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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
Property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The company’s PP&E relates to the operating segments as shown below:
|  |  |  |  |  |  |  |  |  |  | Renewable Power and Transition (a) |  | Infrastructure (b) |  | Private Equity (c) |  | Real Estate (Core and Transitional & Development)2 (d) |  | Real Estate (LP Investments) and Other 2 (e) |  | Total |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Cost | $ | 52,279 |  |  | $ | 46,284 |  |  | $ | 56,560 |  |  | $ | 51,635 |  |  | $ | 19,317 |  |  | $ | 22,470 |  |  | $ | 545 |  |  | $ | 543 |  |  | $ | 11,105 |  |  | $ | 16,663 |  |  | $ | 139,806 |  |  | $ | 137,595 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Accumulated fair value changes | 36,324 |  |  | 31,989 |  |  | 5,419 |  |  | 4,137 |  |  | (549) |  |  | (701) |  |  | 9 |  |  | 50 |  |  | 1,676 |  |  | 2,464 |  |  | 42,879 |  |  | 37,939 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Accumulated depreciation | (12,189) |  |  | (11,922) |  |  | (9,354) |  |  | (7,226) |  |  | (5,381) |  |  | (5,934) |  |  | (239) |  |  | (248) |  |  | (2,503) |  |  | (2,587) |  |  | (29,666) |  |  | (27,917) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Total 1 | $ | 76,414 |  |  | $ | 66,351 |  |  | $ | 52,625 |  |  | $ | 48,546 |  |  | $ | 13,387 |  |  | $ | 15,835 |  |  | $ | 315 |  |  | $ | 345 |  |  | $ | 10,278 |  |  | $ | 16,540 |  |  | $ | 153,019 |  |  | $ | 147,617 |  |  |  |  |  |  |  |  |  |  |
1.As at December 31, 2024, the total includes $6.2 billion (2023 – $6.8 billion) of PP&E leased to third parties as operating leases. Our ROU PP&E assets include $1.1 billion (2023 – $757 million) in our Renewable Power and Transition segment, $5.2 billion (2023 – $3.6 billion) in our Infrastructure segment, $924 million (2023 – $1.3 billion) in our Private Equity, $80 million (2023 – $86 million) in our core and transitional and development investments within our Real Estate segment, and $829 million (2023 – $1.1 billion) within our Asset Management segment, totaling $8.1 billion (2023 – $6.8 billion) of ROU assets. 2.Real estate core and transitional and development investments are included in our Real Estate segment. 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. Renewable Power and Transition, Infrastructure, and Real Estate segments, as well as real estate LP Investments within our Asset Management segment primarily carry PP&E assets at fair value, classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs when determining fair value. The carrying amount that would have been recognized had our assets been accounted for under the cost model is $99.5 billion (2023 – $96.4 billion). The Private Equity segment carries PP&E assets at amortized cost. As at December 31, 2024, $92.3 billion (2023 – $92.3 billion) of PP&E, at cost, were pledged as collateral for the property debt at their respective properties. a) Renewable Power and Transition Our Renewable Power and Transition PP&E consists of the following:
| Hydroelectric |  | Wind |  | Solar and Other |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Cost, beginning of year | $ | 13,656 |  |  | $ | 12,480 |  |  | $ | 16,787 |  |  | $ | 11,904 |  |  | $ | 15,841 |  |  | $ | 10,099 |  |  | $ | 46,284 |  |  | $ | 34,483 |
Additions, net of disposals and assets reclassified as held for sale | (187) |  |  | 148 |  |  | (862) |  |  | 1,147 |  |  | 2,472 |  |  | 1,981 |  |  | 1,423 |  |  | 3,276 |
Acquisitions through business combinations | — |  |  | — |  |  | 3,263 |  |  | 3,712 |  |  | 4,176 |  |  | 3,488 |  |  | 7,439 |  |  | 7,200 |
Foreign currency translation and other | (1,646) |  |  | 1,028 |  |  | (840) |  |  | 24 |  |  | (381) |  |  | 273 |  |  | (2,867) |  |  | 1,325 |
Cost, end of year | 11,823 |  |  | 13,656 |  |  | 18,348 |  |  | 16,787 |  |  | 22,108 |  |  | 15,841 |  |  | 52,279 |  |  | 46,284 |
Accumulated fair value changes, beginning of year | 26,653 |  |  | 25,642 |  |  | 3,614 |  |  | 3,253 |  |  | 1,722 |  |  | 1,831 |  |  | 31,989 |  |  | 30,726 |
Fair value changes | 3,215 |  |  | (596) |  |  | 1,531 |  |  | 296 |  |  | 1,185 |  |  | (84) |  |  | 5,931 |  |  | (384) |
Dispositions and assets reclassified as held for sale | — |  |  | 49 |  |  | — |  |  | 6 |  |  | (60) |  |  | (23) |  |  | (60) |  |  | 32 |
Foreign currency translation and other | (1,307) |  |  | 1,558 |  |  | (168) |  |  | 59 |  |  | (61) |  |  | (2) |  |  | (1,536) |  |  | 1,615 |
Accumulated fair value changes, end of year | 28,561 |  |  | 26,653 |  |  | 4,977 |  |  | 3,614 |  |  | 2,786 |  |  | 1,722 |  |  | 36,324 |  |  | 31,989 |
Accumulated depreciation, beginning of year | (6,332) |  |  | (5,564) |  |  | (3,560) |  |  | (2,861) |  |  | (2,030) |  |  | (1,541) |  |  | (11,922) |  |  | (9,966) |
Depreciation expenses | (646) |  |  | (667) |  |  | (802) |  |  | (709) |  |  | (602) |  |  | (499) |  |  | (2,050) |  |  | (1,875) |
Dispositions and assets reclassified as held for sale | 143 |  |  | 5 |  |  | 566 |  |  | 4 |  |  | 221 |  |  | 2 |  |  | 930 |  |  | 11 |
Foreign currency translation and other | 698 |  |  | (106) |  |  | 382 |  |  | 6 |  |  | (227) |  |  | 8 |  |  | 853 |  |  | (92) |
Accumulated depreciation, end of year | (6,137) |  |  | (6,332) |  |  | (3,414) |  |  | (3,560) |  |  | (2,638) |  |  | (2,030) |  |  | (12,189) |  |  | (11,922) |
Balance, end of year | $ | 34,247 |  |  | $ | 33,977 |  |  | $ | 19,911 |  |  | $ | 16,841 |  |  | $ | 22,256 |  |  | $ | 15,533 |  |  | $ | 76,414 |  |  | $ | 66,351 |
The following table presents our Renewable Power and Transition PP&E measured at fair value by geography:
AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023
North America | $ | 44,538 |  |  | $ | 41,636 |
Colombia | 12,431 |  |  | 10,585 |
Brazil | 4,283 |  |  | 5,578 |
Europe | 7,144 |  |  | 5,409 |
Asia and other | 8,018 |  |  | 3,143 |
| $ | 76,414 |  |  | $ | 66,351 |
Renewable Power and Transition assets are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2024. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of Renewable Power and Transition assets. The significant Level 3 inputs include:
Valuation Technique |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value |  | Mitigating Factors
Discounted cash flow analysis |  | •Future cash flows – primarily impacted by future electricity price assumptions |  | •Increases (decreases) in future cash flows increase (decrease) fair value |  | •Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
|  | •Discount rate |  | •Increases (decreases) in discount rate decrease (increase) fair value |  | •Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
|  | •Terminal capitalization rate |  | •Increases (decreases) in terminal capitalization rate decrease (increase) fair value |  | •Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
|  | •Terminal year |  | •Increases (decreases) in the terminal year decrease (increase) fair value |  | •Increases (decreases) in the terminal year tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2024 and 2023 are summarized below.
| North America |  | Colombia |  | Brazil |  | Europe
AS AT DEC. 31 | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted | 5.1% – 5.8% |  | 5.1% – 5.7% |  | 8.5 | % |  | 8.7 | % |  | 9.6 | % |  | 8.4 | % |  | 4.9% – 6.6% |  | 4.8 | %
Uncontracted | 6.3% – 7.2% |  | 6.3% – 7.0% |  | 9.8 | % |  | 10.0 | % |  | 10.9 | % |  | 9.7 | % |  | 4.9% – 6.6% |  | 4.8 | %
Terminal capitalization rate 1 | 4.3% – 5.1% |  | 4.4% – 5.0% |  | 7.3 | % |  | 8.0 | % |  | n/a |  | n/a |  | n/a |  | n/a
Terminal year | 2048 |  | 2046 |  | 2044 |  | 2043 |  | 2052 |  | 2053 |  | 2047 |  | 2037
1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Terminal values are included in the valuation of hydroelectric assets in the U.S., Canada, and Colombia. For the hydroelectric assets in Brazil, cash flows have been included based on the duration of the authorization or useful life of a concession asset plus a one-time 30-year renewal term for the majority of the hydroelectric assets. The weighted-average remaining duration or useful life of a concession asset as at December 31, 2024, including a one-time 30-year renewal for applicable hydroelectric assets, is 30 years (2023 – 34 years). Consequently, there is no terminal value attributed to the hydroelectric assets in Brazil at the end of the authorization term. Key assumptions on contracted generation and future power pricing are summarized below:
AS AT DEC. 31, 2024 | Total Generation Contracted under Power Purchase Agreements |  | Power Prices from Long-Term Power Purchase Agreements (weighted average) |  | Estimates of Future Electricity Prices (weighted average)
1 – 10 years |  | 11 – 20 years |  | 1 – 10 years |  | 11 – 20 years |  | 1 – 10 years |  | 11 – 20 years
North America (prices in US$/MWh) | 64 | % |  | 25 | % |  | 61 |  |  | 65 |  |  | 90 |  |  | 104 |
Colombia (prices in COP$/MWh) | 49 | % |  | 4 | % |  | 310 |  |  | 398 |  |  | 494 |  |  | 684 |
Brazil (prices in R$/MWh) | 79 | % |  | 36 | % |  | 310 |  |  | 393 |  |  | 309 |  |  | 430 |
Europe (prices in €/MWh) | 95 | % |  | 45 | % |  | 91 |  |  | 93 |  |  | 94 |  |  | 86 |
T he company’s estimate of future renewable power pricing is based on management’s estimate of the cost of securing new energy from renewable sources to meet future demand between 2028 and 2035 (2023 – between 2027 and 2035), which will maintain system reliability and provide adequate levels of reserve generation. b) Infrastructure Our Infrastructure PP&E consists of the following:
| Utilities |  | Transport |  | Midstream |  | Data |  |  |  |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  | 2024 |  | 2023
Cost, beginning of year | $ | 8,278 |  |  | $ | 7,292 |  |  | $ | 18,866 |  |  | $ | 9,285 |  |  | $ | 15,405 |  |  | $ | 14,679 |  |  | $ | 9,086 |  |  | $ | 8,184 |  |  |  |  |  |  |  | $ | 51,635 |  |  | $ | 39,440 |
Additions, net of disposals and assets reclassified as held for sale | 572 |  |  | 547 |  |  | 867 |  |  | 606 |  |  | 480 |  |  | 407 |  |  | 818 |  |  | 918 |  |  |  |  |  |  |  | 2,737 |  |  | 2,478 |
Acquisitions through business combinations | — |  |  | 118 |  |  | — |  |  | 8,811 |  |  | — |  |  | — |  |  | 4,141 |  |  | 35 |  |  |  |  |  |  |  | 4,141 |  |  | 8,964 |
Foreign currency translation and other | (270) |  |  | 321 |  |  | (330) |  |  | 164 |  |  | (1,127) |  |  | 319 |  |  | (226) |  |  | (51) |  |  |  |  |  |  |  | (1,953) |  |  | 753 |
Cost, end of year | 8,580 |  |  | 8,278 |  |  | 19,403 |  |  | 18,866 |  |  | 14,758 |  |  | 15,405 |  |  | 13,819 |  |  | 9,086 |  |  |  |  |  |  |  | 56,560 |  |  | 51,635 |
Accumulated fair value changes, beginning of year | 1,894 |  |  | 1,624 |  |  | 1,410 |  |  | 1,104 |  |  | 833 |  |  | 523 |  |  | — |  |  | — |  |  |  |  |  |  |  | 4,137 |  |  | 3,251 |
Disposition and assets reclassified as held for sale | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  |  |  |  |  |  | (4) |  |  | — |
Fair value changes | 120 |  |  | 143 |  |  | 92 |  |  | 330 |  |  | 1,189 |  |  | 312 |  |  | 12 |  |  | — |  |  |  |  |  |  |  | 1,413 |  |  | 785 |
Foreign currency translation and other | (57) |  |  | 127 |  |  | (69) |  |  | (24) |  |  | (1) |  |  | (2) |  |  | — |  |  | — |  |  |  |  |  |  |  | (127) |  |  | 101 |
Accumulated fair value changes, end of year | 1,957 |  |  | 1,894 |  |  | 1,433 |  |  | 1,410 |  |  | 2,021 |  |  | 833 |  |  | 8 |  |  | — |  |  |  |  |  |  |  | 5,419 |  |  | 4,137 |
Accumulated depreciation, beginning of year | (1,836) |  |  | (1,456) |  |  | (2,605) |  |  | (2,040) |  |  | (1,538) |  |  | (982) |  |  | (1,247) |  |  | (920) |  |  |  |  |  |  |  | (7,226) |  |  | (5,398) |
Depreciation expenses | (413) |  |  | (392) |  |  | (1,003) |  |  | (601) |  |  | (629) |  |  | (557) |  |  | (775) |  |  | (419) |  |  |  |  |  |  |  | (2,820) |  |  | (1,969) |
Dispositions and assets reclassified as held for sale | 109 |  |  | 72 |  |  | 103 |  |  | 82 |  |  | 101 |  |  | 30 |  |  | 28 |  |  | 90 |  |  |  |  |  |  |  | 341 |  |  | 274 |
Foreign currency translation and other | 70 |  |  | (60) |  |  | 128 |  |  | (46) |  |  | 120 |  |  | (29) |  |  | 33 |  |  | 2 |  |  |  |  |  |  |  | 351 |  |  | (133) |
Accumulated depreciation, end of year | (2,070) |  |  | (1,836) |  |  | (3,377) |  |  | (2,605) |  |  | (1,946) |  |  | (1,538) |  |  | (1,961) |  |  | (1,247) |  |  |  |  |  |  |  | (9,354) |  |  | (7,226) |
Balance, end of year | $ | 8,467 |  |  | $ | 8,336 |  |  | $ | 17,459 |  |  | $ | 17,671 |  |  | $ | 14,833 |  |  | $ | 14,700 |  |  | $ | 11,866 |  |  | $ | 7,839 |  |  |  |  |  |  |  | $ | 52,625 |  |  | $ | 48,546 |
Infrastructure’s PP&E assets are accounted for under the revaluation model, and the most recent date of revaluation was December 31, 2024. The utilities assets consist of regulated transmission and regulated distribution networks, which are operated primarily under regulated rate base arrangements. In the transport operations, the PP&E assets consist of railroads, toll roads and ports. PP&E assets in the midstream operations are comprised of energy transmission, distribution and storage. Data PP&E include mainly telecommunications towers, fiber optic networks and data storage assets. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of infrastructure’s utilities, transport, midstream and data assets. The significant Level 3 inputs include:
Valuation Technique |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value |  | Mitigating Factors
Discounted cash flow analysis |  | •Future cash flows |  | •Increases (decreases) in future cash flows increase (decrease) fair value |  | •Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
|  | •Discount rate |  | •Increases (decreases) in discount rate decrease (increase) fair value |  | •Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
|  | •Terminal value multiple |  | •Increases (decreases) in terminal value multiple increases (decreases) fair value |  | •Increases (decreases) in terminal value multiple tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal value multiple
|  | •Investment horizon |  | •Increases (decreases) in the investment horizon decrease (increase) fair value |  | •Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year
Key valuation metrics of the company’s utilities, transport, and midstream assets at the end of 2024 and 2023 are summarized below.
| Utilities |  | Transport |  | Midstream |  |  |  |
AS AT DEC. 31 | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Discount rates | 8% – 15% |  | 8% – 11% |  | 10% |  | 9 % |  | 15% |  | 15% |  |  |  |  |  |  |  |
Terminal value multiples | 16x |  | 15x |  | 9x – 20x |  | 8x – 20x |  | 8x – 10x |  | 10x |  |  |  |  |  |  |  |
Investment horizon | 10 – 20 yrs |  | 10 – 20 yrs |  | 10 yrs |  | 10 yrs |  | 1 – 2 yrs |  | 6 yrs |  |  |  |  |  |  |  |
c) Private Equity Private Equity PP&E primarily includes assets owned by the company’s Private Equity segment. These assets are accounted for under the cost model, which requires the assets to be carried at cost less accumulated depreciation and any accumulated impairment losses. The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
| Cost |  | Accumulated Impairment |  | Accumulated Depreciation |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance, beginning of year | $ | 22,470 |  |  | $ | 21,548 |  |  | $ | (701) |  |  | $ | (611) |  |  | $ | (5,934) |  |  | $ | (5,271) |  |  | $ | 15,835 |  |  | $ | 15,666 |
Additions/(dispositions)1, net of assets reclassified as held for sale | (1,908) |  |  | (137) |  |  | 307 |  |  | 93 |  |  | 1,960 |  |  | 1,469 |  |  | 359 |  |  | 1,425 |
Acquisitions through business combinations | 32 |  |  | 239 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | 239 |
Foreign currency translation and other | (1,277) |  |  | 820 |  |  | 12 |  |  | (9) |  |  | 257 |  |  | (234) |  |  | (1,008) |  |  | 577 |
Depreciation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (1,664) |  |  | (1,898) |  |  | (1,664) |  |  | (1,898) |
Impairment charges | — |  |  | — |  |  | (167) |  |  | (174) |  |  | — |  |  | — |  |  | (167) |  |  | (174) |
Balance, end of year | $ | 19,317 |  |  | $ | 22,470 |  |  | $ | (549) |  |  | $ | (701) |  |  | $ | (5,381) |  |  | $ | (5,934) |  |  | $ | 13,387 |  |  | $ | 15,835 |
1.For accumulated impairment and accumulated depreciation, (additions)/dispositions. d) Real Estate (Core and Transitional & Development)
| Cost |  | Accumulated Fair Value Changes |  | Accumulated Depreciation |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance, beginning of year | $ | 543 |  |  | $ | 562 |  |  | $ | 50 |  |  | $ | 58 |  |  | $ | (248) |  |  | $ | (236) |  |  | $ | 345 |  |  | $ | 384 |
Additions/(dispositions)1, net of assets reclassified as held for sale | 13 |  |  | (19) |  |  | — |  |  | — |  |  | 48 |  |  | 30 |  |  | 61 |  |  | 11 |
Foreign currency translation and other | (11) |  |  | — |  |  | — |  |  | 24 |  |  | 8 |  |  | 1 |  |  | (3) |  |  | 25 |
Fair value changes | — |  |  | — |  |  | (21) |  |  | (32) |  |  | — |  |  | — |  |  | (21) |  |  | (32) |
Depreciation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | (43) |  |  | (47) |  |  | (43) |
Impairment charges | — |  |  | — |  |  | (20) |  |  | — |  |  | — |  |  | — |  |  | (20) |  |  | — |
Balance, end of year | $ | 545 |  |  | $ | 543 |  |  | $ | 9 |  |  | $ | 50 |  |  | $ | (239) |  |  | $ | (248) |  |  | $ | 315 |  |  | $ | 345 |
1.For accumulated depreciation, (additions)/dispositions. The company’s Real Estate core and transitional and development PP&E assets include assets accounted for under the revaluation model, with the most recent revaluation as at December 31, 2024. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of Real Estate assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. e) Real Estate LP Investments and Other PP&E within the segment primarily consists of our hospitality portfolio within our real estate LP investments, accounted for under the revaluation model, with the most recent revaluation as at December 31, 2024. The company determined fair value for these assets by using the depreciated replacement cost method. Valuations utilize significant unobservable inputs (Level 3) when determining the fair value of the assets. The significant Level 3 inputs include estimates of assets’ replacement cost and remaining economic life. The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
| Cost |  | Accumulated Fair Value Changes |  | Accumulated Depreciation |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance, beginning of year | $ | 16,663 |  |  | $ | 16,281 |  |  | $ | 2,464 |  |  | $ | 1,506 |  |  | $ | (2,587) |  |  | $ | (2,105) |  |  | $ | 16,540 |  |  | $ | 15,682 |
Changes in basis of accounting 1 | (4,668) |  |  | — |  |  | (476) |  |  | — |  |  | 304 |  |  | — |  |  | (4,840) |  |  | — |
Additions/(dispositions)2, net of assets reclassified as held for sale | (634) |  |  | 613 |  |  | (234) |  |  | (34) |  |  | 359 |  |  | 106 |  |  | (509) |  |  | 685 |
Acquisitions through business combinations | 45 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45 |  |  | — |
Foreign currency translation and other | (301) |  |  | (231) |  |  | (36) |  |  | 86 |  |  | 81 |  |  | 72 |  |  | (256) |  |  | (73) |
Fair value changes |  |  | — |  |  | 20 |  |  | 976 |  |  | — |  |  | — |  |  | 20 |  |  | 976 |
Depreciation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (660) |  |  | (660) |  |  | (660) |  |  | (660) |
Impairment charges | — |  |  | — |  |  | (62) |  |  | (70) |  |  | — |  |  | — |  |  | (62) |  |  | (70) |
Balance, end of year | $ | 11,105 |  |  | $ | 16,663 |  |  | $ | 1,676 |  |  | $ | 2,464 |  |  | $ | (2,503) |  |  | $ | (2,587) |  |  | $ | 10,278 |  |  | $ | 16,540 |
1.Following the completion of the partial sale of BSREP IV to BWS, our investment in BSREP IV was deconsolidated and recognized within equity accounted investments. BN was issued additional Class C shares in BWS as consideration for the acquisition by BWS. 2.For accumulated depreciation, (additions)/dispositions.

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