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ACQUISITIONS OF CONSOLIDATED ENTITIES | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about business combination [abstract] |
ACQUISITIONS OF CONSOLIDATED ENTITIES | ACQUISITIONS OF CONSOLIDATED ENTITIES a) Completed During 2024 The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2024. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis:
AS AT DEC. 31, 2024 (MILLIONS) |  |  |  | Renewable Power and Transition |  |  |  | Infrastructure |  | Private Equity and Other |  | Total
Cash and cash equivalents |  |  |  | $ | 553 |  |  |  |  | $ | 393 |  |  | $ | 4 |  |  | $ | 950 |
Accounts receivable and other |  |  |  | 443 |  |  |  |  | 283 |  |  | 50 |  |  | 776 |
Other financial assets |  |  |  | 345 |  |  |  |  | 294 |  |  | 10 |  |  | 649 |
Assets classified as held for sale |  |  |  | 861 |  |  |  |  | 270 |  |  | — |  |  | 1,131 |
Property, plant and equipment |  |  |  | 7,439 |  |  |  |  | 4,141 |  |  | 77 |  |  | 11,657 |
Intangible assets |  |  |  | — |  |  |  |  | 1,580 |  |  | 52 |  |  | 1,632 |
Goodwill |  |  |  | 3,556 |  |  |  |  | 294 |  |  | 49 |  |  | 3,899 |
Deferred income tax assets |  |  |  | 60 |  |  |  |  | — |  |  | — |  |  | 60 |
Total assets |  |  |  | 13,257 |  |  |  |  | 7,255 |  |  | 242 |  |  | 20,754 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other |  |  |  | (1,137) |  |  |  |  | (2,677) |  |  | (41) |  |  | (3,855) |
Liabilities associated with assets classified as held for sale |  |  |  | (340) |  |  |  |  | (70) |  |  | — |  |  | (410) |
Non-recourse borrowings |  |  |  | (4,736) |  |  |  |  | (478) |  |  | (14) |  |  | (5,228) |
Deferred income tax liabilities |  |  |  | (437) |  |  |  |  | (454) |  |  | (10) |  |  | (901) |
Non-controlling interests 1 |  |  |  | (3,015) |  |  |  |  | — |  |  | (4) |  |  | (3,019) |
|  |  |  | (9,665) |  |  |  |  | (3,679) |  |  | (69) |  |  | (13,413) |
Net assets acquired 2 |  |  |  | $ | 3,592 |  |  |  |  | $ | 3,576 |  |  | $ | 173 |  |  | $ | 7,341 |
1.Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Brookfield recorded $337 million of revenue and $22 million of net income in 2024 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $1.8 billion and $130 million to total revenues and net income, respectively. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2024. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis.
|  | Renewable Power and Transition |  | Infrastructure |  |  |  |  |  |
AS AT DEC. 31, 2024 (MILLIONS) |  | Neoen |  | ATC India |  | Cyxtera |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 544 |  |  | $ | 368 |  |  | $ | 14 |  |  |  |  |  |  |  |  |
Accounts receivable and other |  | 417 |  |  | 136 |  |  | 140 |  |  |  |  |  |  |  |  |
Other financial assets |  | 345 |  |  | 279 |  |  | — |  |  |  |  |  |  |  |  |
Assets classified as held for sale |  | 861 |  |  | — |  |  | 270 |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 7,185 |  |  | 1,785 |  |  | 2,356 |  |  |  |  |  |  |  |  |
Intangible assets |  | — |  |  | 582 |  |  | 379 |  |  |  |  |  |  |  |  |
Goodwill |  | 3,531 |  |  | 294 |  |  | — |  |  |  |  |  |  |  |  |
Deferred income tax assets |  | 60 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total assets |  | 12,943 |  |  | 3,444 |  |  | 3,159 |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other |  | (1,123) |  |  | (1,122) |  |  | (1,503) |  |  |  |  |  |  |  |  |
Liabilities associated with assets classified as held for sale |  | (340) |  |  | — |  |  | (70) |  |  |  |  |  |  |  |  |
Non-recourse borrowings |  | (4,611) |  |  | (119) |  |  | — |  |  |  |  |  |  |  |  |
Deferred income tax liabilities |  | (423) |  |  | (162) |  |  | (229) |  |  |  |  |  |  |  |  |
Non-controlling interests 1 |  | (3,005) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
|  | (9,502) |  |  | (1,403) |  |  | (1,802) |  |  |  |  |  |  |  |  |
Net assets acquired 2 |  | $ | 3,441 |  |  | $ | 2,041 |  |  | $ | 1,357 |  |  |  |  |  |  |  |  |
1.Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Renewable Power and Transition In December 2024, a subsidiary of the company, alongside institutional partners, acquired a 53% interest in Neoen S.A. (“Neoen”), a leading listed global renewables developer headquartered in France. The total consideration paid for the business was $3.4 billion. Goodwill of $3.5 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 $579 million and $15 million, respectively. Infrastructure On January 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of Cyxtera Technologies Inc. (“Cyxtera”), a data center portfolio in the U.S., through its U.S. retail colocation data center operation subsidiary. The subsidiary has an effective 29% interest in Cyxtera. The total consideration paid for the business was $803 million, and a bargain purchase gain of $554 million was recorded in fair value changes. No goodwill was recognized. On September 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of ATC Telecom Infrastructure Private Limited (“ATC India”), an Indian telecom tower operation. The subsidiary has an effective 16% interest in ATC India. The total consideration paid for the business was $2.0 billion. Goodwill of $294 million was recognized, which is not deductible for income tax purposes. Had the acquisitions of ATC India and Cyxtera been effective January 1, 2024, the Corporation’s revenue and net income would have increased by approximately $827 million and $96 million, respectively, for the year ended. b) Completed During 2023 The following table summarizes the balance sheet impact as a result of business combinations that occurred in 2023. No material changes were made to those allocations disclosed in the 2023 consolidated financial statements.
AS AT DEC. 31, 2023 (MILLIONS) |  |  |  | Infrastructure |  | Renewable Power and Transition |  | Private Equity and Other |  | Total
Cash and cash equivalents |  |  |  | $ | 921 |  |  | $ | 228 |  |  | $ | 22 |  |  | $ | 1,171 |
Accounts receivable and other |  |  |  | 1,475 |  |  | 585 |  |  | 10 |  |  | 2,070 |
Other financial assets |  |  |  | 1,519 |  |  | 47 |  |  | 1 |  |  | 1,567 |
Assets classified as held for sale |  |  |  | — |  |  | 293 |  |  | — |  |  | 293 |
Investment properties |  |  |  | 3,244 |  |  | — |  |  | — |  |  | 3,244 |
Property, plant and equipment |  |  |  | 8,964 |  |  | 7,200 |  |  | 240 |  |  | 16,404 |
Intangible assets |  |  |  | 4,020 |  |  | 8 |  |  | 83 |  |  | 4,111 |
Goodwill |  |  |  | 5,334 |  |  | 1,674 |  |  | 203 |  |  | 7,211 |
Deferred income tax assets |  |  |  | — |  |  | 97 |  |  | — |  |  | 97 |
Total assets |  |  |  | 25,477 |  |  | 10,132 |  |  | 559 |  |  | 36,168 |
Less: |  |  |  |  |  |  |  |  |  |
Accounts payable and other |  |  |  | (1,500) |  |  | (1,944) |  |  | (46) |  |  | (3,490) |
Liabilities associated with assets classified as held for sale |  |  |  | — |  |  | (138) |  |  | — |  |  | (138) |
Non-recourse borrowings |  |  |  | (9,084) |  |  | (2,868) |  |  | — |  |  | (11,952) |
Deferred income tax liabilities |  |  |  | (1,558) |  |  | (333) |  |  | (47) |  |  | (1,938) |
Non-controlling interests 1 |  |  |  | — |  |  | (414) |  |  | (1) |  |  | (415) |
Preferred equity |  |  |  | (641) |  |  | — |  |  | — |  |  | (641) |
|  |  |  | (12,783) |  |  | (5,697) |  |  | (94) |  |  | (18,574) |
Net assets acquired 2 |  |  |  | $ | 12,694 |  |  | $ | 4,435 |  |  | $ | 465 |  |  | $ | 17,594 |
1.Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition. 2.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors. Brookfield recorded $3.1 billion of revenue and $464 million of net income in 2023 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $5.1 billion and $644 million to total revenues and net income, respectively. The following table summarizes the balance sheet impact as a result of material business combinations that occurred in 2023. No material changes were made to those allocations disclosed in the 2023 consolidated financial statements.

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