NON-RECOURSE BORROWINGS

12 Months Ended

Dec. 31, 2022

Disclosure of financial liabilities [abstract]

NON-RECOURSE BORROWINGS

CORPORATE BORROWINGS

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2022		2021
Term debt
Public – Canadian	Mar. 8, 2024	5.04	%	C$	$	369	$	396
Public – U.S.	Apr. 1 , 2024	4.00	%	US$	749		749
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500		500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	632		679
Public – U.S.	Jun. 2, 2026	4.25	%	US$	497		497
Public – Canadian	Mar. 16, 2027	3.80	%	C$	369		396
Public – U.S.	Jan. 25, 2028	3.90	%	US$	1,073		649
Public – U.S.	Mar. 29, 2029	4.85	%	US$	999		999
Public – U.S.	Apr. 15, 2030	4.35	%	US$	749		749
Public – U.S.	Apr. 15, 2031	2.72	%	US$	500		500
Public – U.S.	Jan. 30, 2032	2.34	%	US$	600		600
Public – Canadian	Dec. 14, 2032	5.43	%	C$	738		—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250		250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	312		334
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	76		87
Public – U.S.	Sep. 20, 2047	4.70	%	US$	902		902
Public – U.S.	Apr. 15, 2050	3.45	%	US$	594		594
Public – U.S.	Mar. 30, 2051	3.50	%	US$	758		758
Public – U.S.	Feb. 15, 2052	3.63	%	US$	400		—
Public – U.S.	Oct. 16, 2080	4.63	%	US$	400		400
					11,467		10,039
Revolving facilities1					—		912
Deferred financing costs2					(77)		(76)
Total					$	11,390	$	10,875

1.Reflects commercial paper and credit facility draws outstanding as at December 31, 2022.

2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method.

Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.2% (2021 – 4.2%). A portion of corporate borrowings are denominated in foreign currencies, which include C$3.3 billion (2021 – C$2.3 billion) payable in Canadian dollars or $2.4 billion (2021 – $1.8 billion) and ¥10 billion (2021 – ¥10 billion) payable in Japanese Yen or $76 million (2021 – $87 million).

NON-RECOURSE BORROWINGS OF MANAGED ENTITIES

AS AT DEC. 31 (MILLIONS)	Note	2022		2021
Subsidiary borrowings	(a)	$	15,140	$	12,876
Property-specific borrowings	(b)	187,544		152,181
Total		$	202,684	$	165,057

a)    Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power and Transition		Infrastructure		Private Equity		Total
2023	$	725	$	249	$	464	$	31	$	1,469
2024	826		—		517		45		1,388
2025	369		295		—		51		715
2026	369		—		—				369
2027	3,412		369		428		2,100		6,309
Thereafter	1,034		1,642		2,279		—		4,955
Total Principal repayments	6,735		2,555		3,688		2,227		15,205
Deferred financing costs and other	(33)		(9)		(22)		(1)		(65)
Total – Dec. 31, 2022	$	6,702	$	2,546	$	3,666	$	2,226	$	15,140
Total – Dec. 31, 2021	$	6,265	$	2,147	$	2,719	$	1,745	$	12,876

The weighted-average interest rate on subsidiary borrowings as at December 31, 2022 was 5.2% (2021 – 3.5%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2022		2021
Current	$	1,469	$	635
Non-current	13,671		12,241
Total	$	15,140	$	12,876

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2022		Local Currency		2021		Local Currency
U.S. dollars	$	7,850	US$	7,850	6,362		US$	6,362
Canadian dollars	7,217		C$	9,776	6,429		C$	8,130
Brazilian reais	73		Rs	381	85		Rs	472
Total	$	15,140			$	12,876

b)    Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power and Transition		Infrastructure		Private Equity		Total
2023	$	31,016	$	2,092	$	4,446	$	4,274	$	41,828
2024	20,400		3,657		3,048		7,933		35,038
2025	12,025		1,458		3,153		5,513		22,149
2026	6,228		2,089		4,877		9,104		22,298
2027	7,802		1,168		2,942		3,628		15,540
Thereafter	9,090		12,401		11,793		19,247		52,531
Total Principal repayments	86,561		22,865		30,259		49,699		189,384
Deferred financing costs and other	(511)		(39)		(378)		(912)		(1,840)
Total – Dec. 31, 2022	$	86,050	$	22,826	$	29,881	$	48,787	$	187,544
Total – Dec. 31, 2021	$	75,807	$	19,893	$	28,515	$	27,966	$	152,181

The weighted-average interest rate on property-specific borrowings as at December 31, 2022 was 6.4% (2021 – 4.0%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2022		2021
Current	$	41,828	$	31,244
Non-current	145,716		120,937
Total	$	187,544	$	152,181

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2022		Local Currency		2021		Local Currency
U.S. dollars	$	109,555	US$	109,555	$	86,610	US$	86,610
British pounds	10,660		£	8,823	12,446		£	9,197
Indian rupees	7,653		Rs	632,457	8,223		Rs	613,684
Canadian dollars	15,938		C$	21,590	16,660		C$	21,054
Euros	20,316		€	18,986	12,722		€	11,204
Australian dollars	8,650		A$	12,696	4,392		A$	6,048
Brazilian reais	7,572		R$	39,500	4,919		R$	27,449
Colombian pesos	2,524		COP$	12,157,354	2,367		COP$	9,480,307
Korean won	1,822		₩	2,296,121	1,910		₩	2,271,074
Other currencies	2,854		Various	n/a	1,932		Various	n/a
Total	$	187,544			$	152,181