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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 1,745 $ 1,270
Other income and gains (448) (618)
Distributions (less than) in excess of equity accounted earnings (309) 746
Fair value changes 70 27
Depreciation and amortization 5,342 4,989
Deferred income taxes 58 (421)
(Purchases of) proceeds from residential inventory (158) 428
Net change in working capital (4,210) (2,716)
Cash flows from (used in) operating activities 2,090 3,705
Financing activities    
Corporate borrowings arranged 544 496
Corporate borrowings repaid (500) (500)
Commercial paper and borrowings, net 459 634
Non-recourse borrowings arranged 60,321 58,159
Non-recourse borrowings repaid (45,416) (45,592)
Non-recourse credit facilities arranged and repaid, net (718) 716
Deposits from related parties 2,265 924
Deposits provided to related parties (1,471) (687)
Capital provided by non-controlling interests 12,147 7,005
Capital repaid to non-controlling interests (5,491) (2,154)
Other financing activities, net (873) (1,932)
Common shares issued 5 7
Distributions to non-controlling interests (6,161) (7,830)
Distributions to common and preferred shareholders (406) (358)
Cash flows from (used in) financing activities 14,156 11,889
Acquisitions    
Investment properties (4,625) (3,231)
Property, plant and equipment (9,575) (5,571)
Equity accounted investments (8,316) (3,757)
Financial assets and other (4,635) (8,538)
Acquisition of subsidiaries, net of cash acquired (987) (7,721)
Dispositions    
Investment properties 2,355 2,107
Property, plant and equipment 1,789 1,581
Equity accounted investments 479 1,305
Financial assets and other 4,575 5,333
Disposition of subsidiaries, net of cash disposed 2,028 1,161
Restricted cash and deposits 9 98
Cash flows from (used in) investing activities (16,903) (17,233)
Cash and cash equivalents    
Change in cash and cash equivalents (657) (1,639)
Foreign currency revaluation 93 291
Balance, beginning of period 16,242 15,051
Balance, end of period 14,885 13,703
Supplemental Cash Flow Information [Abstract]    
Net change in cash classified within assets held for sale (793) 0
Incomes Taxes Paid Classified As Supplemental Cash Flow Disclosure 1,138 897
Interest Paid Classified As Supplemental Cash Flow Disclosure 7,780 7,080
Common shares    
Financing activities    
Common shares repurchased $ (549) $ (863)