BROOKFIELD Corp /ON/
For the period ended Dec 31, 2023. Filed Mar 19, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 19, 2024
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EX-99.2 · CAPITALIZATION
CAPITALIZATION
We review key components of our capitalization in the following sections. In several instances we have disaggregated the balances into the amounts attributable to our operating segments in order to facilitate discussion and analysis.
Corporate Capitalization 1 – reflects the amount of debt held in the Corporate Activities segment and our issued and outstanding common and preferred shares. Corporate debt includes unsecured bonds and draws on revolving credit facilities and the issuance of short-term commercial paper. As at December 31, 2023, our corporate capitalization was $61.6 billion (December 31, 2022 – $61.5 billion) with a debt to capitalization 1,2 of 20% (December 31, 2022 – 19%).
Consolidated Capitalization 1– reflects the aggregate capitalization of wholly owned, partially owned, and managed entities that we consolidate in our financial statements. As at December 31, 2023, consolidated capitalization was consistent compared to the prior year. Much of the borrowings issued within our managed entities are included in our consolidated balance sheet notwithstanding that virtually none of this debt has any recourse to the Corporation.
The following table presents our capitalization on a corporate and consolidated basis:
| AS AT DEC. 31(MILLIONS) · Corporate · Consolidated | |||||
|---|---|---|---|---|---|
| Ref. · 2023 · 2022 · 2023 · 2022 | |||||
| Corporate borrowings | i | $12,160 | $11,390 | $12,160 | $11,390 |
| Non-recourse borrowings | |||||
| Subsidiary borrowings | i | — | — | 16,214 | 15,140 |
| Property-specific borrowings | i | — | — | 205,336 | 187,544 |
| 12,160 | 11,390 | 233,710 | 214,074 | ||
| Accounts payable and other | 3,359 | 5,985 | 58,893 | 57,065 | |
| Deferred income tax liabilities | 117 | 112 | 24,987 | 23,190 | |
| Subsidiary equity obligations | — | — | 4,145 | 4,188 | |
| Liabilities associated with assets classified as held for sale | — | — | 118 | 876 | |
| Equity | |||||
| Non-controlling interests | 230 | 230 | 122,465 | 98,138 | |
| Preferred equity | ii | 4,103 | 4,145 | 4,103 | 4,145 |
| Common equity | iii | 41,674 | 39,608 | 41,674 | 39,608 |
| 46,007 | 43,983 | 168,242 | 141,891 | ||
| Total capitalization | $61,643 | $61,470 | $490,095 | $441,284 | |
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