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SUBSIDIARIES
12 Months Ended
Dec. 31, 2020
Disclosure of subsidiaries [abstract]  
SUBSIDIARIES SUBSIDIARIES
The following table presents the details of the company’s subsidiaries with significant non-controlling interests:
Jurisdiction of Formation
Ownership Interest Held by Non-Controlling Interests1, 2
AS AT DEC. 3120202019
Brookfield Property Partners L.P. (“BPY”)Bermuda38.3 %44.8 %
Brookfield Renewable Partners L.P. (“BEP”)3
Bermuda49.3 %39.5 %
Brookfield Infrastructure Partners L.P. (“BIP”)4
Bermuda71.5 %70.4 %
Brookfield Business Partners L.P. (“BBU”)Bermuda36.5 %37.3 %
1.Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees.
2.The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary.
3.Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”).
4.Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”).

The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020:
TSXNYSENasdaq
BPYBPY.UNN/ABPY
BEPBEP.UNBEPN/A
BIPBIP.UNBIPN/A
BBUBBU.UNBBUN/A
The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:
AS AT DEC. 31 (MILLIONS)20202019
BPY$25,986 $29,165 
BEP17,194 13,321 
BIP19,753 20,036 
BBU9,162 8,664 
Individually immaterial subsidiaries with non-controlling interests14,709 10,647 
$86,804 $81,833 
All publicly listed entities are subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. Summarized financial information with respect to the company’s subsidiaries with significant non-controlling interests is set out below. The summarized financial information represents amounts before intra-group eliminations:
BPYBEPBIPBBU
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)20202019202020192020201920202019
Current assets $5,009 $3,289 $1,742 $1,474 $3,711 $5,841 $14,493 $12,795 
Non-current assets 102,942 108,354 47,980 34,217 57,620 50,467 40,253 38,956 
Current liabilities (18,220)(12,466)(2,876)(1,678)(5,524)(5,439)(12,133)(11,024)
Non-current liabilities (48,208)(54,242)(25,079)(15,882)(34,134)(28,692)(31,276)(29,674)
Non-controlling interests (25,986)(29,165)(17,194)(13,321)(19,753)(20,036)(9,162)(8,664)
Equity attributable to Brookfield $15,537 $15,770 $4,573 $4,810 $1,920 $2,141 $2,175 $2,389 
Revenues $6,593 $8,203 $3,810 $2,980 $8,885 $6,597 $37,635 $43,032 
Net income (loss) attributable to:
Non-controlling interests $(673)$2,091 $162 $348 $863 $636 $686 $353 
Shareholders (1,385)1,066 (207)(75)41 14 (106)81 
$(2,058)$3,157 $(45)$273 $904 $650 $580 $434 
Other comprehensive income (loss) attributable to:
Non-controlling interests $153 $234 $1,621 $1,179 $(82)$486 $25 $(159)
Shareholders 261 89 653 546 20 104 47 (39)
$414 $323 $2,274 $1,725 $(62)$590 $72 $(198)
The summarized cash flows of the company’s subsidiaries with material non-controlling interests are as follows:
BPYBEPBIPBBU
FOR THE YEARS ENDED DEC. 31 (MILLIONS)20202019202020192020201920202019
Cash flows from (used in):
Operating activities$1,332 $624 $1,296 $1,212 $2,530 $2,143 $4,205 $2,163 
Financing activities(215)(892)(792)(1,010)2,126 9,542 (1,077)15,925 
Investing activities(99)(1,611)(426)(251)(4,609)(11,372)(2,334)(17,939)
Distributions paid to non-controlling interests in common equity$528 $576 $323 $254 $642 $628 $13 $13 
100%
Disclosure of non-controlling interests [text block]
The table below presents the exchanges on which the company’s subsidiaries with significant non-controlling interests were publicly listed as of December 31, 2020:
TSXNYSENasdaq
BPYBPY.UNN/ABPY
BEPBEP.UNBEPN/A
BIPBIP.UNBIPN/A
BBUBBU.UNBBUN/A
The following table outlines the composition of accumulated non-controlling interests presented within the company’s consolidated financial statements:
AS AT DEC. 31 (MILLIONS)20202019
BPY$25,986 $29,165 
BEP17,194 13,321 
BIP19,753 20,036 
BBU9,162 8,664 
Individually immaterial subsidiaries with non-controlling interests14,709 10,647 
$86,804 $81,833 
Disclosure of interests in subsidiaries [text block]
The following table presents the details of the company’s subsidiaries with significant non-controlling interests:
Jurisdiction of Formation
Ownership Interest Held by Non-Controlling Interests1, 2
AS AT DEC. 3120202019
Brookfield Property Partners L.P. (“BPY”)Bermuda38.3 %44.8 %
Brookfield Renewable Partners L.P. (“BEP”)3
Bermuda49.3 %39.5 %
Brookfield Infrastructure Partners L.P. (“BIP”)4
Bermuda71.5 %70.4 %
Brookfield Business Partners L.P. (“BBU”)Bermuda36.5 %37.3 %
1.Control and associated voting rights of the limited partnerships (BPY, BEP, BIP and BBU) reside with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive payments in the form of incentive distribution rights or performance fees.
2.The company’s ownership interest in BPY, BEP, BIP and BBU includes a combination of redemption-exchange units (REUs), Class A limited partnership units, special limited partnership units, general partnership units and units or shares that are exchangeable for units in our listed partnerships, in each subsidiary, where applicable. Each of BPY, BEP, BIP and BBU’s partnership capital includes its Class A limited partnership units whereas REUs and general partnership units are considered non-controlling interests for the respective partnerships. REUs share the same economic attributes in all respects except for the redemption right attached thereto. The REUs and general partnership units participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the Class A limited partnership units of the subsidiary.
3.Ownership interest held by Non-Controlling Interests represents the combined units not held in BEP LP and Brookfield Renewable Corporation (“BEPC”).
4.Ownership interest held by Non-Controlling Interests represents the combined units not held in BIP LP and Brookfield Infrastructure Corporation (“BIPC”).
The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., BIC and non-guarantor subsidiaries:
AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS)
The  Corporation1
BFI BFI IIBFLBFL IIBF AUSBF U.K.BIC
Other Subsidiaries of the Company
Consolidating 
Adjustments3  
The Company Consolidated
Revenues$626 $280 $ $28 $ $ $2 $163 $70,385 $(8,732)$62,752 
Net income attributable to shareholders(134)73     1 91 6,368 (6,533)(134)
Total assets73,898 7,207  600   233 4,280 350,687 (93,209)343,696 
Total liabilities38,060 5,547  596   3 2,690 206,877 (32,719)221,054 
Non-controlling interests – preferred equity      230    230 
AS AT AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS)
The  Corporation1
BFI BFI IIBFLBFL IIBF AUSBF U.K.BIC
Other subsidiaries of the Company
Consolidating 
Adjustments3  
The Company Consolidated 
Revenues$104 $148 $— $— $— $— $ $105 $73,310 $(5,841)$67,826 
Net income attributable to shareholders2,807 40 — — — —  85 3,493 (3,618)2,807 
Total assets70,976 5,389 — — — —  3,520 331,698 (87,614)323,969 
Total liabilities35,963 3,994 — — — —  2,239 195,586 (30,659)207,123 
Non-controlling interests – preferred equity— — — — — —  — — — — 
1.This column accounts for investments in all subsidiaries of the Corporation under the equity method.
2.This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K. and BIC on a combined basis.
3.This column includes the necessary amounts to present the company on a consolidated basis.