We perform a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of our revenues by segment and type, as well as a breakdown of whether revenues from goods or services are recognized at a point in time or delivered over a period of time.


FOR THE YEAR ENDED DEC. 31, 2024 (MILLIONS)	Asset Management		Corporate Activities		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Total Revenues
Revenue from contracts with customers	$	5,299	$	—	$	5,856	$	18,885	$	37,977	$	3,298	$	71,315
Other revenue	4,744		476		629		2,640		3,344		2,858		14,691
	$	10,043	$	476	$	6,485	$	21,525	$	41,321	$	6,156	$	86,006


FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS)	Asset Management		Corporate Activities		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Total Revenues
Revenue from contracts with customers	$	5,229	$	—	$	4,878	$	16,899	$	52,570	$	3,156	$	82,732
Other revenue	4,990		309		432		1,335		3,113		3,013		13,192
	$	10,219	$	309	$	5,310	$	18,234	$	55,683	$	6,169	$	95,924


FOR THE YEAR ENDED DEC. 31, 2024 (MILLIONS)	Asset Management		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Total Revenues
Goods and services provided at a point in time	$	1,504	$	350	$	—	$	30,408	$	2,300	$	34,562
Services transferred over a period of time	3,795		5,506		18,885		7,569		998		36,753
	$	5,299	$	5,856	$	18,885	$	37,977	$	3,298	$	71,315


FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS)	Asset Management		Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Total Revenues
Goods and services provided at a point in time	$	1,562	$	221	$	—	$	42,562	$	2,165	$	46,510
Services transferred over a period of time	3,667		4,657		16,899		10,008		991		36,222
	$	5,229	$	4,878	$	16,899	$	52,570	$	3,156	$	82,732

In our construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract or work order. As at December 31, 2024, our backlog of construction projects was approximately $5.7 billion (2023 – $6.2 billion).

Our dealer software and technology services operation had remaining performance obligations related to its long-term software and maintenance and support contracts of approximately $3.0 billion (2023 – $2.3 billion).

In our Brazilian water and wastewater operation business, our long-term, inflation-adjusted concession service contracts with various municipalities have an average remaining contract duration of 22 years as at December 31, 2024 (2023 – 23 years), and the remaining performance obligations were approximately $8.3 billion (2023 – $10.6 billion).

In our other businesses, revenue is generally recognized as invoiced for contracts recognized over a period of time as the amounts invoiced are commensurate with the value provided to the customers.

Our leases in which the company is a lessor are primarily operating in nature. Total lease income from our assets leased out on operating leases totaled $10.4 billion (2023 – $8.8 billion) including $141 million (2023 – $155 million) of income related to variable lease income that is not dependent on an index or rate.

The following table presents the undiscounted contractual earnings receivable of the company’s leases by expected period of receipt:


	Payments Receivable by Period
AS AT DEC. 31, 2024 (MILLIONS)	Less than 1 Year		1 – 3 Years		4 – 5 Years		After 5 Years		Total

Receivables from lease contracts	$	6,215	$	9,821	$	7,160	$	15,025	$	38,221


	Payments Receivable by Period
AS AT DEC. 31, 2023 (MILLIONS)	Less than 1 Year		1 – 3 Years		4 – 5 Years		After 5 Years		Total

Receivables from lease contracts	$	6,826	$	11,229	$	8,268	$	17,671	$	43,994