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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating activities        
Net income (loss) $ 1,055 $ (285) $ 1,270 $ 234
Other income and gains (30) (244) (618) (484)
Equity accounted distributions, net of earnings 393 (196) 746 (410)
Fair value changes (797) 753 27 595
Depreciation and amortization 2,534 2,435 4,989 4,910
Deferred income taxes (262) (55) (421) (99)
(Investments in) proceeds from residential inventory (122) (129) 428 (211)
Net change in non-cash working capital balances (760) (1,581) (2,716) (3,519)
Cash flows from (used in) operating activities 2,011 698 3,705 1,016
Financing activities        
Corporate borrowings arranged 0 646 496 1,389
Corporate borrowings repaid 0 (200) (500) (571)
Commercial paper and borrowings, net 254 617 634 1,924
Non-recourse borrowings arranged 26,130 32,043 58,159 54,147
Non-recourse borrowings repaid (23,158) (24,676) (45,592) (38,487)
Non-recourse credit facilities, net 672 238 716 (5,505)
Subsidiary equity obligations issued 27 1 27 4
Subsidiary equity obligations redeemed (1) (3) (1) (14)
Deposits From Related Party 681 97 924 685
Deposit From Related Parties Repaid (392) (118) (687) (573)
Capital provided by non-controlling interests 4,185 2,935 7,005 8,300
Capital repaid to non-controlling interests (1,406) (1,416) (2,154) (3,141)
Other financing activities, net 908 (345) 1,933 (803)
(Settlement) Receipt of deferred consideration (15) (5) (27) 88
Common shares repurchased (294) (284) (863) (786)
Common shares issued 5 2 7 10
Distributions to non-controlling interests (2,299) (1,997) (7,830) (3,757)
Distributions to common and preferred shareholders (180) (166) (358) (332)
Cash flows from (used in) financing activities 5,117 7,369 11,889 12,578
Acquisitions        
Investment properties (857) (3,228) (3,231) (4,825)
Property, plant and equipment (2,756) (2,385) (5,571) (5,286)
Equity accounted investments (2,108) (1,732) (3,757) (2,360)
Financial assets and other (1,980) (3,865) (8,538) (5,455)
Acquisition of subsidiaries, net of cash acquired (3,318) (88) (7,721) (804)
Dispositions        
Investment properties 767 252 2,107 384
Property, plant and equipment 391 510 1,581 702
Equity accounted investments 853 201 1,305 831
Financial assets and other 3,097 1,676 5,333 3,242
Disposition of subsidiaries, net of cash disposed 24 158 1,161 245
Restricted cash and deposits (22) 172 98 124
Cash flows from (used in) investing activities (5,909) (8,329) (17,233) (13,202)
Cash and cash equivalents        
Change in cash and cash equivalents 1,219 (262) (1,639) 392
Foreign exchange revaluation 56 (187) 291 (300)
Balance, beginning of period 12,437 11,742 15,051 11,222
Balance, end of period 13,703 11,249 13,703 11,249
Supplemental Cash Flow Information [Abstract]        
Net change in cash classified within assets held for sale (9) (44) 0 (65)
Incomes Taxes Paid Classified As Supplemental Cash Flow Disclosure 393 435 897 1,174
Interest Paid Classified As Supplemental Cash Flow Disclosure $ 3,656 $ 3,645 $ 7,080 $ 7,231