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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
The company’s PP&E relates to the operating segments as shown below:
Renewable
Power and Transition (a) 		Infrastructure (b) Private Equity (c)
Real Estate (Core and Transitional & Development)2 (d)
Real Estate (LP Investments)
and Other2 (e)
Total
AS AT DEC. 31
(MILLIONS)
202320222023202220232022202320222023202220232022
Costs$46,284 $34,483 $51,635 $39,440 $22,470 $21,548 $543 $562 $16,663 $16,281 $137,595 $112,314 
Accumulated fair value changes31,989 30,726 4,137 3,251 (701)(611)50 58 2,464 1,506 37,939 34,930 
Accumulated depreciation(11,922)(9,966)(7,226)(5,398)(5,934)(5,271)(248)(236)(2,587)(2,105)(27,917)(22,976)
Total1
$66,351 $55,243 $48,546 $37,293 $15,835 $15,666 $345 $384 $16,540 $15,682 $147,617 $124,268 
1.As at December 31, 2023, the total includes $6.8 billion (2022 – $5.6 billion) of PP&E leased to third parties as operating leases. Our ROU PP&E assets include $757 million (2022 – $435 million) in our Renewable Power and Transition segment, $3.6 billion (2022 – $3.5 billion) in our Infrastructure segment, $1.3 billion (2022 – $1.5 billion) in our Private Equity, $86 million (2022 – $107 million) in our core and transitional and development investments within our Real Estate segment, and $1.1 billion (2022 – $1.1 billion) within our Asset Management segment, totaling $6.8 billion (2022 – $6.6 billion) of ROU assets.
2.Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Our Renewable Power and Transition PP&E consists of the following:
HydroelectricWindSolar and OtherTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022202320222023202220232022
Cost, beginning of year$12,480 $13,871 $11,904 $9,033 $10,099 $7,684 $34,483 $30,588 
Additions, net of disposals and assets reclassified as held for sale148 (542)1,147 950 1,981 1,267 3,276 1,675 
Acquisitions through business combinations— — 3,712 1,765 3,488 1,321 7,200 3,086 
Foreign currency translation and other1,028 (849)24 156 273 (173)1,325 (866)
Cost, end of year13,656 12,480 16,787 11,904 15,841 10,099 46,284 34,483 
Accumulated fair value changes, beginning of year25,642 23,973 3,253 2,461 1,831 1,704 30,726 28,138 
Fair value changes(596)2,681 296 1,060 (84)162 (384)3,903 
Dispositions and assets reclassified as held for sale49 — 6 (135)(23)— 32 (135)
Foreign currency translation and other1,558 (1,012)59 (133)(2)(35)1,615 (1,180)
Accumulated fair value changes, end of year26,653 25,642 3,614 3,253 1,722 1,831 31,989 30,726 
Accumulated depreciation, beginning of year(5,564)(5,151)(2,861)(2,086)(1,541)(1,172)(9,966)(8,409)
Depreciation expenses(667)(624)(709)(557)(499)(413)(1,875)(1,594)
Dispositions and assets reclassified as held for sale5 86 4 4 2 7 11 97 
Foreign currency translation and other(106)125 6 (222)8 37 (92)(60)
Accumulated depreciation, end of year(6,332)(5,564)(3,560)(2,861)(2,030)(1,541)(11,922)(9,966)
Balance, end of year$33,977 $32,558 $16,841 $12,296 $15,533 $10,389 $66,351 $55,243 
The following table presents our Renewable Power and Transition PP&E measured at fair value by geography:
AS AT DEC. 31
(MILLIONS)
20232022
North America$41,636 $37,016 
Colombia10,585 8,264 
Brazil5,578 4,708 
Europe5,409 3,396 
Asia and other3,143 1,859 
$66,351 $55,243 
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2023 and 2022 are summarized below.
North AmericaColombiaBrazilEurope
AS AT DEC. 31
20232022202320222023202220232022
Discount rate
Contracted
5.1 – 5.7%
4.9 – 5.4%
8.7%8.5 %8.4 %8.2 %4.8 %4.4 %
Uncontracted
6.3 – 7.0%
6.2 – 6.7%
10.0%9.7 %9.7 %9.5 %4.8 %4.4 %
Terminal capitalization rate1
4.4 – 5.0%
4.3 – 4.9%
8.0%7.7 %n/an/an/an/a
Terminal year20462044204320422053205120372036
1.    Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.
Key assumptions on contracted generation and future power pricing are summarized below:
AS AT DEC. 31, 2023
Total Generation Contracted under Power Purchase Agreements
Power Prices from Long-Term Power Purchase Agreements
(weighted average)
Estimates of Future Electricity Prices
(weighted average)
1 – 10 years11 – 20 years1 – 10 years11 – 20 years1 – 10 years11 – 20 years
North America (prices in US$/MWh)
55 %19 %78 72 91 123 
Brazil (prices in R$/MWh)76 %40 %313 381 279 424 
Colombia (prices in COP$/MWh)45 %3 %294 357 412 600 
Europe (prices in €/MWh)88 %47 %73 65 62 65 
Our Infrastructure PP&E consists of the following:
UtilitiesTransportMidstreamData and OtherTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
2023202220232022202320222023202220232022
Cost, beginning of year$7,292 $7,582 $9,285 $8,999 $14,679 $14,862 $8,184 $8,326 $39,440 $39,769 
Additions, net of disposals and assets reclassified as held for sale547 345 606 642 407 780 918 561 2,478 2,328 
Acquisitions through business combinations118 108 8,811 — — — 35 53 8,964 161 
Foreign currency translation and other321 (743)164 (356)319 (963)(51)(756)753 (2,818)
Cost, end of year8,278 7,292 18,866 9,285 15,405 14,679 9,086 8,184 51,635 39,440 
Accumulated fair value changes, beginning of year1,624 1,626 1,104 1,045 523 408 — (2)3,251 3,077 
Disposition and assets reclassified as held for sale— — — — — — — — — — 
Fair value changes143 176 330 112 312 118 — — 785 406 
Foreign currency translation and other127 (178)(24)(53)(2)(3)— 2 101 (232)
Accumulated fair value changes, end of year1,894 1,624 1,410 1,104 833 523 — — 4,137 3,251 
Accumulated depreciation, beginning of year(1,456)(1,272)(2,040)(1,668)(982)(622)(920)(629)(5,398)(4,191)
Depreciation expenses(392)(326)(601)(468)(557)(418)(419)(384)(1,969)(1,596)
Dispositions and assets reclassified as held for sale72 21 82 9 30 11 90 41 274 82 
Foreign currency translation and other(60)121 (46)87 (29)47 2 52 (133)307 
Accumulated depreciation, end of year(1,836)(1,456)(2,605)(2,040)(1,538)(982)(1,247)(920)(7,226)(5,398)
Balance, end of year$8,336 $7,460 $17,671 $8,349 $14,700 $14,220 $7,839 $7,264 $48,546 $37,293 
Key valuation metrics of the company’s utilities, transport, and midstream assets at the end of 2023 and 2022 are summarized below.
UtilitiesTransportMidstream
AS AT DEC. 31
202320222023202220232022
Discount rates
8 – 11%
7 – 11%
9%
8 – 14%
15%
15%
Terminal capitalization multiples
15x
18x
8 – 20x
9 – 15x
10x
10x
Investment horizon
10 – 20 yrs
10 – 20 yrs
10 yrs
10 yrs
6 yrs
5 – 10 yrs
The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
CostAccumulated ImpairmentAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022202320222023202220232022
Balance, beginning of year$21,548 $19,781 $(611)$(795)$(5,271)$(4,036)$15,666 $14,950 
Additions/(dispositions)1, net of assets reclassified as held for sale
(137)1,372 93 38 1,469 340 1,425 1,750 
Acquisitions through business combinations239 1,349 — — — — 239 1,349 
Foreign currency translation and other820 (954)(9)5 (234)151 577 (798)
Depreciation expenses— — — — (1,898)(1,726)(1,898)(1,726)
Impairment charges
— — (174)141 — — (174)141 
Balance, end of year$22,470 $21,548 $(701)$(611)$(5,934)$(5,271)$15,835 $15,666 
1. For accumulated impairment and accumulated depreciation, (additions)/dispositions.
d)    Real Estate (Core and Transitional & Development)
CostAccumulated Fair Value ChangesAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022202320222023202220232022
Balance, beginning of year$562 $582 $58 $38 $(236)$(227)$384 $393 
Additions/(dispositions)1, net of assets reclassified as held for sale
(19)4 — — 30 16 11 20 
Foreign currency translation and other— (24)24 — 1 22 25 (2)
Fair value changes— — (32)20 — — (32)20 
Depreciation expenses— — — — (43)(47)(43)(47)
Balance, end of year$543 $562 $50 $58 $(248)$(236)$345 $384 
1.For accumulated depreciation, (additions)/dispositions.
The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
CostAccumulated Fair Value ChangesAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022202320222023202220232022
Balance, beginning of year$16,281 $12,288 $1,506 $616 $(2,105)$(1,730)$15,682 $11,174 
Additions/(dispositions)1, net of assets reclassified as held for sale
613 1,269 (34)31 106 75 685 1,375 
Acquisitions through business combinations— 3,377 — — — — — 3,377 
Foreign currency translation and other(231)(653)86 (36)72 148 (73)(541)
Fair value changes— — 976 1,019 — — 976 1,019 
Depreciation expenses— — — — (660)(598)(660)(598)
Impairment charges
— — (70)(124)— — (70)(124)
Balance, end of year$16,663 $16,281 $2,464 $1,506 $(2,587)$(2,105)$16,540 $15,682 
1.For accumulated depreciation, (additions)/dispositions.