SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [abstract]

Summary of financial information by segment

Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Note
External revenues	$	271	$	10,442		$	3,959		$	7,091		$	43,099		$	2,456		$	508		$	67,826
Inter-segment and other revenues1	2,343		33			15			2			479			—			(49		)	2,823			i
Segmented revenues	2,614		10,475			3,974			7,093			43,578			2,456			459			70,649
FFO from equity accounted investments1	43		1,049			74			1,100			320			41			14			2,641			ii
Interest expense	—		(3,469		)	(923		)	(937		)	(1,536		)	(66		)	(349		)	(7,280		)	iii
Current income taxes	—		(165		)	(73		)	(255		)	(326		)	(37		)	(114		)	(970		)	iv
Funds from operations1	1,597		1,185			333			464			844			125			(359		)	4,189			v
Common equity	4,927		18,781			5,320			2,792			4,086			2,859			(7,897		)	30,868
Equity accounted investments	4,599		22,314			1,154			8,972			2,596			382			681			40,698
Additions to non-current assets2	4,654		17,915			2,207			17,352			19,825			88			617			62,658

1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 61%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2019, $231 million of Oaktree’s revenues was included in our Asset Management segment revenue.

2. 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 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.

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)	2019		2018
Consolidated equity accounted income	$	2,498	$	1,088
Non-FFO items from equity accounted investments1	143		1,284
FFO from equity accounted investments	$	2,641	$	2,372

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 and deferred income taxes:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2019			2018
Current income tax expense	$	(970	)	$	(861	)
Deferred income tax recovery	475			1,109
Income tax (expense) recovery	$	(495	)	$	248

The major components of income tax expense for the years ended December 31, 2019 and 2018 are set out below:

FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2019			2018
Current income tax expense	$	970		$	861
Deferred income tax expense / (recovery)
Origination and reversal of temporary differences	281			143
Expense arising from previously unrecognized tax assets	(647		)	(955		)
Change of tax rates and new legislation	(109		)	(297		)
Total deferred income tax recovery	(475		)	(1,109		)
Income tax expense (recovery)	$	495		$	(248	)

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	2019			2018
Net income		$	5,354		$	7,488
Realized disposition gains in fair value changes or equity	vi	621			1,445
Non-controlling interests in FFO		(7,161		)	(6,015		)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		143			1,284
Fair value changes		831			(1,794		)
Depreciation and amortization		4,876			3,102
Deferred income taxes		(475		)	(1,109		)
Total FFO		$	4,189		$	4,401

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)	2019		2018
United States	$	16,584	$	9,756
Canada	6,202		6,422
United Kingdom	21,847		23,684
Europe	6,285		3,275
Australia	5,522		4,968
Brazil	4,099		4,048
Asia	2,402		1,643
Colombia	2,095		1,594
Other	2,790		1,381
	$	67,826	$	56,771

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

AS AT DEC. 31 (MILLIONS)	2019		2018
United States	$	149,687	$	128,808
Canada	35,840		27,850
United Kingdom	30,184		23,093
Brazil	24,354		22,539
Europe	19,404		13,250
Australia	22,971		13,309
Asia	17,468		10,479
Colombia	10,819		9,862
Other	13,242		7,091
	$	323,969	$	256,281