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