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SEGMENTED INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
Disclosure of entity's operating segments | Reportable Segment Measures
AS AT AND FOR THE YEAR ENDED DEC. 31, 2021 (MILLIONS) | Asset Management |  | Corporate Activities |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Residential Development |  | Total Segments |  | Note
External revenues | $ | 306 |  |  | $ | 169 |  |  | $ | 4,580 |  |  | $ | 11,941 |  |  | $ | 46,252 |  |  | $ | 9,923 |  |  | $ | 2,560 |  |  | $ | 75,731 |  |  |
Inter-segment and other revenues 1 | 4,930 |  |  | (18) |  |  | — |  |  | 6 |  |  | 431 |  |  | 32 |  |  | — |  |  | 5,381 |  |  | i
Segmented revenues | 5,236 |  |  | 151 |  |  | 4,580 |  |  | 11,947 |  |  | 46,683 |  |  | 9,955 |  |  | 2,560 |  |  | 81,112 |  |  |
FFO from equity accounted investments 1 | 558 |  |  | 63 |  |  | 187 |  |  | 1,697 |  |  | 448 |  |  | 742 |  |  | 111 |  |  | 3,806 |  |  | ii
Interest expense | — |  |  | (414) |  |  | (892) |  |  | (1,502) |  |  | (1,503) |  |  | (3,225) |  |  | (68) |  |  | (7,604) |  |  | iii
Current income taxes | — |  |  | (38) |  |  | (43) |  |  | (402) |  |  | (537) |  |  | (77) |  |  | (17) |  |  | (1,114) |  |  | iv
FFO 1 | 2,614 |  |  | (370) |  |  | 1,044 |  |  | 797 |  |  | 2,030 |  |  | 1,185 |  |  | 258 |  |  | 7,558 |  |  | v
Common equity | 4,905 |  |  | (8,942) |  |  | 5,264 |  |  | 3,022 |  |  | 3,565 |  |  | 32,004 |  |  | 2,392 |  |  | 42,210 |  |  |
Equity accounted investments | 4,496 |  |  | 2,056 |  |  | 1,801 |  |  | 9,569 |  |  | 2,945 |  |  | 24,829 |  |  | 404 |  |  | 46,100 |  |  |
Additions to non-current assets 2 | — |  |  | 1,332 |  |  | 5,001 |  |  | 18,248 |  |  | 14,161 |  |  | 21,918 |  |  | 171 |  |  | 60,831 |  |  |
1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2021, $2.3 billion of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.
AS AT AND FOR THE YEAR ENDED DEC. 31, 2020 (MILLIONS) | Asset Management |  | Corporate Activities |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Residential Development |  | Total Segments |  | Note
External revenues | $ | 246 |  |  | $ | 872 |  |  | $ | 4,085 |  |  | $ | 9,294 |  |  | $ | 37,161 |  |  | $ | 8,851 |  |  | $ | 2,243 |  |  | $ | 62,752 |  |  |
Inter-segment and other revenues 1 | 3,278 |  |  | (1) |  |  | — |  |  | 7 |  |  | 614 |  |  | 32 |  |  | — |  |  | 3,930 |  |  | i
Segmented revenues | 3,524 |  |  | 871 |  |  | 4,085 |  |  | 9,301 |  |  | 37,775 |  |  | 8,883 |  |  | 2,243 |  |  | 66,682 |  |  |
FFO from equity accounted investments 1 | 277 |  |  | (17) |  |  | 116 |  |  | 1,329 |  |  | 600 |  |  | 765 |  |  | 21 |  |  | 3,091 |  |  | ii
Interest expense | — |  |  | (388) |  |  | (885) |  |  | (1,224) |  |  | (1,573) |  |  | (3,117) |  |  | (29) |  |  | (7,216) |  |  | iii
Current income taxes | — |  |  | (67) |  |  | (66) |  |  | (247) |  |  | (286) |  |  | (82) |  |  | (8) |  |  | (756) |  |  | iv
FFO 1 | 1,776 |  |  | (86) |  |  | 1,044 |  |  | 569 |  |  | 935 |  |  | 876 |  |  | 66 |  |  | 5,180 |  |  | v
Common equity | 4,947 |  |  | (6,986) |  |  | 5,154 |  |  | 2,552 |  |  | 3,965 |  |  | 19,331 |  |  | 2,730 |  |  | 31,693 |  |  |
Equity accounted investments | 4,530 |  |  | 830 |  |  | 1,444 |  |  | 10,530 |  |  | 2,623 |  |  | 21,024 |  |  | 346 |  |  | 41,327 |  |  |
Additions to non-current assets 2 | 64 |  |  | 234 |  |  | 1,677 |  |  | 11,200 |  |  | 3,535 |  |  | 10,117 |  |  | 45 |  |  | 26,872 |  |  |
1. We equity account for our investment in Oaktree and include our share of the FFO and FFO from equity accounted investments at 62%. However, for segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2020, $1.2 billion of Oaktree’s revenues was included in our Asset Management segment revenue. 2. Includes additions to equity accounted investments, investment properties, property, plant and equipment, sustainable resources, intangible assets and goodwill.
Summary of reconciliation of FFO from equity accounted investments | The following table reconciles the company’s consolidated equity accounted income to FFO from equity accounted investments:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) |  |  |  |  | 2021 |  | 2020
Consolidated equity accounted income (loss) |  |  |  |  | $ | 2,451 |  |  | $ | (79) |
Non-FFO items from equity accounted investments 1 |  |  |  |  | 1,355 |  |  | 3,170 |
FFO from equity accounted investments |  |  |  |  | $ | 3,806 |  |  | $ | 3,091 |
1. Adjustment to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments.
Schedule of components of income tax expense | The following table reconciles consolidated income taxes to current and deferred income taxes:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) |  |  |  |  | 2021 |  | 2020
Current income tax expense |  |  |  |  | $ | (1,114) |  |  | $ | (756) |
Deferred income tax expense |  |  |  |  | (1,210) |  |  | (81) |
Income tax expense |  |  |  |  | $ | (2,324) |  |  | $ | (837) |
The major components of income tax expense for the years ended December 31, 2021 and 2020 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020
Current income tax expense | $ | 1,114 |  |  | $ | 756 |
Deferred income tax expense / (recovery) |  |  |
Origination and reversal of temporary differences | 1,044 |  |  | (103) |
(Recovery) / expense arising from previously unrecognized tax assets | (251) |  |  | 2 |
Change of tax rates and new legislation | 417 |  |  | 182 |
Total deferred income tax expense | 1,210 |  |  | 81 |
Income tax expense | $ | 2,324 |  |  | $ | 837 |
Summary of reconciliation of FFO to net income | The following table reconciles net income to total FFO:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | Note |  |  |  |  |  | 2021 |  | 2020
Net income |  |  |  |  |  |  | $ | 12,388 |  |  | $ | 707 |
Financial statement components not included in FFO |  |  |  |  |  |  |  |  |
Equity accounted fair value changes and other non-FFO items |  |  |  |  |  |  | 1,355 |  |  | 3,170 |
Fair value changes |  |  |  |  |  |  | (5,151) |  |  | 1,423 |
Depreciation and amortization |  |  |  |  |  |  | 6,437 |  |  | 5,791 |
Deferred income taxes |  |  |  |  |  |  | 1,210 |  |  | 81 |
Realized disposition gains in fair value changes or equity | vi |  |  |  |  |  | 2,861 |  |  | 1,554 |
Non-controlling interests in FFO |  |  |  |  |  |  | (11,542) |  |  | (7,546) |
Total FFO |  |  |  |  |  |  | $ | 7,558 |  |  | $ | 5,180 |
Summary of financial information by geographic regions | The company’s revenues by location of operations are as follows:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) |  |  |  |  | 2021 |  | 2020
U.S. |  |  |  |  | $ | 19,694 |  |  | $ | 18,048 |
Canada |  |  |  |  | 7,548 |  |  | 5,906 |
U.K. |  |  |  |  | 21,497 |  |  | 16,032 |
Brazil |  |  |  |  | 3,730 |  |  | 3,323 |
Europe |  |  |  |  | 8,491 |  |  | 6,191 |
Australia |  |  |  |  | 5,892 |  |  | 5,528 |
India |  |  |  |  | 2,520 |  |  | 1,284 |
Colombia |  |  |  |  | 1,890 |  |  | 1,762 |
Other Asia |  |  |  |  | 2,708 |  |  | 2,388 |
Other |  |  |  |  | 1,761 |  |  | 2,290 |
|  |  |  |  | $ | 75,731 |  |  | $ | 62,752 |
The company’s consolidated assets by location are as follows:
AS AT DEC. 31 (MILLIONS) | 2021 |  | 2020
U.S. | $ | 172,952 |  |  | $ | 159,684 |
Canada | 52,989 |  |  | 36,403 |
U.K. | 36,740 |  |  | 31,598 |
Brazil | 22,052 |  |  | 20,675 |
Europe | 32,065 |  |  | 22,267 |
Australia | 20,767 |  |  | 22,000 |
India | 20,935 |  |  | 21,438 |
Colombia | 11,065 |  |  | 10,919 |
Other Asia | 12,866 |  |  | 9,343 |
Other | 8,572 |  |  | 9,369 |
| $ | 391,003 |  |  | $ | 343,696 |

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