v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Total
Class A exchangeable and Class B shareholders
Total
Class C shareholder
Share capital
Class A exchangeable and Class B shareholders
Share capital
Class C shareholder
Retained earnings
Class A exchangeable and Class B shareholders
Retained earnings
Class C shareholder
Accumulated other comprehensive income
Accumulated other comprehensive income
Class C shareholder
Non-controlling interests
Beginning balance at Dec. 31, 2024 $ 13,076 $ 1,470 $ 10,756 $ 1,442 $ 8,526 $ 28 $ 2,026 $ 204 $ 204 $ 850 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) (282) 4 (330)     4 (330)     44 [1]
Other comprehensive (loss) income 344   344           344  
Comprehensive income (loss) 62 4 14     4 (330)   344 44 [1]
Equity issuances 299                 299 [1]
Redemptions to non-controlling interests (389)                 (389) [1]
Distributions [2] (37) (4)   (4)           (33) [1]
Acquisition of treasury shares, net (1) (1)   (1)            
Total change in the period (66) (1) 14 (5)   4 (330)   344 (79) [1]
Ending balance at Mar. 31, 2025 13,010 1,469 10,770 1,437 8,526 32 1,696 548 548 771 [1]
Beginning balance at Dec. 31, 2024 13,076 1,470 10,756 1,442 8,526 28 2,026 204 204 850 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 234                  
Other comprehensive (loss) income 469                  
Comprehensive income (loss) 703                  
Ending balance at Jun. 30, 2025 15,839 1,471 13,602 1,435 10,736 36 2,193 673 673 766 [1]
Beginning balance at Mar. 31, 2025 13,010 1,469 10,770 1,437 8,526 32 1,696 548 548 771 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 516 4 497     4 497     15 [1]
Other comprehensive (loss) income 125   125           125  
Comprehensive income (loss) 641 4 622     4 497   125 15 [1]
Equity issuances 2,207 2 2,210 2 2,210         (5) [1]
Distributions [2] (19) (4)   (4)           (15) [1]
Total change in the period 2,829 2 2,832 (2) 2,210 4 497   125 (5) [1]
Ending balance at Jun. 30, 2025 15,839 1,471 13,602 1,435 10,736 36 2,193 673 673 766 [1]
Beginning balance at Dec. 31, 2025 17,917 1,378 16,208 1,334 12,311 44 2,776 1,121 1,121 331
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) (602) 5 (614)     5 (614)     7
Other comprehensive (loss) income (414)   (414)           (414)  
Comprehensive income (loss) (1,016) 5 (1,028)     5 (614)   (414) 7
Equity issuances 2                 2
Distributions [3] (10) (5)   (5)           (5)
Acquisition of treasury shares, net (2) (2)   (2)            
Total change in the period (1,026) (2) (1,028) (7) 0 5 (614)   (414) 4
Ending balance at Mar. 31, 2026 16,891 1,376 15,180 1,327 12,311 49 2,162 707 707 335
Beginning balance at Dec. 31, 2025 17,917 1,378 16,208 1,334 12,311 44 2,776 1,121 1,121 331
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) (453)                  
Other comprehensive (loss) income (1,019)                  
Comprehensive income (loss) (1,472)                  
Ending balance at Jun. 30, 2026 17,851 1,387 16,127 1,333 13,725 54 2,300 102 102 337
Beginning balance at Mar. 31, 2026 16,891 1,376 15,180 1,327 12,311 49 2,162 707 707 335
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 149 5 138     5 138     6
Other comprehensive (loss) income (605)   (605)           (605)  
Comprehensive income (loss) (456) 5 (467)     5 138   (605) 6
Equity issuances 1,425 11 1,414 11 1,414          
Distributions [3] (9) (5)   (5)           (4)
Total change in the period 960 11 947 6 1,414 5 138   (605) 2
Ending balance at Jun. 30, 2026 $ 17,851 $ 1,387 $ 16,127 $ 1,333 $ 13,725 $ 54 $ 2,300 $ 102 $ 102 $ 337
[1] Adjusted to present the issuance and redemption of capital to non-controlling interests separately.
[2] The Company distributed $0.06 in the form of a return of capital per each Class A exchangeable and Class B share in the first and second quarters of 2025. Distribution per share has been adjusted to reflect a three-for-two stock split on October 9, 2025.
[3] The Company distributed $0.07 in the form of a return of capital per each Class A exchangeable and Class B share in the first and second quarters of 2026.