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(UNAUDITED) FOR THE THREE MONTHS ENDED MAR. 31, 2024 (MILLIONS) | | | | | | | | | Accumulated Other Comprehensive Income (Loss) | | | | | | | | |
Common Share Capital | | Contributed Surplus | | Retained Earnings | | Ownership Changes1 | | Revaluation Surplus | | Currency Translation | | Reserves and Other2 | | Total Common Equity | | Preferred Equity | | Non- controlling Interests | | Total Equity |
Balance as at December 31, 2023 | $ | 10,879 | | | $ | 112 | | | $ | 18,006 | | | $ | 4,510 | | | $ | 8,958 | | | $ | (2,477) | | | $ | 1,686 | | | $ | 41,674 | | | $ | 4,103 | | | $ | 122,465 | | | $ | 168,242 | |
Net income | — | | | — | | | 102 | | | — | | | — | | | — | | | — | | | 102 | | | — | | | 417 | | | 519 | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (4) | | | (254) | | | (273) | | | (531) | | | — | | | (591) | | | (1,122) | |
Comprehensive income (loss) | — | | | — | | | 102 | | | — | | | (4) | | | (254) | | | (273) | | | (429) | | | — | | | (174) | | | (603) | |
Shareholder distributions | | | | | | | | | | | | | | | | | | | | | |
Common equity | — | | | — | | | (124) | | | — | | | — | | | — | | | — | | | (124) | | | — | | | — | | | (124) | |
Preferred equity | — | | | — | | | (42) | | | — | | | — | | | — | | | — | | | (42) | | | — | | | — | | | (42) | |
Non-controlling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,760) | | | (1,760) | |
Other items | | | | | | | | | | | | | | | | | | | | | |
Repurchases, net of equity issuances | (46) | | | (9) | | | (416) | | | — | | | — | | | — | | | — | | | (471) | | | — | | | 3,640 | | | 3,169 | |
Share-based compensation | — | | | 8 | | | (18) | | | — | | | — | | | — | | | — | | | (10) | | | — | | | — | | | (10) | |
Ownership changes | — | | | — | | | — | | | (154) | | | 24 | | | (1) | | | 10 | | | (121) | | | — | | | 279 | | | 158 | |
Total change in period | (46) | | | (1) | | | (498) | | | (154) | | | 20 | | | (255) | | | (263) | | | (1,197) | | | — | | | 1,985 | | | 788 | |
Balance as at March 31, 2024 | $ | 10,833 | | | $ | 111 | | | $ | 17,508 | | | $ | 4,356 | | | $ | 8,978 | | | $ | (2,732) | | | $ | 1,423 | | | $ | 40,477 | | | $ | 4,103 | | | $ | 124,450 | | | $ | 169,030 | |