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SEGMENTED INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of operating segments [abstract]  
Summary of financial information by segment Reportable Segment Measures
AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS)Asset
Management		Corporate
Activities		Real EstateRenewable
Power		InfrastructurePrivate
Equity		Residential
Development		Total
Segments		Note
External revenues$246 $872 $8,851 $4,085 $9,294 $37,161 $2,243 $62,752 
Inter-segment and other revenues1
3,278 (1)32 — 7 614 — 3,930 i
Segmented revenues3,524 871 8,883 4,085 9,301 37,775 2,243 66,682 
FFO from equity accounted investments1
277 (17)765 116 1,329 600 21 3,091 ii
Interest expense— (388)(3,117)(885)(1,224)(1,573)(29)(7,216)iii
Current income taxes— (67)(82)(66)(247)(286)(8)(756)iv
Funds from operations1
1,776 (86)876 1,044 569 935 66 5,180 v
Common equity4,947 (6,986)19,331 5,154 2,552 3,965 2,730 31,693 
Equity accounted investments4,530 830 21,024 1,444 10,530 2,623 346 41,327 
Additions to non-current assets2
64 234 10,117 1,677 11,200 3,535 45 26,872 
1.We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at approximately 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2020, $1.2 billion 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 AND FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS)Asset
Management		Corporate
Activities		Real EstateRenewable
Power		InfrastructurePrivate
Equity		Residential
Development		Total
Segments		Note
External revenues$271 $508 $10,442 $3,959 $7,091 $43,099 $2,456 $67,826 
Inter-segment revenues2,343 (49)33 15 2 479 — 2,823 i
Segmented revenues1
2,614 459 10,475 3,974 7,093 43,578 2,456 70,649 
FFO from equity accounted investments43 14 1,049 74 1,100 320 41 2,641 ii
Interest expense— (349)(3,469)(923)(937)(1,536)(66)(7,280)iii
Current income taxes— (114)(165)(73)(255)(326)(37)(970)iv
Funds from operations1
1,597 (359)1,185 333 464 844 125 4,189 v
Common equity4,927 (7,897)18,781 5,320 2,792 4,086 2,859 30,868 
Equity accounted investments4,599 681 22,314 1,154 8,972 2,596 382 40,698 
Additions to non-current assets2
4,654 617 17,915 2,207 17,352 19,825 88 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 approximately 61%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2019, $231 million of Oaktree’s revenues was included in our Asset Management segment revenue.
2.Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.
Summary of reconciliation of FFO from equity accounted investments The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments:
FOR THE YEARS ENDED DEC. 31 (MILLIONS)20202019
Consolidated equity accounted (loss) income$(79)$2,498 
Non-FFO items from equity accounted investments1
3,170 143 
FFO from equity accounted investments$3,091 $2,641 
1.Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments.
Schedule of components of income tax expense The following table reconciles consolidated income taxes to current and deferred income taxes:
FOR THE YEARS ENDED DEC. 31 (MILLIONS)20202019
Current income tax expense$(756)$(970)
Deferred income tax (expense) recovery(81)475 
Income tax expense$(837)$(495)
iv.
The major components of income tax expense/(recovery) for the years ended December 31, 2020 and 2019 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS)20202019
Current income tax expense$756 $970 
Deferred income tax expense / (recovery)
Origination and reversal of temporary differences(103)281 
Expense / (recovery) arising from previously unrecognized tax assets2 (647)
Change of tax rates and new legislation182 (109)
Total deferred income tax expense / (recovery)81 (475)
Income tax expense$837 $495 
Summary of reconciliation of FFO to net income
The following table reconciles net income to total FFO:
FOR THE YEARS ENDED DEC. 31 (MILLIONS)Note20202019
Net income$707 $5,354 
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items3,170 143 
Fair value changes1,423 831 
Depreciation and amortization5,791 4,876 
Deferred income taxes81 (475)
Realized disposition gains in fair value changes or equityvi1,554 621 
Non-controlling interests in FFO(7,546)(7,161)
Total FFO$5,180 $4,189 
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)20202019
U.S.$18,048 $16,584 
Canada5,906 6,202 
U.K.16,032 21,847 
Brazil3,323 4,099 
Europe6,191 6,285 
Australia5,528 5,522 
India1,284 803 
Colombia1,762 2,095 
Other Asia 2,388 1,599 
Other2,290 2,790 
$62,752 $67,826 
The company’s consolidated assets by location are as follows:
AS AT DEC. 31 (MILLIONS)20202019
U.S.$159,684 $149,687 
Canada36,403 35,840 
U.K.31,598 30,184 
Brazil20,675 24,354 
Europe22,267 19,404 
Australia22,000 22,971 
India21,438 9,089 
Colombia10,919 10,819 
Other Asia9,343 8,379 
Other9,369 13,242 
$343,696 $323,969