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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of financial assets
The following tables list the company’s financial instruments by their respective classification as at December 31, 2021 and 2020:
AS AT DEC. 31, 2021 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $12,694 $12,694 
Other financial assets
Government bonds— 2,020 — 2,020 
Corporate bonds514 2,004 3 2,521 
Fixed income securities and other1,484 1,637 120 3,241 
Common shares and warrants3,492 2,435 — 5,927 
Loans and notes receivable5 — 2,832 2,837 
5,495 8,096 2,955 16,546 
Accounts receivable and other2
2,345 — 12,973 15,318 
$7,840 $8,096 $28,622 $44,558 
Financial liabilities
Corporate borrowings$— $— $10,875 $10,875 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 152,008 152,008 
Subsidiary borrowings— — 13,049 13,049 
— — 165,057 165,057 
Accounts payable and other2
5,490 — 38,014 43,504 
Subsidiary equity obligations1,538 — 2,770 4,308 
$7,028 $— $216,716 $223,744 
1.Financial assets include $10.1 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $1.1 billion included in accounts receivable and other and $1.5 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
AS AT DEC. 31, 2020 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $9,933 $9,933 
Other financial assets
Government bonds356 2,295 — 2,651 
Corporate bonds1,094 2,148 357 3,599 
Fixed income securities and other1,079 1,191 — 2,270 
Common shares and warrants3,287 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 other3
5,889 — 35,228 41,117 
Subsidiary equity obligations1,457 — 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.
The current and non-current balances of other financial assets are as follows:
AS AT DEC. 31 (MILLIONS) 20212020
Current$6,963 $5,483 
Non-current9,583 12,247 
Total$16,546 $17,730 
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2021 and 2020:
 20212020
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial
Assets		Financial
Liabilities		Financial 
Assets 		Financial 
Liabilities 
Balance, beginning of year$2,369 $2,104 $1,780 $2,542 
Fair value changes in net income160 96 (92)(111)
Fair value changes in other comprehensive income1
(8)94 15 4 
Disposals, net of additions(289)420 666 (331)
Balance, end of year$2,232 $2,714 $2,369 $2,104 
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:
 20212020
AS AT DEC. 31 (MILLIONS)Level 1Level 2Level 3Level 1Level 2Level 3
Corporate borrowings$11,906 $87 $— $10,443 $97 $— 
Property-specific borrowings12,163 65,234 76,447 3,406 57,927 69,766 
Subsidiary borrowings6,831 — 6,584 7,825 3 3,257 
Subsidiary equity obligations— 544 2,226 — 73 2,169 
Disclosure of financial liabilities
The following tables list the company’s financial instruments by their respective classification as at December 31, 2021 and 2020:
AS AT DEC. 31, 2021 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $12,694 $12,694 
Other financial assets
Government bonds— 2,020 — 2,020 
Corporate bonds514 2,004 3 2,521 
Fixed income securities and other1,484 1,637 120 3,241 
Common shares and warrants3,492 2,435 — 5,927 
Loans and notes receivable5 — 2,832 2,837 
5,495 8,096 2,955 16,546 
Accounts receivable and other2
2,345 — 12,973 15,318 
$7,840 $8,096 $28,622 $44,558 
Financial liabilities
Corporate borrowings$— $— $10,875 $10,875 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 152,008 152,008 
Subsidiary borrowings— — 13,049 13,049 
— — 165,057 165,057 
Accounts payable and other2
5,490 — 38,014 43,504 
Subsidiary equity obligations1,538 — 2,770 4,308 
$7,028 $— $216,716 $223,744 
1.Financial assets include $10.1 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $1.1 billion included in accounts receivable and other and $1.5 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
AS AT DEC. 31, 2020 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $9,933 $9,933 
Other financial assets
Government bonds356 2,295 — 2,651 
Corporate bonds1,094 2,148 357 3,599 
Fixed income securities and other1,079 1,191 — 2,270 
Common shares and warrants3,287 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 other3
5,889 — 35,228 41,117 
Subsidiary equity obligations1,457 — 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.
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2021 and 2020:
 20212020
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial
Assets		Financial
Liabilities		Financial 
Assets 		Financial 
Liabilities 
Balance, beginning of year$2,369 $2,104 $1,780 $2,542 
Fair value changes in net income160 96 (92)(111)
Fair value changes in other comprehensive income1
(8)94 15 4 
Disposals, net of additions(289)420 666 (331)
Balance, end of year$2,232 $2,714 $2,369 $2,104 
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:
 20212020
AS AT DEC. 31 (MILLIONS)Level 1Level 2Level 3Level 1Level 2Level 3
Corporate borrowings$11,906 $87 $— $10,443 $97 $— 
Property-specific borrowings12,163 65,234 76,447 3,406 57,927 69,766 
Subsidiary borrowings6,831 — 6,584 7,825 3 3,257 
Subsidiary equity obligations— 544 2,226 — 73 2,169 
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, 2021 and 2020:
20212020
AS AT DEC. 31 (MILLIONS)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$12,694 $12,694 $9,933 $9,933 
Other financial assets
Government bonds2,020 2,020 2,651 2,651 
Corporate bonds2,521 2,521 3,599 3,599 
Fixed income securities and other3,241 3,241 2,270 2,270 
Common shares and warrants5,927 5,927 6,514 6,514 
Loans and notes receivable2,837 2,837 2,696 2,696 
16,546 16,546 17,730 17,730 
Accounts receivable and other15,318 15,318 13,672 13,672 
$44,558 $44,558 $41,335 $41,335 
Financial liabilities
Corporate borrowings$10,875 $11,993 $9,077 $10,540 
Non-recourse borrowings of managed entities
Property-specific borrowings152,008 153,844 128,556 131,099 
Subsidiary borrowings13,049 13,415 10,768 11,085 
165,057 167,259 139,324 142,184 
Accounts payable and other43,504 43,504 41,117 41,117 
Subsidiary equity obligations4,308 4,308 3,699 3,699 
$223,744 $227,064 $193,217 $197,540 
Disclosure of fair value measurement of assets [text block]
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
 20212020
AS AT DEC. 31 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$48 $1,972 $— $7 $2,644 $— 
Corporate bonds85 2,050 383 192 2,764 286 
Fixed income securities and other762 1,908 451 867 912 491 
Common shares and warrants4,063 548 1,316 4,548 577 1,389 
Loans and notes receivables— — 5 — 42 68 
4,958 6,478 2,155 5,614 6,939 2,234 
Accounts receivable and other3 2,265 77 50 1,581 135 
$4,961 $8,743 $2,232 $5,664 $8,520 $2,369 
Financial liabilities
Accounts payable and other$29 $4,150 $1,311 $75 $5,090 $724 
Subsidiary equity obligations— 135 1,403 — 77 1,380 
$29 $4,285 $2,714 $75 $5,167 $2,104 
The following table presents our investment properties measured at fair value:
AS AT DEC. 31 (MILLIONS)20212020
Core$19,384 $19,339 
Transitional and Development27,669 29,764 
LP investments51,620 45,857 
Other investment properties2,192 1,822 
$100,865 $96,782 
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:
 20212020
AS AT DEC. 31 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$48 $1,972 $— $7 $2,644 $— 
Corporate bonds85 2,050 383 192 2,764 286 
Fixed income securities and other762 1,908 451 867 912 491 
Common shares and warrants4,063 548 1,316 4,548 577 1,389 
Loans and notes receivables— — 5 — 42 68 
4,958 6,478 2,155 5,614 6,939 2,234 
Accounts receivable and other3 2,265 77 50 1,581 135 
$4,961 $8,743 $2,232 $5,664 $8,520 $2,369 
Financial liabilities
Accounts payable and other$29 $4,150 $1,311 $75 $5,090 $724 
Subsidiary equity obligations— 135 1,403 — 77 1,380 
$29 $4,285 $2,714 $75 $5,167 $2,104 
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, 2021Valuation Techniques and Key Inputs
Other financial assets$6,478 Valuation models based on observable market data
Derivative assets/Derivative liabilities (accounts receivable/accounts payable)
             2,265 /
(4,150)
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
Redeemable fund units (subsidiary equity obligations)(135)Aggregated market prices of underlying investments
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]
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, 2021Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$383 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
Fixed income securities and other451 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 warrants1,316 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
Derivative assets/Derivative liabilities (accounts receivable/payable)
77 /
(1,311)
  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
Limited-life funds (subsidiary equity obligations)(1,403)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
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 TechniquesSignificant Unobservable InputsRelationship of Unobservable Inputs to Fair ValueMitigating 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

The following table summarizes the key valuation metrics of the company’s investment properties:
20212020
AS AT DEC. 31Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)
Discount
Rate
Terminal Capitalization RateInvestment Horizon (years)
Core5.9 %4.6 %116.0 %4.6 %11
Transitional and Development1
7.3 %5.8 %107.2 %5.9 %10
LP investments1
9.1 %5.9 %139.4 %6.0 %14
Other investment properties2
 8.7%
n/a n/a
5.0 – 8.7%
n/an/a
1.The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method.
2.Other investment properties include investment properties held in our Infrastructure and Residential Development segments.
The following table presents our renewable power and transition property, plant and equipment measured at fair value by geography:
AS AT DEC. 31 (MILLIONS)20212020
North America$32,629 $28,044 
Colombia8,497 8,150 
Europe3,935 4,912 
Brazil3,547 3,005 
Other1
1,709 1,095 
$50,317 $45,206 
1. Other refers primarily to China, India and Chile.
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2021 and 2020 are summarized below.
North AmericaBrazilColombiaEurope
AS AT DEC. 3120212020202120202021202020212020
Discount rate
Contracted
4.1 – 4.3%
4.1 – 4.5%
7.2 %7.3 %7.9 %8.1 %3.9 %
3.0 – 3.6%
Uncontracted
5.4 – 5.6%
5.6 – 6.0%
8.5 %8.6 %9.2 %9.4 %3.9 %
3.6 – 4.7%
Terminal capitalization rate1
4.8 – 5.1%
5.8 – 6.2%
n/an/a8.0 %8.9 %n/an/a
Exit date20422041204820482041204020362035
1.    Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.
Key valuation metrics of the company’s utilities, transport, midstream and sustainable resources assets at the end of 2021 and 2020 are summarized below.
UtilitiesTransportMidstreamSustainable Resources
AS AT DEC. 3120212020202120202021202020212020
Discount rates
7 – 11%
7 – 14%
7 – 14%
7 – 13%
15 %15 %n/a6 %
Terminal capitalization multiples
20x
7x – 23x
9x – 15x
9x – 14x
10x
10x
n/a
6x
Investment horizon/Exit date (years)
10 – 20
1010 10
5 – 10
5 – 10
n/a10
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]
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, 2021Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$383 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
Fixed income securities and other451 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 warrants1,316 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
Derivative assets/Derivative liabilities (accounts receivable/payable)
77 /
(1,311)
  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
Limited-life funds (subsidiary equity obligations)(1,403)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
Disclosure of offsetting of financial assets and financial liabilities The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements:
 
Accounts Receivable
and Other
Accounts Payable
and Other
AS AT DEC. 31 (MILLIONS)2021202020212020
Gross amounts of financial instruments before netting$4,814 $2,195 $5,037 $4,379 
Gross amounts of financial instruments set-off in the Consolidated Balance Sheets(2,469)(429)(2,452)(351)
Net amount of financial instruments in the Consolidated Balance Sheets$2,345 $1,766 $2,585 $4,028