(148		)
Financial contracts	(600		)	65
Other fair value changes	(25		)	(27		)
	$	421		$	(130	)

XML

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

Notional amount of derivative positions

The aggregate notional amount of the company’s derivative positions at December 31, 2017 and 2016 is as follows:

AS AT DEC. 31 ($ MILLIONS)	Note	2017		2016
Foreign exchange	(a)	$	28,573	$	21,782
Interest rates	(b)	18,433		17,092
Credit default swaps	(c)	43		182
Equity derivatives	(d)	1,384		2,583
Commodity instruments	(e)	2017		2016
Energy (GWh)		28,808		15,904
Natural gas (MMBtu – 000’s)		48,163		9,150

Disclosure of information about terms and conditions of hedging instruments

The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2017 and the comparative notional amounts at December 31, 2016, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting:

	2017								2016
AS AT DEC. 31 ($ MILLIONS)	<1 Year		1 to 5 Years		>5 Years		Total Notional Amount		Total Notional Amount
Fair value through profit or loss
Foreign exchange derivatives	$	5,516	$	4,074	$	1,042	$	10,632	$	5,065
Interest rate derivatives	7,287		4,034		211		11,532		7,838
Credit default swaps	—		43		—		43		182
Equity derivatives	680		682		—		1,362		2,560
Commodity instruments
Energy (GWh)	5,328		7,894		—		13,222		7,343
Natural gas (MMBtu – 000’s)	2,459		690		—		3,149		9,150
Elected for hedge accounting
Foreign exchange derivatives	$	12,674	$	3,391	$	1,876	$	17,941	$	16,717
Interest rate derivatives	607		5,184		1,110		6,901		9,254
Equity derivatives	10		12		—		22		24
Commodity instruments
Energy (GWh)	1,412		11,494		2,680		15,586		8,561
Natural gas (MMBtu – 000’s)	37,052		7,962		—		45,014		—

The company held the following foreign exchange contracts with notional amounts at December 31, 2017 and December 31, 2016:

	Notional Amount (U.S. Dollars)				Average Exchange Rate
(MILLIONS)	2017		2016		2017		2016
Foreign exchange contracts
British pounds	$	7,312	$	6,231	$	1.29	$	1.26
Australian dollars	3,610		5,022		0.75		0.74
European Union euros	2,754		1,855		1.15		1.11
Canadian dollars	2,619		1,405		0.78		0.75
Korean won	578		485		1,100		1,153
Chinese yuan	346		252		6.72		7.06
Brazilian reais	62		511		0.27		0.32
Japanese yen	14		203		110.17		116.39
Other currencies	256		186		various		various
Cross currency interest rate swaps
Canadian dollars	2,442		2,269		0.76		0.82
European Union euros	1,914		530		1.06		1.06
Australian dollars	1,610		1,484		0.98		0.99
Japanese yen	750		—		113.33		—
Colombian pesos	299		125		3,056		3,056
British pounds	272		249		1.45		1.49
Foreign exchange options
European Union euros	1,801		—		1.21		—
Canadian dollars	1,000		—		0.76		—
British pounds	534		—		1.19		—
Japanese yen	400		975		118.00		118.00

Disclosure of derivatives elected for hedge accounting

The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2017 and 2016 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:

	2017								2016
FOR THE YEARS ENDED DECEMBER 31 (MILLIONS)	Notional		Effective Portion			Ineffective Portion			Notional		Effective Portion		Ineffective Portion
Cash flow hedges1	$	10,254	$	42		$	(16	)	$	11,998	$	149	$	(13	)
Net investment hedges	14,587		(748		)	—			13,973		129		—
	$	24,841	$	(706	)	$	(16	)	$	25,971	$	278	$	(13	)

1. Notional amount does not include 15,586 GWh, 45,014 MMBtu and 3,087 bbls and 8,561 GWh of commodity derivatives at December 31, 2017 and December 31, 2016, respectively

Disclosure of change in fair value of derivatives impact on comprehensive income

The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2017 and 2016, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting:

(MILLIONS)	Unrealized Gains During 2017		Unrealized Losses During 2017			Net Change During 2017			Net Change During 2016
Foreign exchange derivatives	$	119	$	(483	)	$	(364	)	$	(62	)
Interest rate derivatives	20		(35		)	(15		)	110
Credit default swaps	2		—			2			(5		)
Equity derivatives	204		(35		)	169			(9		)
Commodity derivatives	69		(103		)	(34		)	9
	$	414	$	(656	)	$	(242	)	$	43

XML

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments [Abstract]

Disclosure of maturity analysis for financial liabilities

The following tables present the contractual maturities of the company’s financial liabilities at December 31, 2017 and 2016:

	Payments Due by Period
AS AT DECEMBER 31, 2017 (MILLIONS)	<1 Year		1 to 3 Years		4 to 5 Years		After 5 Years		Total
Principal repayments
Corporate borrowings	$	—	$	478	$	278	$	4,903	$	5,659
Property-specific borrowings	8,800		15,175		14,228		25,518		63,721
Other debt of subsidiaries	1,956		2,520		2,536		1,997		9,009
Subsidiary equity obligations	76		53		1,001		2,531		3,661
Interest expense1
Corporate borrowings	259		494		462		1,433		2,648
Non-recourse borrowings	3,248		5,024		3,575		5,314		17,161
Subsidiary equity obligations	226		428		340		322		1,316

1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates

	Payments Due by Period
AS AT DECEMBER 31, 2016 (MILLIONS)	<1 Year		1 to 3 Years		4 to 5 Years		After 5 Years		Total
Principal repayments
Corporate borrowings	$	425	$	447	$	260	$	3,368	$	4,500
Property-specific borrowings	7,655		13,965		13,467		17,355		52,442
Other debt of subsidiaries	866		2,699		1,955		2,429		7,949
Subsidiary equity obligations	421		143		1,217		1,784		3,565
Interest expense1
Corporate borrowings	201		375		342		878		1,796
Non-recourse borrowings	2,776		4,549		3,219		4,378		14,922
Subsidiary equity obligations	198		376		318		378		1,270

1. Represents the aggregated interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates

XML

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

Related Party [Abstract]

Remuneration of Directors and Other Key Management Personnel of the Company

The remuneration of key management personnel and Directors of the company during the years ended December 31, 2017 and 2016 was as follows:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017		2016
Salaries, incentives and short-term benefits	$	18	$	19
Share-based payments	54		50
	$	72	$	69

Related Party Balances included within the Consolidated Financial Statements

The following table lists the related party balances included within the consolidated financial statements as at and for the years ended December 31, 2017 and 2016:

AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2017			2016
Investment and other losses	$	(268	)	$	(110	)
Financial assets	—			1,254
Management fees received	47			56

XML

SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Renewable Power
Disclosure of detailed information about investment property [line items]
Period in which cash flow are discounted with a residual value based on the terminal value cash flows	20 years
Sustainable Resources | Bottom of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	3 years
Sustainable Resources | Top of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	30 years
Infrastructure
Disclosure of detailed information about investment property [line items]
Period in which cash flow are discounted with a residual value based on the terminal value cash flows	10 years
Brazil | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	15 years	15 years
Dams | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	115 years
Penstocks | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	60 years
Powerhouses | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	115 years
Hydroelectric generating units | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	115 years
Wind generating units | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	30 years
Solar generating units | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	30 years
Other assets | Renewable Power
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	60 years
Buildings | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	70 years
Buildings | Hospitality Assets | Bottom of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	5 years
Buildings | Hospitality Assets | Top of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	50 years
Buildings | Private Equity
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	50 years
Leasehold improvements | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	50 years
Leasehold improvements | Private Equity
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	40 years
District energy systems and gas storage assets | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	50 years
Machinery, equipment, transmission stations and towers | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	40 years
Network systems | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	60 years
Rail and transport assets | Infrastructure
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	40 years
Buildings and building improvements | Hospitality Assets | Bottom of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	13 years
Buildings and building improvements | Hospitality Assets | Top of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	15 years
Other equipment | Hospitality Assets | Bottom of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	2 years
Other equipment | Hospitality Assets | Top of range
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	15 years
Machinery and equipment | Private Equity
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	20 years
Oil and gas related equipment | Private Equity
Disclosure of detailed information about investment property [line items]
Useful live of property, plant and equipment	10 years
Accounting Standards Update 2018-01 | Retained earnings
Disclosure of detailed information about investment property [line items]
Cumulative effect of new accounting principle	$ 250

XML

SEGMENTED INFORMATION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) segment business_group	Dec. 31, 2016 USD ($)
Operating Segments [Abstract]
Number of operating business groups | business_group	5
Number of reportable segments | segment	7
Interest expense	$ 3,608	$ 3,233
Disclosure of operating segments [line items]
Revenue	40,786	24,411
Realized disposition gains in fair value changes or prior periods	1,116	766
Realized disposition gains in fair value, prior periods	1,038	732
Elimination of intersegment amounts
Operating Segments [Abstract]
Interest expense	(18)	6
Disclosure of operating segments [line items]
Revenue	1,588	1,351
Interest income	19	6
Elimination of intersegment amounts | Asset Management and Real Estate
Disclosure of operating segments [line items]
Revenue	1,200	986
Elimination of intersegment amounts | Private Equity
Disclosure of operating segments [line items]
Revenue	$ 357	$ 359

XML

SEGMENTED INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating segments [line items]
Revenue	$ 40,786	$ 24,411
FFO from equity accounted investments	2,069	1,751
Interest expense	(3,626)	(3,239)
Current income taxes	(286)	(213)
Funds from operations	3,810	3,237
Equity accounted investments	31,994	24,977	$ 23,216
Additions to non-current assets	32,280	24,826
Asset management
Disclosure of operating segments [line items]
FFO from equity accounted investments	0	0
Interest expense	0	0
Current income taxes	0	0
Funds from operations	970	866
Equity accounted investments	0	0
Additions to non-current assets	0	0
Real Estate
Disclosure of operating segments [line items]
FFO from equity accounted investments	904	896
Interest expense	(1,901)	(1,736)
Current income taxes	(63)	(21)
Funds from operations	2,004	1,561
Equity accounted investments	19,596	16,628
Additions to non-current assets	10,025	12,311
Renewable Power
Disclosure of operating segments [line items]
FFO from equity accounted investments	23	9
Interest expense	(691)	(615)
Current income taxes	(39)	(43)
Funds from operations	270	180
Equity accounted investments	509	206
Additions to non-current assets	7,555	6,899
Infrastructure
Disclosure of operating segments [line items]
FFO from equity accounted investments	904	683
Interest expense	(453)	(409)
Current income taxes	(111)	(35)
Funds from operations	345	374
Equity accounted investments	8,793	7,346
Additions to non-current assets	7,991	5,105
Private Equity
Disclosure of operating segments [line items]
FFO from equity accounted investments	229	163
Interest expense	(237)	(147)
Current income taxes	(84)	(40)
Funds from operations	333	405
Equity accounted investments	2,385	336
Additions to non-current assets	6,307	359
Residential Development
Disclosure of operating segments [line items]
Revenue	2,447	3,019
FFO from equity accounted investments	1	6
Interest expense	(83)	(91)
Current income taxes	(46)	(51)
Funds from operations	34	63
Equity accounted investments	346	374
Additions to non-current assets	74	93
Corporate Activities
Disclosure of operating segments [line items]
Revenue	362	229
FFO from equity accounted investments	8	(6)
Interest expense	(261)	(241)
Current income taxes	57	(23)
Funds from operations	(146)	(212)
Equity accounted investments	365	87
Additions to non-current assets	328	59
External revenues
Disclosure of operating segments [line items]
Revenue	40,786	24,411
External revenues | Asset management
Disclosure of operating segments [line items]
Revenue	286	348
External revenues | Real Estate
Disclosure of operating segments [line items]
Revenue	6,824	6,324
External revenues | Renewable Power
Disclosure of operating segments [line items]
Revenue	2,788	2,474
External revenues | Infrastructure
Disclosure of operating segments [line items]
Revenue	3,859	2,414
External revenues | Private Equity
Disclosure of operating segments [line items]
Revenue	24,220	9,603
External revenues | Residential Development
Disclosure of operating segments [line items]
Revenue	2,447	3,019
External revenues | Corporate Activities
Disclosure of operating segments [line items]
Revenue	362	229
Elimination of intersegment amounts
Disclosure of operating segments [line items]
Revenue	1,588	1,351
Elimination of intersegment amounts | Asset management
Disclosure of operating segments [line items]
Revenue	1,181	972
Elimination of intersegment amounts | Real Estate
Disclosure of operating segments [line items]
Revenue	38	14
Elimination of intersegment amounts | Renewable Power
Disclosure of operating segments [line items]
Revenue	0	0
Elimination of intersegment amounts | Infrastructure
Disclosure of operating segments [line items]
Revenue	12	0
Elimination of intersegment amounts | Private Equity
Disclosure of operating segments [line items]
Revenue	357	359
Elimination of intersegment amounts | Residential Development
Disclosure of operating segments [line items]
Revenue	0	0
Elimination of intersegment amounts | Corporate Activities
Disclosure of operating segments [line items]
Revenue	0	6
Segmented revenues
Disclosure of operating segments [line items]
Revenue	42,374	25,762
Segmented revenues | Asset management
Disclosure of operating segments [line items]
Revenue	1,467	1,320
Segmented revenues | Real Estate
Disclosure of operating segments [line items]
Revenue	6,862	6,338
Segmented revenues | Renewable Power
Disclosure of operating segments [line items]
Revenue	2,788	2,474
Segmented revenues | Infrastructure
Disclosure of operating segments [line items]
Revenue	3,871	2,414
Segmented revenues | Private Equity
Disclosure of operating segments [line items]
Revenue	24,577	9,962
Segmented revenues | Residential Development
Disclosure of operating segments [line items]
Revenue	2,447	3,019
Segmented revenues | Corporate Activities
Disclosure of operating segments [line items]
Revenue	362	235
Common equity
Disclosure of operating segments [line items]
Issued capital	24,052	22,499
Common equity | Asset management
Disclosure of operating segments [line items]
Issued capital	312	328
Common equity | Real Estate
Disclosure of operating segments [line items]
Issued capital	16,725	16,727
Common equity | Renewable Power
Disclosure of operating segments [line items]
Issued capital	4,944	4,826
Common equity | Infrastructure
Disclosure of operating segments [line items]
Issued capital	2,834	2,697
Common equity | Private Equity
Disclosure of operating segments [line items]
Issued capital	4,215	2,862
Common equity | Residential Development
Disclosure of operating segments [line items]
Issued capital	2,915	2,679
Common equity | Corporate Activities
Disclosure of operating segments [line items]
Issued capital	$ (7,893)	$ (7,620)

XML

SEGMENTED INFORMATION - Reconciliation of FFO to Equity Accounted Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Segments [Abstract]
Consolidated equity accounted income	$ 1,213	$ 1,293
Non-FFO items from equity accounted investments	856	458
Consolidated equity accounted income	$ 2,069	$ 1,751

XML

SEGMENTED INFORMATION - Schedule of components of income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Segments [Abstract]
Current tax recovery (expense)	$ (286)	$ (213)
Deferred income tax recovery (expense)	(327)	558
Income tax recovery (expense)	$ (613)	$ 345

XML

SEGMENTED INFORMATION - Reconciliation of Total FFO (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Segments [Abstract]
Net income	$ 4,551	$ 3,338
Realized disposition gains in fair value changes or prior periods	1,116	766
Non-controlling interests in FFO	(4,964)	(2,917)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items	856	458
Fair value changes	(421)	130
Depreciation and amortization	2,345	2,020
Deferred income taxes	327	(558)
Total FFO	$ 3,810	$ 3,237

XML

SEGMENTED INFORMATION - Geographic Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of geographical areas [line items]
Revenue	$ 40,786	$ 24,411
Total assets	192,720	159,826
United States
Disclosure of geographical areas [line items]
Revenue	8,284	8,073
Total assets	84,860	75,556
Canada
Disclosure of geographical areas [line items]
Revenue	5,883	4,427
Total assets	21,897	19,324
United Kingdom
Disclosure of geographical areas [line items]
Revenue	15,106	2,858
Total assets	20,005	15,740
Other Europe
Disclosure of geographical areas [line items]
Revenue	617	465
Total assets	3,979	4,460
Australia
Disclosure of geographical areas [line items]
Revenue	4,405	3,843
Total assets	14,501	12,920
Brazil
Disclosure of geographical areas [line items]
Revenue	3,206	1,737
Total assets	23,931	12,807
Colombia
Disclosure of geographical areas [line items]
Revenue	970	975
Total assets	7,362	7,296
Other
Disclosure of geographical areas [line items]
Revenue	2,315	2,033
Total assets	$ 16,185	$ 11,723

XML

SEGMENTED INFORMATION - Revenue Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of products and services [line items]
Revenue	$ 40,786	$ 24,411
Real Estate | Core office
Disclosure of products and services [line items]
Revenue	2,121	2,170
Real Estate | Opportunistic and other
Disclosure of products and services [line items]
Revenue	4,703	4,154
Renewable power | Hydroelectric
Disclosure of products and services [line items]
Revenue	2,183	2,055
Renewable power | Wind energy, solar, storage & other
Disclosure of products and services [line items]
Revenue	605	419
Infrastructure | Utilities
Disclosure of products and services [line items]
Revenue	1,785	825
Infrastructure | Transport
Disclosure of products and services [line items]
Revenue	1,290	892
Infrastructure | Energy
Disclosure of products and services [line items]
Revenue	460	398
Infrastructure | Sustainable resources and other
Disclosure of products and services [line items]
Revenue	324	299
Private Equity | Energy
Disclosure of products and services [line items]
Revenue	280	441
Private Equity | Construction services
Disclosure of products and services [line items]
Revenue	4,650	4,028
Private Equity | Business services
Disclosure of products and services [line items]
Revenue	16,224	2,006
Private Equity | Industrial and other operations
Disclosure of products and services [line items]
Revenue	3,066	3,128
Residential development
Disclosure of products and services [line items]
Revenue	2,447	3,019
Corporate Activities
Disclosure of products and services [line items]
Revenue	$ 362	$ 229

XML

SUBSIDIARIES - Schedule Of Non-Controlling Interests In Subsidiaries With Significant Non-Controlling Interests (Details) - Subsidiaries with material non-controlling interests - shares shares in Millions	Dec. 31, 2017	Dec. 31, 2016
Brookfield Property Partners L.P. (“BPY”)
Disclosure of subsidiaries [line items]
Ownership Interest Held by Non-Controlling Interest	30.60%	31.20%
Brookfield Renewable Partners L.P. (“BEP”)
Disclosure of subsidiaries [line items]
Ownership Interest Held by Non-Controlling Interest	39.80%	38.70%
Brookfield Infrastructure Partners L.P. (“BIP”)
Disclosure of subsidiaries [line items]
Ownership Interest Held by Non-Controlling Interest	70.10%	70.20%
Brookfield Business Partners L.P. (“BBU”)
Disclosure of subsidiaries [line items]
Ownership Interest Held by Non-Controlling Interest	32.00%	25.10%
Class A and Class B shares | Brookfield Business Partners L.P. (“BBU”)
Disclosure of subsidiaries [line items]
Limited partnership units, dividends		19
Equivalent Economic Interests, Special Dividends		20.70%

XML

SUBSIDIARIES - Narrative (Details) - Subsidiaries with material non-controlling interests	12 Months Ended
	Dec. 31, 2017
Brookfield Renewable Partners L.P. (“BEP”)
Disclosure of subsidiaries [line items]
Decrease in proportion of ownership interest in subsidiary	6.90%
Brookfield Business Partners L.P. (“BBU”)
Disclosure of subsidiaries [line items]
Decrease in proportion of ownership interest in subsidiary	1.10%

XML

SUBSIDIARIES - Schedule of Composition Of Accumulated Non-Controlling Interest (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Non-controlling interests	$ 51,628	$ 43,235
BPY
Disclosure of subsidiaries [line items]
Non-controlling interests	19,736	18,790
BEP
Disclosure of subsidiaries [line items]
Non-controlling interests	10,139	8,879
BIP
Disclosure of subsidiaries [line items]
Non-controlling interests	11,376	7,710
BBU
Disclosure of subsidiaries [line items]
Non-controlling interests	4,000	2,173
Individually immaterial subsidiaries with non-controlling interests
Disclosure of subsidiaries [line items]
Non-controlling interests	$ 6,377	$ 5,683

XML

SUBSIDIARIES - Schedule Of Summarized Financial Information Before Intra-Group Eliminations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Current assets	$ 9,639	$ 6,834
Non-current assets	141,385	112,813
Current liabilities	(10,306)	(10,686)
Non-current liabilities	(63,670)	(45,662)
Non-controlling interests	(51,628)	(43,235)
Revenues	40,786	24,411
Net income attributable to:
Non-controlling interests	3,089	1,687
Shareholders	1,462	1,651
Net income	4,551	3,338
Other comprehensive income (loss) attributable to:
Non-controlling interests	1,741	1,992
Shareholders	849	821
Other comprehensive income	2,590	2,813
BPY
Disclosure of subsidiaries [line items]
Non-controlling interests	(19,736)	(18,790)
BEP
Disclosure of subsidiaries [line items]
Non-controlling interests	(10,139)	(8,879)
BIP
Disclosure of subsidiaries [line items]
Non-controlling interests	(11,376)	(7,710)
BBU
Disclosure of subsidiaries [line items]
Non-controlling interests	(4,000)	(2,173)
Subsidiaries with material non-controlling interests | BPY
Disclosure of subsidiaries [line items]
Current assets	3,912	4,198
Non-current assets	80,435	73,929
Current liabilities	(11,829)	(8,276)
Non-current liabilities	(37,394)	(35,690)
Non-controlling interests	(19,736)	(18,790)
Equity attributable to Brookfield	15,388	15,371
Revenues	6,135	5,352
Net income attributable to:
Non-controlling interests	2,234	1,501
Shareholders	234	1,216
Net income	2,468	2,717
Other comprehensive income (loss) attributable to:
Non-controlling interests	532	(36)
Shareholders	348	(210)
Other comprehensive income	880	(246)
Subsidiaries with material non-controlling interests | BEP
Disclosure of subsidiaries [line items]
Current assets	1,666	907
Non-current assets	29,238	26,830
Current liabilities	(2,514)	(1,733)
Non-current liabilities	(14,108)	(13,332)
Non-controlling interests	(10,139)	(8,879)
Equity attributable to Brookfield	4,143	3,793
Revenues	2,625	2,516
Net income attributable to:
Non-controlling interests	103	97
Shareholders	(52)	(57)
Net income	51	40
Other comprehensive income (loss) attributable to:
Non-controlling interests	786	915
Shareholders	564	414
Other comprehensive income	1,350	1,329
Subsidiaries with material non-controlling interests | BIP
Disclosure of subsidiaries [line items]
Current assets	1,512	1,632
Non-current assets	27,965	19,643
Current liabilities	(1,564)	(1,515)
Non-current liabilities	(14,439)	(10,116)
Non-controlling interests	(11,376)	(7,710)
Equity attributable to Brookfield	2,098	1,934
Revenues	3,535	2,115
Net income attributable to:
Non-controlling interests	569	408
Shareholders	5	120
Net income	574	528
Other comprehensive income (loss) attributable to:
Non-controlling interests	269	426
Shareholders	54	150
Other comprehensive income	323	576
Subsidiaries with material non-controlling interests | BBU
Disclosure of subsidiaries [line items]
Current assets	6,433	4,076
Non-current assets	9,371	4,117
Current liabilities	(5,690)	(2,556)
Non-current liabilities	(4,050)	(1,599)
Non-controlling interests	(4,000)	(2,173)
Equity attributable to Brookfield	2,064	1,865
Revenues	22,823	7,960
Net income attributable to:
Non-controlling interests	296	(170)
Shareholders	(81)	(32)
Net income	215	(202)
Other comprehensive income (loss) attributable to:
Non-controlling interests	64	101
Shareholders	45	32
Other comprehensive income	$ 109	$ 133

XML

SUBSIDIARIES - Schedule Of Cash Flow With Material Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from (used in):
Operating activities	$ 4,005	$ 3,083
Financing activities	8,185	6,993
Investing activities	(11,394)	(8,557)
Subsidiaries with material non-controlling interests | BPY
Cash flows from (used in):
Operating activities	639	745
Financing activities	1,248	2,906
Investing activities	(1,886)	(3,234)
Distributions paid to non-controlling interests in common equity	255	250
Subsidiaries with material non-controlling interests | BEP
Cash flows from (used in):
Operating activities	928	632
Financing activities	(27)	2,709
Investing activities	(328)	(3,191)
Distributions paid to non-controlling interests in common equity	227	201
Subsidiaries with material non-controlling interests | BIP
Cash flows from (used in):
Operating activities	1,481	753
Financing activities	3,814	899
Investing activities	(5,721)	(1,058)
Distributions paid to non-controlling interests in common equity	489	383
Subsidiaries with material non-controlling interests | BBU
Cash flows from (used in):
Operating activities	290	229
Financing activities	1,353	586
Investing activities	(1,595)	(96)
Distributions paid to non-controlling interests in common equity	$ 9	$ 2

XML

ACQUISITIONS OF CONSOLIDATED ENTITIES - Schedule of Balance Sheet Impact On Business Combinations (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	$ 1,225	$ 391
Accounts receivable and other	3,852	1,004
Inventory	704	64
Equity accounted investments	231	115
Investment properties	5,851	9,234
Property, plant and equipment	7,805	7,460
Intangible assets	8,412	1,227
Goodwill	1,157	1,286
Deferred income tax assets	77	14
Total assets	29,314	20,795
Less:
Accounts payable and other	(3,891)	(1,116)
Non-recourse borrowings	(8,565)	(5,150)
Deferred income tax liabilities	(1,867)	(1,318)
Non-controlling interests	(2,256)	(2,852)
Total liabilities	(16,579)	(10,436)
Net assets acquired	12,735	10,359
Consideration	12,557	10,332
Real Estate
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents		119
Accounts receivable and other		155
Inventory		10
Equity accounted investments		0
Investment properties		9,234
Property, plant and equipment		652
Intangible assets		2
Goodwill		17
Deferred income tax assets		2
Total assets		10,191
Less:
Accounts payable and other		(413)
Non-recourse borrowings		(2,859)
Deferred income tax liabilities		(35)
Non-controlling interests		(33)
Total liabilities		(3,340)
Net assets acquired		6,851
Consideration		6,824
Renewable Power
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	762	117
Accounts receivable and other	980	177
Inventory	0	15
Equity accounted investments	0	0
Investment properties	0	0
Property, plant and equipment	6,923	5,741
Intangible assets	27	0
Goodwill	0	799
Deferred income tax assets	18	0
Total assets	8,710	6,849
Less:
Accounts payable and other	(1,391)	(385)
Non-recourse borrowings	(4,902)	(1,130)
Deferred income tax liabilities	(59)	(1,020)
Non-controlling interests	(830)	(1,417)
Total liabilities	(7,182)	(3,952)
Net assets acquired	1,528	2,897
Consideration	1,528	2,897
Infrastructure and Other
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents		155
Accounts receivable and other		672
Inventory		39
Equity accounted investments		115
Investment properties		0
Property, plant and equipment		1,067
Intangible assets		1,225
Goodwill		470
Deferred income tax assets		12
Total assets		3,755
Less:
Accounts payable and other		(318)
Non-recourse borrowings		(1,161)
Deferred income tax liabilities		(263)
Non-controlling interests		(1,402)
Total liabilities		(3,144)
Net assets acquired		611
Consideration		$ 611
Private Equity
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	335
Accounts receivable and other	2,393
Inventory	701
Equity accounted investments	231
Investment properties	0
Property, plant and equipment	501
Intangible assets	2,870
Goodwill	342
Deferred income tax assets	59
Total assets	7,432
Less:
Accounts payable and other	(2,109)
Non-recourse borrowings	(1,678)
Deferred income tax liabilities	(806)
Non-controlling interests	(826)
Total liabilities	(5,419)
Net assets acquired	2,013
Consideration	2,006
Infrastructure
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	89
Accounts receivable and other	345
Inventory	0
Equity accounted investments	0
Investment properties	0
Property, plant and equipment	100
Intangible assets	5,515
Goodwill	815
Deferred income tax assets	0
Total assets	6,864
Less:
Accounts payable and other	(222)
Non-recourse borrowings	(30)
Deferred income tax liabilities	(957)
Non-controlling interests	(477)
Total liabilities	(1,686)
Net assets acquired	5,178
Consideration	5,178
Real Estate and Other
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	39
Accounts receivable and other	134
Inventory	3
Equity accounted investments	0
Investment properties	5,851
Property, plant and equipment	281
Intangible assets	0
Goodwill	0
Deferred income tax assets	0
Total assets	6,308
Less:
Accounts payable and other	(169)
Non-recourse borrowings	(1,955)
Deferred income tax liabilities	(45)
Non-controlling interests	(123)
Total liabilities	(2,292)
Net assets acquired	4,016
Consideration	$ 3,845

XML

ACQUISITIONS OF CONSOLIDATED ENTITIES - Narrative (Details) ft² in Millions, $ in Millions				1 Months Ended		9 Months Ended	12 Months Ended
	Dec. 07, 2017 USD ($) ft² property	Dec. 01, 2017 USD ($) ft²	Mar. 09, 2017 USD ($)	Jul. 31, 2016 USD ($)	Jan. 31, 2016 USD ($) reservior offer MW	Sep. 30, 2016 USD ($) offer	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 28, 2017 USD ($)	Oct. 16, 2017 USD ($)	May 10, 2017 USD ($)	Apr. 25, 2017 USD ($)	Apr. 04, 2017 USD ($)	Aug. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	May 31, 2016 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)
Disclosure of detailed information about business combination [line items]
Revenue of acquiree since acquisition date							$ 15,900	$ 1,700
Net income of acquiree since acquisition date							694	223
Revenue of combined entity as if combination occurred at beginning of period							25,500	3,000
Net income (loss) of combined entity as if combination occurred at beginning of period							1,000	230
Consideration							12,557	10,332
Goodwill							1,157	1,286
Manufactured housing
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							237
Net income (loss) of combined entity as if combination occurred at beginning of period							86
Consideration			$ 768
Cash transferred			578
Gain recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination			$ 107
NTS
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							1,300
Net income (loss) of combined entity as if combination occurred at beginning of period							660
Consideration													$ 5,100
Cash transferred													$ 4,200
Percentage of voting equity interests acquired													90.00%
Deferred tax liabilities recognised as of acquisition date													$ 1,000
Additional deferred tax liabilities recognised as of acquisition date													$ 893
Goodwill							804
BRK
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							758
Net income (loss) of combined entity as if combination occurred at beginning of period							64
Consideration												$ 1,006
Percentage of voting equity interests acquired												70.00%
Goodwill							17
Greenergy
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							19,800
Net income (loss) of combined entity as if combination occurred at beginning of period							26
Consideration											$ 462
Percentage of voting equity interests acquired											85.00%
Goodwill							92
TerraForm Power
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							622
Net income (loss) of combined entity as if combination occurred at beginning of period							(46)
Consideration										$ 719
Percentage of voting equity interests acquired										51.00%
Houston Center
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							120
Net income (loss) of combined entity as if combination occurred at beginning of period							26
Consideration		$ 819
Cash transferred		$ 175
Office space acquired | ft²		4.2
Mumbai Office Portfolio
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							53
Net income (loss) of combined entity as if combination occurred at beginning of period							1
Consideration	$ 102
Office space acquired | ft²	2.7
Office properties acquired | property	14
Terraform Global
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period							249
Net income (loss) of combined entity as if combination occurred at beginning of period							(33)
Consideration									$ 757
Percentage of voting equity interests acquired									100.00%
Isagen
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								886
Net income (loss) of combined entity as if combination occurred at beginning of period								120
Consideration					$ 1,900	$ 605										$ 929
Proportion of ownership interest in subsidiary						99.64%
Cash transferred					$ 510
Percentage of voting equity interests acquired					57.60%											26.00%
Amount of power operated in portfolio | MW					3,032
Number of reservior-based hydroelectric facilities | reservior					6
Number of mandatory tender offers | offer					2	2
Simply storage
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								105
Net income (loss) of combined entity as if combination occurred at beginning of period								71
Consideration																		$ 471
Cash transferred																		$ 372
Student housing
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								42
Net income (loss) of combined entity as if combination occurred at beginning of period								5
Consideration																	$ 397
Cash transferred																	209
Holtwood
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								46
Net income (loss) of combined entity as if combination occurred at beginning of period								(1)
Consideration																	$ 859
Rutas
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								122
Net income (loss) of combined entity as if combination occurred at beginning of period								(6)
Consideration															$ 127
Cash transferred															$ 118
Niska
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								136
Net income (loss) of combined entity as if combination occurred at beginning of period								29
Consideration				$ 227
Cash transferred				67
Fair value of debt before acquisition				141
Gain recognized as result of remeasuring to fair value debt held by acquiree before business combination								24
Rouse
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								335
Net income (loss) of combined entity as if combination occurred at beginning of period								(58)
Consideration				1,100
Cash transferred				$ 587
Proportion of ownership interest in subsidiary				33.00%
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date				$ 354
Linx
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								504
Net income (loss) of combined entity as if combination occurred at beginning of period								12
Consideration														$ 145
Cash transferred														13
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date														$ 132
IFC Seoul
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								170
Net income (loss) of combined entity as if combination occurred at beginning of period								(18)
Consideration								2,100
Cash transferred								875
City Point
Disclosure of detailed information about business combination [line items]
Revenue of combined entity as if combination occurred at beginning of period								49
Net income (loss) of combined entity as if combination occurred at beginning of period								(35)
Consideration								754
Cash transferred								147
Fair value of debt before acquisition								93
Gain recognized as result of remeasuring to fair value debt held by acquiree before business combination								(34)
Subsidiary's Institutional Partners | Isagen
Disclosure of detailed information about business combination [line items]
Cash transferred					$ 1,200
Renewable Power
Disclosure of detailed information about business combination [line items]
Consideration							1,528	2,897
Goodwill							0	799
Renewable Power | TerraForm Power
Disclosure of detailed information about business combination [line items]
Consideration										$ 719
Goodwill							0
Renewable Power | Terraform Global
Disclosure of detailed information about business combination [line items]
Consideration									$ 757
Goodwill							0
Renewable Power | Isagen
Disclosure of detailed information about business combination [line items]
Consideration								1,926
Goodwill							$ 799	799
Renewable Power | Holtwood
Disclosure of detailed information about business combination [line items]
Consideration								859
Goodwill								$ 0

XML

ACQUISITIONS OF CONSOLIDATED ENTITIES - Schedule of Balance Sheet Impact on Significant Business Combinations (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 28, 2017	Dec. 07, 2017	Dec. 01, 2017	Oct. 16, 2017	May 10, 2017	May 09, 2017	Apr. 25, 2017	Apr. 04, 2017	Mar. 09, 2017	Dec. 31, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Jan. 31, 2016
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	$ 1,225										$ 391
Accounts receivable and other	3,852										1,004
Inventory	704										64
Equity accounted investments	231										115
Investment properties	5,851										9,234
Property, plant and equipment	7,805										7,460
Intangible assets	8,412										1,227
Goodwill	1,157										1,286
Deferred income tax assets	77										14
Total assets	29,314										20,795
Less:
Accounts payable and other	(3,891)										(1,116)
Non-recourse borrowings	(8,565)										(5,150)
Deferred income tax liabilities	(1,867)										(1,318)
Non-controlling interests	(2,256)										(2,852)
Total liabilities	(16,579)										(10,436)
Net assets acquired	12,735										10,359
Consideration	12,557										10,332
TerraForm Power
Less:
Consideration					$ 719
TerraForm Global
Less:
Consideration		$ 757
BRK
Disclosure of detailed information about business combination [line items]
Goodwill	17
Less:
Consideration								$ 1,006
Greenergy
Disclosure of detailed information about business combination [line items]
Goodwill	92
Less:
Consideration						$ 462
NTS
Disclosure of detailed information about business combination [line items]
Goodwill	804
Less:
Consideration									$ 5,100
Manufactured housing
Less:
Consideration										$ 768
Houston Center
Less:
Consideration				$ 819
Mumbai Office Portfolio
Less:
Consideration			$ 102
Rouse
Less:
Consideration														$ 1,100
IFC Seoul
Less:
Consideration											2,100
Simply Storage
Less:
Consideration																		$ 471
City Point
Less:
Consideration											754
Student housing
Less:
Consideration																	$ 397
Isagen
Less:
Consideration												$ 605				$ 929			$ 1,900
Holtwood
Less:
Consideration																	$ 859
Rutas
Less:
Consideration															$ 127
Niska
Less:
Consideration														$ 227
Linx
Less:
Consideration													$ 145
Renewable Power
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	762										117
Accounts receivable and other	980										177
Inventory	0										15
Equity accounted investments	0										0
Investment properties	0										0
Property, plant and equipment	6,923										5,741
Intangible assets	27										0
Goodwill	0										799
Deferred income tax assets	18										0
Total assets	8,710										6,849
Less:
Accounts payable and other	(1,391)										(385)
Non-recourse borrowings	(4,902)										(1,130)
Deferred income tax liabilities	(59)										(1,020)
Non-controlling interests	(830)										(1,417)
Total liabilities	(7,182)										(3,952)
Net assets acquired	1,528										2,897
Consideration	1,528										2,897
Renewable Power | TerraForm Power
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	149
Accounts receivable and other	707
Inventory	0
Equity accounted investments	0
Investment properties	0
Property, plant and equipment	5,678
Intangible assets	0
Goodwill	0
Deferred income tax assets	0
Total assets	6,534
Less:
Accounts payable and other	(1,239)
Non-recourse borrowings	(3,714)
Deferred income tax liabilities	(33)
Non-controlling interests	(829)
Total liabilities	(5,815)
Net assets acquired	719
Consideration					$ 719
Renewable Power | TerraForm Global
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	611
Accounts receivable and other	266
Inventory	0
Equity accounted investments	0
Investment properties	0
Property, plant and equipment	1,208
Intangible assets	0
Goodwill	0
Deferred income tax assets	18
Total assets	2,103
Less:
Accounts payable and other	(142)
Non-recourse borrowings	(1,188)
Deferred income tax liabilities	(15)
Non-controlling interests	(1)
Total liabilities	(1,346)
Net assets acquired	757
Consideration		$ 757
Renewable Power | Isagen
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											113
Accounts receivable and other											174
Inventory											15
Equity accounted investments											0
Investment properties											0
Property, plant and equipment											4,772
Intangible assets											0
Goodwill	799										799
Deferred income tax assets											0
Total assets											5,873
Less:
Accounts payable and other											(381)
Non-recourse borrowings											(1,130)
Deferred income tax liabilities											(1,019)
Non-controlling interests											(1,417)
Total liabilities											(3,947)
Net assets acquired											1,926
Consideration											1,926
Renewable Power | Holtwood
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											0
Accounts receivable and other											1
Inventory											0
Equity accounted investments											0
Investment properties											0
Property, plant and equipment											859
Intangible assets											0
Goodwill											0
Deferred income tax assets											0
Total assets											860
Less:
Accounts payable and other											(1)
Non-recourse borrowings											0
Deferred income tax liabilities											0
Non-controlling interests											0
Total liabilities											(1)
Net assets acquired											859
Consideration											859
Private Equity
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	335
Accounts receivable and other	2,393
Inventory	701
Equity accounted investments	231
Investment properties	0
Property, plant and equipment	501
Intangible assets	2,870
Goodwill	342
Deferred income tax assets	59
Total assets	7,432
Less:
Accounts payable and other	(2,109)
Non-recourse borrowings	(1,678)
Deferred income tax liabilities	(806)
Non-controlling interests	(826)
Total liabilities	(5,419)
Net assets acquired	2,013
Consideration	2,006
Private Equity | BRK
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	296
Accounts receivable and other	1,043
Inventory	10
Equity accounted investments	109
Investment properties	0
Property, plant and equipment	200
Intangible assets	2,467
Deferred income tax assets	50
Total assets	4,192
Less:
Accounts payable and other	(227)
Non-recourse borrowings	(1,468)
Deferred income tax liabilities	(746)
Non-controlling interests	(745)
Total liabilities	(3,186)
Net assets acquired	1,006
Consideration								$ 1,006
Private Equity | Greenergy
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	28
Accounts receivable and other	1,290
Inventory	650
Equity accounted investments	114
Investment properties	0
Property, plant and equipment	154
Intangible assets	212
Deferred income tax assets	9
Total assets	2,549
Less:
Accounts payable and other	(1,744)
Non-recourse borrowings	(210)
Deferred income tax liabilities	(52)
Non-controlling interests	(81)
Total liabilities	(2,087)
Net assets acquired	462
Consideration						$ 462
Infrastructure
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	89
Accounts receivable and other	345
Inventory	0
Equity accounted investments	0
Investment properties	0
Property, plant and equipment	100
Intangible assets	5,515
Goodwill	815
Deferred income tax assets	0
Total assets	6,864
Less:
Accounts payable and other	(222)
Non-recourse borrowings	(30)
Deferred income tax liabilities	(957)
Non-controlling interests	(477)
Total liabilities	(1,686)
Net assets acquired	5,178
Consideration	5,178
Infrastructure | NTS
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	89
Accounts receivable and other	317
Inventory	0
Equity accounted investments	0
Investment properties	0
Property, plant and equipment	0
Intangible assets	5,515
Deferred income tax assets	0
Total assets	6,725
Less:
Accounts payable and other	(202)
Non-recourse borrowings	0
Deferred income tax liabilities	(946)
Non-controlling interests	(477)
Total liabilities	(1,625)
Net assets acquired	5,100
Consideration									$ 5,100
Infrastructure | Rutas
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											115
Accounts receivable and other											121
Inventory											0
Equity accounted investments											0
Investment properties											0
Property, plant and equipment											6
Intangible assets											973
Goodwill											139
Deferred income tax assets											0
Total assets											1,354
Less:
Accounts payable and other											(7)
Non-recourse borrowings											(441)
Deferred income tax liabilities											(153)
Non-controlling interests											(626)
Total liabilities											(1,227)
Net assets acquired											127
Consideration											127
Infrastructure | Niska
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											15
Accounts receivable and other											99
Inventory											39
Equity accounted investments											0
Investment properties											0
Property, plant and equipment											825
Intangible assets											0
Goodwill											82
Deferred income tax assets											0
Total assets											1,060
Less:
Accounts payable and other											(71)
Non-recourse borrowings											(337)
Deferred income tax liabilities											(77)
Non-controlling interests											(348)
Total liabilities											(833)
Net assets acquired											227
Consideration											227
Infrastructure | Linx
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											12
Accounts receivable and other											232
Inventory											0
Equity accounted investments											115
Investment properties											0
Property, plant and equipment											229
Intangible assets											69
Goodwill											210
Deferred income tax assets											0
Total assets											867
Less:
Accounts payable and other											(148)
Non-recourse borrowings											(181)
Deferred income tax liabilities											(33)
Non-controlling interests											(360)
Total liabilities											(722)
Net assets acquired											145
Consideration											145
Real Estate
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											119
Accounts receivable and other											155
Inventory											10
Equity accounted investments											0
Investment properties											9,234
Property, plant and equipment											652
Intangible assets											2
Goodwill											17
Deferred income tax assets											2
Total assets											10,191
Less:
Accounts payable and other											(413)
Non-recourse borrowings											(2,859)
Deferred income tax liabilities											(35)
Non-controlling interests											(33)
Total liabilities											(3,340)
Net assets acquired											6,851
Consideration											6,824
Real Estate | Manufactured housing
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	16
Accounts receivable and other	79
Inventory	0
Equity accounted investments	0
Investment properties	2,107
Property, plant and equipment	0
Intangible assets	0
Goodwill	0
Deferred income tax assets	0
Total assets	2,202
Less:
Accounts payable and other	(36)
Non-recourse borrowings	(1,261)
Deferred income tax liabilities	0
Non-controlling interests	(30)
Total liabilities	(1,327)
Net assets acquired	875
Consideration							$ 768
Real Estate | Houston Center
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	0
Accounts receivable and other	22
Inventory	0
Equity accounted investments	0
Investment properties	825
Property, plant and equipment	0
Intangible assets	0
Goodwill	0
Deferred income tax assets	0
Total assets	847
Less:
Accounts payable and other	(28)
Non-recourse borrowings	0
Deferred income tax liabilities	0
Non-controlling interests	0
Total liabilities	(28)
Net assets acquired	819
Consideration				$ 819
Real Estate | Mumbai Office Portfolio
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	11
Accounts receivable and other	12
Inventory	0
Equity accounted investments	0
Investment properties	679
Property, plant and equipment	0
Intangible assets	0
Goodwill	0
Deferred income tax assets	0
Total assets	702
Less:
Accounts payable and other	(44)
Non-recourse borrowings	(511)
Deferred income tax liabilities	(45)
Non-controlling interests	0
Total liabilities	(600)
Net assets acquired	$ 102
Consideration			$ 102
Real Estate | Rouse
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											32
Accounts receivable and other											94
Inventory											0
Equity accounted investments											0
Investment properties											3,010
Property, plant and equipment											13
Intangible assets											0
Goodwill											0
Deferred income tax assets											0
Total assets											3,149
Less:
Accounts payable and other											(231)
Non-recourse borrowings											(1,840)
Deferred income tax liabilities											0
Non-controlling interests											(15)
Total liabilities											(2,086)
Net assets acquired											1,063
Consideration											1,063
Real Estate | IFC Seoul
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											25
Accounts receivable and other											13
Inventory											0
Equity accounted investments											0
Investment properties											1,911
Property, plant and equipment											303
Intangible assets											2
Goodwill											0
Deferred income tax assets											2
Total assets											2,256
Less:
Accounts payable and other											(107)
Non-recourse borrowings											0
Deferred income tax liabilities											(35)
Non-controlling interests											0
Total liabilities											(142)
Net assets acquired											2,114
Consideration											2,114
Real Estate | Simply Storage
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											16
Accounts receivable and other											28
Inventory											2
Equity accounted investments											0
Investment properties											1,044
Property, plant and equipment											0
Intangible assets											0
Goodwill											0
Deferred income tax assets											0
Total assets											1,090
Less:
Accounts payable and other											(12)
Non-recourse borrowings											(592)
Deferred income tax liabilities											0
Non-controlling interests											(15)
Total liabilities											(619)
Net assets acquired											471
Consideration											471
Real Estate | City Point
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											1
Accounts receivable and other											5
Inventory											0
Equity accounted investments											0
Investment properties											742
Property, plant and equipment											0
Intangible assets											0
Goodwill											12
Deferred income tax assets											0
Total assets											760
Less:
Accounts payable and other											(6)
Non-recourse borrowings											0
Deferred income tax liabilities											0
Non-controlling interests											0
Total liabilities											(6)
Net assets acquired											754
Consideration											754
Real Estate | Student housing
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents											33
Accounts receivable and other											3
Inventory											0
Equity accounted investments											0
Investment properties											608
Property, plant and equipment											0
Intangible assets											1
Goodwill											5
Deferred income tax assets											0
Total assets											650
Less:
Accounts payable and other											(49)
Non-recourse borrowings											(202)
Deferred income tax liabilities											0
Non-controlling interests											(2)
Total liabilities											(253)
Net assets acquired											397
Consideration											$ 397

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Classification - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Financial assets	$ 19,555	$ 15,798
Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	5,139	4,299
Other financial assets
Disclosure of financial assets [line items]
Financial assets	4,800	4,700
Government bonds
Disclosure of financial assets [line items]
Financial assets	49	54
Corporate bonds
Disclosure of financial assets [line items]
Financial assets	643	355
Fixed income securities and other
Disclosure of financial assets [line items]
Financial assets	662	505
Common shares and warrants
Disclosure of financial assets [line items]
Financial assets	1,832	2,582
Loans and notes receivable
Disclosure of financial assets [line items]
Financial assets	1,614	1,204
Accounts receivable and other
Disclosure of financial assets [line items]
Financial assets	9,616	6,799
Fair value through profit or loss
Disclosure of financial assets [line items]
Financial assets	2,677	3,398
Fair value through profit or loss | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	0	0
Fair value through profit or loss | Other financial assets
Disclosure of financial assets [line items]
Financial assets	1,294	1,897
Fair value through profit or loss | Government bonds
Disclosure of financial assets [line items]
Financial assets	34	22
Fair value through profit or loss | Corporate bonds
Disclosure of financial assets [line items]
Financial assets	382	13
Fair value through profit or loss | Fixed income securities and other
Disclosure of financial assets [line items]
Financial assets	230	170
Fair value through profit or loss | Common shares and warrants
Disclosure of financial assets [line items]
Financial assets	585	1,630
Fair value through profit or loss | Loans and notes receivable
Disclosure of financial assets [line items]
Financial assets	63	62
Fair value through profit or loss | Accounts receivable and other
Disclosure of financial assets [line items]
Financial assets	1,383	1,501
Fair value through profit or loss | Assets pledged as collateral
Disclosure of financial assets [line items]
Financial assets	4,100	2,500
Available for Sale
Disclosure of financial assets [line items]
Financial assets	1,947	1,661
Available for Sale | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	0	0
Available for Sale | Other financial assets
Disclosure of financial assets [line items]
Financial assets	1,947	1,661
Available for Sale | Government bonds
Disclosure of financial assets [line items]
Financial assets	15	32
Available for Sale | Corporate bonds
Disclosure of financial assets [line items]
Financial assets	253	342
Available for Sale | Fixed income securities and other
Disclosure of financial assets [line items]
Financial assets	432	335
Available for Sale | Common shares and warrants
Disclosure of financial assets [line items]
Financial assets	1,247	952
Available for Sale | Loans and notes receivable
Disclosure of financial assets [line items]
Financial assets	0	0
Available for Sale | Accounts receivable and other
Disclosure of financial assets [line items]
Financial assets	0	0
Loans and Receivables and Other Financial Liabilities
Disclosure of financial assets [line items]
Financial assets	14,931	10,739
Loans and Receivables and Other Financial Liabilities | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	5,139	4,299
Loans and Receivables and Other Financial Liabilities | Other financial assets
Disclosure of financial assets [line items]
Financial assets	1,559	1,142
Loans and Receivables and Other Financial Liabilities | Government bonds
Disclosure of financial assets [line items]
Financial assets	0	0
Loans and Receivables and Other Financial Liabilities | Corporate bonds
Disclosure of financial assets [line items]
Financial assets	8	0
Loans and Receivables and Other Financial Liabilities | Fixed income securities and other
Disclosure of financial assets [line items]
Financial assets	0	0
Loans and Receivables and Other Financial Liabilities | Common shares and warrants
Disclosure of financial assets [line items]
Financial assets	0	0
Loans and Receivables and Other Financial Liabilities | Loans and notes receivable
Disclosure of financial assets [line items]
Financial assets	1,551	1,142
Loans and Receivables and Other Financial Liabilities | Accounts receivable and other
Disclosure of financial assets [line items]
Financial assets	8,233	5,298
Derivatives | Accounts receivable and other
Disclosure of financial assets [line items]
Nominal amount of derivative positions	$ 630	$ 1,000

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Classification - Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial liabilities [line items]
Financial liabilities	$ 100,015	$ 80,371
Corporate borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	5,659	4,500
Property-specific borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	63,721	52,442
Subsidiary borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	9,009	7,949
Accounts payable and other
Disclosure of financial liabilities [line items]
Financial liabilities	17,965	11,915
Subsidiary equity obligations
Disclosure of financial liabilities [line items]
Financial liabilities	3,661	3,565
Fair Value Through Profit or Loss
Disclosure of financial liabilities [line items]
Financial liabilities	5,400	3,458
Fair Value Through Profit or Loss | Corporate borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Fair Value Through Profit or Loss | Property-specific borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Fair Value Through Profit or Loss | Subsidiary borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Fair Value Through Profit or Loss | Accounts payable and other
Disclosure of financial liabilities [line items]
Financial liabilities	3,841	2,019
Fair Value Through Profit or Loss | Subsidiary equity obligations
Disclosure of financial liabilities [line items]
Financial liabilities	1,559	1,439
Loans and Receivables/Other Financial Liabilities
Disclosure of financial liabilities [line items]
Financial liabilities	94,615	76,913
Loans and Receivables/Other Financial Liabilities | Corporate borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	5,659	4,500
Loans and Receivables/Other Financial Liabilities | Property-specific borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	63,721	52,442
Loans and Receivables/Other Financial Liabilities | Subsidiary borrowings
Disclosure of financial liabilities [line items]
Financial liabilities	9,009	7,949
Loans and Receivables/Other Financial Liabilities | Accounts payable and other
Disclosure of financial liabilities [line items]
Financial liabilities	14,124	9,896
Loans and Receivables/Other Financial Liabilities | Subsidiary equity obligations
Disclosure of financial liabilities [line items]
Financial liabilities	2,102	2,126
Derivatives | Accounts payable and other
Disclosure of financial liabilities [line items]
Nominal amount of derivative positions	$ 950	$ 528

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Net deferred loss	$ (69,000,000)	$ (391,000,000)
Cash included in cash and cash equivalents	4,500,000,000	3,800,000,000
Short-term deposits, classified as cash equivalents	635,000,000	454,000,000
Financial assets transferred from Level 1 to Level 2	0	0
Pre-tax net unrealized gains	(706,000,000)	278,000,000
Cash flow hedges
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Pre-tax net unrealized gains	42,000,000	149,000,000
Net investment hedges
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Pre-tax net unrealized gains	(748,000,000)	129,000,000
Elected for hedge accounting | Cash flow hedges
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Reserve of cash flow hedges	349,000,000	260,000,000
Elected for hedge accounting | Net investment hedges
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Unrealized gains on hedging instrument, fair value hedges	676,000,000	236,000,000
Unrealized Available-for-Sale Gain
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Unrealized gains and losses relating to the fair value of available-for-sale securities	26,000,000	286,000,000
Unrealized Available-for-Sale Loss
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Unrealized gains and losses relating to the fair value of available-for-sale securities	$ 0	$ (28,000,000)

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial assets [line items]
Cash and cash equivalents	$ 5,139	$ 4,299	$ 2,774
Financial assets, carrying value	19,555	15,798
Financial assets, at fair value	19,598	15,798
Disclosure of financial liabilities [line items]
Corporate borrowings	5,659	4,500
Subsidiary borrowings	9,009	7,949
Accounts payable and other	17,965	11,915
Subsidiary equity obligations	3,661	3,565
Financial liabilities at carrying value	100,015	80,371
Financial liabilities, at fair value	102,284	81,868
Property-specific borrowings	63,721	52,442
Corporate borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, at fair value	6,087	4,771
Property-specific borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, at fair value	65,399	53,512
Subsidiary borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, at fair value	9,172	8,103
Accounts payable and other
Disclosure of financial liabilities [line items]
Financial liabilities, at fair value	17,965	11,915
Subsidiary equity obligations
Disclosure of financial liabilities [line items]
Financial liabilities, at fair value	3,661	3,567
Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets, carrying value	5,139	4,299
Financial assets, at fair value	5,139	4,299
Other financial assets
Disclosure of financial assets [line items]
Financial assets, carrying value	4,800	4,700
Financial assets, at fair value	4,843	4,700
Government bonds
Disclosure of financial assets [line items]
Financial assets, carrying value	49	54
Financial assets, at fair value	49	54
Corporate bonds
Disclosure of financial assets [line items]
Financial assets, carrying value	643	355
Financial assets, at fair value	643	355
Fixed income securities and other
Disclosure of financial assets [line items]
Financial assets, carrying value	662	505
Financial assets, at fair value	662	505
Common shares and warrants
Disclosure of financial assets [line items]
Financial assets, carrying value	1,832	2,582
Financial assets, at fair value	1,832	2,582
Loans and notes receivable
Disclosure of financial assets [line items]
Financial assets, carrying value	1,614	1,204
Financial assets, at fair value	1,657	1,204
Accounts receivable and other
Disclosure of financial assets [line items]
Financial assets, carrying value	9,616	6,799
Financial assets, at fair value	$ 9,616	$ 6,799

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Other Financial Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value Measurement [Abstract]
Current	$ 2,568	$ 3,229
Non-current	2,232	1,471
Total	$ 4,800	$ 4,700

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 19,555	$ 15,798
Financial liabilities	100,015	80,371
At fair value | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	1,748	1,533
Financial liabilities	134	98
At fair value | Level 1 | Accounts payable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	134	98
At fair value | Level 1 | Subsidiary equity obligations
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
At fair value | Level 1 | Government bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	11
At fair value | Level 1 | Corporate bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	127	175
At fair value | Level 1 | Fixed income securities and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	20	36
At fair value | Level 1 | Common shares and warrants
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	1,586	1,309
At fair value | Level 1 | Loans and notes receivable
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
At fair value | Level 1 | Accounts receivable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	15	2
At fair value | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	2,007	1,787
Financial liabilities	3,003	1,911
At fair value | Level 2 | Accounts payable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	3,003	1,859
At fair value | Level 2 | Subsidiary equity obligations
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities		52
At fair value | Level 2 | Government bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	49	43
At fair value | Level 2 | Corporate bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	508	173
At fair value | Level 2 | Fixed income securities and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	233	178
At fair value | Level 2 | Common shares and warrants
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
At fair value | Level 2 | Loans and notes receivable
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	62	51
At fair value | Level 2 | Accounts receivable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets		1,342
At fair value | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	869	1,739	$ 1,691
Financial liabilities	2,263	1,449	$ 1,261
At fair value | Level 3 | Accounts payable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	704	62
At fair value | Level 3 | Subsidiary equity obligations
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities		1,387
At fair value | Level 3 | Government bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
At fair value | Level 3 | Corporate bonds
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	7
At fair value | Level 3 | Fixed income securities and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets		291
At fair value | Level 3 | Common shares and warrants
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets		1,273
At fair value | Level 3 | Loans and notes receivable
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 1	11
At fair value | Level 3 | Accounts receivable and other
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets		$ 157

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	$ 19,555	$ 15,798
Financial liabilities	(100,015)	(80,371)
At fair value | Level 2
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	2,007	1,787
Financial liabilities	(3,003)	(1,911)
At fair value | Level 2 | Accounts payable
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	(3,003)	(1,859)
At fair value | Level 2 | Accounts payable | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	(3,003)
At fair value | Level 2 | Subsidiary equity obligations
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities		(52)
At fair value | Level 2 | Subsidiary equity obligations | Market approach
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	0
At fair value | 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	852
At fair value | Level 2 | Fixed income securities and other
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	233	178
At fair value | Level 2 | Common shares and warrants
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	0	0
At fair value | Level 2 | Accounts receivable
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets		1,342
At fair value | Level 2 | Accounts receivable | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	1,155
At fair value | Level 3
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	869	1,739	$ 1,691
Financial liabilities	(2,263)	(1,449)	$ (1,261)
At fair value | Level 3 | Accounts payable
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	(704)	(62)
At fair value | Level 3 | Accounts payable | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	(704)
At fair value | Level 3 | Subsidiary equity obligations
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities		(1,387)
At fair value | Level 3 | Subsidiary equity obligations | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial liabilities	(1,559)
At fair value | Level 3 | Fixed income securities and other
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets		291
At fair value | Level 3 | Fixed income securities and other | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	409
At fair value | Level 3 | Common shares and warrants
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets		1,273
At fair value | Level 3 | Common shares and warrants | Black-Scholes model
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	246
At fair value | Level 3 | Accounts receivable
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets		$ 157
At fair value | Level 3 | Accounts receivable | Discounted cash flows
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Table] [Line Items]
Financial assets	$ 213

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Financial Assets
Balance, beginning of year	$ 15,798
Fair value changes in net income	(421)	$ 130
Balance, end of year	19,555	15,798
Financial Liabilities
Balance, beginning of year	80,371
Balance, end of year	100,015	80,371
At fair value | Level 3
Financial Assets
Balance, beginning of year	1,739	1,691
Fair value changes in net income	(313)	(102)
Fair value changes in other comprehensive income	5	(12)
Additions, net of disposals	(562)	162
Balance, end of year	869	1,739
Financial Liabilities
Balance, beginning of year	1,449	1,261
Fair value changes in net income	(2)	48
Fair value changes in other comprehensive income	67	35
Additions, net of disposals	749	105
Balance, end of year	$ 2,263	$ 1,449

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Amortized Cost for which Fair Value is Disclosed (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	$ 100,015	$ 80,371
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 1
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	6,087	4,771
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 2
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	0	0
Not measured at fair value in statement of financial position but for which fair value is disclosed | Corporate borrowings | Level 3
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	0	0
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 1
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	2,123	1,360
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 2
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	24,502	16,724
Not measured at fair value in statement of financial position but for which fair value is disclosed | Property-specific borrowings | Level 3
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	38,774	35,428
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 1
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	3,825	2,872
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 2
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	2,030	2,451
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary borrowings | Level 3
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	3,317	2,780
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 1
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	0	0
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 2
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	0	0
Not measured at fair value in statement of financial position but for which fair value is disclosed | Subsidiary equity obligations | Level 3
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities	$ 2,102	$ 2,128

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS - Netting of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounts payable and other
Disclosure of offsetting of financial liabilities [line items]
Gross amounts of financial instruments before netting	$ 2,124	$ 1,186
Gross amounts of financial instruments set-off in Consolidated Balance Sheets	(267)	(154)
Net amount of financial instruments in Consolidated Balance Sheets	1,857	1,032
Accounts receivable and other
Disclosure of offsetting of financial assets [line items]
Gross amounts of financial instruments before netting	1,605	1,625
Gross amounts of financial instruments set-off in Consolidated Balance Sheets	(223)	(124)
Net amount of financial instruments in Consolidated Balance Sheets	$ 1,382	$ 1,501

XML

ACCOUNTS RECEIVABLE AND OTHER - Schedule of Accounts Receivable and Other (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Accounts receivable	$ 7,209	$ 4,294
Prepaid expenses and other assets	3,350	3,448
Restricted cash	1,024	1,004
Sustainable resources	390	387
Total	$ 11,973	$ 9,133

XML

ACCOUNTS RECEIVABLE AND OTHER - Schedule of Current and Non-Current Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Current	$ 8,492	$ 6,490
Non-current	3,481	2,643
Total	$ 11,973	$ 9,133

XML

ACCOUNTS RECEIVABLE AND OTHER - Narrative (Details) m³ in Millions, a in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) a m³	Dec. 31, 2016 USD ($) a m³
Disclosure of acquired receivables [line items]
Accounts receivable and other	$ 3,852	$ 1,004
Completed contracts and work-in-progress contract sales included in accounts receivable	$ 433	$ 663
Area of consumable freehold timberlands (in acres) | a	1.7	1.7
Volume of mature timber available for harvest (in cubic meters) | m³	40.6	40.8
Area of licensed timberlands (in acres) | a	1.3	1.3
Residential
Disclosure of acquired receivables [line items]
Adjustments for decrease (increase) in trade and other receivables	$ (240)
Private Equity
Disclosure of acquired receivables [line items]
Accounts receivable and other	$ 2,393
Discount rate	9.70%	12.00%
Derivatives
Disclosure of acquired receivables [line items]
Unrealized gain on financial instruments	$ 209	$ 302
Sustainable Resources | At fair value
Disclosure of acquired receivables [line items]
Terminal capitalization rate	5.70%	5.90%
Termination valuation date	30 years	30 years

XML

ACCOUNTS RECEIVABLE AND OTHER - Schedule Of Change In Balance Of Timberlands And Other Agricultural Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in property, plant and equipment [abstract]
Balance, beginning of year	$ 387	$ 355
Additions, net of disposals	78	58
Fair value adjustments	21	30
Decrease due to harvest	(103)	(76)
Foreign currency changes	7	20
Balance, end of year	$ 390	$ 387

XML

INVENTORY - Schedule of Inventory Properties (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventories [Abstract]
Residential properties under development	$ 2,245	$ 2,215
Land held for development	1,922	1,609
Completed residential properties	917	952
Industrial products and other	1,227	573
Total	$ 6,311	$ 5,349

XML

INVENTORY - Schedule of Current and Non-Current Inventory Balances (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventories [Abstract]
Current	$ 3,585	$ 2,987
Non-current	2,726	2,362
Total	$ 6,311	$ 5,349

XML

INVENTORY - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Inventories [Abstract]
Cost of inventories recognised as expense during period	$ 15,200	$ 4,700
Impairment of inventory	37	85
Inventories pledged as security for liabilities	$ 2,900	$ 2,400

XML

HELD FOR SALE - Schedule Of Assets And Liabilities Classified As Held-For-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 5,139	$ 4,299	$ 2,774
Accounts receivables and other	11,973	9,133
Investment properties	56,870	54,172	47,164
Property, plant and equipment	53,005	45,346
Other long-term assets	2,232	1,471
Assets classified as held for sale	1,605	432
Liabilities
Accounts payable and other	17,965	11,915
Property-specific borrowings	63,721	52,442
Liabilities associated with assets classified as held for sale	1,424	127
Assets and liabilities classified as held for sale
Assets
Cash and cash equivalents	20	8
Accounts receivables and other	44	134
Investment properties	1,007	165
Property, plant and equipment	490	58
Other long-term assets	44	67
Assets classified as held for sale	1,605	432
Liabilities
Accounts payable and other	212	67
Property-specific borrowings	1,212	60
Liabilities associated with assets classified as held for sale	1,424	127
Real Estate
Assets
Property, plant and equipment	5,779	5,652	5,316
Real Estate | Assets and liabilities classified as held for sale
Assets
Cash and cash equivalents	20
Accounts receivables and other	44
Investment properties	1,007
Property, plant and equipment	475
Other long-term assets	44
Assets classified as held for sale	1,590
Liabilities
Accounts payable and other	212
Property-specific borrowings	1,212
Liabilities associated with assets classified as held for sale	1,424
Private Equity and Other
Assets
Property, plant and equipment	2,733	$ 3,596	$ 3,881
Private Equity and Other | Assets and liabilities classified as held for sale
Assets
Cash and cash equivalents	0
Accounts receivables and other	0
Investment properties	0
Property, plant and equipment	15
Other long-term assets	0
Assets classified as held for sale	15
Liabilities
Accounts payable and other	0
Property-specific borrowings	0
Liabilities associated with assets classified as held for sale	$ 0

XML

HELD FOR SALE - Narrative (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)
Disclosure of financial assets [line items]
Gross proceeds from assets sold					$ (20)	$ 0
Office Properties [Member]
Disclosure of financial assets [line items]
Number of office properties | property					2
Other Real Estate [Member]
Disclosure of financial assets [line items]
Number of office properties | property					13
New York Office Property [Member]
Disclosure of financial assets [line items]
Gross proceeds from assets sold			$ 680
U.K. Office Property [Member]
Disclosure of financial assets [line items]
Gross proceeds from assets sold		$ 152
European Logistics Business
Disclosure of financial assets [line items]
Gross proceeds from assets sold	$ 1,900
Bath and Shower Manufacturing Business [Member]
Disclosure of financial assets [line items]
Gross proceeds from assets sold				$ 357

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	$ 10,409	$ 7,453
Equity accounted investments	31,994	24,977	$ 23,216
Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, joint ventures	346	374
Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	$ 362	84
Norbord
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	40.00%
Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Investments Accounted for Using the Equity Method	$ 19,597	16,628
Equity accounted investments	$ 19,596	$ 16,628
Real Estate | Canary Wharf Group plc (“Canary Wharf”)
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	50.00%	50.00%
Carrying Value, joint ventures	$ 3,284	$ 2,866
Real Estate | Manhattan West, New York
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	56.00%	56.00%
Carrying Value, joint ventures	$ 1,439	$ 1,214
Real Estate | Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, joint ventures	$ 4,565	$ 3,651
Real Estate | GGP Inc. (“GGP”)
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	34.00%	29.00%
Carrying Value, associate	$ 8,844	$ 7,453
Real Estate | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	1,465	1,444
Renewable power investments | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	509	206
Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Investments Accounted for Using the Equity Method	8,793	7,346
Equity accounted investments	$ 8,793	$ 7,346
Infrastructure | North American natural gas transmission operations
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	50.00%	50.00%
Carrying Value, joint ventures	$ 1,013	$ 806
Infrastructure | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	$ 1,348	$ 1,231
Infrastructure | Brazilian toll road
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	60.00%	57.00%
Carrying Value, associate	$ 2,109	$ 1,703
Infrastructure | South American transmission operations
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	28.00%	28.00%
Carrying Value, associate	$ 930	$ 699
Infrastructure | Brazilian rail and port operations
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	27.00%	27.00%
Carrying Value, associate	$ 1,046	$ 901
Infrastructure | European communications business
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	45.00%	45.00%
Carrying Value, associate	$ 1,607	$ 1,313
Infrastructure | Australian ports operation
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	50.00%	50.00%
Carrying Value, associate	$ 740	$ 693
Private Equity
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	2,387	339
Equity accounted investments	2,385	336
Private Equity | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Carrying Value, associate	$ 1,023	$ 339
Private Equity | Norbord
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	40.00%
Carrying Value, associate	$ 1,364
Non-cash gain on deconsolidation	$ 790
Bottom of range | Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	20.00%	20.00%
Bottom of range | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	12.00%	12.00%
Bottom of range | Real Estate | Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	12.00%	12.00%
Bottom of range | Real Estate | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	10.00%	19.00%
Bottom of range | Renewable power investments | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	14.00%	14.00%
Bottom of range | Infrastructure | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	11.00%	11.00%
Bottom of range | Private Equity | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	14.00%	14.00%
Top of range | Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	85.00%	85.00%
Top of range | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	33.00%	33.00%
Top of range | Real Estate | Aggregated individually immaterial joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, joint venture	90.00%	90.00%
Top of range | Real Estate | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	90.00%	90.00%
Top of range | Renewable power investments | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	50.00%	50.00%
Top of range | Infrastructure | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	50.00%	50.00%
Top of range | Private Equity | Other Investments
Disclosure Of Associates And Joint Ventures [Line Items]
Voting Interest, associate	89.00%	89.00%

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Changes In Balance Of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Interest In Other Entities [Abstract]
Balance, beginning of year	$ 24,977	$ 23,216
Additions, net of disposals	5,063	660
Acquisitions through business combinations	231	115
Share of net income	1,213	1,293
Share of other comprehensive income	515	430
Distributions received	(732)	(675)
Foreign exchange	727	(62)
Balance, end of year	$ 31,994	$ 24,977

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Current And Non-Current Assets And Liabilities Of Investments In Associates And Joint Ventures (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	$ 9,639	$ 6,834
Non-Current Assets	141,385	112,813
Current Liabilities	10,306	10,686
Non-Current Liabilities	63,670	45,662
Other
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	800	1,024
Non-Current Assets	60	8
Current Liabilities	90	81
Non-Current Liabilities	100	113
GGP Inc. (“GGP”) | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	1,029	1,547
Non-Current Assets	37,841	38,460
Current Liabilities	947	2,540
Non-Current Liabilities	13,062	12,656
Other Investments | Renewable power investments
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	153	45
Non-Current Assets	2,536	934
Current Liabilities	115	42
Non-Current Liabilities	1,080	532
Other Investments | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	695	360
Non-Current Assets	5,240	4,378
Current Liabilities	865	515
Non-Current Liabilities	2,301	1,827
Brazilian toll road | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	304	263
Non-Current Assets	5,769	4,977
Current Liabilities	602	823
Non-Current Liabilities	2,102	1,665
South American transmission operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	280	221
Non-Current Assets	7,122	5,519
Current Liabilities	181	142
Non-Current Liabilities	3,874	3,234
Brazilian rail and port operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	743	460
Non-Current Assets	6,131	5,265
Current Liabilities	515	674
Non-Current Liabilities	2,405	1,645
European communications business | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	464	328
Non-Current Assets	6,281	5,437
Current Liabilities	561	443
Non-Current Liabilities	2,968	2,528
Australian ports operation | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	198	171
Non-Current Assets	2,281	2,166
Current Liabilities	24	66
Non-Current Liabilities	1,332	1,229
Norbord | Private Equity
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	709
Non-Current Assets	2,374
Current Liabilities	356
Non-Current Liabilities	728
Canary Wharf Group plc (“Canary Wharf”) | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	844	776
Non-Current Assets	13,092	11,641
Current Liabilities	703	461
Non-Current Liabilities	6,759	6,224
Manhattan West, New York | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	74	244
Non-Current Assets	4,248	3,374
Current Liabilities	816	733
Non-Current Liabilities	941	718
Other real estate joint ventures and investments | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	1,206	657
Non-Current Assets	25,547	20,986
Current Liabilities	1,268	2,119
Non-Current Liabilities	10,110	6,908
Other private equity investments | Private Equity
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	2,001	616
Non-Current Assets	18,122	3,901
Current Liabilities	3,124	694
Non-Current Liabilities	13,192	3,458
North American natural gas transmission operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Current Assets	139	122
Non-Current Assets	4,741	5,767
Current Liabilities	139	1,353
Non-Current Liabilities	$ 2,716	$ 2,925

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Revenue, Net Income and OCI Of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	$ 14,405	$ 11,373
Net Income	2,247	3,796
OCI	1,878	2,071
Other
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	194	252
Net Income	23	26
OCI	4	2
GGP Inc. (“GGP”) | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	2,405	2,427
Net Income	(591)	1,735
OCI	12	4
Other Investments | Renewable power investments
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	65	74
Net Income	11	0
OCI	59	18
Other Investments | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	1,809	1,091
Net Income	98	54
OCI	(19)	280
Brazilian toll road | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	928	766
Net Income	95	185
OCI	(39)	382
South American transmission operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	441	433
Net Income	37	38
OCI	806	217
Brazilian rail and port operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	1,409	1,024
Net Income	56	70
OCI	490	976
European communications business | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	783	767
Net Income	58	121
OCI	435	376
Australian ports operation | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	418	164
Net Income	19	(31)
OCI	78	(81)
Norbord | Private Equity
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	498
Net Income	(8)
OCI	5
Canary Wharf Group plc (“Canary Wharf”) | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	581	654
Net Income	183	19
OCI	5	(4)
Manhattan West, New York | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	81	78
Net Income	319	188
OCI	0	0
Other real estate joint ventures and investments | Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	1,564	1,727
Net Income	1,222	1,110
OCI	119	34
North American natural gas transmission operations | Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	681	573
Net Income	15	133
OCI	(1)	5
Other private equity investments | Private Equity
Disclosure Of Associates And Joint Ventures [Line Items]
Revenue	2,548	1,343
Net Income	710	148
OCI	$ (76)	$ (138)

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Distributions By Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Associates And Joint Ventures [Line Items]
Distributions from equity accounted investments	$ 732	$ 675
Real Estate
Disclosure Of Associates And Joint Ventures [Line Items]
Distributions from equity accounted investments	353	508
Renewable power
Disclosure Of Associates And Joint Ventures [Line Items]
Distributions from equity accounted investments	31	6
Infrastructure
Disclosure Of Associates And Joint Ventures [Line Items]
Distributions from equity accounted investments	121	85
Private Equity and Other
Disclosure Of Associates And Joint Ventures [Line Items]
Distributions from equity accounted investments	$ 227	$ 76

XML

EQUITY ACCOUNTED INVESTMENTS - Schedule Of Fair Value Of Equity Accounted Investments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Associates And Joint Ventures [Line Items]
Public Price	$ 9,032	$ 6,423
Carrying Value	10,409	7,453
GGP
Disclosure Of Associates And Joint Ventures [Line Items]
Public Price	7,570	6,379
Carrying Value	8,844	7,453
Norbord
Disclosure Of Associates And Joint Ventures [Line Items]
Public Price	1,176
Other
Disclosure Of Associates And Joint Ventures [Line Items]
Public Price	286	$ 44
Carrying Value	$ 201

XML

INVESTMENT PROPERTIES - Schedule of Changes in Fair Value of Investment Properties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in investment property [abstract]
Fair value, beginning of year	$ 54,172	$ 47,164
Additions	593	1,576
Acquisitions through business combinations	5,851	9,234
Disposals and reclassifications to assets held for sale	(6,169)	(4,612)
Fair value changes	1,021	960
Foreign currency translation	1,402	(150)
Fair value, end of year	$ 56,870	$ 54,172

XML

INVESTMENT PROPERTIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property [line items]
Business combinations	$ 5,851	$ 9,234
Disposals, investment property	6,200
Rental income from investment property	4,400	4,100
Direct operating expense from investment property	$ 1,600	1,600
New York
Disclosure of detailed information about investment property [line items]
Portion of an investment property sold	49.00%
Toronto
Disclosure of detailed information about investment property [line items]
Proportion of investment property that has been reclassified to assets held for sale	50.00%
Aggregated individually immaterial business combinations
Disclosure of detailed information about investment property [line items]
Business combinations	$ 6,400	$ 10,800

XML

INVESTMENT PROPERTIES - Schedule of Investment Properties Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of fair value measurement of assets [line items]
Investment properties	$ 56,870	$ 54,172	$ 47,164

XML

INVESTMENT PROPERTIES - Schedule of Significant Unobservable Inputs (Details) - year	Dec. 31, 2017	Dec. 31, 2016
Core office | United States
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	7.00%	6.80%
Terminal Capitalization Rate	5.80%	5.60%
Investment Horizon (years)	13	12
Core office | Canada
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	6.10%	6.20%
Terminal Capitalization Rate	5.50%	5.50%
Investment Horizon (years)	10	10
Core office | Australia
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	7.00%	7.30%
Terminal Capitalization Rate	6.10%	6.10%
Investment Horizon (years)	10	10
Core office | Europe
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate		6.00%
Terminal Capitalization Rate		5.00%
Investment Horizon (years)		12
Core office | Brazil
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	9.70%	9.30%
Terminal Capitalization Rate	7.60%	7.50%
Investment Horizon (years)	7	10
Opportunistic office
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	9.70%	9.90%
Terminal Capitalization Rate	6.90%	7.60%
Investment Horizon (years)	8	7
Opportunistic retail
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	9.00%	10.20%
Terminal Capitalization Rate	8.00%	8.10%
Investment Horizon (years)	10	12
Industrial
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	6.80%	7.40%
Terminal Capitalization Rate	6.20%	6.60%
Investment Horizon (years)	10	10
Multifamily
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	4.80%	4.90%
Triple net lease
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	6.40%	6.10%
Self-storage
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	5.80%	6.20%
Student housing
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	5.80%	5.90%
Manufactured housing
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	5.80%
Other investment properties
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount Rate	5.80%	5.40%

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment by Operating Segments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 53,005	$ 45,346
Costs
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	44,148	37,127
Accumulated fair value changes
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	17,119	15,439
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(8,262)	(7,220)
Renewable Power
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	33,590	26,553
Renewable Power | Costs
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	24,991	18,031	$ 10,950
Renewable Power | Accumulated fair value changes
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	13,280	12,298	11,650
Renewable Power | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(4,681)	(3,776)	(2,862)
Infrastructure
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	10,903	9,545
Infrastructure | Costs
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	9,253	8,045	6,725
Infrastructure | Accumulated fair value changes
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	3,272	2,690	2,513
Infrastructure | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(1,622)	(1,190)	(900)
Real Estate
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	5,779	5,652	5,316
Real Estate | Costs
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	5,854	5,783	5,300
Real Estate | Accumulated fair value changes
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	798	694	612
Real Estate | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(873)	(825)	(596)
Private Equity and Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	2,733	3,596	3,881
Private Equity and Other | Costs
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	4,050	5,268	5,309
Private Equity and Other | Accumulated fair value changes
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(231)	(243)
Private Equity and Other | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ (1,086)	$ (1,429)	$ (1,197)

XML

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, pledged as security	$ 38.3	$ 29.6
Brazil | Renewable Power
Disclosure of detailed information about property, plant and equipment [line items]
Useful live of property, plant and equipment	15 years	15 years

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Renewable Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 45,346
Ending balance	53,005	$ 45,346
Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	37,127
Ending balance	44,148	37,127
Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	15,439
Ending balance	17,119	15,439
Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(7,220)
Ending balance	(8,262)	(7,220)
Renewable power
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	26,553
Ending balance	33,590	26,553
Renewable power | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	18,031	10,950
Additions, net of disposals and assets reclassified as held for sale	(17)	333
Acquisitions through business combinations	6,923	5,741
Foreign currency translation	54	1,007
Ending balance	24,991	18,031
Renewable power | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	12,298	11,650
Foreign currency translation	616	332
Fair value changes	374	316
Dispositions and assets reclassified as held for sale	(8)	0
Ending balance	13,280	12,298
Renewable power | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(3,776)	(2,862)
Foreign currency translation	(90)	(125)
Dispositions and assets reclassified as held for sale	51	14
Depreciation expenses	(866)	(803)
Ending balance	(4,681)	(3,776)
Hydroelectric | Renewable power
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	22,875
Ending balance	23,279	22,875
Hydroelectric | Renewable power | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	14,382	7,441
Additions, net of disposals and assets reclassified as held for sale	256	253
Acquisitions through business combinations	0	5,731
Foreign currency translation	29	957
Ending balance	14,667	14,382
Hydroelectric | Renewable power | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	11,440	11,035
Foreign currency translation	403	305
Fair value changes	341	100
Dispositions and assets reclassified as held for sale	(8)	0
Ending balance	12,176	11,440
Hydroelectric | Renewable power | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(2,947)	(2,248)
Foreign currency translation	(38)	(122)
Dispositions and assets reclassified as held for sale	0	9
Depreciation expenses	(579)	(586)
Ending balance	(3,564)	(2,947)
Wind Energy, Solar and Other | Renewable power
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,678
Ending balance	10,311	3,678
Wind Energy, Solar and Other | Renewable power | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,649	3,509
Additions, net of disposals and assets reclassified as held for sale	(273)	80
Acquisitions through business combinations	6,923	10
Foreign currency translation	25	50
Ending balance	10,324	3,649
Wind Energy, Solar and Other | Renewable power | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	858	615
Foreign currency translation	213	27
Fair value changes	33	216
Dispositions and assets reclassified as held for sale	0	0
Ending balance	1,104	858
Wind Energy, Solar and Other | Renewable power | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(829)	(614)
Foreign currency translation	(52)	(3)
Dispositions and assets reclassified as held for sale	51	5
Depreciation expenses	(287)	(217)
Ending balance	$ (1,117)	$ (829)

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 53,005	$ 45,346
Renewable power
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	33,590	26,553
Renewable power | North America
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	22,832	17,132
Renewable power | Brazil
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	3,443	2,893
Renewable power | Colombia
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	5,401	5,275
Renewable power | Europe
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,088	1,253
Renewable power | Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 826	$ 0

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Valuation Metrics (Details)	12 Months Ended
	Dec. 31, 2017 year	Dec. 31, 2016 year
Infrastructure
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	15.00%
Terminal capitalization multiples	8.9
Real Estate
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	7.70%	8.30%
Property, plant and equipment | Renewable power | Colombia | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Terminal capitalization rate	12.60%
Property, plant and equipment | Renewable power | Bottom of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Terminal capitalization rate	6.20%	6.30%
Property, plant and equipment | Renewable power | Top of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Terminal capitalization rate	7.50%	6.90%
Property, plant and equipment | Utilities | Infrastructure | Bottom of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	7.00%	7.00%
Terminal capitalization multiples	7	7
Termination valuation date	10	10
Property, plant and equipment | Utilities | Infrastructure | Top of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	12.00%	12.00%
Terminal capitalization multiples	21	18
Termination valuation date	20	20
Property, plant and equipment | Transport | Infrastructure | Bottom of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	10.00%	10.00%
Terminal capitalization multiples	9	8
Termination valuation date	10	10
Property, plant and equipment | Transport | Infrastructure | Top of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	15.00%	17.00%
Terminal capitalization multiples	14	14
Termination valuation date	20	20
Property, plant and equipment | Energy | Infrastructure | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Termination valuation date	10	10
Property, plant and equipment | Energy | Infrastructure | Bottom of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	12.00%	9.00%
Terminal capitalization multiples	8	10
Property, plant and equipment | Energy | Infrastructure | Top of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	15.00%	14.00%
Terminal capitalization multiples	13	12
Property, plant and equipment | Sustainable Resources | Infrastructure | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates		6.00%
Property, plant and equipment | Sustainable Resources | Infrastructure | Bottom of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	5.00%
Termination valuation date	3	3
Property, plant and equipment | Sustainable Resources | Infrastructure | Top of range | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	8.00%
Termination valuation date	30	30
Contracted | Property, plant and equipment | Renewable power | Colombia | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	11.30%
Contracted | Property, plant and equipment | Renewable power | Bottom of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	4.90%	4.80%
Contracted | Property, plant and equipment | Renewable power | Bottom of range | Brazil | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	8.90%
Contracted | Property, plant and equipment | Renewable power | Bottom of range | Europe | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	4.10%	4.10%
Contracted | Property, plant and equipment | Renewable power | Top of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	6.00%	5.50%
Contracted | Property, plant and equipment | Renewable power | Top of range | Brazil | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates		9.20%
Contracted | Property, plant and equipment | Renewable power | Top of range | Europe | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	4.50%	5.00%
Uncontracted | Property, plant and equipment | Renewable power | Colombia | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	12.60%
Uncontracted | Property, plant and equipment | Renewable power | Bottom of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	6.50%	6.60%
Uncontracted | Property, plant and equipment | Renewable power | Bottom of range | Brazil | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	10.20%
Uncontracted | Property, plant and equipment | Renewable power | Bottom of range | Europe | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	5.90%	5.90%
Uncontracted | Property, plant and equipment | Renewable power | Top of range | North America | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	7.60%	7.20%
Uncontracted | Property, plant and equipment | Renewable power | Top of range | Brazil | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates		10.50%
Uncontracted | Property, plant and equipment | Renewable power | Top of range | Europe | Discounted cash flows | At fair value
Disclosure of detailed information about property, plant and equipment [line items]
Discount rates	6.30%	6.80%

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Power Purchase Agreements (Details)	12 Months Ended
	Dec. 31, 2017 year
Renewable power | Later Than One Year And Not Later Than Eleven Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	35.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	95
Estimates of Future Electricity Prices (weighted average)	60
Renewable power | Later Than One Year And Not Later Than Eleven Years | Brazil
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	66.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	274
Estimates of Future Electricity Prices (weighted average)	309
Renewable power | Later Than One Year And Not Later Than Eleven Years | Colombia
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	17.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	211,000
Estimates of Future Electricity Prices (weighted average)	238,000
Renewable power | Later Than One Year And Not Later Than Eleven Years | Europe
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	78.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	90
Estimates of Future Electricity Prices (weighted average)	78
Renewable power | Later Than Eleven Years And Not Later Than Twenty Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	15.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	100
Estimates of Future Electricity Prices (weighted average)	114
Renewable power | Later Than Eleven Years And Not Later Than Twenty Years | Brazil
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	57.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	407
Estimates of Future Electricity Prices (weighted average)	458
Renewable power | Later Than Eleven Years And Not Later Than Twenty Years | Colombia
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	0.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	0
Estimates of Future Electricity Prices (weighted average)	339,000
Renewable power | Later Than Eleven Years And Not Later Than Twenty Years | Europe
Disclosure of detailed information about property, plant and equipment [line items]
Total Generation Contracted under Power Purchase Agreements	35.00%
Power Prices from Long-Term Power Purchase Agreements (weighted average)	107
Estimates of Future Electricity Prices (weighted average)	95
Bottom of range | Later Than One Year And Not Later Than Eleven Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Period of total generation contracted under power purchase agreements	1 year
Period of power prices from long-term power purchase agreements	1 year
Period of estimates of future electricity prices	1 year
Bottom of range | Later Than Eleven Years And Not Later Than Twenty Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Period of total generation contracted under power purchase agreements	11 years
Period of power prices from long-term power purchase agreements	11 years
Period of estimates of future electricity prices	11 years
Top of range | Later Than One Year And Not Later Than Eleven Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Period of total generation contracted under power purchase agreements	10 years
Period of power prices from long-term power purchase agreements	10 years
Period of estimates of future electricity prices	10 years
Top of range | Later Than Eleven Years And Not Later Than Twenty Years | North America
Disclosure of detailed information about property, plant and equipment [line items]
Period of total generation contracted under power purchase agreements	20 years
Period of power prices from long-term power purchase agreements	20 years
Period of estimates of future electricity prices	20 years

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Infrastructure Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 45,346
Ending balance	53,005	$ 45,346
Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	37,127
Ending balance	44,148	37,127
Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	15,439
Ending balance	17,119	15,439
Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(7,220)
Ending balance	(8,262)	(7,220)
Infrastructure
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	9,545
Ending balance	10,903	9,545
Infrastructure | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	8,045	6,725
Additions, net of disposals and assets reclassified as held for sale	627	539
Acquisitions through business combinations	100	1,067
Foreign currency translation	481	(286)
Ending balance	9,253	8,045
Infrastructure | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,690	2,513
Fair value changes	430	388
Foreign currency translation	152	(211)
Ending balance	3,272	2,690
Infrastructure | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(1,190)	(900)
Depreciation expenses	(387)	(372)
Dispositions and assets reclassified as held for sale	45	3
Foreign currency translation	(90)	79
Ending balance	(1,622)	(1,190)
Utilities | Infrastructure
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,554
Ending balance	4,220	3,554
Utilities | Infrastructure | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,894	2,945
Additions, net of disposals and assets reclassified as held for sale	350	367
Acquisitions through business combinations	0	0
Foreign currency translation	229	(418)
Ending balance	3,473	2,894
Utilities | Infrastructure | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,044	946
Fair value changes	136	184
Foreign currency translation	76	(86)
Ending balance	1,256	1,044
Utilities | Infrastructure | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(384)	(291)
Depreciation expenses	(113)	(128)
Dispositions and assets reclassified as held for sale	16	1
Foreign currency translation	(28)	34
Ending balance	(509)	(384)
Transport | Infrastructure
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,626
Ending balance	2,841	2,626
Transport | Infrastructure | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,361	1,953
Additions, net of disposals and assets reclassified as held for sale	103	78
Acquisitions through business combinations	0	242
Foreign currency translation	191	88
Ending balance	2,655	2,361
Transport | Infrastructure | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	782	973
Fair value changes	24	25
Foreign currency translation	67	(216)
Ending balance	873	782
Transport | Infrastructure | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(517)	(418)
Depreciation expenses	(147)	(126)
Dispositions and assets reclassified as held for sale	22	1
Foreign currency translation	(45)	26
Ending balance	(687)	(517)
Energy | Infrastructure
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,475
Ending balance	2,876	2,475
Energy | Infrastructure | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,382	1,487
Additions, net of disposals and assets reclassified as held for sale	81	89
Acquisitions through business combinations	100	825
Foreign currency translation	67	(19)
Ending balance	2,630	2,382
Energy | Infrastructure | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	351	209
Fair value changes	257	123
Foreign currency translation	21	19
Ending balance	629	351
Energy | Infrastructure | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(258)	(172)
Depreciation expenses	(117)	(99)
Dispositions and assets reclassified as held for sale	4	0
Foreign currency translation	(12)	13
Ending balance	(383)	(258)
Sustainable Resources | Infrastructure
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	890
Ending balance	966	890
Sustainable Resources | Infrastructure | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	408	340
Additions, net of disposals and assets reclassified as held for sale	93	5
Acquisitions through business combinations	0	0
Foreign currency translation	(6)	63
Ending balance	495	408
Sustainable Resources | Infrastructure | Accumulated fair value changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	513	385
Fair value changes	13	56
Foreign currency translation	(12)	72
Ending balance	514	513
Sustainable Resources | Infrastructure | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(31)	(19)
Depreciation expenses	(10)	(19)
Dispositions and assets reclassified as held for sale	3	1
Foreign currency translation	(5)	6
Ending balance	$ (43)	$ (31)

XML

PROPERTY, PLANT AND EQUIPMENT - Schedule of Real Estate Assets, Private Equity and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 45,346
Ending balance	53,005	$ 45,346
Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	37,127
Ending balance	44,148	37,127
Accumulated Fair Value Changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	15,439
Ending balance	17,119	15,439
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(7,220)
Ending balance	(8,262)	(7,220)
Real Estate
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	5,652	5,316
Additions/(dispositions), net of assets reclassified as held for sale	(212)	248
Acquisitions through business combinations	281	652
Foreign currency translation	280	(402)
Fair value changes	59	82
Depreciation expenses	(281)	(244)
Ending balance	5,779	5,652
Real Estate | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	5,783	5,300
Additions/(dispositions), net of assets reclassified as held for sale	(502)	254
Acquisitions through business combinations	281	652
Foreign currency translation	292	(423)
Fair value changes	0	0
Depreciation expenses	0	0
Ending balance	5,854	5,783
Real Estate | Accumulated Fair Value Changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	694	612
Additions/(dispositions), net of assets reclassified as held for sale	44	0
Acquisitions through business combinations	0	0
Foreign currency translation	1	0
Fair value changes	59	82
Depreciation expenses	0	0
Ending balance	798	694
Real Estate | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(825)	(596)
Additions/(dispositions), net of assets reclassified as held for sale	246	(6)
Acquisitions through business combinations	0	0
Foreign currency translation	(13)	21
Fair value changes	0	0
Depreciation expenses	(281)	(244)
Ending balance	(873)	(825)
Private Equity and Other
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,596	3,881
Additions/(dispositions), net of assets reclassified as held for sale	(1,178)	28
Acquisitions through business combinations	501	0
Foreign currency translation	180	30
Depreciation expenses	(358)	(343)
Impairment charges	(8)	0
Ending balance	2,733	3,596
Private Equity and Other | Costs
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	5,268	5,309
Additions/(dispositions), net of assets reclassified as held for sale	(1,966)	(101)
Acquisitions through business combinations	501	0
Foreign currency translation	247	60
Depreciation expenses	0	0
Impairment charges	0	0
Ending balance	4,050	5,268
Private Equity and Other | Accumulated Fair Value Changes
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(243)
Ending balance	(231)	(243)
Private Equity and Other | Accumulated Impairment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(243)	(231)
Additions/(dispositions), net of assets reclassified as held for sale	36	4
Acquisitions through business combinations	0	0
Foreign currency translation	(16)	(16)
Depreciation expenses	0	0
Impairment charges	(8)	0
Ending balance	(231)	(243)
Private Equity and Other | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(1,429)	(1,197)
Additions/(dispositions), net of assets reclassified as held for sale	752	125
Acquisitions through business combinations		0
Foreign currency translation	(51)	(14)
Depreciation expenses	(358)	(343)
Impairment charges	0	0
Ending balance	$ (1,086)	$ (1,429)

XML

INTANGIBLE ASSETS - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	$ 6,073	$ 5,170
Additions, net of disposals	96	55
Acquisitions through business combinations	8,412	1,227
Amortization	(442)	(166)
Foreign currency translation	103	(213)
Ending balance	14,242	6,073
Costs
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	6,733	5,764
Additions, net of disposals	(25)	(36)
Acquisitions through business combinations	8,412	1,227
Amortization	0	0
Foreign currency translation	131	(222)
Ending balance	15,251	6,733
Accumulated Amortization and Impairment
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	(660)	(594)
Additions, net of disposals	121	91
Acquisitions through business combinations	0	0
Amortization	(442)	(166)
Foreign currency translation	(28)	9
Ending balance	$ (1,009)	$ (660)

XML

INTANGIBLE ASSETS - Schedule of Intangible Assets by Geography (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 14,242	$ 6,073	$ 5,170
United States
Disclosure of detailed information about intangible assets [line items]
Intangible assets	73	340
Canada
Disclosure of detailed information about intangible assets [line items]
Intangible assets	364	230
Australia
Disclosure of detailed information about intangible assets [line items]
Intangible assets	2,078	1,945
Europe
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,594	1,273
India
Disclosure of detailed information about intangible assets [line items]
Intangible assets	130	130
Chile
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,100	1,054
Peru
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,144	1,050
Brazil
Disclosure of detailed information about intangible assets [line items]
Intangible assets	7,537	28
Other
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 222	$ 23

XML

INTANGIBLE ASSETS - Schedule of Intangible Assets by Operating Segment (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 14,242	$ 6,073	$ 5,170
Real estate
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,188	1,141
Private equity
Disclosure of detailed information about intangible assets [line items]
Intangible assets	3,094	426
Other
Disclosure of detailed information about intangible assets [line items]
Intangible assets	206	185
Utilities | Infrastructure
Disclosure of detailed information about intangible assets [line items]
Intangible assets	7,091	1,817
Transport | Infrastructure
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 2,663	$ 2,504

XML

INTANGIBLE ASSETS - Narrative (Details) - Infrastructure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Utilities
Disclosure of detailed information about intangible assets [line items]
Additional extension period of concession arrangement	49 years
Transport
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 289	$ 265

XML

GODDWILL - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in goodwill [abstract]
Beginning balance	$ 3,783	$ 2,543
Acquisitions through business combinations	1,157	1,286
Impairment losses	(5)	(65)
Foreign currency translation and other	382	19
Ending balance	5,317	3,783
Costs
Reconciliation of changes in goodwill [abstract]
Beginning balance	4,162	2,806
Acquisitions through business combinations	1,157	1,286
Impairment losses	0	0
Foreign currency translation and other	388	70
Ending balance	5,707	4,162
Accumulated Impairment
Reconciliation of changes in goodwill [abstract]
Beginning balance	(379)	(263)
Acquisitions through business combinations	0	0
Impairment losses	(5)	(65)
Foreign currency translation and other	(6)	(51)
Ending balance	$ (390)	$ (379)

XML

GOODWILL - Schedule of Goodwill By Geography (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 5,317	$ 3,783	$ 2,543
United States
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	400	388
Canada
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	432	192
Australia
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,026	950
Colombia
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	912	907
Brazil
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	905	123
Europe
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,257	894
Other
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 385	$ 329

XML

GOODWILL - Schedule of Goodwill By Operating Segments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 5,317	$ 3,783	$ 2,543
Private equity
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,555	1,155
Infrastructure
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,301	502
Real Estate
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,127	780
Renewable power
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	901	896
Asset management
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	312	328
Other
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 121	$ 122

XML

GOODWILL - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in goodwill [line items]
Acquisitions through business combinations	$ 1,157	$ 1,286
Private equity
Disclosure of reconciliation of changes in goodwill [line items]
Discount rate	9.70%	12.00%
Terminal growth rate	2.90%	4.00%
Period of forecasted average growth rate	5 years
Infrastructure
Disclosure of reconciliation of changes in goodwill [line items]
Discount rate	15.00%
Terminal capitalization multiples	8.9
Terminal year of cash flow	10 years
Real Estate
Disclosure of reconciliation of changes in goodwill [line items]
Discount rate	7.70%	8.30%
Long-term growth rate	2.30%	2.30%
Greenergy | Private equity
Disclosure of reconciliation of changes in goodwill [line items]
Acquisitions through business combinations	$ 342
NTS | Infrastructure
Disclosure of reconciliation of changes in goodwill [line items]
Acquisitions through business combinations	804
IFC Seoul | Real Estate
Disclosure of reconciliation of changes in goodwill [line items]
Acquisitions through business combinations	$ 221

XML

INCOME TAXES - Components Of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Current income taxes	$ 286	$ 213
Deferred income tax expense/(recovery)
Origination and reversal of temporary differences	499	384
Recovery arising from previously unrecognized tax assets	3	27
Change of tax rates and new legislation	(175)	(969)
Total deferred income taxes	327	(558)
Income taxes	$ 613	$ (345)

XML

INCOME TAXES - Narrative (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Statutory income tax rate	26.00%	26.00%
Deductible temporary differences for which no deferred tax liabilities is recognised	$ 5	$ 5

XML

INCOME TAXES - Schedule Of Income Tax Rates (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Statutory income tax rate	26.00%	26.00%
Increase (reduction) in rate resulting from:
Change in tax rates and new legislation	(3.00%)	(35.00%)
International operations subject to different tax rates	3.00%	(5.00%)
Taxable income attributable to non-controlling interests	(9.00%)	(2.00%)
Portion of gains subject to different tax rates	(5.00%)	(1.00%)
(Recognition) derecognition of deferred tax assets	(2.00%)	1.00%
Non-recognition of the benefit of current year’s tax losses	3.00%	6.00%
Other	(1.00%)	(2.00%)
Effective income tax rate	12.00%	(12.00%)

XML

INCOME TAXES - Schedule Of Deferred Income Tax Assets And Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Difference in basis	$ (12,224)	$ (9,965)
Total net deferred tax liabilities	(9,945)	(8,078)
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-capital losses (Canada)	657	814
Capital losses (Canada)	171	100
United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses	590	492
International
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses	$ 861	$ 481

XML

INCOME TAXES - Schedule Of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 1,526	$ 1,485
One year from reporting date
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	0	26
Two years from reporting date
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	0	0
Three years from reporting date
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	6	59
After three years from reporting date
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	530	555
Do not expire
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 990	$ 845

XML

INCOME TAXES - Schedule Of Components Of Income Taxes In Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Revaluation of property, plant and equipment	$ (315)	$ 120
Financial contracts and power sale agreements	27	(37)
Available-for-sale securities	5	38
Foreign currency translation	(43)	59
Revaluation of pension obligation	1	(7)
Total deferred tax in other comprehensive income	$ (325)	$ 173

XML

ACCOUNTS PAYABLE AND OTHER - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable	$ 5,158	$ 6,028
Provisions	1,651	1,427
Other liabilities	11,156	4,460
Total	$ 17,965	$ 11,915

XML

ACCOUNTS PAYABLE AND OTHER - Schedule of Current and Non-Current Accounts Payables (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Current	$ 11,148	$ 7,721
Non-current	6,817	4,194
Total	$ 17,965	$ 11,915

XML

ACCOUNTS PAYABLE AND OTHER - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Increase (decrease) in actuarial valuation	$ 4	$ (40)
Actuarial assumption of discount rates	4.00%	4.00%
Percentage increase in rate of compensation	3.00%	3.00%
Percentage increase in rate of investment	5.00%	4.00%

XML

ACCOUNTS PAYABLE AND OTHER - Schedule of Post-Employment Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Plan assets	$ 516	$ 592
Less accrued benefit obligation:
Defined benefit pension plan	(685)	(790)
Other post-employment benefits	(90)	(88)
Net liability	(259)	(286)
Less: net actuarial gains (losses)	(2)	2
Accrued benefit liability related to defined benefit plan	$ (261)	$ (284)

XML

CORPORATE BORROWINGS - Schedule of Corporate Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 5,659	$ 4,500
Corporate borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 5,659	4,500
Gross carrying amount | Commercial paper and bank borrowings
Disclosure of detailed information about borrowings [line items]
Annual Rate	1.62%
Borrowings	$ 103	0
Gross carrying amount | Long-term Debt
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 5,594	4,528
Gross carrying amount | Apr. 25, 2017
Disclosure of detailed information about borrowings [line items]
Annual Rate	5.80%
Borrowings	$ 0	239
Gross carrying amount | Apr. 25, 2017
Disclosure of detailed information about borrowings [line items]
Annual Rate	5.29%
Borrowings	$ 0	186
Gross carrying amount | Apr. 9, 2019
Disclosure of detailed information about borrowings [line items]
Annual Rate	3.95%
Borrowings	$ 478	447
Gross carrying amount | Mar. 1, 2021
Disclosure of detailed information about borrowings [line items]
Annual Rate	5.30%
Borrowings	$ 278	260
Gross carrying amount | Mar. 31, 2023
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.54%
Borrowings	$ 479	448
Gross carrying amount | Mar. 8, 2024
Disclosure of detailed information about borrowings [line items]
Annual Rate	5.04%
Borrowings	$ 398	372
Gross carrying amount | Apr. 1, 2024
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.00%
Borrowings	$ 748	0
Gross carrying amount | Jan. 15, 2025
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.00%
Borrowings	$ 500	500
Gross carrying amount | Jan. 28, 2026
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.82%
Borrowings	$ 689	646
Gross carrying amount | Jun. 2, 2026
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.25%
Borrowings	$ 496	495
Gross carrying amount | Mar. 16, 2027
Disclosure of detailed information about borrowings [line items]
Annual Rate	3.80%
Borrowings	$ 397	372
Gross carrying amount | Mar. 1, 2033
Disclosure of detailed information about borrowings [line items]
Annual Rate	7.38%
Borrowings	$ 250	250
Gross carrying amount | Jun. 14, 2035
Disclosure of detailed information about borrowings [line items]
Annual Rate	5.95%
Borrowings	$ 335	313
Gross carrying amount | Sep. 20, 2047
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.70%
Borrowings	$ 546	0
Deferred financing costs
Disclosure of detailed information about borrowings [line items]
Borrowings	$ (38)	$ (28)

XML

CORPORATE BORROWINGS - Narrative (Details) $ in Millions, $ in Billions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 5,659		$ 4,500
U.S. dollars
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 3,200		$ 3,000
Canadian dollars
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 4.0		$ 4.1
Floating rate | Weighted average
Disclosure of detailed information about borrowings [line items]
Corporate borrowings, Interest Rate	4.60%	4.60%	4.80%	4.80%

XML

NON-RECOURSE BORROWINGS - Schedule of Repayments of Property Specific Mortgages (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	$ 63,721	$ 52,442
2018
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	8,800	7,655
Thereafter
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	25,518	17,355
Property-specific borrowings
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	63,721	52,442
Property-specific borrowings | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	37,235	34,322
Property-specific borrowings | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	14,230	7,963
Property-specific borrowings | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	9,010	7,901
Property-specific borrowings | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	2,898	1,837
Property-specific borrowings | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	348	$ 419
Property-specific borrowings | 2018
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	8,800
Property-specific borrowings | 2018 | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	5,602
Property-specific borrowings | 2018 | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	1,918
Property-specific borrowings | 2018 | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	653
Property-specific borrowings | 2018 | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	550
Property-specific borrowings | 2018 | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	77
Property-specific borrowings | 2019
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	8,444
Property-specific borrowings | 2019 | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	5,569
Property-specific borrowings | 2019 | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	1,220
Property-specific borrowings | 2019 | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	772
Property-specific borrowings | 2019 | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	720
Property-specific borrowings | 2019 | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	163
Property-specific borrowings | 2020
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	6,731
Property-specific borrowings | 2020 | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	3,960
Property-specific borrowings | 2020 | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	1,216
Property-specific borrowings | 2020 | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	933
Property-specific borrowings | 2020 | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	540
Property-specific borrowings | 2020 | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	82
Property-specific borrowings | 2021
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	8,822
Property-specific borrowings | 2021 | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	6,842
Property-specific borrowings | 2021 | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	1,034
Property-specific borrowings | 2021 | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	774
Property-specific borrowings | 2021 | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	155
Property-specific borrowings | 2021 | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	17
Property-specific borrowings | 2022
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	5,406
Property-specific borrowings | 2022 | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	3,194
Property-specific borrowings | 2022 | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	1,031
Property-specific borrowings | 2022 | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	765
Property-specific borrowings | 2022 | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	410
Property-specific borrowings | 2022 | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	6
Property-specific borrowings | Thereafter
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	25,518
Property-specific borrowings | Thereafter | Real estate
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	12,068
Property-specific borrowings | Thereafter | Renewable power
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	7,811
Property-specific borrowings | Thereafter | Infrastructure
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	5,113
Property-specific borrowings | Thereafter | Private equity
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	523
Property-specific borrowings | Thereafter | Residential Development
Disclosure of detailed information about borrowings [line items]
Property-specific borrowings	$ 3

XML

NON-RECOURSE BORROWINGS - Narrative (Details) - Weighted average	Dec. 31, 2017	Dec. 31, 2016
Property-specific borrowings
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.90%	4.90%
Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Annual Rate	4.10%	4.10%

XML

NON-RECOURSE BORROWINGS - Schedule of Current and Non-current property specific mortgages (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 63,721	$ 52,442
Property-specific borrowings
Disclosure of detailed information about borrowings [line items]
Current	8,800	7,655
Non-current	54,921	44,787
Borrowings	$ 63,721	$ 52,442

XML

NON-RECOURSE BORROWINGS - Schedule of Borrowings By Currency (Details) € in Millions, ₩ in Millions, ₨ in Millions, £ in Millions, S/ in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2017 BRL (R$)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 PEN (S/)	Dec. 31, 2017 NZD ($)	Dec. 31, 2017 COP ($)	Dec. 31, 2017 INR (₨)	Dec. 31, 2017 AUD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2017 CLP ($)	Dec. 31, 2017 GBP (£)	Dec. 31, 2017 KRW (₩)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CAD ($)	Dec. 31, 2016 BRL (R$)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 PEN (S/)	Dec. 31, 2016 NZD ($)	Dec. 31, 2016 COP ($)	Dec. 31, 2016 INR (₨)	Dec. 31, 2016 AUD ($)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2016 CLP ($)	Dec. 31, 2016 GBP (£)	Dec. 31, 2016 KRW (₩)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 63,721													$ 52,442
Property-specific borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings	63,721													52,442
Property-specific borrowings | U.S. dollars
Disclosure of detailed information about borrowings [line items]
Borrowings	39,164													31,804
Property-specific borrowings | British pounds
Disclosure of detailed information about borrowings [line items]
Borrowings	6,117											£ 4,525		5,251											£ 4,250
Property-specific borrowings | Canadian dollars
Disclosure of detailed information about borrowings [line items]
Borrowings	5,272	$ 6,627												4,427	$ 5,951
Property-specific borrowings | Australian dollars
Disclosure of detailed information about borrowings [line items]
Borrowings	3,518								$ 4,506					3,066								$ 4,260
Property-specific borrowings | Brazilian reais
Disclosure of detailed information about borrowings [line items]
Borrowings	2,677		R$ 8,856											1,569		R$ 5,117
Property-specific borrowings | Korean won
Disclosure of detailed information about borrowings [line items]
Borrowings	1,682												₩ 1,795,518	1,317												₩ 1,589,450
Property-specific borrowings | Colombian pesos
Disclosure of detailed information about borrowings [line items]
Borrowings	1,556						$ 4,645,648							1,693						$ 5,086,971
Property-specific borrowings | Indian rupees
Disclosure of detailed information about borrowings [line items]
Borrowings	1,346							₨ 85,720						715							₨ 48,603
Property-specific borrowings | Chilean unidades de fomento
Disclosure of detailed information about borrowings [line items]
Borrowings	976										$ 22			901										$ 23
Property-specific borrowings | European Union euros
Disclosure of detailed information about borrowings [line items]
Borrowings	766			€ 638										1,217			€ 1,157
Property-specific borrowings | Peruvian nuevo soles
Disclosure of detailed information about borrowings [line items]
Borrowings	450				S/ 1,459									435				S/ 1,459
Property-specific borrowings | South African rand
Disclosure of detailed information about borrowings [line items]
Borrowings	154									R 1,909				0									R 0
Property-specific borrowings | New Zealand dollars
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 43					$ 60								$ 47					$ 60

XML

NON-RECOURSE BORROWINGS - Schedule of Repayments on Subsidiary Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 9,009	$ 7,949
2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,956	866
2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	196
2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	2,324
2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	575
2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,961
Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,997	2,429
Real Estate
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	3,214	2,765
Real Estate | 2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,414
Real Estate | 2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	158
Real Estate | 2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,365
Real Estate | 2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	277
Real Estate | 2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Real Estate | Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Renewable Power
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,665	2,030
Renewable Power | 2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	159
Renewable Power | 2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Renewable Power | 2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	358
Renewable Power | 2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Renewable Power | 2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	318
Renewable Power | Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	830
Infrastructure
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	2,102	1,002
Infrastructure | 2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	99
Infrastructure | 2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Infrastructure | 2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Infrastructure | 2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	298
Infrastructure | 2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,147
Infrastructure | Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	558
Private Equity
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	380	536
Private Equity | 2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	284
Private Equity | 2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	38
Private Equity | 2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Private Equity | 2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Private Equity | 2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Private Equity | Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	58
Residential Development
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,648	$ 1,616
Residential Development | 2018
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Residential Development | 2019
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Residential Development | 2020
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	601
Residential Development | 2021
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	0
Residential Development | 2022
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	496
Residential Development | Thereafter
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 551

XML

NON-RECOURSE BORROWINGS - Schedule of Current and Non-current Subsidiary Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 9,009	$ 7,949
Current
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1,956	866
Non-current
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 7,053	$ 7,083

XML

NON-RECOURSE BORROWINGS - Schedule of Subsidiary Borrowings By Currency (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 AUD ($)	Dec. 31, 2017 GBP (£)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CAD ($)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 AUD ($)	Dec. 31, 2016 GBP (£)
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 9,009					$ 7,949
U.S. dollars
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	5,305					4,441
Canadian dollars
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	3,547	$ 4,460				3,364	$ 4,525
Australian dollars
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	156			$ 199		143			$ 200
British pounds
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	1				£ 1	0				£ 0
European Union euros
Disclosure of detailed information about borrowings [line items]
Subsidiary borrowings	$ 0		€ 0			$ 1		€ 1

XML

SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Equity Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Interests In Other Entities [Abstract]
Subsidiary preferred equity units	$ 1,597	$ 1,574
Limited-life funds and redeemable fund units	1,559	1,439
Subsidiary preferred shares and capital	505	552
Total	$ 3,661	$ 3,565

XML

SUBSIDIARY EQUITY OBLIGATIONS - Narrative (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2014 USD ($) tranche $ / shares	Dec. 31, 2016 USD ($)
Disclosure of subsidiaries [line items]
Exchangeable preferred equity units issued	$ 1,597,000,000		$ 1,574,000,000
Amount of subsidiary equity obligation reclassified as limited-life fund	1,600,000,000		1,400,000,000
Limited-life funds and redeemable fund units	1,559,000,000		1,439,000,000
Subsidiary preferred shares and capital	505,000,000		552,000,000
Subsidiaries
Disclosure of subsidiaries [line items]
Exchangeable preferred equity units issued		$ 1,800,000,000
Number of tranches | tranche		3
Preferred equity units exchangeable (in dollars per unit) | $ / shares		$ 25.70
2021 | Subsidiaries
Disclosure of subsidiaries [line items]
Exchangeable preferred equity units issued		$ 600,000,000
2024 | Subsidiaries
Disclosure of subsidiaries [line items]
Exchangeable preferred equity units issued		600,000,000
2026 | Subsidiaries
Disclosure of subsidiaries [line items]
Exchangeable preferred equity units issued		$ 600,000,000
Manufactured Housing Preferred Equity Interests
Disclosure of subsidiaries [line items]
Subsidiary preferred shares and capital	$ 249,000,000		0
Percentage of annual return payable in monthly distributions	9.00%
Rouse Series A preferred shares
Disclosure of subsidiaries [line items]
Subsidiary preferred shares and capital	$ 142,000,000		143,000,000
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares
Disclosure of subsidiaries [line items]
Subsidiary preferred shares and capital	40,000,000		40,000,000
Real Estate
Disclosure of subsidiaries [line items]
Limited-life funds and redeemable fund units	813,000,000		795,000,000
Infrastructure
Disclosure of subsidiaries [line items]
Limited-life funds and redeemable fund units	$ 746,000,000		592,000,000
Public Securities
Disclosure of subsidiaries [line items]
Limited-life funds and redeemable fund units			$ 52,000,000

XML

SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Preferred Equity Units (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Disclosure of subsidiaries [line items]
Subsidiary preferred equity units	$ 1,597	$ 1,574
Subsidiaries
Disclosure of subsidiaries [line items]
Subsidiary preferred equity units			$ 1,800
Subsidiaries | Series 1
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	24,000,000
Cumulative Dividend Rate	6.25%
Subsidiary preferred equity units	$ 551	541
Subsidiaries | Series 2
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	24,000,000
Cumulative Dividend Rate	6.50%
Subsidiary preferred equity units	$ 529	522
Subsidiaries | Series 3
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	24,000,000
Cumulative Dividend Rate	6.75%
Subsidiary preferred equity units	$ 517	$ 511

XML

SUBSIDIARY EQUITY OBLIGATIONS - Schedule of Subsidiary Preferred Shares (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Subsidiary Preferred Shares	$ 505	$ 552
BPO Class AAA preferred shares | Series G
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	0
Cumulative Dividend Rate	5.25%
Subsidiary Preferred Shares	$ 0	81
BPO Class AAA preferred shares | Series J
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	0
Cumulative Dividend Rate	5.00%
Subsidiary Preferred Shares	$ 0	122
BPO Class AAA preferred shares | Series K
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	0
Cumulative Dividend Rate	5.20%
Subsidiary Preferred Shares	$ 0	93
Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 1
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	924,390
Cumulative Dividend Rate	5.25%
Subsidiary Preferred Shares	$ 23	24
Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 2
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	699,165
Cumulative Dividend Rate	5.75%
Subsidiary Preferred Shares	$ 14	14
Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 3
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	909,994
Cumulative Dividend Rate	5.00%
Subsidiary Preferred Shares	$ 18	17
Brookfield Property Split Corp (“BOP Split”) senior preferred shares | Series 4
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	940,486
Cumulative Dividend Rate	5.20%
Subsidiary Preferred Shares	$ 19	18
BSREP II RH B LLC (“Manufactured Housing”) preferred capital
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	0
Cumulative Dividend Rate	9.00%
Subsidiary Preferred Shares	$ 249	0
Rouse Series A preferred shares
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	5,600,000
Cumulative Dividend Rate	5.00%
Subsidiary Preferred Shares	$ 142	143
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares
Disclosure of subsidiaries [line items]
Shares Outstanding (in shares)	10,000
Cumulative Dividend Rate	5.00%
Subsidiary Preferred Shares	$ 40	$ 40

XML

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Narrative (Details) $ in Millions, $ in Millions		12 Months Ended
	Feb. 06, 2017	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Sep. 14, 2017 USD ($)	Mar. 10, 2017 USD ($)	Dec. 31, 2016 USD ($)	May 25, 2016 USD ($)
BFI
Disclosure of subsidiaries [line items]
Proportion of voting rights held in subsidiary		100.00%
BFL
Disclosure of subsidiaries [line items]
Proportion of voting rights held in subsidiary	100.00%
Unsecured Notes Due 2026 | BFI
Disclosure of subsidiaries [line items]
Debt instruments issued				$ 550			$ 500
Annual Rate				4.70%			4.25%
Unsecured Notes Due 2024 | BFL
Disclosure of subsidiaries [line items]
Debt instruments issued					$ 750
Annual Rate					4.00%
Preferred equity
Disclosure of subsidiaries [line items]
Issued capital		$ 4,192				$ 3,954
Preferred equity | BIC
Disclosure of subsidiaries [line items]
Issued capital			$ 42

XML

SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARY - Schedule Of Summarized Financial Information And Non-Guarantor Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Revenues	$ 40,786	$ 24,411
Net income attributable to shareholders	1,462	1,651
Total assets	192,720	159,826
Total liabilities	112,848	90,138
The Corporation
Disclosure of subsidiaries [line items]
Revenues	168	148
Net income attributable to shareholders	1,462	1,651
Total assets	53,688	47,505
Total liabilities	25,444	21,052
BFI
Disclosure of subsidiaries [line items]
Revenues	30	13
Net income attributable to shareholders	0	0
Total assets	1,060	507
Total liabilities	1,042	497
BFL
Disclosure of subsidiaries [line items]
Revenues	43	0
Net income attributable to shareholders	0	0
Total assets	757	0
Total liabilities	756	0
BIC
Disclosure of subsidiaries [line items]
Revenues	22	3
Net income attributable to shareholders	59	66
Total assets	3,761	2,974
Total liabilities	2,309	1,411
Subsidiaries of the Corporation other than BFI and BIC
Disclosure of subsidiaries [line items]
Revenues	44,908	27,968
Net income attributable to shareholders	2,019	1,854
Total assets	206,907	169,033
Total liabilities	113,336	87,252
Consolidating Adjustments
Disclosure of subsidiaries [line items]
Revenues	(4,385)	(3,721)
Net income attributable to shareholders	(2,078)	(1,920)
Total assets	(73,453)	(60,193)
Total liabilities	$ (30,039)	$ (20,074)

XML

EQUITY - Schedule Of Equity (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of classes of share capital [line items]
Total equity	$ 79,872	$ 69,688	$ 57,227
Preferred equity
Disclosure of classes of share capital [line items]
Issued capital	4,192	3,954
Non-controlling interests
Disclosure of classes of share capital [line items]
Issued capital	51,628	43,235
Common equity
Disclosure of classes of share capital [line items]
Issued capital	$ 24,052	$ 22,499

XML

EQUITY - Schedule Of Preferred Equity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued capital	$ 1,280	$ 1,285
Fixed rate-reset preferred shares
Disclosure of classes of share capital [line items]
Issued capital	2,912	2,669
Preferred equity
Disclosure of classes of share capital [line items]
Issued capital	$ 4,192	$ 3,954
Weighted average | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Average Rate	0.0378	0.0365
Weighted average | Fixed rate-reset preferred shares
Disclosure of classes of share capital [line items]
Average Rate	0.0421	0.0442
Weighted average | Preferred equity
Disclosure of classes of share capital [line items]
Average Rate	0.0408	0.0417
Floating rate | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued capital	$ 531	$ 532
Floating rate | Weighted average | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Average Rate	0.0233	0.0197
Fixed rate | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued capital	$ 749	$ 753
Fixed rate | Weighted average | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Average Rate	0.0482	0.0482

XML

EQUITY - Schedule Of Series Of Preferred Shares (Details) $ in Millions	3 Months Ended											12 Months Ended
	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2011	Dec. 31, 2017 USD ($) shares
Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued capital	$ 1,280	$ 1,285										$ 1,280
Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Issued capital	2,912	2,669										2,912
Preferred equity
Disclosure of classes of share capital [line items]
Issued capital	$ 4,192	$ 3,954										$ 4,192
Series 2 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	10,465,100	10,465,100										10,465,100
Issued capital	$ 169	$ 169										$ 169
Series 4 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	2,800,000	2,800,000										2,800,000
Issued capital	$ 45	$ 45										$ 45
Series 8 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	2,479,585	2,479,585										2,479,585
Issued capital	$ 43	$ 43										$ 43
Series 13 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	9,297,700	9,297,700										9,297,700
Issued capital	$ 195	$ 195										$ 195
Series 15 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	2,000,000	2,000,000										2,000,000
Issued capital	$ 42	$ 42										$ 42
Series 17 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0475
Issued and Outstanding (in shares) | shares	7,950,756	8,000,000										7,950,756
Issued capital	$ 173	$ 174										$ 173
Series 18 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0475
Issued and Outstanding (in shares) | shares	7,966,158	8,000,000										7,966,158
Issued capital	$ 180	$ 181										$ 180
Series 25 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Issued and Outstanding (in shares) | shares	1,533,133	1,533,133										1,533,133
Issued capital	$ 38	$ 38										$ 38
Series 36 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0485
Issued and Outstanding (in shares) | shares	7,949,024	8,000,000										7,949,024
Issued capital	$ 200	$ 201										$ 200
Series 37 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0490
Issued and Outstanding (in shares) | shares	7,949,083	8,000,000										7,949,083
Issued capital	$ 195	$ 197										$ 195
Series 9 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0380
Issued and Outstanding (in shares) | shares	1,519,115	1,519,115										1,519,115
Issued capital	$ 21	$ 21										$ 21
Series 24 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0301
Issued and Outstanding (in shares) | shares	9,394,250	9,394,250										9,394,250
Issued capital	$ 230	$ 230										$ 230
Series 26 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0347
Issued and Outstanding (in shares) | shares	9,903,348	9,903,348										9,903,348
Issued capital	$ 243	$ 243										$ 243
Series 28 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0273
Issued and Outstanding (in shares) | shares	9,359,387	9,394,373										9,359,387
Issued capital	$ 235	$ 235										$ 235
Series 30 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0480
Issued and Outstanding (in shares) | shares	9,934,050	9,950,452										9,934,050
Issued capital	$ 245	$ 245										$ 245
Series 32 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0450
Issued and Outstanding (in shares) | shares	11,982,568	11,982,568										11,982,568
Issued capital	$ 303	$ 303										$ 303
Series 34 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0420
Issued and Outstanding (in shares) | shares	9,977,889	9,977,889										9,977,889
Issued capital	$ 255	$ 255										$ 255
Series 38 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0440
Issued and Outstanding (in shares) | shares	8,000,000	8,000,000										8,000,000
Issued capital	$ 181	$ 181										$ 181
Series 40 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0450
Issued and Outstanding (in shares) | shares	12,000,000	12,000,000										12,000,000
Issued capital	$ 275	$ 275										$ 275
Series 42 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0450
Issued and Outstanding (in shares) | shares	12,000,000	12,000,000										12,000,000
Issued capital	$ 269	$ 269										$ 269
Series 44 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0500
Issued and Outstanding (in shares) | shares	9,945,189	10,000,000										9,945,189
Issued capital	$ 189	$ 190										$ 189
Series 46 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0480
Issued and Outstanding (in shares) | shares	11,895,790	12,000,000										11,895,790
Issued capital	$ 220	$ 222										$ 220
Series 48 Class A Preferred Shares | Rate-reset preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.0475
Issued and Outstanding (in shares) | shares	12,000,000	0										12,000,000
Issued capital	$ 246	$ 0										$ 246
Prime Rate | Series 2 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.70
Prime Rate | Series 4 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.085
Prime Rate | Series 13 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, percentage												0.70
Bankers' Acceptance Rate | Series 15 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, basis spread on variable rate	0.40%											0.40%
Canada Bond Rate | Preferred equity
Disclosure of classes of share capital [line items]
Period of government bond rate												5 years
Canada Treasury Bill Securities | Series 25 Class A Preferred Shares | Perpetual preferred shares
Disclosure of classes of share capital [line items]
Preferred stock, basis spread on variable rate	2.30%											2.30%
Bottom of range | Preferred equity
Disclosure of classes of share capital [line items]
Period of fixed dividend rate	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years
Bottom of range | Canada Bond Rate | Preferred equity
Disclosure of classes of share capital [line items]
Preferred stock, basis spread on variable rate	1.80%											1.80%
Top of range | Preferred equity
Disclosure of classes of share capital [line items]
Period of fixed dividend rate	6 years	6 years	6 years	6 years	6 years	6 years	6 years	6 years	6 years	6 years	6 years
Top of range | Canada Bond Rate | Preferred equity
Disclosure of classes of share capital [line items]
Preferred stock, basis spread on variable rate	4.17%											4.17%

XML

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 22, 2017 USD ($)	Jun. 20, 2016 USD ($) shares	Dec. 31, 2017 USD ($) shares $ / shares	Dec. 31, 2016 USD ($) shares $ / shares	Dec. 31, 2017 $ / shares shares
Disclosure of classes of share capital [line items]
Expense from share-based payment transactions with employees			$ 75	$ 69
Preferred equity
Disclosure of classes of share capital [line items]
Par value per share (in cad per share) | $ / shares					$ 25
Dividends recognised as distributions to owners			145	133
Common equity
Disclosure of classes of share capital [line items]
Dividends recognised as distributions to owners			642	500
Special dividend	$ 102	$ 441
Class B shares | Common equity
Disclosure of classes of share capital [line items]
Number of shares authorised (in shares) | shares					85,120
Common Class A | Common equity
Disclosure of classes of share capital [line items]
Dividends recognised as distributions to owners			$ 540	$ 500
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares			$ 0.56	$ 0.52
Brookfield Business Partners L.P. (“BBU”) | Class A and B Shares | Common equity
Disclosure of classes of share capital [line items]
Limited partnership units distributed, special dividend (in shares) | shares		19,000,000
Equivalent equity interest in subsidiary distributed as dividends, percentage		21.00%
Board Of Directors | Class B shares | Common equity
Disclosure of classes of share capital [line items]
Percentage of board of directors to be elected			50.00%
Board Of Directors | Common Class A | Common equity
Disclosure of classes of share capital [line items]
Percentage of board of directors to be elected			50.00%
Equity-Settled Share-Based Payment Arrangement | Management Share Option Plan
Disclosure of classes of share capital [line items]
Award vesting period			5 years
Expiration period			10 years
Equity-Settled Share-Based Payment Arrangement | Escrowed Stock Plan
Disclosure of classes of share capital [line items]
Number of share options granted in share-based payment arrangement (in shares) | shares			3,700,000	3,250,000
Equity-Settled Share-Based Payment Arrangement | Executives | Escrowed Stock Plan | Common Class A
Disclosure of classes of share capital [line items]
Number of shares purchased (in shares) | shares			3,700,000	3,300,000
Expense from share-based payment transactions with employees			$ 26	$ 26
Equity-Settled Share-Based Payment Arrangement | Executives | Restricted Stock | Common Class A
Disclosure of classes of share capital [line items]
Award vesting period			5 years
Expense from share-based payment transactions with employees			$ 18	$ 11
Number of share options granted in share-based payment arrangement (in shares) | shares			760,754	449,110
Equity-Settled Share-Based Payment Arrangement | Executives | Bottom of range | Escrowed Stock Plan | Common Class A
Disclosure of classes of share capital [line items]
Award vesting period			1 year
Expiration period			5 years
Equity-Settled Share-Based Payment Arrangement | Executives | Top of range | Escrowed Stock Plan | Common Class A
Disclosure of classes of share capital [line items]
Award vesting period			5 years
Expiration period			10 years
Equity-Settled Share-Based Payment Arrangement | Executive Officer | Escrowed Stock Plan | Common Class A
Disclosure of classes of share capital [line items]
Expiration period			5 years
Equity-Settled Share-Based Payment Arrangement | Executive Officer | Restricted Stock | Common Class A
Disclosure of classes of share capital [line items]
Expiration period			5 years
Cash-Settled Share-Based Payment Arrangement | Employees and Directors | Deferred Stock Units and Restricted Stock Units
Disclosure of classes of share capital [line items]
Award vesting period			5 years
Expense from share-based payment transactions with employees			$ 7	$ 5
Number of share options vested (in shares)			$ 1,000	$ 777

XML

EQUITY - Schedule Of Non-Controlling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of classes of share capital [line items]
Non-controlling interests	$ 51,628	$ 43,235
Common equity
Disclosure of classes of share capital [line items]
Non-controlling interests	47,281	39,974
Preferred equity
Disclosure of classes of share capital [line items]
Non-controlling interests	$ 4,347	$ 3,261

XML

EQUITY - Schedule Of Common Equity (Details) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of classes of share capital [line items]
Equity		$ 79,872	$ 69,688		$ 57,227
Common equity
Disclosure of classes of share capital [line items]
Issued capital		24,052	22,499
Common shares
Disclosure of classes of share capital [line items]
Equity		4,428	4,390		4,378
Contributed surplus
Disclosure of classes of share capital [line items]
Equity		263	234		192
Retained earnings
Disclosure of classes of share capital [line items]
Equity		11,864	11,490		11,045
Ownership changes
Disclosure of classes of share capital [line items]
Equity		1,459	1,199	[1]
Ownership changes
Disclosure of classes of share capital [line items]
Equity	[1]	1,459	1,199		$ 1,500
Accumulated other comprehensive income
Disclosure of classes of share capital [line items]
Equity		$ 6,038	$ 5,186

[1] Includes gains or losses on changes in ownership interests of consolidated subsidiaries

XML

EQUITY - Schedule Of Number Of Issued And Outstanding Common Shares And Unexercised Options (Details) - Common equity - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of classes of share capital [line items]
Shares Outstanding (in shares)	958,773,120.00000	958,168,417	961,290,839
Unexercised options and other share-based plans (in shares)	47,474,284	43,798,733
Total diluted shares (in shares)	1,006,247,404	1,001,967,150
Class A shares
Disclosure of classes of share capital [line items]
Shares Outstanding (in shares)	958,688,000	958,083,297
Class B shares
Disclosure of classes of share capital [line items]
Shares Outstanding (in shares)	85,120	85,120
Long-Term Compensation Arrangements | Class A shares
Disclosure of classes of share capital [line items]
Shares Outstanding (in shares)	30,569,215	27,846,452

XML

EQUITY - Schedule Of Authorized Share Capital (Details) - Common equity - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of classes of share capital [line items]
Beginning balance (in shares)	958,168,417	961,290,839
Issued (repurchased)
Repurchases (in shares)	(3,448,665)	(4,707,132)
Long-term share ownership plans (in shares)	3,826,248	1,312,463
Dividend reinvestment plan and others (in shares)	227,120	272,247
Ending balance (in shares)	958,773,120.00000	958,168,417
Class A shares
Disclosure of classes of share capital [line items]
Beginning balance (in shares)	958,083,297
Issued (repurchased)
Ending balance (in shares)	958,688,000	958,083,297

XML

EQUITY - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings per share [line items]
Net income attributable to shareholders	$ 1,462.0	$ 1,651.0
Net income available to shareholders	1,317.0	1,518.0
Weighted average – common shares	958.8	959.0
Dilutive effect of the conversion of options and escrowed shares using treasury stock method	21.2	17.6
Common shares and common share equivalents	980.0	976.6
Preferred equity
Earnings per share [line items]
Preferred share dividends	$ (145.0)	$ (133.0)

XML

EQUITY - Schedule Of Expense Recognized For Share-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity [abstract]
Expense arising from equity-settled share-based payment transactions	$ 69	$ 64
Expense arising from cash-settled share-based payment transactions	281	32
Total expense arising from share-based payment transactions	350	96
Effect of hedging program	(275)	(27)
Total expense included in consolidated income	$ 75	$ 69

XML

EQUITY - Schedule Of Options (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 CAD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2016 CAD ($) shares
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted-average exercise price, beginning balance (in dollars per share)	$ 25.77	$ 15.63	$ 24.98	$ 17.07
Weighted average exercise price of share options granted (in dollars per share)	36.92	0.00	30.59	0.00
Weighted average exercise price of share options exercised (in dollars per share)	24.36	17.50	22.00	23.44
Weighted average exercise price of share options cancelled (in dollars per share)	33.28	0.00	31.25	0.00
Weighted-average exercise price, ending balance (in dollars per share)	$ 27.71	$ 12.35	$ 25.77	$ 15.63
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	24,167	24,167	20,938	20,938
Granted (in shares)	3,700	3,700	3,250	3,250
Exercised (in shares)	(95)	(95)	(21)	(21)
Ending balance (in shares)	27,772	27,772	24,167	24,167
Weighted-average exercise price, beginning balance (in dollars per share) | $	$ 27.77		$ 27.33
Weighted average exercise price of share options granted (in dollars per share) | $	36.88		30.59
Weighted average exercise price of share options exercised (in dollars per share) | $	21.74		21.74
Weighted-average exercise price, ending balance (in dollars per share) | $	$ 29.01		$ 27.77
Deferred Stock Unit | Cash-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	14,986	14,986	13,793	13,793
Granted and reinvested (in shares)	661	661	1,264	1,264
Exercised and canceled (in shares)	(703)	(703)	(71)	(71)
Ending balance (in shares)	14,944	14,944	14,986	14,986
Restricted Stock | Cash-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	10,920	10,920	10,920	10,920
Granted and reinvested (in shares)	0	0	0	0
Exercised and canceled (in shares)	0	0	0	0
Ending balance (in shares)	10,920	10,920	10,920	10,920
Weighted-average exercise price, beginning balance (in dollars per share) | $		$ 9.09		$ 9.09
Weighted average exercise price, granted and reinvested (in dollars per share) | $		0.00		0.00
Weighted average exercise price, granted and canceled (in dollars per share) | $		0.00		0.00
Weighted-average exercise price, ending balance (in dollars per share) | $		$ 9.09		$ 9.09
TSX Common Class A Shares | Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	7,684	7,684	9,427	9,427
Granted (in shares)	0	0	0	0
Exercised (in shares)	(4,887)	(4,887)	(1,743)	(1,743)
Canceled (in shares)	0	0	0	0
Ending balance (in shares)	2,797	2,797	7,684	7,684
NYSE Common Class A Shares | Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	31,483	31,483	28,488	28,488
Granted (in shares)	6,331	6,331	4,363	4,363
Exercised (in shares)	(2,149)	(2,149)	(970)	(970)
Canceled (in shares)	(772)	(772)	(398)	(398)
Ending balance (in shares)	34,893	34,893	31,483	31,483

XML

EQUITY - Schedule Using Black-Scholes Module, DSU And RSU (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) year	Dec. 31, 2016 USD ($) year	Dec. 31, 2017 CAD ($)	Dec. 31, 2016 CAD ($)
Management Share Option Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted-average share price (in dollars per share)	$ 36.92	$ 30.59
Weighted-average fair value per option (in dollars per share)	$ 4.92	$ 5.29
Average term to exercise | year	7.5	7.5
Share price volatility	18.90%	28.00%
Liquidity discount	25.00%	25.00%
Weighted-average annual dividend yield	2.10%	1.60%
Risk-free rate	2.30%	1.60%
Escrowed Stock Plan | Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted-average share price (in dollars per share)	$ 36.88	$ 30.59
Weighted-average fair value per option (in dollars per share)	$ 4.92	$ 5.29
Average term to exercise | year	7.5	7.5
Share price volatility	18.90%	28.00%
Liquidity discount	25.00%	25.00%
Weighted-average annual dividend yield	2.10%	1.60%
Risk-free rate	2.30%	1.60%
Deferred Stock Unit | Cash-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on date of measurement (in cad per share)			$ 54.72	$ 44.30
Share price on date of measurement (in usd per share)	$ 43.54	$ 33.01
Restricted Stock | Cash-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on date of measurement (in cad per share)			54.72	44.30
Weighted-average fair value per option (in dollars per share)			$ 45.63	$ 35.21

XML

EQUITY - Schedule Of Class A Shares Purchased (Details) - Management Share Option Plan - Equity-Settled Share-Based Payment Arrangement shares in Thousands	Dec. 31, 2017 USD ($) shares year	Dec. 31, 2017 CAD ($) shares year	Dec. 31, 2016 USD ($) shares year	Dec. 31, 2016 CAD ($) shares year	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CAD ($)
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share	$ 27.71	$ 12.35	$ 25.77	$ 15.63	$ 24.98	$ 17.07
Class A shares
Disclosure of classes of share capital [line items]
Vested (in shares)	22,310	22,310	24,104	24,104
Unvested (in shares)	15,380	15,380	15,063	15,063
Total (in shares)	37,690	37,690	39,167	39,167
Class A shares | C$11.77
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	$ 11.77
Weighted-Average Remaining Life (in years) | year	1.2	1.2	2.2	2.2
Vested (in shares)	2,620	2,620	4,885	4,885
Unvested (in shares)	0	0	0	0
Total (in shares)	2,620	2,620	4,885	4,885
Class A shares | Range two
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	$ 21.08
Weighted-Average Remaining Life (in years) | year	0.1	0.1	1.1	1.1
Vested (in shares)	177	177	2,159	2,159
Unvested (in shares)	0	0	0	0
Total (in shares)	177	177	2,159	2,159
Class A shares | Range three
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	$ 15.45
Weighted-Average Remaining Life (in years) | year	2.2	2.2	0.1	0.1
Vested (in shares)	4,772	4,772	640	640
Unvested (in shares)	0	0	0	0
Total (in shares)	4,772	4,772	640	640
Class A shares | Range four
Disclosure of classes of share capital [line items]
Weighted-Average Remaining Life (in years) | year	3.8	3.8	3.2	3.2
Vested (in shares)	5,834	5,834	5,153	5,153
Unvested (in shares)	0	0	0	0
Total (in shares)	5,834	5,834	5,153	5,153
Class A shares | Range five
Disclosure of classes of share capital [line items]
Weighted-Average Remaining Life (in years) | year	6.5	6.5	4.8	4.8
Vested (in shares)	6,858	6,858	5,626	5,626
Unvested (in shares)	5,967	5,967	890	890
Total (in shares)	12,825	12,825	6,516	6,516
Class A shares | Range six
Disclosure of classes of share capital [line items]
Weighted-Average Remaining Life (in years) | year	7.1	7.1	7.5	7.5
Vested (in shares)	2,049	2,049	4,692	4,692
Unvested (in shares)	3,191	3,191	9,143	9,143
Total (in shares)	5,240	5,240	13,835	13,835
Class A shares | Range seven
Disclosure of classes of share capital [line items]
Weighted-Average Remaining Life (in years) | year	9.1	9.1	8.1	8.1
Vested (in shares)			949	949
Unvested (in shares)			5,030	5,030
Total (in shares)			5,979	5,979
Class A shares | Range eight
Disclosure of classes of share capital [line items]
Vested (in shares)	0	0
Unvested (in shares)	6,222	6,222
Total (in shares)	6,222	6,222
Bottom of range | Class A shares | Range two
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $				$ 18.20
Bottom of range | Class A shares | Range four
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $		$ 18.20
Bottom of range | Class A shares | Range five
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	$ 16.83		$ 16.83
Bottom of range | Class A shares | Range six
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	25.21		25.21
Bottom of range | Class A shares | Range seven
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	33.75		33.75
Bottom of range | Class A shares | Range eight
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	36.88
Top of range | Class A shares | Range two
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $				$ 23.63
Top of range | Class A shares | Range four
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $		$ 23.63
Top of range | Class A shares | Range five
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	23.37		23.37
Top of range | Class A shares | Range six
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	30.59		36.32
Top of range | Class A shares | Range seven
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	36.32		$ 36.32
Top of range | Class A shares | Range eight
Disclosure of classes of share capital [line items]
Exercise Price (in dollars per share | $	$ 37.75

XML

REVENUES - Narrative (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenue [abstract]
Revenue from sale of goods	$ 14.5	$ 14.7
Revenue from rendering of services	25.1	8.4
Revenue from other activities	$ 1.2	$ 1.3

XML

DIRECT COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Analysis of income and expense [abstract]
Cost of sales	$ 26,461	$ 12,487
Compensation	2,795	2,039
Selling, general and administrative expenses	1,339	1,544
Property taxes, sales taxes and other	1,793	1,648
Total direct costs	$ 32,388	$ 17,718

XML

FAIR VALUE CHANGES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	$ 421	$ (130)
Investment properties
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	1,021	960
GGP warrants
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	(268)	(110)
Impairment
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	(98)	(771)
Provisions
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	(246)	(99)
Transaction related gains (losses), net of deal costs
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	637	(148)
Financial contracts
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	(600)	65
Other fair value changes
Components of Fair Value Gain (Loss) [Line Items]
Fair value changes in net income	$ (25)	$ (27)

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) MMBTU in Millions, GWh in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GWh	Dec. 31, 2017 MMBTU	Dec. 31, 2016 USD ($)	Dec. 31, 2016 GWh	Dec. 31, 2016 MMBTU
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	$ 24,841			$ 25,971
Foreign exchange
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	28,573			21,782
Interest rate swap contract
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	18,433			17,092
Credit default swaps
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	43			182
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	$ 1,384			$ 2,583
Commodity instruments
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions (in GWH and MMBtu)		28,808	48,163		15,904	9,150

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Conctract Derivative Positions (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 24,841	$ 25,971
Foreign exchange contracts | British pounds
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 7,312	$ 6,231
Average Exchange Rate	129.00%	126.00%
Foreign exchange contracts | Australian dollars
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 3,610	$ 5,022
Average Exchange Rate	75.00%	74.00%
Foreign exchange contracts | European Union euros
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 2,754	$ 1,855
Average Exchange Rate	115.00%	111.00%
Foreign exchange contracts | Canadian dollars
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 2,619	$ 1,405
Average Exchange Rate	78.00%	75.00%
Foreign exchange contracts | Korean won
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 578	$ 485
Average Exchange Rate	110000.00%	115300.00%
Foreign exchange contracts | Chinese yuan
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 346	$ 252
Average Exchange Rate	672.00%	706.00%
Foreign exchange contracts | Brazil, Brazil Real
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 62	$ 511
Average Exchange Rate	27.00%	32.00%
Foreign exchange contracts | Japanese yen
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 14	$ 203
Average Exchange Rate	11017.00%	11639.00%
Foreign exchange contracts | Other currencies
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 256	$ 186
Cross currency interest rate swaps | British pounds
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 272	$ 249
Average Exchange Rate	145.00%	149.00%
Cross currency interest rate swaps | Australian dollars
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 1,610	$ 1,484
Average Exchange Rate	98.00%	99.00%
Cross currency interest rate swaps | European Union euros
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 1,914	$ 530
Average Exchange Rate	106.00%	106.00%
Cross currency interest rate swaps | Canadian dollars
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 2,442	$ 2,269
Average Exchange Rate	76.00%	82.00%
Cross currency interest rate swaps | Japanese yen
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 750	$ 0
Average Exchange Rate	11333.00%	0.00%
Cross currency interest rate swaps | Colombian pesos
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 299	$ 125
Average Exchange Rate	305600.00%	305600.00%
Foreign exchange options | British pounds
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 534	$ 0
Average Exchange Rate	119.00%	0.00%
Foreign exchange options | European Union euros
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 1,801	$ 0
Average Exchange Rate	121.00%	0.00%
Foreign exchange options | Canadian dollars
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 1,000	$ 0
Average Exchange Rate	76.00%	0.00%
Foreign exchange options | Japanese yen
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional Amount (U.S. Dollars)	$ 400	$ 975
Average Exchange Rate	11800.00%	11800.00%

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) MMBTU	Dec. 31, 2016 USD ($)
Disclosure of detailed information about hedging instruments [line items]
Unrealized net losses on foreign currency derivative contracts	$ 364	$ 62
Gains (losses) in respect of foreign currency contracts entered into for hedging purposes	(1,491)	893
Nominal amount of derivative positions	$ 24,841	25,971
Amount of natural gas outstanding | MMBTU	48,163,000
Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount that hedges long-term compensation arrangements	$ 1,100	988
Interest rate swap contract
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of derivative positions	8,800	6,600
Interest Rate Swaptions
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of derivative positions	900	4,100
Interest Rate Cap Contracts
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of derivative positions	8,700	6,400
Credit Default Swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of derivative positions	43	182
Payments to be received in the event of a predetermined credit event	43	100
Payments required to be made of notional amount	$ 0	$ 82

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Hedge Classification (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) GWh MMBTU	Dec. 31, 2016 USD ($) GWh bbl
Disclosure of detailed information about hedging instruments [line items]
Notional	$ 24,841	$ 25,971
Effective Portion	(706)	278
Ineffective Portion	(16)	(13)
Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Notional	10,254	11,998
Effective Portion	42	149
Ineffective Portion	$ (16)	$ (13)
Nominal amount of hedging instrument | GWh	15,586	8,561
Amount of commodity derivatives (in mmbtu) | MMBTU	45,014
Commodity derivatives (bbl) | bbl		3,087
Net investment hedges
Disclosure of detailed information about hedging instruments [line items]
Notional	$ 14,587	$ 13,973
Effective Portion	(748)	129
Ineffective Portion	$ 0	$ 0

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	$ 414
Unrealized losses	(656)
Net Change	(242)	$ 43
Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	119
Unrealized losses	(483)
Net Change	(364)	(62)
Interest rates
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	20
Unrealized losses	(35)
Net Change	(15)	110
Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	2
Unrealized losses	0
Net Change	2	(5)
Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	204
Unrealized losses	(35)
Net Change	169	(9)
Commodity instruments
Disclosure of detailed information about hedging instruments [line items]
Unrealized Gains	69
Unrealized losses	(103)
Net Change	$ (34)	$ 9

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Instruments Fair Value Through Profit or Loss (Details) MMBTU in Thousands, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GWh	Dec. 31, 2017 MMBTU	Dec. 31, 2016 USD ($)	Dec. 31, 2016 GWh	Dec. 31, 2016 MMBTU
Disclosure of detailed information about hedging instruments [line items]
Notional	$ 24,841			$ 25,971
Foreign exchange derivatives | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	17,941			16,717
Foreign exchange derivatives | Less than one year | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	12,674
Foreign exchange derivatives | 1 to 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	3,391
Foreign exchange derivatives | After 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	1,876
Interest rate derivatives | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	6,901			9,254
Interest rate derivatives | Less than one year | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	607
Interest rate derivatives | 1 to 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	5,184
Interest rate derivatives | After 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	1,110
Equity derivatives | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	22			24
Equity derivatives | Less than one year | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	10
Equity derivatives | 1 to 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	12
Equity derivatives | After 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional	0
Commodity instruments | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		15,586	45,014		8,561	0
Commodity instruments | Less than one year | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		1,412	37,052
Commodity instruments | 1 to 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		11,494	7,962
Commodity instruments | After 5 Years | Elected for hedge accounting
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		2,680	0
Commodity instruments | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		13,222	3,149		7,343	9,150
Commodity instruments | Less than one year | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		5,328	2,459
Commodity instruments | 1 to 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		7,894	690
Commodity instruments | After 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional Amount of Derivate Instrument		0	0
Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional	1,384			2,583
Equity derivatives | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	1,362			2,560
Equity derivatives | Less than one year | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	680
Equity derivatives | 1 to 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	682
Equity derivatives | After 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	0
Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Notional	43			182
Credit default swaps | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	43			182
Credit default swaps | Less than one year | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	0
Credit default swaps | 1 to 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	43
Credit default swaps | After 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	0
Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional	18,433			17,092
Interest rate derivatives | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	11,532			7,838
Interest rate derivatives | Less than one year | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	7,287
Interest rate derivatives | 1 to 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	4,034
Interest rate derivatives | After 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	211
Foreign exchange derivatives | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	10,632			$ 5,065
Foreign exchange derivatives | Less than one year | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	5,516
Foreign exchange derivatives | 1 to 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	4,074
Foreign exchange derivatives | After 5 Years | Fair value through profit or loss
Disclosure of detailed information about hedging instruments [line items]
Notional	$ 1,042

XML

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Nominal amount of derivative positions	$ 24,841	$ 25,971
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Basis spread on variable rate	0.50%
Increase (decrease) in net income, before tax	$ 53	26
Other comprehensive income, before tax	$ 98	72
Currency risk
Disclosure of detailed information about financial instruments [line items]
Percentage of increase in U.S dollar against other currencies	1.00%
Increase in value of positions on a combined basis	$ 44	38
Increase in value of hedging instrument	$ 142	133
Equity price risk
Disclosure of detailed information about financial instruments [line items]
Decrease in the market price of equity securities and equity derivatives	5.00%
Impact on net income as a result of a percentage decrease in equity eecurities	$ (45)	(161)
Impact on other comprehensive income as a result of a percentage decrease in equity securities	$ (62)	(48)
Change in the common equity price	5.00%
Increase in compensation liability	$ 65	52
Amount to offset increase in compensation liability and compensation expense	65	52
Amount to offset increase in compensation expense	64	51
Increase in equity derivatives recorded in OCI	1	1
Other price risk
Disclosure of detailed information about financial instruments [line items]
Impact on net income as a result of a percentage decrease in energy prices	(11)	(15)
Impact on other comprehensive income as a result of a percentage decrease in energy prices	$ (4)	(16)
Percentage of increase in energy prices	5.00%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Basis spread on variable rate	0.50%
Nominal amount of derivative positions	$ 43	182
Impact on net Income as a result of a decrease in credit spread	$ 1	2
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Basis spread on variable rate	0.50%
Increase (decrease) in net income, before tax	$ (80)	$ (45)

XML

MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS - Contractual Maturities of Financial Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Principal repayments
Corporate borrowings	$ 5,659	$ 4,500
Property-specific borrowings	63,721	52,442
Other debt of subsidiaries	9,009	7,949
Subsidiary equity obligations	3,661	3,565
Interest expense
Corporate borrowings	2,648	1,796
Non-recourse borrowings	17,161	14,922
Subsidiary equity obligations	1,316	1,270
Less than one year
Principal repayments
Corporate borrowings	0	425
Property-specific borrowings	8,800	7,655
Other debt of subsidiaries	1,956	866
Subsidiary equity obligations	76	421
Interest expense
Corporate borrowings	259	201
Non-recourse borrowings	3,248	2,776
Subsidiary equity obligations	226	198
1 to 3 Years
Principal repayments
Corporate borrowings	478	447
Property-specific borrowings	15,175	13,965
Other debt of subsidiaries	2,520	2,699
Subsidiary equity obligations	53	143
Interest expense
Corporate borrowings	494	375
Non-recourse borrowings	5,024	4,549
Subsidiary equity obligations	428	376
4 to 5 Years
Principal repayments
Corporate borrowings	278	260
Property-specific borrowings	14,228	13,467
Other debt of subsidiaries	2,536	1,955
Subsidiary equity obligations	1,001	1,217
Interest expense
Corporate borrowings	462	342
Non-recourse borrowings	3,575	3,219
Subsidiary equity obligations	340	318
After 5 Years
Principal repayments
Corporate borrowings	4,903	3,368
Property-specific borrowings	25,518	17,355
Other debt of subsidiaries	1,997	2,429
Subsidiary equity obligations	2,531	1,784
Interest expense
Corporate borrowings	1,433	878
Non-recourse borrowings	5,314	4,378
Subsidiary equity obligations	$ 322	$ 378

XML

CAPITAL MANAGEMENT - Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of objectives, policies and processes for managing capital [abstract]
Common and preferred equity	$ 28.2	$ 26.5
Corporate leverage	$ 5.7	$ 4.5
Debt-to-total capitalization	16.00%	14.00%

XML

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Renumeration of Directors and Other Key Management (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party [Abstract]
Salaries, incentives and short-term benefits	$ 18	$ 19
Share-based payments	54	50
Total	$ 72	$ 69

XML

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Related Party [Abstract]
Related party investment	$ 1,300
Brookfield Property Partners
Disclosure of transactions between related parties [line items]
Net proceeds under open-ended real estate fund	$ 500

XML

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Related Party Balances included within Consolidated Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party [Abstract]
Investment and other losses	$ (268)	$ (110)
Financial assets	0	1,254
Management fees received	$ 47	$ 56

XML

OTHER INFORMATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Disclosure of Equity Units [Line Items]
Commitments outstanding	$ 2,600	$ 2,600
Future operating lease obligations	3,800
Land leases with agreements expiring in 2065	1,900
Insurance for damage and business interruption costs	4,000
Subsidiary preferred equity units	1,597	1,574
Subsidiaries
Disclosure of Equity Units [Line Items]
Subsidiary preferred equity units			$ 1,800
Preferred equity units exchangeable (in dollars per unit)			$ 25.70
Percentage of equity unit at exchange price (less than)			80.00%
Tranche One | Subsidiaries
Disclosure of Equity Units [Line Items]
Subsidiary preferred equity units			$ 600
Tranche Two | Subsidiaries
Disclosure of Equity Units [Line Items]
Subsidiary preferred equity units			600
Tranche Three | Subsidiaries
Disclosure of Equity Units [Line Items]
Subsidiary preferred equity units			$ 600
Renewable Power
Disclosure of Equity Units [Line Items]
Payments for development project expenditure	140	67
Real Estate
Disclosure of Equity Units [Line Items]
Payments for development project expenditure	223	300
Infrastructure
Disclosure of Equity Units [Line Items]
Payments for development project expenditure	927	390
Investment property under construction or development
Disclosure of Equity Units [Line Items]
Capital expenditures	$ 203	$ 229

XML

SUBSEQUENT EVENTS - Narrative (Details) - BPY - Major business combination shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) shares
Disclosure of non-adjusting events after reporting period [line items]
Cash transferred	$ 9,250
Units issued (in shares) | shares	254
Consideration transferred, acquisition-date fair value	$ 4,000
Proportion of ownership interest in subsidiary	50.00%

XML

Label	Element	Value
Other [Member] | Other Investment Properties [Member]
Investment property	ifrs-full_InvestmentProperty	$ 5,388,000,000
Investment property	ifrs-full_InvestmentProperty	5,513,000,000
Real Estate1 [Member] | Opportunistic Retail Sector [Member]
Investment property	ifrs-full_InvestmentProperty	4,217,000,000
Investment property	ifrs-full_InvestmentProperty	3,412,000,000
Real Estate1 [Member] | Opportunistic Office Sector [Member]
Investment property	ifrs-full_InvestmentProperty	5,853,000,000
Investment property	ifrs-full_InvestmentProperty	8,590,000,000
Real Estate1 [Member] | Triple Net Lease [Member]
Investment property	ifrs-full_InvestmentProperty	4,790,000,000
Investment property	ifrs-full_InvestmentProperty	4,804,000,000
Real Estate1 [Member] | Industrial Property1 [Member]
Investment property	ifrs-full_InvestmentProperty	2,678,000,000
Investment property	ifrs-full_InvestmentProperty	1,942,000,000
Real Estate1 [Member] | Multifamily1 [Member]
Investment property	ifrs-full_InvestmentProperty	3,574,000,000
Investment property	ifrs-full_InvestmentProperty	3,925,000,000
Real Estate1 [Member] | Student Housing [Member]
Investment property	ifrs-full_InvestmentProperty	649,000,000
Investment property	ifrs-full_InvestmentProperty	1,353,000,000
Real Estate1 [Member] | Manufactured Housing [Member]
Investment property	ifrs-full_InvestmentProperty	0
Investment property	ifrs-full_InvestmentProperty	2,206,000,000
Real Estate1 [Member] | Self-Storage [Member]
Investment property	ifrs-full_InvestmentProperty	1,624,000,000
Investment property	ifrs-full_InvestmentProperty	1,854,000,000
AUSTRALIA | Real Estate1 [Member] | Core Office [Member]
Investment property	ifrs-full_InvestmentProperty	2,112,000,000
Investment property	ifrs-full_InvestmentProperty	2,480,000,000
UNITED STATES | Real Estate1 [Member] | Core Office [Member]
Investment property	ifrs-full_InvestmentProperty	16,529,000,000
Investment property	ifrs-full_InvestmentProperty	14,827,000,000
BRAZIL | Real Estate1 [Member] | Core Office [Member]
Investment property	ifrs-full_InvestmentProperty	315,000,000
Investment property	ifrs-full_InvestmentProperty	327,000,000
CANADA | Real Estate1 [Member] | Core Office [Member]
Investment property	ifrs-full_InvestmentProperty	4,613,000,000
Investment property	ifrs-full_InvestmentProperty	4,597,000,000
Europe1 [Member] | Real Estate1 [Member] | Core Office [Member]
Investment property	ifrs-full_InvestmentProperty	1,830,000,000
Investment property	ifrs-full_InvestmentProperty	$ 1,040,000,000