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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 650 $ 806 $ 574
Adjusted for the following items:      
Earnings from investments in associates and joint ventures, net of distributions received 30 72 (52)
Depreciation and amortization expense 1,214 801 671
Mark-to-market on hedging items, provisions and other 153 99 90
Gain on sale of associate 0 (338) 0
Deferred income tax expense 28 46 67
Changes in non-cash working capital, net 68 (124) 131
Cash from operating activities 2,143 1,362 1,481
Investing Activities      
Acquisition of subsidiaries, net of cash acquired (10,271) (5,825) (4,223)
Disposal of subsidiaries, net of cash disposed 272 0 0
Investments in associates and joint ventures (539) (61) (620)
Disposal of investments in associates and joint ventures 135 1,289 0
Purchase of long lived assets (1,182) (839) (714)
Disposal of long lived assets 38 23 47
Purchase of financial assets (176) (202) (318)
Sale of financial assets and other 278 104 258
Net settlement of foreign exchange hedging items 73 (53) (151)
Cash used by investing activities (11,372) (5,564) (5,721)
Financing Activities      
Distributions to general partner (158) (140) (114)
Distributions to other unitholders (869) (779) (680)
Subsidiary distributions to non-controlling interest (1,216) (676) (831)
Capital provided by non-controlling interest 6,902 2,610 2,847
Capital provided to non-controlling interest 0 (877) 0
Proceeds from corporate borrowings 376 377 537
Repayment of corporate borrowings (288) (94) (306)
Proceeds from partial disposition of subsidiaries to non-controlling interest, net of taxes 165 0 0
Proceeds from corporate credit facility 4,651 1,303 2,403
Repayment of corporate credit facility (4,341) (1,582) (1,614)
Proceeds from non-recourse borrowings 8,625 5,601 668
Repayment of non-recourse borrowings (5,052) (1,650) (308)
Lease liability repaid (106) 0 0
Preferred units and preferred shares issued, net of repurchases 72 341 220
Partnership units issued, net of costs and repurchases 781 (16) 992
Cash from financing activities 9,542 4,418 3,814
Cash and cash equivalents      
Change during the year 313 216 (426)
Impact of foreign exchange on cash (13) (50) 14
Cash reclassified as held for sale (13) 0 0
Balance, beginning of year 540 374 786
Balance, end of year $ 827 $ 540 $ 374