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ACQUISITIONS OF CONSOLIDATED ENTITIES | 6 Months Ended
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Jun. 30, 2023
Disclosure of detailed information about business combination [abstract] |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES The following table summarizes the balance sheet impact as a result of business combinations that occurred in the six months ended June 30, 2023. No material changes were made to provisional allocations:
AS AT JUN. 30, 2023 (MILLIONS) |  | Private Equity |  |  |  | Renewable Power and Transition |  | Infrastructure and Other |  | Total
Cash and cash equivalents |  | $ | 18 |  |  |  |  | $ | 10 |  |  | $ | 241 |  |  | $ | 269 |
Accounts receivable and other |  | 10 |  |  |  |  | 28 |  |  | 833 |  |  | 871 |
Property, plant and equipment |  | 255 |  |  |  |  | 125 |  |  | 120 |  |  | 500 |
Intangible assets |  | 69 |  |  |  |  | — |  |  | 3,398 |  |  | 3,467 |
Goodwill |  | 170 |  |  |  |  | — |  |  | 3,296 |  |  | 3,466 |
Total assets |  | 522 |  |  |  |  | 163 |  |  | 7,888 |  |  | 8,573 |
Less: |  |  |  |  |  |  |  |  |  |
Accounts payable and other |  | (39) |  |  |  |  | (18) |  |  | (841) |  |  | (898) |
Non-recourse borrowings |  | (1) |  |  |  |  | (50) |  |  | (1,198) |  |  | (1,249) |
Deferred income tax liabilities |  | (40) |  |  |  |  | — |  |  | (718) |  |  | (758) |
|  | (80) |  |  |  |  | (68) |  |  | (2,757) |  |  | (2,905) |
Net assets acquired |  | $ | 442 |  |  |  |  | $ | 95 |  |  | $ | 5,131 |  |  | $ | 5,668 |
Consideration 1 |  | $ | 442 |  |  |  |  | $ | 95 |  |  | $ | 5,131 |  |  | $ | 5,668 |
1.Total consideration, including amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. During the six months ended June 30, 2023, Brookfield acquired $8.6 billion of total assets and assumed $2.9 billion of total liabilities and non-controlling interests in equity through business combinations. Total consideration transferred for the business combinations was $5.7 billion. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis. Brookfield recorded $1.2 billion of revenue and $11 million of net income in the first six months of 2023 from the acquired operations as a result of the acquisitions made during the period. If the acquisitions had occurred at the beginning of the year, they would have contributed $1.2 billion and $20 million to total revenues and net income, respectively. Infrastructure On January 4, 2023, a subsidiary of the company, alongside institutional partners, completed the acquisition of HomeServe PLC (“HomeServe”), a residential infrastructure business operating in North America and Europe. The subsidiary has an effective 26% and 25% interest in HomeServe’s North American and European businesses, respectively. The total consideration paid for the business was $4.9 billion. Goodwill of $3.3 billion was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $1.2 billion and $6 million, respectively. Private Equity On January 31, 2023, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in a provider of portable storage solutions through its modular building leasing services operations. The total consideration paid for the business was $419 million, funded with debt and eq uity. Goodwill of $166 million was recognized, which i s not deductible for income tax purposes. T otal revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $64 million and $14 million, respectively. Renewable Power and Transition On March 3, 2023, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in a 136 MW portfolio of operating wind assets in Brazil. The total consideration paid for the business was $95 million, funded with debt and equity. No goodwill was recognized. T otal revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $4 million and $4 million, respectively.

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