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EQUITY ACCOUNTED INVESTMENTS
 12 Months Ended
Dec. 31, 2020
Investments in subsidiaries, joint ventures and associates [abstract]  
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS
The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:
Ownership Interest1
Carrying Value
AS AT DEC. 31 (MILLIONS)2020201920202019
Oaktree62 %61 %$5,317 $5,231 
Real estate
Associates
LP investments and other
16 – 50%
30 – 90%
136 307 
Joint ventures
Core office
15 – 56%
14 – 56%
8,866 9,440 
Core retail
22 – 68%
12 – 68%
9,684 10,555 
LP investments and other
9 – 84%
18 – 80%
2,338 2,012 
21,024 22,314 
Infrastructure
Associates
Utilities2
11 – 50%
11 – 50%
1,010 962 
Transport
21 – 58%
26 – 58%
5,114 4,033 
Data
45 – 50%
45 – 50%
3,209 2,920 
Other
22 – 50%
22 – 50%
130 156 
Joint ventures
Midstream50 %50 %841 716 
Other50 %50 %226 185 
10,530 8,972 
Private equity
Associates
Norbord          — %          43 %— 1,185 
Industrial operations
24 – 54%
24 – 54%
834 854 
Other
14 – 70%
25 – 90%
1,789 557 
2,623 2,596 
Renewable power and other
Renewable power associates
12 – 60%
14 – 60%
1,444 1,154 
Other equity accounted investments3
14 – 77%
16 – 85%
389 431 
1,833 1,585 
Total$41,327 $40,698 
1.Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted.
2.The current and comparative period include a shareholder loan of $500 million receivable from our investment in associate in a U.S. gas pipeline business.
3.Carrying value of joint ventures in other equity accounted investments is $346 million (2019 – $383 million).
The following tables presents the change in the balance of investments in associates and joint ventures:
AS AT AND FOR THE YEAR ENDED DEC. 31 (MILLIONS) OaktreeReal EstateInfrastructurePrivate EquityRenewable Power and Other2020 Total2019 Total
Balance, beginning of year$5,231 $22,314 $8,972 $2,596 $1,585 $40,698 $33,647 
Additions, net of (disposals)1
91 517 1,771 (49)238 2,568 4,676 
Acquisitions through business combinations
— — — — — — 895 
Share of net income (loss)189 (933)442 153 70 (79)2,498 
Distributions received(194)(726)(290)(75)(98)(1,383)(1,300)
Share of other comprehensive income (loss)— (267)165 25 31 (46)317 
Foreign currency translation and other— 119 (530)(27)7 (431)(35)
Balance, end of year$5,317 $21,024 $10,530 $2,623 $1,833 $41,327 $40,698 
1.Includes assets sold, amounts reclassified to held for sale.
Additions, net of disposals, of $2.6 billion during the year relate primarily to the acquisition of a $1.3 billion interest in BrandSafway in the first quarter of 2020, the acquisition of a $1.3 billion interest in Cheniere in the third quarter of 2020, and acquisitions within our real estate group. These acquisitions were partially offset by the reclassification of Norbord to held for sale as at December 31, 2020.
The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:
20202019
AS AT DEC. 31 (MILLIONS)Current AssetsNon-Current AssetsCurrent LiabilitiesNon-Current LiabilitiesCurrent AssetsNon-Current AssetsCurrent LiabilitiesNon-Current Liabilities
Oaktree$2,253 $17,056 $2,146 $7,487 $1,497 $16,870 $1,172 $7,434 
Real estate
Associates
LP investments and other21 1,207 42 958 32 955 15 390 
Joint ventures
Core office2,496 36,668 3,485 17,107 2,790 36,861 4,824 13,987 
Core retail1,230 33,082 673 13,721 992 35,726 615 14,334 
LP investments and other1,279 12,288 903 7,290 648 9,559 648 5,247 
Infrastructure
Associates
Utilities646 6,142 487 4,238 869 6,500 687 4,152 
Transport1,223 25,078 1,929 9,538 1,199 18,028 1,953 8,359 
Data841 13,308 1,263 6,081 912 11,636 1,042 4,908 
Other34 356 32 143 21 374 27 133 
Joint ventures
Midstream161 6,157 230 3,945 154 5,455 249 3,927 
Other43 685 30 299 35 299 6 93 
Private equity
Associates
Norbord — — — — 462 3,911 260 1,355 
Industrial operations1,096 736 505 222 1,038 743 485 256 
Other2,077 9,303 1,357 6,697 793 2,362 697 1,562 
Renewable power and other
Renewable power associates1,355 7,492 635 3,307 539 5,967 535 2,530 
Other equity accounted investments210 790 67 178 1,022 — 118 113 
$14,965 $170,348 $13,784 $81,211 $13,003 $155,246 $13,333 $68,780 
Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions, and other contractual requirements.
The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:
20202019
FOR THE YEARS ENDED DEC. 31 (MILLIONS)RevenueNet IncomeOCIRevenueNet IncomeOCI
Oaktree$1,104 $158 $(2)$295 $12 $(6)
Real estate
Associates
LP investments and other99 (145)(941)423 127 50 
Joint ventures
Core office1,866 311 (113)2,386 1,869 (105)
Core retail1,944 (1,471)— 2,430 2,114 — 
LP investments and other945 (376)5 714 23 — 
Infrastructure
Associates
Utilities1,715 364 (205)1,046 354 26 
Transport4,054 169 (1,451)3,277 3 363 
Data2,245 293 374 1,447 (38)57 
Other41 (23)(245)55 (45)(210)
Joint ventures
Midstream736 244 — 696 358 — 
Other107 2 33 74 19 — 
Private equity
Associates
Norbord 2,407 386 12 1,731 (165)13 
Industrial operations2,713 132 — 1,770 122 — 
Other4,332 (130)48 1,007 247 26 
Renewable power and other
Renewable power associates737 219 174 431 88 242 
Other equity accounted investments192 56 (2)400 104 1 
$25,237 $189 $(2,313)$18,182 $5,192 $457 
Certain of the company’s investments are publicly listed entities with active pricing in a liquid market. The fair value of the most significant listed entity, Norbord as at December 31, 2020, based on the publicly listed price in comparison to the company’s carrying value is $nil (2019 – $0.9 billion) and $nil (2019 – $1.2 billion).