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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | The aggregate notional amount of the company’s derivative positions as at December 31, 2024 and 2023 is as follows:
AS AT DEC. 31 (MILLIONS) | Note |  | 2024 |  | 2023
Foreign exchange | (a) |  | $ | 63,064 |  |  | $ | 58,175 |
Interest rates | (b) |  | 97,961 |  |  | 124,265 |
Equity derivatives | (c) |  | 1,936 |  |  | 2,017 |
Commodity instruments | (d) |  |  |  |
Energy (GWh) |  |  | 173,523 |  |  | 98,345 |
Natural gas (MMBtu – 000’s) |  |  | 110,828 |  |  | 144,104 |
The company held the following foreign exchange contracts with notional amounts as at December 31, 2024 and 2023:
| Notional Amount (U.S. Dollars) |  | Average Exchange Rate
(MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign exchange contracts |  |  |  |  |  |  |
Canadian dollars | $ | 7,878 |  |  | $ | 7,360 |  |  | 0.74 |  |  | 0.76 |
British pounds | 8,334 |  |  | 7,608 |  |  | 1.15 |  |  | 1.07 |
European Union euros | 15,497 |  |  | 14,814 |  |  | 1.01 |  |  | 1.09 |
Australian dollars | 5,228 |  |  | 3,417 |  |  | 0.66 |  |  | 0.69 |
Indian rupee 1 | 7,280 |  |  | 5,233 |  |  | 88.12 |  |  | 85.57 |
Korean won 1 | 1,002 |  |  | 1,091 |  |  | 1,380 |  |  | 1,303 |
Chinese yuan 1 | 3,604 |  |  | 3,083 |  |  | 6.97 |  |  | 6.86 |
Japanese yen 1 | 142 |  |  | 77 |  |  | 137.64 |  |  | 138.41 |
Colombian pesos 1 | 2,463 |  |  | 2,652 |  |  | 4,541 |  |  | 4,629 |
Brazilian reais | 1,981 |  |  | 3,969 |  |  | 0.19 |  |  | 0.18 |
Other currencies | 763 |  |  | 1,532 |  |  | Various |  | Various
Cross currency interest rate swaps |  |  |  |  |  |  |
Canadian dollars | 5,661 |  |  | 6,457 |  |  | 0.80 |  |  | 0.80 |
Australian dollars | 346 |  |  | 502 |  |  | 0.66 |  |  | 0.68 |
Chinese yuan 1 | 825 |  |  | — |  |  | 7.17 |  |  | — |
Foreign exchange options |  |  |  |  |  |  |
Indian rupee 1 | 2,060 |  |  | 379 |  |  | 82.87 |  |  | 74.20 |
1.Average rate is quoted using USD as base currency. The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2024 and 2023, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting:
(MILLIONS) | Unrealized Gains During 2024 |  | Unrealized Losses During 2024 |  | Net Change During 2024 |  | Net Change During 2023
Foreign exchange derivatives | $ | 271 |  |  | $ | (35) |  |  | $ | 236 |  |  | $ | 47 |
Interest rate derivatives | 222 |  |  | (461) |  |  | (239) |  |  | (10) |
Equity derivatives | 500 |  |  | — |  |  | 500 |  |  | (32) |
Commodity derivatives | 248 |  |  | (126) |  |  | 122 |  |  | 98 |
| $ | 1,241 |  |  | $ | (622) |  |  | $ | 619 |  |  | $ | 103 |
The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2024 and 2023, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting:
| 2024 |  | 2023
AS AT DEC. 31 (MILLIONS) | <1 Year |  | 1 to 5 Years |  | >5 Years |  | Total Notional Amount |  | Total Notional Amount
Fair value through profit or loss |  |  |  |  |  |  |  |  |
Foreign exchange derivatives | $ | 2,576 |  |  | $ | 4,489 |  |  | $ | 2,594 |  |  | $ | 9,659 |  |  | $ | 6,133 |
Interest rate derivatives | 15,044 |  |  | 15,264 |  |  | 1,393 |  |  | 31,701 |  |  | 45,100 |
Equity derivatives | 1,704 |  |  | 198 |  |  | 34 |  |  | 1,936 |  |  | 2,017 |
Commodity instruments |  |  |  |  |  |  |  |  |
Energy (GWh) | 3,507 |  |  | 24,011 |  |  | 14,479 |  |  | 41,997 |  |  | 69,394 |
Natural gas (MMBtu – 000’s) | 41,276 |  |  | 470 |  |  | — |  |  | 41,746 |  |  | 94,718 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |
Foreign exchange derivatives | $ | 15,741 |  |  | $ | 35,776 |  |  | $ | 1,888 |  |  | $ | 53,405 |  |  | $ | 52,041 |
Interest rate derivatives | 23,888 |  |  | 33,208 |  |  | 9,164 |  |  | 66,260 |  |  | 79,165 |
Commodity instruments |  |  |  |  |  |  |  |  |
Energy (GWh) | 14,553 |  |  | 42,697 |  |  | 74,276 |  |  | 131,526 |  |  | 28,951 |
Natural gas (MMBtu – 000’s) | 41,921 |  |  | 27,161 |  |  | — |  |  | 69,082 |  |  | 49,386 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2024 and 2023 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
| 2024 |  | 2023
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges 1 | $ | 71,646 |  |  | $ | (17) |  |  | $ | 7 |  |  | $ | 84,119 |  |  | $ | (754) |  |  | $ | (12) |
Net investment hedges | 47,408 |  |  | 2,814 |  |  | — |  |  | 45,979 |  |  | (1,200) |  |  | — |
| $ | 119,054 |  |  | $ | 2,797 |  |  | $ | 7 |  |  | $ | 130,098 |  |  | $ | (1,954) |  |  | $ | (12) |
1.Notional amount does not include 131,526 GWh and 69,082 MMBtu – 000’s – of commodity derivatives as at December 31, 2024 (2023 – 28,952 GWh, 49,386 MMBtu – 000’s).

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