SEGMENTED INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of operating segments [abstract]

Summary of financial information by segment

Reportable Segment Measures

AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2020 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Note
External revenues	$	55	$	1,848		$	1,035		$	2,096		$	7,247		$	447		$	101		$	12,829
Inter-segment revenues1	688		8			—			1			144			—			(13		)	828			i
Segmented revenues	743		1,856			1,035			2,097			7,391			447			88			13,657
FFO from equity accounted investments1	67		186			6			284			80			4			(5		)	622			ii
Interest expense	—		(755		)	(220		)	(261		)	(379		)	(4		)	(96		)	(1,715		)	iii
Current income taxes	—		—			4			(57		)	(23		)	(8		)	(17		)	(101		)	iv
Funds from operations	355		89			566			84			137			(11		)	(59		)	1,161			v
Common equity	4,950		17,825			4,398			2,336			3,494			2,503			(7,581		)	27,925
Equity accounted investments	4,548		21,083			1,037			7,797			3,741			378			629			39,213
Additions to non-current assets2	64		1,963			341			418			311			12			8			3,117

1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2020, $290 million of Oaktree’s revenues was included in our Asset Management segment revenue.

2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.

AS AT DEC. 31, 2019 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	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 assets1	—		1,925			199			594			17,505			13			7			20,243

1. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.

FOR THE SIX MONTHS ENDED JUN. 30, 2020 (MILLIONS)	Asset Management		Real Estate			Renewable Power			Infrastructure			Private Equity			Residential Development			Corporate Activities			Total Segments			Note
External revenues	$	116	$	4,463		$	2,065		$	4,369		$	17,339		$	855		$	208		$	29,415
Inter-segment and other revenues1	1,433		15			—			2			265			—			(17		)	1,698			i
Segmented revenues	1,549		4,478			2,065			4,371			17,604			855			191			31,113
FFO from equity accounted investments1	119		417			15			619			196			6			(24		)	1,348			ii
Interest expense	—		(1,597		)	(448		)	(552		)	(774		)	(12		)	(184		)	(3,567		)	iii
Current income taxes	—		(15		)	(16		)	(116		)	(98		)	(13		)	(39		)	(297		)	iv
Funds from operations1	735		308			632			221			302			(20		)	(133		)	2,045			v
Additions to non-current assets2	64		3,877			1,195			809			2,330			31			87			8,393

1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2020, $597 million of Oaktree’s revenues was included in our Asset Management segment revenue.

2. Includes additions to 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 additions to 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)	2020			2019			2020			2019
Consolidated equity accounted (loss) income	$	(631	)	$	1,003		$	(843	)	$	1,347
Non-FFO items from equity accounted investments1	1,253			(379		)	2,191			(128		)
FFO from equity accounted investments	$	622		$	624		$	1,348		$	1,219

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:

	Three Months Ended						Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS)	2020			2019			2020			2019
Current income tax expense	$	(101	)	$	(232	)	$	(297	)	$	(419	)
Deferred income tax recovery (expense)	96			(7		)	(72		)	(56		)
Income tax expense	$	(5	)	$	(239	)	$	(369	)	$	(475	)

Summary of reconciliation of FFO to net income

The following table reconciles net (loss) income to total FFO:

		Three Months Ended						Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS)	Note	2020			2019			2020			2019
Net (loss) income		$	(1,493	)	$	704		$	(1,650	)	$	1,960
Realized disposition gains in fair value changes or equity	vi	469			7			562			239
Non-controlling interests in FFO		(1,501		)	(1,863		)	(3,482		)	(3,465		)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		1,253			(379		)	2,191			(128		)
Fair value changes		1,153			1,398			1,567			1,229
Depreciation and amortization		1,376			1,234			2,785			2,268
Deferred income taxes		(96		)	7			72			56
Total FFO		$	1,161		$	1,108		$	2,045		$	2,159

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)	2020		2019		2020		2019
United States	$	4,111	$	4,228	$	8,650	$	7,731
Canada	1,330		1,393		2,813		3,229
United Kingdom	2,458		5,553		7,413		10,868
Europe	1,273		1,518		2,869		2,660
Australia	1,316		1,423		2,611		2,471
Brazil	767		1,020		1,626		1,946
Asia	771		702		1,434		1,221
Colombia	357		499		877		1,000
Other	446		588		1,122		1,006
	$	12,829	$	16,924	$	29,415	$	32,132

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

AS AT JUN. 30, 2020 AND DEC. 31, 2019 (MILLIONS)	2020		2019
United States	$	156,990	$	149,687
Canada	32,092		35,840
United Kingdom	28,301		30,184
Brazil	18,708		24,354
Europe	19,812		19,404
Australia	21,640		22,971
Asia	17,083		17,468
Colombia	8,892		10,819
Other	12,917		13,242
	$	316,435	$	323,969