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EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Renewable Power and Transition |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Sustainable solutions |  |  |  | 4 – 51% |  | 8 – 49% |  | $ | 2,586 |  |  | $ | 251 |
Other |  |  |  | 8 – 65% |  | 3 – 65% |  | 2,325 |  |  | 2,010 |
|  |  |  |  |  |  |  | 4,911 |  |  | 2,261 |
Infrastructure |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Utilities |  |  |  | 50% |  | 8 – 38% |  | 783 |  |  | 1,244 |
Transport |  |  |  | 26 – 58% |  | 26 – 58% |  | 1,799 |  |  | 1,772 |
Data |  |  |  | 26 – 49% |  | 3% |  | 6,023 |  |  | 1,719 |
Other |  |  |  | 11 – 65% |  | 22 – 50% |  | 179 |  |  | 297 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Utilities |  |  |  | 50% |  | 15 – 49% |  | 1,200 |  |  | 1,117 |
Transport |  |  |  | 21 – 50% |  | 6 – 31% |  | 2,599 |  |  | 2,367 |
Midstream |  |  |  | 25% |  | 20 – 38% |  | 461 |  |  | 757 |
Data |  |  |  | 49 – 50% |  | 12 – 50% |  | 4,042 |  |  | 2,571 |
|  |  |  |  |  |  |  | 17,086 |  |  | 11,844 |
Private Equity |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Industrial operations |  |  |  | 13 – 54% |  | 9 – 54% |  | 553 |  |  | 1,471 |
Other |  |  |  | 14 – 50% |  | 14 – 50% |  | 2,950 |  |  | 1,790 |
|  |  |  |  |  |  |  | 3,503 |  |  | 3,261 |
Real Estate |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Transitional and development |  |  |  | 25 – 27% |  | 26 – 50% |  | 96 |  |  | 485 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Core |  |  |  | 22 – 56% |  | 22 – 56% |  | 10,702 |  |  | 10,794 |
Transitional and development |  |  |  | 5 – 60% |  | 9 – 68% |  | 7,394 |  |  | 7,625 |
|  |  |  |  |  |  |  | 18,192 |  |  | 18,904 |
Insurance Solutions 2 |  |  |  | 71% |  | 82% |  | 4,411 |  |  | 1,027 |
Asset Management and Other |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Oaktree |  |  |  | 68 | % |  | 64 | % |  | 6,974 |  |  | 5,927 |
Real estate LP Investments 3 |  |  |  | 16 – 50% |  | 16 – 31% |  | 258 |  |  | 41 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Real estate LP Investments 3 |  |  |  | 18 – 93% |  | 6 – 98% |  | 3,387 |  |  | 3,319 |
Other equity accounted investments |  |  |  | 25 – 85% |  | 12 – 85% |  | 402 |  |  | 510 |
|  |  |  |  |  |  |  | 11,021 |  |  | 9,797 |
Total | $ | 59,124 |  |  | $ | 47,094 |
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.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. 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) | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Insurance Solutions 2 |  | Asset Management and Other 3 |  | 2023 Total |  | 2022 Total
Balance, beginning of year | $ | 2,261 |  |  | $ | 11,844 |  |  | $ | 3,261 |  |  | $ | 18,904 |  |  | $ | 1,027 |  |  | $ | 9,797 |  |  | $ | 47,094 |  |  | $ | 46,100 |
Additions, net of disposals 1 | 2,367 |  |  | 4,625 |  |  | 293 |  |  | (134) |  |  | 2,518 |  |  | 1,129 |  |  | 10,798 |  |  | 1,284 |
Acquisitions through business combinations | 44 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | 682 |
Share of comprehensive income (loss) | 200 |  |  | 1,093 |  |  | 119 |  |  | (114) |  |  | 936 |  |  | 521 |  |  | 2,755 |  |  | 2,465 |
Distributions received | — |  |  | (736) |  |  | (187) |  |  | (259) |  |  | (38) |  |  | (408) |  |  | (1,628) |  |  | (2,334) |
Return of capital | (62) |  |  | — |  |  | — |  |  | (381) |  |  | — |  |  | (37) |  |  | (480) |  |  | (432) |
Foreign currency translation | 101 |  |  | 260 |  |  | 17 |  |  | 176 |  |  | (32) |  |  | 19 |  |  | 541 |  |  | (671) |
Balance, end of year | $ | 4,911 |  |  | $ | 17,086 |  |  | $ | 3,503 |  |  | $ | 18,192 |  |  | $ | 4,411 |  |  | $ | 11,021 |  |  | $ | 59,124 |  |  | $ | 47,094 |
1.Includes assets sold and amounts reclassified to held for sale. 2.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 3.Asset Management equity accounted investments primarily relate to Oaktree and real estate LP investments. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Additions, net of disposals, of $10.8 billion during the year included the acquisition of our equity accounted investment in our nuclear technology services operation in our Renewable Power and Transition segment from Brookfield Business Partners L.P., a subsidiary of the Corporation. In connection with this transaction, the Corporation recognized gains of $3.9 billion in other income and gains within net income upon loss of control due to the disposition of our nuclear technology services operation. Acquisitions, net of disposals, also included the acquisition of our equity accounted investment in our North American hyperscale data center platform and a German telecom tower business in our Infrastructure segment, the additional ownership interest acquired in Oaktree in our Asset Management segment, and capital contributions to Brookfield Reinsurance Ltd. in our Insurance Solutions segment. Our equity accounted investments balance also increased due to our proportionate share of comprehensive income earned by our equity accounted investments. 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:
| 2023 |  | 2022
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
Renewable Power and Transition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sustainable solutions | $ | 2,862 |  |  | $ | 13,952 |  |  | $ | 2,623 |  |  | $ | 6,055 |  |  | $ | 322 |  |  | $ | 2,569 |  |  | $ | 203 |  |  | $ | 938 |
Other | 2,336 |  |  | 12,692 |  |  | 2,030 |  |  | 6,568 |  |  | 3,841 |  |  | 12,309 |  |  | 3,172 |  |  | 7,187 |
Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities | 208 |  |  | 2,563 |  |  | 74 |  |  | 1,132 |  |  | 363 |  |  | 15,744 |  |  | 364 |  |  | 8,588 |
Transport | 1,641 |  |  | 12,862 |  |  | 2,065 |  |  | 6,994 |  |  | 1,318 |  |  | 12,033 |  |  | 2,259 |  |  | 5,919 |
Data | 1,061 |  |  | 42,547 |  |  | 2,725 |  |  | 21,996 |  |  | 438 |  |  | 8,659 |  |  | 564 |  |  | 4,793 |
Other | 134 |  |  | 1,032 |  |  | 94 |  |  | 321 |  |  | 118 |  |  | 1,362 |  |  | 92 |  |  | 357 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities | 437 |  |  | 6,025 |  |  | 337 |  |  | 4,177 |  |  | 372 |  |  | 6,167 |  |  | 366 |  |  | 4,088 |
Transport | 239 |  |  | 10,563 |  |  | 148 |  |  | 6,131 |  |  | 237 |  |  | 10,054 |  |  | 118 |  |  | 6,029 |
Midstream | 226 |  |  | 6,143 |  |  | 190 |  |  | 4,058 |  |  | 232 |  |  | 6,279 |  |  | 226 |  |  | 4,067 |
Data | 355 |  |  | 8,272 |  |  | 188 |  |  | 3,883 |  |  | 1,009 |  |  | 6,640 |  |  | 647 |  |  | 3,640 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial operations | 908 |  |  | 650 |  |  | 367 |  |  | 334 |  |  | 1,682 |  |  | 2,352 |  |  | 789 |  |  | 566 |
Other | 3,306 |  |  | 10,917 |  |  | 2,020 |  |  | 6,992 |  |  | 2,749 |  |  | 7,662 |  |  | 1,810 |  |  | 5,551 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transitional and development | 170 |  |  | 329 |  |  | 11 |  |  | 118 |  |  | 50 |  |  | 2,792 |  |  | 77 |  |  | 1,143 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core | 2,315 |  |  | 39,945 |  |  | 3,942 |  |  | 16,150 |  |  | 1,530 |  |  | 40,222 |  |  | 1,588 |  |  | 17,982 |
Transitional and development | 1,265 |  |  | 29,675 |  |  | 7,044 |  |  | 7,096 |  |  | 1,413 |  |  | 30,110 |  |  | 4,722 |  |  | 9,285 |
Insurance Solutions 1 | 11,930 |  |  | 49,494 |  |  | 1,654 |  |  | 53,646 |  |  | 3,500 |  |  | 39,999 |  |  | 5,324 |  |  | 36,718 |
Asset Management and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oaktree | 2,493 |  |  | 19,733 |  |  | 2,277 |  |  | 10,730 |  |  | 1,999 |  |  | 19,038 |  |  | 1,441 |  |  | 10,332 |
Real estate LP Investments 2 | 20 |  |  | 473 |  |  | 11 |  |  | 80 |  |  | 71 |  |  | 109 |  |  | 54 |  |  | — |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate LP Investments 2 | 2,491 |  |  | 9,670 |  |  | 1,575 |  |  | 4,705 |  |  | 1,875 |  |  | 11,309 |  |  | 1,464 |  |  | 5,605 |
Other equity accounted investments | 189 |  |  | 220 |  |  | 126 |  |  | 52 |  |  | 220 |  |  | 709 |  |  | 24 |  |  | 225 |
| $ | 34,586 |  |  | $ | 277,757 |  |  | $ | 29,501 |  |  | $ | 161,218 |  |  | $ | 23,339 |  |  | $ | 236,118 |  |  | $ | 25,304 |  |  | $ | 133,013 |
1.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. 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:
| 2023 |  | 2022 |  |
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | Revenue |  | Net Income |  | OCI |  | Revenue |  | Net Income |  | OCI |  |
Renewable Power and Transition |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |
Sustainable solutions | $ | 394 |  |  | $ | (15) |  |  | $ | (67) |  |  | $ | 363 |  |  | $ | 11 |  |  | $ | — |  |  |
Other | 3,078 |  |  | 673 |  |  | (355) |  |  | 3,124 |  |  | 348 |  |  | (583) |  |  |
Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities | 1,136 |  |  | 39 |  |  | (376) |  |  | 1,306 |  |  | 32 |  |  | (112) |  |  |
Transport | 3,044 |  |  | 27 |  |  | 330 |  |  | 2,561 |  |  | (132) |  |  | 307 |  |  |
Data | 2,272 |  |  | (45) |  |  | 685 |  |  | 815 |  |  | (23) |  |  | 247 |  |  |
Other | 206 |  |  | (180) |  |  | (283) |  |  | 173 |  |  | (349) |  |  | 600 |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities | 724 |  |  | 286 |  |  | 183 |  |  | 869 |  |  | 183 |  |  | 171 |  |  |
Transport | 12,102 |  |  | 4,114 |  |  | 36 |  |  | 14,372 |  |  | 1,580 |  |  | 93 |  |  |
Midstream | 924 |  |  | 315 |  |  | 188 |  |  | 918 |  |  | 220 |  |  | 67 |  |  |
Data | 1,047 |  |  | 511 |  |  | (53) |  |  | 1,571 |  |  | 337 |  |  | 522 |  |  |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial operations | 2,216 |  |  | 80 |  |  | (5) |  |  | 3,462 |  |  | 456 |  |  | 9 |  |  |
Other | 6,951 |  |  | 208 |  |  | 6 |  |  | 5,925 |  |  | 300 |  |  | 7 |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |
Transitional and development | 26 |  |  | 22 |  |  | — |  |  | (12) |  |  | 128 |  |  | — |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |
Core | 2,328 |  |  | (66) |  |  | (60) |  |  | 1,781 |  |  | 1,244 |  |  | 174 |  |  |
Transitional and development | 2,956 |  |  | 76 |  |  | (30) |  |  | 2,879 |  |  | 708 |  |  | 63 |  |  |
Insurance Solutions 1 | 6,785 |  |  | 452 |  |  | 484 |  |  | 5,101 |  |  | 492 |  |  | (867) |  |  |
Asset Management and Other |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |
Oaktree | 1,503 |  |  | 475 |  |  | 16 |  |  | 1,489 |  |  | 579 |  |  | 15 |  |  |
Real estate LP Investments 2 | 40 |  |  | (55) |  |  | (56) |  |  | 230 |  |  | (6) |  |  | 69 |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate LP Investments 2 | 1,878 |  |  | 336 |  |  | 34 |  |  | 1,362 |  |  | 350 |  |  | 312 |  |  |
Other equity accounted investments | 285 |  |  | 50 |  |  | 18 |  |  | 151 |  |  | 20 |  |  | (38) |  |  |
| $ | 49,895 |  |  | $ | 7,303 |  |  | $ | 695 |  |  | $ | 48,440 |  |  | $ | 6,478 |  |  | $ | 1,056 |  |  |
1.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd. 2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment. Certain of the company’s investments are publicly listed entities with active pricing in a liquid market.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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