SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of operating segments [abstract]

Disclosure of entity's operating segments

Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2021 (MILLIONS)	Asset Management		Corporate Activities		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Residential Development		Total Segments		Note
External revenues	$	306	$	169	$	4,580	$	11,941	$	46,252	$	9,923	$	2,560	$	75,731
Inter-segment and other revenues1	4,930		(18)		—		6		431		32		—		5,381		i
Segmented revenues	5,236		151		4,580		11,947		46,683		9,955		2,560		81,112
FFO from equity accounted investments1	558		63		187		1,697		448		742		111		3,806		ii
Interest expense	—		(414)		(892)		(1,502)		(1,503)		(3,225)		(68)		(7,604)		iii
Current income taxes	—		(38)		(43)		(402)		(537)		(77)		(17)		(1,114)		iv
FFO1	2,614		(370)		1,044		797		2,030		1,185		258		7,558		v
Common equity	4,905		(8,942)		5,264		3,022		3,565		32,004		2,392		42,210
Equity accounted investments	4,496		2,056		1,801		9,569		2,945		24,829		404		46,100
Additions to non-current assets2	—		1,332		5,001		18,248		14,161		21,918		171		60,831

1.We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2021, $2.3 billion of Oaktree’s revenues was included in our Asset Management segment revenue.

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

AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS)	Asset Management		Corporate Activities		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Residential Development		Total Segments		Note
External revenues	$	246	$	872	$	4,085	$	9,294	$	37,161	$	8,851	$	2,243	$	62,752
Inter-segment and other revenues1	3,278		(1)		—		7		614		32		—		3,930		i
Segmented revenues	3,524		871		4,085		9,301		37,775		8,883		2,243		66,682
FFO from equity accounted investments1	277		(17)		116		1,329		600		765		21		3,091		ii
Interest expense	—		(388)		(885)		(1,224)		(1,573)		(3,117)		(29)		(7,216)		iii
Current income taxes	—		(67)		(66)		(247)		(286)		(82)		(8)		(756)		iv
FFO1	1,776		(86)		1,044		569		935		876		66		5,180		v
Common equity	4,947		(6,986)		5,154		2,552		3,965		19,331		2,730		31,693
Equity accounted investments	4,530		830		1,444		10,530		2,623		21,024		346		41,327
Additions to non-current assets2	64		234		1,677		11,200		3,535		10,117		45		26,872

1.We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2020, $1.2 billion of Oaktree’s revenues was included in our Asset Management segment revenue.

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

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)	2021		2020
Consolidated equity accounted income (loss)	$	2,451	$	(79)
Non-FFO items from equity accounted investments1	1,355		3,170
FFO from equity accounted investments	$	3,806	$	3,091

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

Schedule of components of income tax expense

The following table reconciles consolidated income taxes to current and deferred income taxes:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2021		2020
Current income tax expense	$	(1,114)	$	(756)
Deferred income tax expense	(1,210)		(81)
Income tax expense	$	(2,324)	$	(837)

The major components of income tax expense for the years ended December 31, 2021 and 2020 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2021		2020
Current income tax expense	$	1,114	$	756
Deferred income tax expense / (recovery)
Origination and reversal of temporary differences	1,044		(103)
(Recovery) / expense arising from previously unrecognized tax assets	(251)		2
Change of tax rates and new legislation	417		182
Total deferred income tax expense	1,210		81
Income tax expense	$	2,324	$	837

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	2021		2020
Net income		$	12,388	$	707
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		1,355		3,170
Fair value changes		(5,151)		1,423
Depreciation and amortization		6,437		5,791
Deferred income taxes		1,210		81
Realized disposition gains in fair value changes or equity	vi	2,861		1,554
Non-controlling interests in FFO		(11,542)		(7,546)
Total FFO		$	7,558	$	5,180

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)	2021		2020
U.S.	$	19,694	$	18,048
Canada	7,548		5,906
U.K.	21,497		16,032
Brazil	3,730		3,323
Europe	8,491		6,191
Australia	5,892		5,528
India	2,520		1,284
Colombia	1,890		1,762
Other Asia	2,708		2,388
Other	1,761		2,290
	$	75,731	$	62,752

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

AS AT DEC. 31 (MILLIONS)	2021		2020
U.S.	$	172,952	$	159,684
Canada	52,989		36,403
U.K.	36,740		31,598
Brazil	22,052		20,675
Europe	32,065		22,267
Australia	20,767		22,000
India	20,935		21,438
Colombia	11,065		10,919
Other Asia	12,866		9,343
Other	8,572		9,369
	$	391,003	$	343,696