ORGANIZATION AND CAPITAL MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2025

Management Commentary Explanatory [Abstract]

Summary of the Corporation's Capital [Table]

As at June 30, 2025, the Corporation’s capital totaled $61.8 billion (December 31, 2024 – $60.4 billion), and is computed as follows:

AS AT JUN. 30, 2025 AND DEC. 31, 2024 (MILLIONS)	2025		2024
Cash and cash equivalents	$	113	$	820
Other financial assets	1,738		1,234
Common equity in investments	58,442		56,147
Other assets and liabilities of the Corporation	1,506		2,238
Corporation’s Capital	$	61,799	$	60,439
Corporation’s Capital is comprised of the following:
Common equity	$	42,493	$	41,874
Preferred equity	4,103		4,103
Non-controlling interest	230		230
Corporate borrowings	14,973		14,232
	$	61,799	$	60,439

Reconciliation of the Corporation's Capital [Table]

A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at June 30, 2025 is as follows:

AS AT JUN. 30, 2025 (MILLIONS)	The Corporation		Investments		Elimination1		Total Consolidated
Cash and cash equivalents	$	113	$	13,590	$	—	$	13,703
Other financial assets	1,738		28,230		—		29,968
Accounts receivable and other1	3,234		30,426		(1,731)		31,929
Inventory	—		9,259		—		9,259
Assets classified as held for sale	—		19,716		—		19,716
Equity accounted investments	2,278		69,901		—		72,179
Investment properties	18		90,892		—		90,910
Property, plant and equipment	107		155,533		—		155,640
Intangible assets	84		39,862		—		39,946
Goodwill	—		38,664		—		38,664
Deferred income tax assets	406		3,748		—		4,154
Accounts payable and other1	(4,422)		(53,818)		1,731		(56,509)
Liabilities associated with assets classified as held for sale	—		(9,423)		—		(9,423)
Deferred income tax liabilities	(199)		(24,263)		—		(24,462)
Subsidiary equity obligations	—		(3,395)		—		(3,395)
Total	3,357		408,922		—		412,279
Common equity in investments2	58,442		—		(58,442)		—
Corporation’s Capital	61,799		408,922		(58,442)		412,279
Less:
Corporate borrowings	14,973		—		—		14,973
Non-recourse borrowings of managed entities	—		235,661		—		235,661
Amounts attributable to preferred equity	4,103		—		—		4,103
Amounts attributable to non-controlling interests	230		114,819		—		115,049
Common equity	$	42,493	$	58,442	$	(58,442)	$	42,493

1.Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $1.7 billion and $1.7 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, 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