SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of operating segments [abstract]

Summary of financial information by segment

Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2018 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Note
External revenues	$	187	$	8,075		$	3,751		$	5,013		$	36,828		$	2,683		$	234		$	56,771
Inter-segment revenues	1,760		41			11			5			442			—			(46		)	2,213			i
Segmented revenues	1,947		8,116			3,762			5,018			37,270			2,683			188			58,984
FFO from equity accounted investments	—		945			46			846			526			15			(6		)	2,372			ii
Interest expense	—		(2,464		)	(930		)	(586		)	(520		)	(57		)	(323		)	(4,880		)	iii
Current income taxes	—		(213		)	(32		)	(326		)	(186		)	(45		)	(59		)	(861		)	iv
Funds from operations	1,317		1,786			328			602			795			49			(476		)	4,401			v
Common equity	328		17,423			5,302			2,887			4,279			2,606			(7,178		)	25,647
Equity accounted investments	—		22,949			685			7,636			1,943			395			39			33,647
Additions to non-current assets1	—		51,111			3,729			10,524			10,139			124			190			75,817

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, 2017 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Note
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	—		19,597			509			8,793			2,387			346			362			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

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)	2018		2017
Consolidated equity accounted income	$	1,088	$	1,213
Non-FFO items from equity accounted investments1	1,284		856
FFO from equity accounted investments	$	2,372	$	2,069

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)	2018			2017
Current tax expense	$	(861	)	$	(286	)
Deferred income tax recovery (expense)	1,109			(327		)
Income tax recovery (expense)	$	248		$	(613	)

The major components of income tax expense for the years ended December 31, 2018 and 2017 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2018			2017
Current income taxes	$	861		$	286
Deferred income tax expense / (recovery)
Origination and reversal of temporary differences	143			499
Expense / (recovery) arising from previously unrecognized tax assets	(955		)	3
Change of tax rates and new legislation	(297		)	(175		)
Total deferred income taxes	(1,109		)	327
Income taxes	$	(248	)	$	613

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	2018			2017
Net income		$	7,488		$	4,551
Realized disposition gains in fair value changes or equity	vi	1,445			1,116
Non-controlling interests in FFO		(6,015		)	(4,964		)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		1,284			856
Fair value changes		(1,794		)	(421		)
Depreciation and amortization		3,102			2,345
Deferred income taxes		(1,109		)	327
Total FFO		$	4,401		$	3,810

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)	2018		2017
United Kingdom	$	23,684	$	15,106
United States	9,756		8,284
Canada	6,422		5,883
Australia	4,968		4,405
Brazil	4,048		3,206
Other Europe	3,275		617
Asia	1,643		1,119
Colombia	1,594		970
Other	1,381		1,196
	$	56,771	$	40,786

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

AS AT DEC. 31 (MILLIONS)	2018		2017
United States	$	128,808	$	84,860
Canada	27,850		21,897
United Kingdom	23,093		20,005
Brazil	22,539		23,931
Australia	13,309		14,501
Other Europe	13,250		3,979
Asia	10,479		8,089
Colombia	9,862		7,362
Other	7,091		8,096
	$	256,281	$	192,720