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)	Investment Type	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)	Investment Type	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