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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of detailed information about financial instruments [abstract]  
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
a) Risk Management
The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. We use financial instruments primarily to manage these risks.
There have been no material changes to the company’s financial risk exposure or risk management activities since December 31, 2024. Please refer to Note 26 of the December 31, 2024 audited consolidated financial statements for a detailed description of the company’s financial risk exposure and risk management activities.
b) Financial Instruments
The following table lists the company’s financial instruments by their carrying value and fair value as at June 30, 2025 and December 31, 2024:
20252024
AS AT JUN. 30, 2025 AND DEC. 31, 2024
(MILLIONS)
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$13,703 $13,703 $15,051 $15,051 
Other financial assets
Government bonds2,338 2,338 1,383 1,383 
Corporate bonds4,985 4,985 2,730 2,730 
Fixed income securities and other7,384 7,384 7,888 7,888 
Common shares and warrants5,775 5,775 5,744 5,744 
Loans and notes receivable9,486 9,486 8,142 8,142 
29,968 29,968 25,887 25,887 
Accounts receivable and other21,520 21,520 20,760 20,760 
$65,191 $65,191 $61,698 $61,698 
Financial liabilities
Corporate borrowings$14,973 $14,257 $14,232 $13,471 
Non-recourse borrowings of managed entities
Property-specific borrowings218,535 217,824 204,558 204,502 
Subsidiary borrowings17,126 17,164 16,002 16,076 
235,661 234,988 220,560 220,578 
Accounts payable and other46,678 46,678 45,700 45,700 
Subsidiary equity obligations3,395 3,395 4,759 4,759 
$300,707 $299,318 $285,251 $284,508 
c) Fair Value Hierarchy Levels
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
 20252024
AS AT JUN. 30, 2025 AND DEC. 31, 2024
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$30 $1,357 $— $21 $1,362 $— 
Corporate bonds— 1,621 796 — 1,554 740 
Fixed income securities and other337 938 5,721 475 909 6,036 
Common shares and warrants284 1,459 4,032 661 1,319 3,764 
651 5,375 10,549 1,157 5,144 10,540 
Accounts receivable and other— 2,026 1,003 — 4,387 353 
$651 $7,401 $11,552 $1,157 $9,531 $10,893 
Financial liabilities
Accounts payable and other$64 $5,498 $3,182 $— $2,037 $3,523 
Subsidiary equity obligations— — 76 — — 129 
$64 $5,498 $3,258 $— $2,037 $3,652 
Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs.
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
Jun. 30, 2025
Valuation Techniques and Key Inputs
Other financial assets$5,375 Valuation models based on observable market data
Derivative assets/Derivative liabilities (accounts receivable/accounts payable)
             2,026 /
(5,498)
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
Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities) include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs.
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
Jun. 30, 2025
Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$796 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 other5,721 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 warrants4,032 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)
1,003 /
(3,182)
  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
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2025:
 Three Months EndedSix Months Ended
AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
(MILLIONS)
Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$11,374 $3,180 $10,893 $3,652 
Fair value changes in net income279 (45)318 (113)
Fair value changes in other comprehensive income1
178 (104)219 (155)
Transfers out(72)(106)(72)(144)
Additions (Disposals), net(207)333 194 18 
Balance, end of period$11,552 $3,258 $11,552 $3,258 
1.Includes foreign currency translation.