v3.26.1
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income (loss) $ 309 $ 391
Adjusted for the following items:    
Equity accounted earnings, net of distributions 84 216
Impairment expense (reversal), net (5) 14
Depreciation and amortization expense 1,535 1,497
(Gain) loss on dispositions, net (1) (220)
Provisions and other items 61 (444)
Deferred income tax expense (recovery) (208) (248)
Changes in non-cash working capital, net (1,003) 92
Cash from (used in) operating activities 772 1,298
Financing Activities    
Proceeds from non-recourse subsidiary borrowings of the Corporation 8,649 11,955
Repayment of non-recourse subsidiary borrowings of the Corporation (6,870) (7,007)
Proceeds from corporate borrowings 505 410
Repayment of corporate borrowings (200) (1,440)
Proceeds from other financing 0 130
Repayment of other financing (26) (70)
Proceeds from (repayment of) other credit facilities, net 0 17
Lease liability repayment (132) (130)
Capital provided by others who have interests in operating subsidiaries 300 675
Repurchases of Class A shares (97) (157)
Distributions to Class A shareholders (26) (27)
Distributions to preferred securities holders (26) (26)
Distributions to Special shareholder (95) 0
Distributions and capital paid to others who have interests in operating subsidiaries (467) (3,797)
Cash from (used in) financing activities 1,515 533
Acquisitions    
Subsidiaries, net of cash acquired (98) (1,619)
Property, plant and equipment and intangible assets (1,211) (969)
Equity accounted investments (250) (191)
Financial assets and other (2,254) (1,372)
Dispositions    
Subsidiaries, net of cash disposed 0 508
Property, plant and equipment and intangible assets 23 89
Equity accounted investments 13 0
Financial assets and other 2,016 1,570
Net settlement of derivative assets and liabilities (4) (59)
Restricted cash and deposits (235) 104
Cash from (used in) investing activities (2,000) (1,939)
Cash and cash equivalents    
Change during the period 287 (108)
Impact of foreign exchange 56 213
Net change in cash classified within assets held for sale (442) (15)
Balance, beginning of year 3,546 3,239
Balance, end of period $ 3,447 $ 3,329