XML 87 R41.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [abstract]

The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019:


AS AT DEC. 31, 2020 (MILLIONS)	Fair Value Through Profit or Loss		Fair Value Through OCI		Amortized Cost		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	9,933	$	9,933
Other financial assets
Government bonds	356		2,295		—		2,651
Corporate bonds	1,094		2,148		357		3,599
Fixed income securities and other	1,079		1,191		—		2,270
Common shares and warrants	3,287		3,227		—		6,514
Loans and notes receivable2	110		—		2,586		2,696
	5,926		8,861		2,943		17,730
Accounts receivable and other3	1,766		—		11,906		13,672
	$	7,692	$	8,861	$	24,782	$	41,335
Financial liabilities
Corporate borrowings	$	—	$	—	$	9,077	$	9,077
Non-recourse borrowings of managed entities
Property-specific borrowings	—		—		128,556		128,556
Subsidiary borrowings	—		—		10,768		10,768
	—		—		139,324		139,324
Accounts payable and other2	5,889		—		35,228		41,117
Subsidiary equity obligations	1,457		—		2,242		3,699
	$	7,346	$	—	$	185,871	$	193,217

1.Financial assets include $9.7 billion of assets pledged as collateral.

2.Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline.

3.Includes derivative instruments which are elected for hedge accounting, totaling $888 million included in accounts receivable and other and $2.4 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.


AS AT DEC. 31, 2019 (MILLIONS)	Fair Value Through Profit or Loss		Fair Value Through OCI		Amortized Cost		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	6,778	$	6,778
Other financial assets
Government bonds	156		2,247		—		2,403
Corporate bonds	1,118		1,839		310		3,267
Fixed income securities and other	1,131		619		—		1,750
Common shares and warrants	1,791		1,398		—		3,189
Loans and notes receivable2	55		—		1,804		1,859
	4,251		6,103		2,114		12,468
Accounts receivable and other3	1,957		—		12,078		14,035
	$	6,208	$	6,103	$	20,970	$	33,281
Financial liabilities
Corporate borrowings	$	—	$	—	$	7,083	$	7,083
Non-recourse borrowings of managed entities
Property-specific borrowings	—		—		127,869		127,869
Subsidiary borrowings	—		—		8,423		8,423
	—		—		136,292		136,292
Accounts payable and other2	4,528		—		32,196		36,724
Subsidiary equity obligations	1,896		—		2,236		4,132
	$	6,424	$	—	$	177,807	$	184,231

1.Financial assets include $7.0 billion of assets pledged as collateral.

2.Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline.

3.Includes derivative instruments which are elected for hedge accounting, totaling $950 million included in accounts receivable and other and $1.3 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.

The current and non-current balances of other financial assets are as follows:



AS AT DEC. 31 (MILLIONS)	2020		2019
Current	$	5,483	$	3,605
Non-current	12,247		8,863
Total	$	17,730	$	12,468

Disclosure of financial liabilities

The following tables list the company’s financial instruments by their respective classification as at December 31, 2020 and 2019:


AS AT DEC. 31, 2020 (MILLIONS)	Fair Value Through Profit or Loss		Fair Value Through OCI		Amortized Cost		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	9,933	$	9,933
Other financial assets
Government bonds	356		2,295		—		2,651
Corporate bonds	1,094		2,148		357		3,599
Fixed income securities and other	1,079		1,191		—		2,270
Common shares and warrants	3,287		3,227		—		6,514
Loans and notes receivable2	110		—		2,586		2,696
	5,926		8,861		2,943		17,730
Accounts receivable and other3	1,766		—		11,906		13,672
	$	7,692	$	8,861	$	24,782	$	41,335
Financial liabilities
Corporate borrowings	$	—	$	—	$	9,077	$	9,077
Non-recourse borrowings of managed entities
Property-specific borrowings	—		—		128,556		128,556
Subsidiary borrowings	—		—		10,768		10,768
	—		—		139,324		139,324
Accounts payable and other2	5,889		—		35,228		41,117
Subsidiary equity obligations	1,457		—		2,242		3,699
	$	7,346	$	—	$	185,871	$	193,217

1.Financial assets include $9.7 billion of assets pledged as collateral.

2.Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline.


AS AT DEC. 31, 2019 (MILLIONS)	Fair Value Through Profit or Loss		Fair Value Through OCI		Amortized Cost		Total
Financial assets1
Cash and cash equivalents	$	—	$	—	$	6,778	$	6,778
Other financial assets
Government bonds	156		2,247		—		2,403
Corporate bonds	1,118		1,839		310		3,267
Fixed income securities and other	1,131		619		—		1,750
Common shares and warrants	1,791		1,398		—		3,189
Loans and notes receivable2	55		—		1,804		1,859
	4,251		6,103		2,114		12,468
Accounts receivable and other3	1,957		—		12,078		14,035
	$	6,208	$	6,103	$	20,970	$	33,281
Financial liabilities
Corporate borrowings	$	—	$	—	$	7,083	$	7,083
Non-recourse borrowings of managed entities
Property-specific borrowings	—		—		127,869		127,869
Subsidiary borrowings	—		—		8,423		8,423
	—		—		136,292		136,292
Accounts payable and other2	4,528		—		32,196		36,724
Subsidiary equity obligations	1,896		—		2,236		4,132
	$	6,424	$	—	$	177,807	$	184,231

1.Financial assets include $7.0 billion of assets pledged as collateral.

2.Includes a shareholder loan of $500 million receivable from our U.S. gas pipeline.

The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2020 and 2019:


	2020					2019
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)		Financial Assets		Financial Liabilities			Financial Assets		Financial Liabilities
Balance, beginning of year		$	1,780	$	2,542		$	795	$	2,299
Fair value changes in net income		(92)		(111)			278		(27)
Fair value changes in other comprehensive income1		15		4			(10)		6
Additions, net of disposals		666		(331)			717		264
Balance, end of year		$	2,369	$	2,104		$	1,780	$	2,542

1.Includes foreign currency translation.

The following table categorizes liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels:


	2020						2019
AS AT DEC. 31, 2020 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Corporate borrowings	$	10,443	$	97	$	—	$	7,841	$	92	$	—
Property-specific borrowings	3,406		57,927		69,766		6,467		52,386		70,875
Subsidiary borrowings	7,825		3		3,257		6,111		299		2,222
Subsidiary equity obligations	—		73		2,169		—		73		2,170

Fair values of Level 2 and Level 3 liabilities measured at amortized cost but for which fair values are disclosed are determined using valuation techniques such as adjusted public pricing and discounted cash flows.

Disclosure of fair value of financial instruments [text block]

The following table lists the company’s financial instruments by their respective classification as at December 31, 2020 and December 31, 2019:


	2020				2019
AS AT DEC. 31 (MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	9,933	$	9,933	$	6,778	$	6,778
Other financial assets
Government bonds	2,651		2,651		2,403		2,403
Corporate bonds	3,599		3,599		3,267		3,267
Fixed income securities and other	2,270		2,270		1,750		1,750
Common shares and warrants	6,514		6,514		3,189		3,189
Loans and notes receivable	2,696		2,696		1,859		1,859
	17,730		17,730		12,468		12,468
Accounts receivable and other	13,672		13,672		14,035		14,035
	$	41,335	$	41,335	$	33,281	$	33,281
Financial liabilities
Corporate borrowings	$	9,077	$	10,540	$	7,083	$	7,933
Non-recourse borrowings of managed entities
Property-specific borrowings	128,556		131,099		127,869		129,728
Subsidiary borrowings	10,768		11,085		8,423		8,632
	139,324		142,184		136,292		138,360
Accounts payable and other	41,117		41,117		36,724		36,724
Subsidiary equity obligations	3,699		3,699		4,132		4,139
	$	193,217	$	197,540	$	184,231	$	187,156

Carrying and fair values of financial assets

The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:


	2020						2019
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	7	$	2,644	$	—	$	—	$	2,403	$	—
Corporate bonds	192		2,764		286		—		2,682		275
Fixed income securities and other	867		912		491		419		851		480
Common shares and warrants	4,548		577		1,389		1,966		421		802
Loans and notes receivables	—		42		68		—		51		4
Accounts receivable and other	50		1,581		135		1		1,737		219
	$	5,664	$	8,520	$	2,369	$	2,386	$	8,145	$	1,780
Financial liabilities
Accounts payable and other	$	75	$	5,090	$	724	$	93	$	3,749	$	686
Subsidiary equity obligations	—		77		1,380		—		40		1,856
	$	75	$	5,167	$	2,104	$	93	$	3,789	$	2,542

The following table presents our investment properties measured at fair value:


AS AT DEC. 31 (MILLIONS)	2020		2019
Core office
United States	$	15,093	$	15,748
Canada	5,102		4,806
Australia	2,731		2,300
Europe	2,699		2,867
Brazil	309		361
Core retail	20,324		21,561
LP investments and other
LP investments office	8,727		8,756
LP investments retail	2,538		2,812
Logistics	—		94

Multifamily	2,442		2,937
Triple net lease	3,719		4,508
Self-storage	—		1,007
Student housing	2,962		2,605
Manufactured housing	2,784		2,446
Mixed-use	3,096		2,703
Directly held real estate properties	22,350		19,814
Other investment properties	1,906		1,361
	$	96,782	$	96,686

Carrying and fair values of financial liabilities

The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:


	2020						2019
AS AT DEC. 31 (MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Other financial assets
Government bonds	$	7	$	2,644	$	—	$	—	$	2,403	$	—
Corporate bonds	192		2,764		286		—		2,682		275
Fixed income securities and other	867		912		491		419		851		480
Common shares and warrants	4,548		577		1,389		1,966		421		802
Loans and notes receivables	—		42		68		—		51		4
Accounts receivable and other	50		1,581		135		1		1,737		219
	$	5,664	$	8,520	$	2,369	$	2,386	$	8,145	$	1,780
Financial liabilities
Accounts payable and other	$	75	$	5,090	$	724	$	93	$	3,749	$	686
Subsidiary equity obligations	—		77		1,380		—		40		1,856
	$	75	$	5,167	$	2,104	$	93	$	3,789	$	2,542

Description of valuation techniques used in fair value measurement, assets

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:

(MILLIONS)

Type of Asset/Liability

Carrying Value Dec. 31, 2020

Valuation Techniques and Key Inputs

Derivative assets/Derivative liabilities (accounts receivable/accounts payable)

1,581

Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate

Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate

Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data

(5,090)

Other financial assets

6,939

Valuation models based on observable market data

Redeemable fund units (subsidiary equity obligations)

(77)

Aggregated market prices of underlying investments

Schedule of significant unobservable inputs used and change in balance of financial assets

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS)

Type of Asset/Liability

Carrying Value Dec. 31, 2020

Valuation

Techniques

Significant

Unobservable Inputs

Relationship of Unobservable
Inputs to Fair Value

Fixed income securities and other

491

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Corporate bonds

286

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Common shares and warrants

1,389

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Black-Scholes model

• Volatility

•Increases (decreases) in volatility increase (decreases) fair value

• Term to maturity

•Increases (decreases) in term to maturity increase (decrease) fair value

Limited-life funds (subsidiary equity obligations)

(1,380)

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

• Terminal capitalization rate

•Increases (decreases) in terminal capitalization rate decrease (increase) fair value

• Investment horizon

•Increases (decreases) in the investment horizon decrease (increase) fair value

Derivative assets/Derivative liabilities (accounts receivable/payable)

135

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

(724)

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:

Valuation Techniques

Significant Unobservable Inputs

Relationship of Unobservable Inputs to Fair Value

Mitigating Factors

Discounted cash flow analysis

• Future cash flows

• Increases (decreases) in future cash flows increase (decrease) fair value

• Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows

• Timber / agricultural prices

• Increases (decreases) in price increase (decrease) fair value

• Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price

• Discount rate /terminal

capitalization rate

• Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value

• Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates

• Exit Date

• Increases (decreases) in exit date decrease (increase) fair value

• Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include:

Valuation Technique

Significant Unobservable Inputs

Relationship of Unobservable Inputs to Fair Value

Mitigating Factors

Discounted cash flow analysis1

• Future cash flows – primarily driven by net operating income

• Increases (decreases) in future cash flows increase (decrease) fair value

• Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows

• Discount rate

• Increases (decreases) in discount rate decrease (increase) fair value

• Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates

• Terminal capitalization rate

• Increases (decreases) in terminal capitalization rate decrease (increase) fair value

• Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates

• Investment horizon

• Increases (decreases) in the investment horizon decrease (increase) fair value

• Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

1.Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows.

The following table summarizes the key valuation metrics of the company’s investment properties:


	2020					2019
AS AT DEC. 31	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)	Discount Rate		Terminal Capitalization Rate		Investment Horizon (years)
Core office
United States	6.9	%	5.6	%	12	7.0	%	5.6	%	12
Canada	5.9	%	5.2	%	10	5.9	%	5.2	%	10
Australia	6.6	%	5.7	%	10	6.8	%	5.9	%	10
Europe	5.2	%	3.8	%	10	4.6	%	4.1	%	11
Brazil	7.6	%	7.0	%	10	7.9	%	7.4	%	10
Core retail	7.0	%	5.3	%	10	6.7	%	5.4	%	10
LP investments and other
LP investments office	9.7	%	7.2	%	7	10.0	%	7.3	%	7
LP investments retail	8.7	%	7.0	%	10	8.8	%	7.3	%	10
Mixed-use	7.3	%	5.2	%	10	7.6	%	5.4	%	10
Logistics1	—	%	n/a		n/a	5.8	%	n/a		n/a
Multifamily1	4.9	%	n/a		n/a	5.1	%	n/a		n/a
Triple net lease1	6.2	%	n/a		n/a	6.3	%	n/a		n/a
Self-storage1	—	%	n/a		n/a	5.6	%	n/a		n/a
Student housing1	4.9	%	n/a		n/a	5.8	%	n/a		n/a
Manufactured housing1	4.8	%	n/a		n/a	5.5	%	n/a		n/a
Directly held real estate properties2	5.1 – 9.3%		5.4	%	19	5.2 – 9.2%		6.1	%	19
Other investment properties1,3	5.0 – 8.7%		n/a		n/a	8.9	%	n/a		n/a

1.Logistics, multifamily, triple net lease, self-storage, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable.

2.We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach.

3.Other investment properties include

Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2020 and 2019 are summarized below.


	North America		Brazil				Colombia				Europe
AS AT DEC. 31	2020	2019	2020		2019		2020		2019		2020	2019
Discount rate
Contracted	4.1 – 4.5%	4.6 – 4.9%	7.3	%	8.2	%	8.1	%	9.0	%	3.0 – 3.6%	3.5 – 4.0%
Uncontracted	5.6 – 6.0%	6.1 – 6.4%	8.6	%	9.5	%	9.4	%	10.3	%	3.6 – 4.7%	4.0 – 5.3%
Terminal capitalization rate1	5.8 – 6.2%	6.2 – 6.7%	n/a		n/a		8.9	%	9.8	%	n/a	n/a
Exit date	2041	2040	2048		2047		2040		2039		2035	2035

1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.

Key valuation metrics of the company’s utilities, transport, midstream, data and sustainable resources assets at the end of 2020 and 2019 are summarized below.

Utilities

Transport

Midstream

Sustainable Resources

AS AT DEC. 31

2020

2019

2020

2019

2020

2019

2020

2019

Discount rates

7 – 14%

7 – 13%

5 – 10%

Terminal capitalization multiples

7x – 23x

8x – 21x

9x – 14x

10x

5x – 10x

Investment horizon/Exit date (years)

10 – 20

5 – 10

3 – 21

We use a discounted cash flow valuation to determine the recoverable amount and consider the following significant unobservable inputs as part of our valuation:

Valuation Technique

Significant Unobservable Input(s)

Relationship of Unobservable Input(s) to Fair Value

Mitigating Factor(s)

Discounted cash flow models

• Future cash flows

• Increases (decreases) in future cash flows increase (decrease) the recoverable amount

• Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows

• Discount rate

• Increases (decreases) in discount rate decrease (increase) the recoverable amount

• Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates

• Terminal capitalization rate

• Increases (decreases) in terminal capitalization rate decrease (increase) the recoverable amount

• Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates

• Exit date

• Increases (decreases) in the exit date decrease (increase) the recoverable amount

• Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The recoverable amounts used in goodwill impairment testing are calculated using discounted cash flow models based on the following significant unobservable inputs:

Valuation Technique

Significant Unobservable Input(s)

Relationship of Unobservable Input(s) to Fair Value

Mitigating Factor(s)

Discounted cash flow models

• Future cash flows

• Increases (decreases) in future cash flows increase (decrease) the recoverable amount

• Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in recoverable amounts from cash flows

• Discount rate

• Increases (decreases) in discount rate decrease (increase) the recoverable amount

• Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from discount rates

• Terminal capitalization rate/multiple

• Increases (decreases) in terminal capitalization rate/multiple decrease (increase) the recoverable amount

• Increases (decreases) in terminal capitalization rates/multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in recoverable amounts from terminal capitalization rates

• Exit date/terminal year of cash flows

• Increases (decreases) in the exit date/terminal year of cash flows decrease (increase) the recoverable amount

• Increases (decreases) in the exit date/terminal year of cash flows tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

Schedule of significant unobservable inputs used and change in balance of financial liabilities

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:

(MILLIONS)

Type of Asset/Liability

Carrying Value Dec. 31, 2020

Valuation

Techniques

Significant

Unobservable Inputs

Relationship of Unobservable
Inputs to Fair Value

Fixed income securities and other

491

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Corporate bonds

286

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Common shares and warrants

1,389

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

Black-Scholes model

• Volatility

•Increases (decreases) in volatility increase (decreases) fair value

• Term to maturity

•Increases (decreases) in term to maturity increase (decrease) fair value

Limited-life funds (subsidiary equity obligations)

(1,380)

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value

• Terminal capitalization rate

•Increases (decreases) in terminal capitalization rate decrease (increase) fair value

• Investment horizon

•Increases (decreases) in the investment horizon decrease (increase) fair value

Derivative assets/Derivative liabilities (accounts receivable/payable)

135

Discounted cash flows

• Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

(724)

• Discount rate

•Increases (decreases) in discount rate decrease (increase) fair value