XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

SHARE CAPITAL | 6 Months Ended
--- | ---
Jun. 30, 2024
Equity [Abstract] |
SHARE CAPITAL | SHARE CAPITAL As of June 30, 2024 and December 31, 2023, the share capital of the Company comprises the following:
AS OF US$ MILLIONS, EXCEPT SHARE AMOUNTS |  | June 30, 2024 |  | December 31, 2023
| Par Value |  | Authorized to Issue |  | Issued and Outstanding |  | Carrying Amount |  | Par Value |  | Authorized to Issue |  | Issued and Outstanding |  | Carrying Amount
Class A Senior Preferred Shares |  | $ | 25.00 |  |  | 100,000,000 |  | — |  |  | $ | — |  |  | $ | 25.00 |  |  | 100,000,000 |  | — |  |  | $ | — |
Class B Senior Preferred Shares |  | C$ | 25.00 |  |  | 100,000,000 |  | — |  |  | — |  |  | C$ | 25.00 |  |  | 100,000,000 |  | — |  |  | — |
Class A Junior Preferred Shares |  | 25.00 |  |  | 1,000,000,000 |  | 100,460,280 |  | 2,751 |  |  | 25.00 |  |  | 1,000,000,000 |  | 100,460,280 |  | 2,694 |
Class B Junior Preferred Shares |  | C$ | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |  |  | C$ | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |
Exchangeable Class A Shares |  | 33.26 |  |  | 1,000,000,000 |  | 16,879,755 |  | 666 |  |  | 33.42 |  |  | 1,000,000,000 |  | 15,311,749 |  | 615 |
Exchangeable Class A-1 Shares |  | 33.26 |  |  | 500,000,000 |  | 26,505,771 |  | 904 |  |  | 33.42 |  |  | 500,000,000 |  | 28,073,777 |  | 961 |
Class B Shares |  | 33.26 |  |  | 500,000 |  | 24,000 |  | 1 |  |  | 33.42 |  |  | 500,000 |  | 24,000 |  | 1 |
Class C Shares |  | 1.00 |  |  | 1,000,000,000 |  | 128,643,406 |  | 4,726 |  |  | 1.00 |  |  | 1,000,000,000 |  | 102,056,784 |  | 3,607 |
For the six months ended June 30, 2024, the following events impacted the Company’s share capital position: •On May 9, 2024, the Company issued 26,586,622 Class C shares to Brookfield, valued at $1.1 billion in exchange for the purchase of BAM Shares from Brookfield which were used as consideration for the acquisition of AEL. For the six months ended June 30, 2023, the following events impacted the Company’s share capital position: •Through the month of March 2023, the Company issued 1,165,000 Class A exchangeable shares in exchange for 1,165,000 Class A shares of Brookfield, valued at $38 million. •On March 3, 2023, the Company converted 309,037 Class A exchangeable shares for $10 million into 380,268 Class C shares. In addition, subsequent to the Company’s issuance of Class A-1 exchangeable shares in November 2023, certain of its shareholders have converted them into Class A exchangeable shares. Each Class A-1 exchangeable share is convertible on a one-for-one basis for a Class A exchangeable share and exchangeable on a one-for-one basis for a Brookfield Class A share. During the first and second quarters of 2024, 1,523,169 and 44,837 Class A-1 exchangeable shares were converted into Class A exchangeable shares. As of June 30, 2024 and December 31, 2023, there were $238 million and $182 million of accrued dividends on Class A junior preferred shares, respectively. The redemption value is equal to the carrying value as of June 30, 2024 and December 31, 2023. The movement of shares issued and outstanding is as follows:
|  | 2024 |  | 2023
AS OF AND FOR THE THREE MONTHS ENDED JUN. 30 |  | Class A Redeemable Junior Preferred Shares |  | Class A Exchangeable Shares |  | Class A-1 Exchangeable Shares |  | Class B Shares |  | Class C Shares |  | Class A Redeemable Junior Preferred Shares |  | Class A Exchangeable Shares |  | Class A-1 Exchangeable Shares |  | Class B Shares |  | Class C Shares
Beginning, Jan. 1 |  | 100,460,280 |  |  | 15,311,749 |  |  | 28,073,777 |  |  | 24,000 |  |  | 102,056,784 |  |  | 100,460,280 |  |  | 9,594,989 |  |  | — |  |  | 24,000 |  |  | 40,934,623 |
Issuances |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,165,000 |  |  | — |  |  | — |  |  | — |
Conversions |  | — |  |  | 1,523,169 |  |  | (1,523,169) |  |  | — |  |  | — |  |  | — |  |  | (309,037) |  |  | — |  |  | — |  |  | 380,268 |
Ending, Mar. 31 |  | 100,460,280 |  |  | 16,834,918 |  |  | 26,550,608 |  |  | 24,000 |  |  | 102,056,784 |  |  | 100,460,280 |  |  | 10,450,952 |  |  | — |  |  | 24,000 |  |  | 41,314,891 |
Issuances |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,586,622 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Conversions |  | — |  |  | 44,837 |  |  | (44,837) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending, Jun. 30 |  | 100,460,280 |  |  | 16,879,755 |  |  | 26,505,771 |  |  | 24,000 |  |  | 128,643,406 |  |  | 100,460,280 |  |  | 10,450,952 |  |  | — |  |  | 24,000 |  |  | 41,314,891 |
\

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration