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CORPORATE BORROWINGS | 12 Months Ended
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Dec. 31, 2022
Disclosure of financial liabilities [abstract] |
CORPORATE BORROWINGS | CORPORATE BORROWINGS
AS AT DEC. 31 (MILLIONS) | Maturity |  | Annual Rate |  | Currency |  | 2022 |  | 2021
Term debt |  |  |  |  |  |  |  |  |
Public – Canadian | Mar. 8, 2024 |  | 5.04 | % |  | C$ |  | $ | 369 |  |  | $ | 396 |
Public – U.S. | Apr. 1 , 2024 |  | 4.00 | % |  | US$ |  | 749 |  |  | 749 |
Public – U.S. | Jan. 15, 2025 |  | 4.00 | % |  | US$ |  | 500 |  |  | 500 |
Public – Canadian | Jan. 28, 2026 |  | 4.82 | % |  | C$ |  | 632 |  |  | 679 |
Public – U.S. | Jun. 2, 2026 |  | 4.25 | % |  | US$ |  | 497 |  |  | 497 |
Public – Canadian | Mar. 16, 2027 |  | 3.80 | % |  | C$ |  | 369 |  |  | 396 |
Public – U.S. | Jan. 25, 2028 |  | 3.90 | % |  | US$ |  | 1,073 |  |  | 649 |
Public – U.S. | Mar. 29, 2029 |  | 4.85 | % |  | US$ |  | 999 |  |  | 999 |
Public – U.S. | Apr. 15, 2030 |  | 4.35 | % |  | US$ |  | 749 |  |  | 749 |
Public – U.S. | Apr. 15, 2031 |  | 2.72 | % |  | US$ |  | 500 |  |  | 500 |
Public – U.S. | Jan. 30, 2032 |  | 2.34 | % |  | US$ |  | 600 |  |  | 600 |
Public – Canadian | Dec. 14, 2032 |  | 5.43 | % |  | C$ |  | 738 |  |  | — |
Public – U.S. | Mar. 1, 2033 |  | 7.38 | % |  | US$ |  | 250 |  |  | 250 |
Public – Canadian | Jun. 14, 2035 |  | 5.95 | % |  | C$ |  | 312 |  |  | 334 |
Private – Japanese | Dec. 1, 2038 |  | 1.42 | % |  | JPY |  | 76 |  |  | 87 |
Public – U.S. | Sep. 20, 2047 |  | 4.70 | % |  | US$ |  | 902 |  |  | 902 |
Public – U.S. | Apr. 15, 2050 |  | 3.45 | % |  | US$ |  | 594 |  |  | 594 |
Public – U.S. | Mar. 30, 2051 |  | 3.50 | % |  | US$ |  | 758 |  |  | 758 |
Public – U.S. | Feb. 15, 2052 |  | 3.63 | % |  | US$ |  | 400 |  |  | — |
Public – U.S. | Oct. 16, 2080 |  | 4.63 | % |  | US$ |  | 400 |  |  | 400 |
|  |  |  |  |  |  | 11,467 |  |  | 10,039 |
Revolving facilities 1 |  |  |  |  |  |  | — |  |  | 912 |
Deferred financing costs 2 | (77) |  |  | (76) |
Total | $ | 11,390 |  |  | $ | 10,875 |
1.Reflects commercial paper and credit facility draws outstanding as at December 31, 2022. 2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.2% (2021 – 4.2%). A portion of corporate borrowings are denominated in foreign currencies, which include C$3.3 billion (2021 – C$2.3 billion) payable in Canadian dollars or $2.4 billion (2021 – $1.8 billion) and ¥10 billion (2021 – ¥10 billion) payable in Japanese Yen or $76 million (2021 – $87 million). NON-RECOURSE BORROWINGS OF MANAGED ENTITIES
AS AT DEC. 31 (MILLIONS) | Note |  | 2022 |  | 2021
Subsidiary borrowings | (a) |  | $ | 15,140 |  |  | $ | 12,876 |
Property-specific borrowings | (b) |  | 187,544 |  |  | 152,181 |
Total |  |  | $ | 202,684 |  |  | $ | 165,057 |
a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS) | Real Estate |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  |  |  | Total
2023 | $ | 725 |  |  | $ | 249 |  |  | $ | 464 |  |  | $ | 31 |  |  |  |  | $ | 1,469 |
2024 | 826 |  |  | — |  |  | 517 |  |  | 45 |  |  |  |  | 1,388 |
2025 | 369 |  |  | 295 |  |  | — |  |  | 51 |  |  |  |  | 715 |
2026 | 369 |  |  | — |  |  | — |  |  |  |  |  |  | 369 |
2027 | 3,412 |  |  | 369 |  |  | 428 |  |  | 2,100 |  |  |  |  | 6,309 |
Thereafter | 1,034 |  |  | 1,642 |  |  | 2,279 |  |  | — |  |  |  |  | 4,955 |
Total Principal repayments | 6,735 |  |  | 2,555 |  |  | 3,688 |  |  | 2,227 |  |  |  |  | 15,205 |
Deferred financing costs and other | (33) |  |  | (9) |  |  | (22) |  |  | (1) |  |  |  |  | (65) |
Total – Dec. 31, 2022 | $ | 6,702 |  |  | $ | 2,546 |  |  | $ | 3,666 |  |  | $ | 2,226 |  |  |  |  | $ | 15,140 |
Total – Dec. 31, 2021 | $ | 6,265 |  |  | $ | 2,147 |  |  | $ | 2,719 |  |  | $ | 1,745 |  |  |  |  | $ | 12,876 |
The weighted-average interest rate on subsidiary borrowings as at December 31, 2022 was 5.2% (2021 – 3.5%). The current and non-current balances of subsidiary borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2022 |  | 2021
Current | $ | 1,469 |  |  | $ | 635 |
Non-current | 13,671 |  |  | 12,241 |
Total | $ | 15,140 |  |  | $ | 12,876 |
Subsidiary borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2022 |  | Local Currency |  | 2021 |  | Local Currency
U.S. dollars | $ | 7,850 |  |  | US$ |  | 7,850 |  |  | 6,362 |  |  | US$ |  | 6,362 |
Canadian dollars | 7,217 |  |  | C$ |  | 9,776 |  |  | 6,429 |  |  | C$ |  | 8,130 |
Brazilian reais | 73 |  |  | Rs |  | 381 |  |  | 85 |  |  | Rs |  | 472 |
Total | $ | 15,140 |  |  |  |  |  |  | $ | 12,876 |  |  |  |  |
b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS) | Real Estate |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  |  |  | Total
2023 | $ | 31,016 |  |  | $ | 2,092 |  |  | $ | 4,446 |  |  | $ | 4,274 |  |  |  |  | $ | 41,828 |
2024 | 20,400 |  |  | 3,657 |  |  | 3,048 |  |  | 7,933 |  |  |  |  | 35,038 |
2025 | 12,025 |  |  | 1,458 |  |  | 3,153 |  |  | 5,513 |  |  |  |  | 22,149 |
2026 | 6,228 |  |  | 2,089 |  |  | 4,877 |  |  | 9,104 |  |  |  |  | 22,298 |
2027 | 7,802 |  |  | 1,168 |  |  | 2,942 |  |  | 3,628 |  |  |  |  | 15,540 |
Thereafter | 9,090 |  |  | 12,401 |  |  | 11,793 |  |  | 19,247 |  |  |  |  | 52,531 |
Total Principal repayments | 86,561 |  |  | 22,865 |  |  | 30,259 |  |  | 49,699 |  |  |  |  | 189,384 |
Deferred financing costs and other | (511) |  |  | (39) |  |  | (378) |  |  | (912) |  |  |  |  | (1,840) |
Total – Dec. 31, 2022 | $ | 86,050 |  |  | $ | 22,826 |  |  | $ | 29,881 |  |  | $ | 48,787 |  |  |  |  | $ | 187,544 |
Total – Dec. 31, 2021 | $ | 75,807 |  |  | $ | 19,893 |  |  | $ | 28,515 |  |  | $ | 27,966 |  |  |  |  | $ | 152,181 |
The weighted-average interest rate on property-specific borrowings as at December 31, 2022 was 6.4% (2021 – 4.0%). The current and non-current balances of property-specific borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2022 |  | 2021
Current | $ | 41,828 |  |  | $ | 31,244 |
Non-current | 145,716 |  |  | 120,937 |
Total | $ | 187,544 |  |  | $ | 152,181 |
Property-specific borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2022 |  | Local Currency |  | 2021 |  | Local Currency
U.S. dollars | $ | 109,555 |  |  | US$ |  | 109,555 |  |  | $ | 86,610 |  |  | US$ |  | 86,610 |
British pounds | 10,660 |  |  | £ |  | 8,823 |  |  | 12,446 |  |  | £ |  | 9,197 |
Indian rupees | 7,653 |  |  | Rs |  | 632,457 |  |  | 8,223 |  |  | Rs |  | 613,684 |
Canadian dollars | 15,938 |  |  | C$ |  | 21,590 |  |  | 16,660 |  |  | C$ |  | 21,054 |
Euros | 20,316 |  |  | € |  | 18,986 |  |  | 12,722 |  |  | € |  | 11,204 |
Australian dollars | 8,650 |  |  | A$ |  | 12,696 |  |  | 4,392 |  |  | A$ |  | 6,048 |
Brazilian reais | 7,572 |  |  | R$ |  | 39,500 |  |  | 4,919 |  |  | R$ |  | 27,449 |
Colombian pesos | 2,524 |  |  | COP$ |  | 12,157,354 |  |  | 2,367 |  |  | COP$ |  | 9,480,307 |
Korean won | 1,822 |  |  | ₩ |  | 2,296,121 |  |  | 1,910 |  |  | ₩ |  | 2,271,074 |
Other currencies | 2,854 |  |  | Various |  | n/a |  | 1,932 |  |  | Various |  | n/a
Total | $ | 187,544 |  |  |  |  |  |  | $ | 152,181 |  |  |  |  |

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