ACCOUNTS RECEIVABLE AND OTHER (Tables)

12 Months Ended

Dec. 31, 2018

Subclassifications of assets, liabilities and equities [abstract]

Schedule of accounts receivable and other

AS AT DEC. 31 (MILLIONS)	Note	2018		2017
Accounts receivable	(a)	$	9,167	$	7,209
Prepaid expenses and other assets	(a)	5,508		3,350
Restricted cash	(b)	1,923		1,024
Sustainable resources	(c)	333		390
Total		$	16,931	$	11,973

Schedule of current and non-current accounts receivable

The current and non-current balances of accounts receivable and other are as follows:

AS AT DEC. 31 (MILLIONS)	2018		2017
Current	$	11,911	$	8,492
Non-current	5,020		3,481
Total	$	16,931	$	11,973

Schedule of change in balance of timberlands and other agricultural assets

The following table presents the change in the balance of timberlands and other agricultural assets:

AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2018			2017
Balance, beginning of year	$	390		$	387
Additions, net of disposals	21			78
Fair value adjustments	42			21
Decrease due to harvest	(89		)	(103		)
Foreign currency changes	(31		)	7
Balance, end of year	$	333		$	390

Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS) Type of Asset/Liability	Carrying Value Dec. 31, 2018			Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value
Fixed income securities and other	$	490		Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
Common shares (common shares and warrants)	222			Black-Scholes model	•  Volatility	•  Increases (decreases) in volatility increase (decreases) fair value
					•  Term to maturity	•  Increases (decreases) in term to maturity increase (decrease) fair value
					•  Risk free interest rate	•  Increases (decreases) in the risk-free interest rate increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)	(1,640		)	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value
					•  Terminal capitalization rate	•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
					•  Investment horizon	•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)	79		/	Discounted cash flows	•  Future cash flows	•  Increases (decreases) in future cash flows increase (decrease) fair value
	(659		)
					•  Forward exchange rates (from observable forward exchange rates at the end of the reporting period)	•  Increases (decreases) in the forward exchange rate increase (decrease) fair value
					•  Discount rate	•  Increases (decreases) in discount rate decrease (increase) fair value

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•Future cash flows	•Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•Timber / agricultural prices	•    Increases (decreases) in price increase (decrease) fair value	•    Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
	•Discount rate /terminal capitalization rate	•    Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value	•    Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
	•    Exit Date	•    Increases (decreases) in exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:

	2018					2017
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	6.9	%	5.6	%	12	7.0	%	5.8	%	13
Canada	6.0	%	5.4	%	10	6.1	%	5.5	%	10
Australia	7.0	%	6.2	%	10	7.0	%	6.1	%	10
Brazil	9.6	%	7.7	%	6	9.7	%	7.6	%	7
Core retail	7.1	%	6.0	%	12	n/a		n/a		n/a
LP Investments and other
LP Investments office	10.2	%	7.0	%	6	10.2	%	7.5	%	7
LP Investments retail	8.9	%	7.8	%	9	9.0	%	8.0	%	10
Logistics	9.3	%	8.3	%	10	6.8	%	6.2	%	10
Mixed-use	7.8	%	5.4	%	10	8.4	%	5.3	%	10
Multifamily1	4.8	%	n/a		n/a	4.8	%	n/a		n/a
Triple net lease1	6.3	%	n/a		n/a	6.4	%	n/a		n/a
Self-storage1	5.7	%	n/a		n/a	5.8	%	n/a		n/a
Student housing1	5.6	%	n/a		n/a	5.8	%	n/a		n/a
Manufactured housing1	5.4	%	n/a		n/a	5.8	%	n/a		n/a
Other investment properties1	7.0	%	n/a		n/a	5.8	%	n/a		n/a

1. Multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable.

Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport, energy, data infrastructure and sustainable resources assets. The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization multiple	•    Increases (decreases) in terminal capitalization multiple increases (decreases) fair value	•    Increases (decreases) in terminal capitalization multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization multiple
	•    Investment horizon	•    Increases (decreases) in the investment horizon decrease (increase) fair value	•    Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Key valuation metrics of the company’s utilities, transport, energy, data infrastructure and sustainable resources assets at the end of 2018 and 2017 are summarized below.

	Utilities		Transport		Energy		Data Infrastructure		Sustainable Resources
AS AT DEC. 31	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
Discount rates	7 – 14%	7 – 12%	10 – 13%	10 – 15%	12 – 15%	12 – 15%	13 – 15%	n/a	5 – 8%	5 – 8%
Terminal capitalization multiples	8x – 22x	7x – 21x	9x – 14x	9x – 14x	10x – 14x	8x – 13x	10x – 11x	n/a	12x - 23x	12x - 23x
Investment horizon / Exit date (years)	10 – 20	10 – 20	10 – 20	10 – 20	10	10	10	n/a	3 – 30	3 – 30

Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2018 and 2017 are summarized below.

	North America		Brazil				Colombia				Europe
AS AT DEC. 31	2018	2017	2018		2017		2018		2017		2018	2017
Discount rate
Contracted	4.8 – 5.6%	4.9 – 6.0%	9.0	%	8.9	%	9.6	%	11.3	%	4.0 – 4.3%	4.1 – 4.5%
Uncontracted	6.4 – 7.2%	6.5 – 7.6%	10.3	%	10.2	%	10.9	%	12.6	%	5.8 – 6.1%	5.9 – 6.3%
Terminal capitalization rate1	6.1 – 7.1%	6.2 – 7.5%	n/a		n/a		10.4	%	12.6	%	n/a	n/a
Exit date	2039	2037	2047		2032		2038		2037		2033	2031

1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.

The significant Level 3 inputs include:

Valuation Technique	Significant Unobservable Inputs	Relationship of Unobservable Inputs to Fair Value	Mitigating Factors
Discounted cash flow analysis	•    Future cash flows – primarily impacted by future electricity price assumptions	•    Increases (decreases) in future cash flows increase (decrease) fair value	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) fair value	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) fair value	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) fair value	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

the following significant unobservable inputs as part of our valuation:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate	•    Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date	•    Increases (decreases) in the exit date decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique	Significant Unobservable Input(s)	Relationship of Unobservable Input(s) to Fair Value	Mitigating Factor(s)
Discounted cash flow models	•    Future cash flows	•    Increases (decreases) in future cash flows increase (decrease) the recoverable amount	•    Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows
	•    Discount rate	•    Increases (decreases) in discount rate decrease (increase) the recoverable amount	•    Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates
	•    Terminal capitalization rate / multiple	•    Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount	•    Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates
	•    Exit date / terminal year of cash flows	•    Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount	•    Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year