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SEGMENTED INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2019
Disclosure of operating segments [abstract]  
Summary of financial information by segment
Reportable Segment Measures
AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2019 (MILLIONS)
Asset
Management

 
Real Estate

 
Renewable
Power

 
Infrastructure

 
Private Equity

 
Residential Development

 
Corporate
Activities

 
Total
Segments

 
Note
External revenues
$
61

 
$
2,560

 
$
1,028

 
$
1,806

 
$
10,738

 
$
594

 
$
137

 
$
16,924

 
 
Inter-segment revenues
549

 
9

 
4

 
—

 
107

 
—

 
(15
)
 
654

 
i
Segmented revenues
610

 
2,569

 
1,032

 
1,806

 
10,845

 
594

 
122

 
17,578

 
 
FFO from equity accounted investments
—

 
241

 
11

 
271

 
85

 
13

 
3

 
624

 
ii
Interest expense
—

 
(884
)
 
(240
)
 
(250
)
 
(372
)
 
(12
)
 
(86
)
 
(1,844
)
 
iii
Current income taxes
—

 
(45
)
 
(15
)
 
(64
)
 
(94
)
 
(2
)
 
(12
)
 
(232
)
 
iv
Funds from operations
400

 
316

 
69

 
62

 
326

 
18

 
(83
)
 
1,108

 
v
Common equity
328

 
17,453

 
5,072

 
2,678

 
4,743

 
2,695

 
(6,310
)
 
26,659

 
 
Equity accounted investments
—

 
23,203

 
701

 
8,269

 
2,745

 
426

 
74

 
35,418

 
 
Additions to non-current assets1
—

 
1,925

 
199

 
594

 
17,505

 
13

 
7

 
20,243

 
 
1.
Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. Excludes non-current assets recognized on adoption of IFRS 16.
AS AT DEC. 31, 2018
AND FOR THE THREE MONTHS ENDED JUN. 30, 2018 (MILLIONS)
Asset
Management

 
Real Estate

 
Renewable
Power

 
Infrastructure

 
Private Equity

 
Residential Development

 
Corporate
Activities

 
Total
Segments

 
Note
External revenues
$
18

 
$
1,794

 
$
898

 
$
1,144

 
$
8,678

 
$
686

 
$
58

 
$
13,276

 
 
Inter-segment revenues
362

 
9

 
3

 
—

 
126

 
—

 
(11
)
 
489

 
i
Segmented revenues
380

 
1,803

 
901

 
1,144

 
8,804

 
686

 
47

 
13,765

 
 
FFO from equity accounted investments
—

 
218

 
8

 
193

 
201

 
2

 
3

 
625

 
ii
Interest expense
—

 
(544
)
 
(218
)
 
(133
)
 
(84
)
 
(14
)
 
(80
)
 
(1,073
)
 
iii
Current income taxes
—

 
(1
)
 
(9
)
 
(47
)
 
(52
)
 
(9
)
 
(18
)
 
(136
)
 
iv
Funds from operations
241

 
206

 
66

 
86

 
282

 
14

 
(105
)
 
790

 
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
—

 
2,951

 
3,214

 
1,514

 
679

 
33

 
24

 
8,415

 
 

1.
Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.
FOR THE SIX MONTHS ENDED JUN. 30 , 2019 (MILLIONS)
Asset
Management

 
Real Estate

 
Renewable
Power

 
Infrastructure

 
Private Equity

 
Residential Development

 
Corporate
Activities

 
Total
Segments

 
Note
External revenues
$
107

 
$
5,150

 
$
2,060

 
$
3,537

 
$
19,882

 
$
1,033

 
$
363

 
$
32,132

 
 
Inter-segment revenues
1,022

 
20

 
15

 
—

 
201

 
—

 
(23
)
 
1,235

 
i
Segmented revenues
1,129

 
5,170

 
2,075

 
3,537

 
20,083

 
1,033

 
340

 
33,367

 
 
FFO from equity accounted investments
—

 
515

 
23

 
502

 
152

 
17

 
10

 
1,219

 
ii
Interest expense
—

 
(1,764
)
 
(466
)
 
(469
)
 
(579
)
 
(25
)
 
(173
)
 
(3,476
)
 
iii
Current income taxes
—

 
(61
)
 
(41
)
 
(129
)
 
(124
)
 
(5
)
 
(59
)
 
(419
)
 
iv
Funds from operations
723

 
566

 
223

 
256

 
501

 
(4
)
 
(106
)
 
2,159

 
v
Additions to non-current assets1
—

 
3,655

 
266

 
4,314

 
17,734

 
30

 
13

 
26,012

 
 
1.
Includes equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill. Excludes non-current assets recognized on adoption of IFRS 16.
FOR THE SIX MONTHS ENDED JUN. 30, 2018
(MILLIONS)
Asset
Management

 
Real Estate

 
Renewable
Power

 
Infrastructure

 
Private Equity

 
Residential Development

 
Corporate
Activities

 
Total
Segments

 
Note
External revenues
$
81

 
$
3,670

 
$
1,837

 
$
2,257

 
$
16,793

 
$
1,145

 
$
124

 
$
25,907

 
 
Inter-segment revenues
798

 
18

 
6

 
3

 
231

 
—

 
(24
)
 
1,032

 
i
Segmented revenues
879

 
3,688

 
1,843

 
2,260

 
17,024

 
1,145

 
100

 
26,939

 
 
FFO from equity accounted investments
—

 
446

 
20

 
432

 
341

 
7

 
—

 
1,246

 
ii
Interest expense
—

 
(1,074
)
 
(447
)
 
(255
)
 
(151
)
 
(31
)
 
(158
)
 
(2,116
)
 
iii
Current income taxes
—

 
(7
)
 
(16
)
 
(219
)
 
(80
)
 
(13
)
 
(28
)
 
(363
)
 
iv
Funds from operations
604

 
645

 
166

 
427

 
336

 
(19
)
 
(199
)
 
1,960

 
v
Additions to non-current assets1
—

 
6,024

 
3,484

 
1,756

 
803

 
109

 
179

 
12,355

 
 
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:
 
Three Months Ended
 
Six Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

Consolidated equity accounted income
$
1,003

 
$
342

 
$
1,347

 
$
630

Non-FFO items from equity accounted investments1
(379
)
 
283

 
(128
)
 
616

FFO from equity accounted investments
$
624

 
$
625


$
1,219

 
$
1,246


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:
 
Three Months Ended
 
Six Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

Current tax expense
$
(232
)
 
$
(136
)
 
$
(419
)

$
(363
)
Deferred income tax expense
(7
)
 
(203
)
 
(56
)
 
(129
)
Income tax expense
$
(239
)
 
$
(339
)
 
$
(475
)
 
$
(492
)
Summary of reconciliation of FFO to net income
The following table reconciles net income to total FFO:
 
 
 
Three Months Ended
 
Six Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Note
 
2019

 
2018

 
2019

 
2018

Net income
 
 
$
704

 
$
1,664

 
$
1,960

 
$
3,519

Realized disposition gains in fair value changes or equity
vi
 
7

 
95

 
239

 
515

Non-controlling interests in FFO
 
 
(1,863
)
 
(1,294
)
 
(3,465
)
 
(2,756
)
Financial statement components not included in FFO
 
 
 
 
 
 
 
 
 
Equity accounted fair value changes and other non-FFO items
 
 
(379
)
 
283

 
(128
)
 
616

Fair value changes
 
 
1,398

 
(833
)
 
1,229

 
(1,405
)
Depreciation and amortization
 
 
1,234

 
672

 
2,268

 
1,342

Deferred income taxes
 
 
7

 
203

 
56

 
129

Total FFO
 
 
$
1,108

 
$
790

 
$
2,159

 
$
1,960
Summary of financial information by geographic regions
The company’s revenues by location of operations are as follows:
 
Three Months Ended
 
Six Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

United States
$
4,228

 
$
2,130

 
$
7,731

 
$
4,094

Canada
1,393

 
1,596

 
3,229

 
3,264

United Kingdom
5,553

 
6,008

 
10,868

 
11,397

Other Europe
1,518

 
536

 
2,660

 
994

Australia
1,423

 
1,069

 
2,471

 
2,129

Brazil
1,020

 
944

 
1,946

 
2,127

Asia
702

 
286

 
1,221

 
563

Colombia
499

 
346

 
1,000

 
614

Other
588

 
361

 
1,006


725

 
$
16,924

 
$
13,276

 
$
32,132

 
$
25,907


The company’s consolidated assets by location are as follows:
AS AT JUN. 30, 2019 AND DEC. 31, 2018
(MILLIONS)
2019

 
2018

United States
$
135,379

 
$
128,808

Canada
29,014

 
27,850

United Kingdom
24,619

 
23,093

Brazil
24,321

 
22,539

Other Europe
18,838

 
13,250

Australia
18,239

 
13,309

Asia
15,583

 
10,479

Colombia
10,139

 
9,862

Other
10,204

 
7,091

 
$
286,336

 
$
256,281