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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating activities        
Net income (loss) $ 2,429 $ (1,493) $ 6,205 $ (1,650)
Other income and gains (1,251) (29) (1,955) (270)
Share of undistributed equity accounted earnings 8 835 (265) 1,328
Fair value changes (377) 1,153 (2,471) 1,567
Depreciation and amortization 1,571 1,376 3,081 2,785
Deferred income taxes 301 (96) 490 72
Investments in residential inventory (37) (109) (67) (167)
Net change in non-cash working capital balances (1,111) (21) (1,654) (367)
Cash flows from (used in) operating activities 1,533 1,616 3,364 3,298
Financing activities        
Corporate borrowings arranged 497 745 497 1,334
Corporate borrowings repaid (526) 0 (526) (251)
Non-recourse borrowings arranged 13,859 5,779 22,826 16,654
Non-recourse borrowings repaid (10,827) (5,713) (19,489) (13,994)
Non-recourse credit facilities, net (1,564) 981 674 (873)
Subsidiary equity obligations issued 0 73 0 195
Subsidiary equity obligations redeemed (242) (20) (248) (24)
Deposits From Related Party (802) 0 (802) 0
Capital provided from non-controlling interests 3,831 1,649 7,460 8,018
Capital repaid to non-controlling interests (3,956) (112) (4,669) (1,121)
Repayment of lease liabilities (356) (140) (584) (271)
Distributions to non-controlling interests (2,823) (1,308) (5,350) (3,465)
Distributions to shareholders (772) (217) (1,005) (434)
Cash flows from (used in) financing activities (2,306) 1,627 81 5,464
Acquisitions        
Investment properties (2,274) (1,206) (4,489) (2,081)
Property, plant and equipment (1,259) (579) (2,939) (1,992)
Equity accounted investments (801) (207) (1,188) (1,729)
Financial assets and other (7,906) (7,100) (15,958) (11,611)
Acquisition of subsidiaries (1,043) 65 (2,773) (56)
Dispositions        
Investment properties 1,668 253 3,600 544
Property, plant and equipment 70 13 83 55
Equity accounted investments 815 12 1,174 90
Financial assets and other 7,240 5,290 15,526 10,204
Disposition of subsidiaries 3,332 10 3,692 962
Restricted cash and deposits 1,428 (216) 383 (138)
Cash flows from (used in) investing activities 1,270 (3,665) (2,889) (5,752)
Cash and cash equivalents        
Change in cash and cash equivalents 497 (422) 556 3,010
Net change in cash classified within assets held for sale 18 (3) (28) 21
Foreign exchange revaluation 118 80 (2) (286)
Balance, beginning of period 9,826 9,868 9,933 6,778
Balance, end of period 10,459 9,523 10,459 9,523
Common shares        
Financing activities        
Common shares issued 2 2 15 5
Common shares repurchased $ (231) $ (92) $ (322) $ (309)