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EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended
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Dec. 31, 2021
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:
|  |  |  | Ownership Interest 1 |  | Carrying Value
AS AT DEC. 31 (MILLIONS) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Oaktree |  |  |  | 62 | % |  | 62 | % |  | $ | 5,596 |  |  | $ | 5,317 |
Real estate |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
LP investments and other |  |  |  | 13 – 31% |  | 16 – 50% |  | 251 |  |  | 136 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Core |  |  |  | 15 – 56% |  | 15 – 56% |  | 9,819 |  |  | 8,866 |
Transitional and Development |  |  |  | 22 – 68% |  | 22 – 68% |  | 9,946 |  |  | 9,684 |
LP investments and other |  |  |  | 8 – 91% |  | 9 – 84% |  | 4,813 |  |  | 2,338 |
|  |  |  |  |  |  |  | 24,829 |  |  | 21,024 |
Infrastructure |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Utilities |  |  |  | 11 – 50% |  | 11 – 50% |  | 946 |  |  | 1,010 |
Transport |  |  |  | 21 – 58% |  | 21 – 58% |  | 4,724 |  |  | 5,114 |
Data |  |  |  | 45 – 50% |  | 45 – 50% |  | 3,076 |  |  | 3,209 |
Other |  |  |  | 22 – 50% |  | 22 – 50% |  | 106 |  |  | 130 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Midstream |  |  |  | 50 | % |  | 50 | % |  | 653 |  |  | 841 |
Other |  |  |  | 50 | % |  | 50 | % |  | 64 |  |  | 226 |
|  |  |  |  |  |  |  | 9,569 |  |  | 10,530 |
Private equity |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Industrial operations |  |  |  | 24 – 54% |  | 24 – 54% |  | 787 |  |  | 834 |
Other |  |  |  | 14 – 70% |  | 14 – 70% |  | 2,158 |  |  | 1,789 |
|  |  |  |  |  |  |  | 2,945 |  |  | 2,623 |
Renewable power and transition and other |  |  |  |  |  |  |  |  |  |
Renewable power and transition associates |  |  |  | 3 – 65% |  | 12 – 60% |  | 1,801 |  |  | 1,444 |
Other equity accounted investments 2 |  |  |  | 22 – 70% |  | 14 – 77% |  | 1,360 |  |  | 389 |
|  |  |  |  |  |  |  | 3,161 |  |  | 1,833 |
Total | $ | 46,100 |  |  | $ | 41,327 |
1. Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted. 2. Carrying value of joint ventures in other equity accounted investments is $404 million (2020 – $346 million). The following table presents the change in the balance of investments in associates and joint ventures:
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | Oaktree |  | Real Estate |  | Infrastructure |  | Private Equity |  | Renewable Power and Other |  | 2021 Total |  | 2020 Total
Balance, beginning of year | $ | 5,317 |  |  | $ | 21,024 |  |  | $ | 10,530 |  |  | $ | 2,623 |  |  | $ | 1,833 |  |  | $ | 41,327 |  |  | $ | 40,698 |
Additions, net of disposals 1 | 195 |  |  | 2,660 |  |  | (594) |  |  | 517 |  |  | 1,235 |  |  | 4,013 |  |  | 2,568 |
Acquisitions through business combinations | — |  |  | 7 |  |  | — |  |  | 20 |  |  | 45 |  |  | 72 |  |  | — |
Share of comprehensive income (loss) | 665 |  |  | 1,737 |  |  | 685 |  |  | (12) |  |  | 312 |  |  | 3,387 |  |  | (125) |
Distributions received | (581) |  |  | (194) |  |  | (598) |  |  | (169) |  |  | (216) |  |  | (1,758) |  |  | (1,268) |
Return of capital | — |  |  | (271) |  |  | — |  |  | (2) |  |  | — |  |  | (273) |  |  | (115) |
Foreign currency translation and other | — |  |  | (134) |  |  | (454) |  |  | (32) |  |  | (48) |  |  | (668) |  |  | (431) |
Balance, end of year | $ | 5,596 |  |  | $ | 24,829 |  |  | $ | 9,569 |  |  | $ | 2,945 |  |  | $ | 3,161 |  |  | $ | 46,100 |  |  | $ | 41,327 |
1. Includes assets sold and amounts reclassified to held for sale. Additions, net of disposals, of $4.0 billion during the year primarily relate to the equity accounted investment in our German office portfolio in our Real Estate segment and the equity accounted investment in Brookfield Asset Management Reinsurance Partners Ltd. (“BAMR”) as part of the spin-out. These items were partially offset by the sale of an equity accounted investment at our advanced energy storage operations within our Private Equity segment and the partial sale of a stake in our U.S. gas pipeline within our Infrastructure segment. The deconsolidation and recognition of our graphite electrode operations as an equity accounted investment within our Private Equity segment also contributed to additions for our equity accounted investments balance. The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:
| 2021 |  | 2020
AS AT DEC. 31 (MILLIONS) | Current Assets |  | Non-Current Assets |  | Current Liabilities |  | Non-Current Liabilities |  | Current Assets |  | Non-Current Assets |  | Current Liabilities |  | Non-Current Liabilities
Oaktree | $ | 2,136 |  |  | $ | 20,351 |  |  | $ | 1,936 |  |  | $ | 9,229 |  |  | $ | 2,253 |  |  | $ | 17,056 |  |  | $ | 2,146 |  |  | $ | 7,487 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LP investments and other | 17 |  |  | 1,070 |  |  | 19 |  |  | 757 |  |  | 21 |  |  | 1,207 |  |  | 42 |  |  | 958 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core | 1,985 |  |  | 39,322 |  |  | 2,272 |  |  | 17,787 |  |  | 2,496 |  |  | 36,668 |  |  | 3,485 |  |  | 17,107 |
Transitional and Development | 1,170 |  |  | 33,679 |  |  | 749 |  |  | 13,734 |  |  | 1,230 |  |  | 33,082 |  |  | 673 |  |  | 13,721 |
LP investments and other | 1,854 |  |  | 19,622 |  |  | 1,214 |  |  | 9,164 |  |  | 1,279 |  |  | 12,288 |  |  | 903 |  |  | 7,290 |
Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities | 359 |  |  | 5,723 |  |  | 444 |  |  | 3,738 |  |  | 646 |  |  | 6,142 |  |  | 487 |  |  | 4,238 |
Transport | 1,325 |  |  | 24,322 |  |  | 2,160 |  |  | 12,981 |  |  | 1,223 |  |  | 25,078 |  |  | 1,929 |  |  | 9,538 |
Data | 1,054 |  |  | 13,394 |  |  | 1,727 |  |  | 6,284 |  |  | 841 |  |  | 13,308 |  |  | 1,263 |  |  | 6,081 |
Other | 30 |  |  | 321 |  |  | 20 |  |  | 84 |  |  | 34 |  |  | 356 |  |  | 32 |  |  | 143 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midstream | 197 |  |  | 6,097 |  |  | 215 |  |  | 4,003 |  |  | 161 |  |  | 6,157 |  |  | 230 |  |  | 3,945 |
Other | 32 |  |  | 115 |  |  | 12 |  |  | 63 |  |  | 43 |  |  | 685 |  |  | 30 |  |  | 299 |
Private equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial operations | 1,421 |  |  | 1,169 |  |  | 640 |  |  | 330 |  |  | 1,096 |  |  | 736 |  |  | 505 |  |  | 222 |
Other | 1,946 |  |  | 9,162 |  |  | 1,206 |  |  | 7,217 |  |  | 2,077 |  |  | 9,303 |  |  | 1,357 |  |  | 6,697 |
Renewable power and transition and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewable power and transition associates | 2,763 |  |  | 12,675 |  |  | 2,546 |  |  | 6,811 |  |  | 1,355 |  |  | 7,492 |  |  | 635 |  |  | 3,307 |
Other equity accounted investments | 2,631 |  |  | 10,840 |  |  | 1,773 |  |  | 8,825 |  |  | 210 |  |  | 790 |  |  | 67 |  |  | 178 |
| $ | 18,920 |  |  | $ | 197,862 |  |  | $ | 16,933 |  |  | $ | 101,007 |  |  | $ | 14,965 |  |  | $ | 170,348 |  |  | $ | 13,784 |  |  | $ | 81,211 |
Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:
| 2021 |  | 2020
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | Revenue |  | Net Income |  | OCI |  | Revenue |  | Net Income |  | OCI
Oaktree | $ | 2,308 |  |  | $ | 1,355 |  |  | $ | 7 |  |  | $ | 1,104 |  |  | $ | 158 |  |  | $ | (2) |
Real estate |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |
LP investments and other | 84 |  |  | (133) |  |  | 949 |  |  | 99 |  |  | (145) |  |  | (941) |
Joint ventures |  |  |  |  |  |  |  |  |  |  |
Core | 1,917 |  |  | 1,404 |  |  | 100 |  |  | 1,866 |  |  | 311 |  |  | (113) |
Transitional and Development | 1,844 |  |  | 919 |  |  | — |  |  | 1,944 |  |  | (1,471) |  |  | — |
LP investments and other | 1,114 |  |  | 457 |  |  | 321 |  |  | 945 |  |  | (376) |  |  | 5 |
Infrastructure |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |
Utilities | 1,336 |  |  | 521 |  |  | 28 |  |  | 1,715 |  |  | 364 |  |  | (205) |
Transport | 11,685 |  |  | 1,570 |  |  | (433) |  |  | 4,054 |  |  | 169 |  |  | (1,451) |
Data | 2,460 |  |  | 70 |  |  | 73 |  |  | 2,245 |  |  | 293 |  |  | 374 |
Other | 50 |  |  | (66) |  |  | 56 |  |  | 41 |  |  | (23) |  |  | (245) |
Joint ventures |  |  |  |  |  |  |  |  |  |  |
Midstream | 783 |  |  | 137 |  |  | — |  |  | 736 |  |  | 244 |  |  | — |
Other | 123 |  |  | 4 |  |  | (2) |  |  | 107 |  |  | 2 |  |  | 33 |
Private equity |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |
West Fraser | — |  |  | — |  |  | — |  |  | 2,407 |  |  | 386 |  |  | 12 |
Industrial operations | 3,082 |  |  | 424 |  |  | (4) |  |  | 2,713 |  |  | 132 |  |  | — |
Other | 5,215 |  |  | (233) |  |  | (113) |  |  | 4,332 |  |  | (130) |  |  | 48 |
Renewable power and transition and other |  |  |  |  |  |  |  |  |  |  |
Renewable power and transition associates | 2,891 |  |  | (208) |  |  | (15) |  |  | 737 |  |  | 219 |  |  | 174 |
Other equity accounted investments | 8,102 |  |  | 250 |  |  | (15) |  |  | 192 |  |  | 56 |  |  | (2) |
| $ | 42,994 |  |  | $ | 6,471 |  |  | $ | 952 |  |  | $ | 25,237 |  |  | $ | 189 |  |  | $ | (2,313) |
Certain of the company’s investments are publicly listed entities with active pricing in a liquid market.

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