ORGANIZATION AND CAPITAL MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2024

Management Commentary Explanatory [Abstract]

Summary of the Corporation's Capital [Table]

As at December 31, 2024, the Corporation’s capital totaled $60.4 billion (December 31, 2023 – $58.2 billion), and is computed as follows:

AS AT DEC. 31 (MILLIONS)	2024		2023
Cash and cash equivalents	$	820	$	134
Other financial assets	1,234		4,004
Common equity in investments	56,147		53,523
Other assets and liabilities of the Corporation	2,238		506
Corporation’s Capital	$	60,439	$	58,167
Corporation’s Capital is comprised of the following:
Common equity	$	41,874	$	41,674
Preferred equity	4,103		4,103
Non-controlling interest	230		230
Corporate borrowings	14,232		12,160
	$	60,439	$	58,167

Reconciliation of the Corporation's Capital [Table]

A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2024 is as follows:

AS AT DEC. 31, 2024 (MILLIONS)	The Corporation		Investments		Elimination1		Total Consolidated
Cash and cash equivalents	$	820	$	14,231	$	—	$	15,051
Other financial assets	1,234		24,653		—		25,887
Accounts receivable and other1	3,092		28,281		(1,155)		30,218
Inventory	—		8,458		—		8,458
Assets classified as held for sale	—		10,291		—		10,291
Equity accounted investments	2,488		65,822		—		68,310
Investment properties	16		103,649		—		103,665
Property, plant and equipment	113		152,906		—		153,019
Intangible assets	85		35,987		—		36,072
Goodwill	—		35,730		—		35,730
Deferred income tax assets	342		3,381		—		3,723
Accounts payable and other1	(3,368)		(53,289)		1,155		(55,502)
Liabilities associated with assets classified as held for sale	—		(4,721)		—		(4,721)
Deferred income tax liabilities	(530)		(24,737)		—		(25,267)
Subsidiary equity obligations	—		(4,759)		—		(4,759)
Total	4,292		395,883		—		400,175
Common equity in investments2	56,147		—		(56,147)		—
Corporation’s Capital	60,439		395,883		(56,147)		400,175
Less:
Corporate borrowings	14,232		—		—		14,232
Non-recourse borrowings of managed entities	—		220,560		—		220,560
Amounts attributable to preferred equity	4,103		—		—		4,103
Amounts attributable to non-controlling interests	230		119,176		—		119,406
Common equity	$	41,874	$	56,147	$	(56,147)	$	41,874

1.Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $1.2 billion and $1.2 billion, respectively, between entities within the Corporation and its investments.

2.Represents the carrying value of the Corporation’s investments.

A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2023 is as follows:

AS AT DEC. 31, 2023 (MILLIONS)	The Corporation		Investments		Elimination1		Total Consolidated
Cash and cash equivalents	$	134	$	11,088	$	—	$	11,222
Other financial assets	4,004		24,320		—		28,324
Accounts receivable and other1	1,191		27,836		(515)		28,512
Inventory	—		11,412		—		11,412
Assets classified as held for sale	—		2,489		—		2,489
Equity accounted investments	2,081		57,043		—		59,124
Investment properties	21		124,131		—		124,152
Property, plant and equipment	144		147,473		—		147,617
Intangible assets	84		38,910		—		38,994
Goodwill	—		34,911		—		34,911
Deferred income tax assets	489		2,849		—		3,338
Accounts payable and other1	(3,383)		(56,025)		515		(58,893)
Liabilities associated with assets classified as held for sale	—		(118)		—		(118)
Deferred income tax liabilities	(117)		(24,870)		—		(24,987)
Subsidiary equity obligations	(4)		(4,141)		—		(4,145)
Total	4,644		397,308		—		401,952
Common equity in investments2	53,523		—		(53,523)		—
Corporation’s Capital	58,167		397,308		(53,523)		401,952
Less:
Corporate borrowings	12,160		—		—		12,160
Non-recourse borrowings of managed entities	—		221,550		—		221,550
Amounts attributable to preferred equity	4,103		—		—		4,103
Amounts attributable to non-controlling interests	230		122,235		—		122,465
Common equity	$	41,674	$	53,523	$	(53,523)	$	41,674

1.Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $515 million and $515 million, respectively, between entities within the Corporation and its investments.

2.Represents the carrying value of the Corporation’s investments