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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Total
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Total
Class A exchangeable and Class B shareholders
Total
Class C Shares
Share capital
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Share capital
Class A exchangeable and Class B shareholders
Share capital
Class C Shares
Retained earnings (deficit)
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Retained earnings (deficit)
Class A exchangeable and Class B shareholders
Retained earnings (deficit)
Class C Shares
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)
Class C Shares
Non-controlling interests
Beginning balance at Dec. 31, 2022 $ 1,685   $ 432 $ 1,245   $ 423 $ 1,467   $ 9 $ 301 $ (523) $ (523) $ 8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (93)   1 (99)         1 (99)     5
Other comprehensive income (loss) 240     240               240  
Comprehensive income 147   1 141         1 (99)   240 5
Equity issuances 38   38     38              
Distributions and redeemable preferred share dividends [1] (72)   (1) (67)   (1)       (67)     (4)
Other 0   (10) 10   (10) 10            
Total change in the period 113   28 84   27 10   1 (166)   240 1
Ending balance at Mar. 31, 2023 1,798   460 1,329   450 1,477   10 135 (283) (283) 9
Beginning balance at Dec. 31, 2022 1,685   432 1,245   423 1,467   9 301 (523) (523) 8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 267                        
Other comprehensive income (loss) 22                        
Comprehensive income 289                        
Ending balance at Jun. 30, 2023 1,911   460 1,442   449 1,477   11 466 (501) (501) 9
Beginning balance at Mar. 31, 2023 1,798   460 1,329   450 1,477   10 135 (283) (283) 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 360   1 362         1 362     (3)
Other comprehensive income (loss) (218)     (218)               (218)  
Comprehensive income 142   1 144         1 362   (218) (3)
Equity issuances 1                       1
Distributions and redeemable preferred share dividends [1] (27)   (1) (28)   (1)       (28)     2
Other (3)     (3)           (3)      
Total change in the period 113   0 113   (1) 0   1 331   (218) 0
Ending balance at Jun. 30, 2023 1,911   $ 460 1,442   $ 449 1,477   $ 11 466 (501) (501) 9
Beginning balance at Dec. 31, 2023 6,155 $ 1,591   4,418 $ 1,577   3,607 $ 14   931 (120) (120) 146
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 337 3   332       3   332     2
Other comprehensive income (loss) 4     4               4  
Comprehensive income 341 3   336       3   332   4 2
Distributions and redeemable preferred share dividends [2] (34) (3)   (28) (3)         (28)     (3)
Total change in the period 307 0   308 (3)   0 3   304   4 (1)
Ending balance at Mar. 31, 2024 6,462 1,591   4,726 1,574   3,607 17   1,235 (116) (116) 145
Beginning balance at Dec. 31, 2023 6,155 1,591   4,418 1,577   3,607 14   931 (120) (120) 146
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 606                        
Other comprehensive income (loss) 502                        
Comprehensive income 1,108                        
Ending balance at Jun. 30, 2024 9,015 1,591   6,576 1,571   4,726 20   1,468 382 382 848
Beginning balance at Mar. 31, 2024 6,462 1,591   4,726 1,574   3,607 17   1,235 (116) (116) 145
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 269 3   261       3   261     5
Other comprehensive income (loss) 498     498               498  
Comprehensive income 767 3   759       3   261   498 5
Equity issuances 1,119     1,119     1,119            
Distributions and redeemable preferred share dividends [2] (46) (3)   (28) (3)         (28)     (15)
Non-controlling interest assumed on acquisition 713                       713
Total change in the period 2,553 0   1,850 (3)   1,119 3   233   498 703
Ending balance at Jun. 30, 2024 $ 9,015 $ 1,591   $ 6,576 $ 1,571   $ 4,726 $ 20   $ 1,468 $ 382 $ 382 $ 848
[1] The Company distributed $0.07 in the form of a return of capital per each Class A exchangeable and Class B share in the first and second quarters of 2023.
[2] The Company distributed $0.08 in the form of a return of capital per each Class A exchangeable, Class A-1 exchangeable and Class B share in the first and second quarters of 2024.