Borrowings and Other Non-Current Financial Liabilities We present our consolidated balance sheets on a non-classified basis, meaning that we do not distinguish between current and  long-term assets or liabilities. We believe this classification is appropriate given the nature of our business strategy. Liabilities  are disaggregated into current and long-term components in the relevant notes to our consolidated financial statements. Corporate borrowings increased by $449 million in part from financings completed to fund the settlement of the long-dated  interest swap contract that was included in subsidiary borrowings, offset by proceeds received on asset sales. 1.  Excludes accounts payable and other liabilities that are due within one year. See Note 16 to our Consolidated Financial Statements for 2013 and 2012 balances The increase in property-specific borrowings of $1.8 billion during 2013 ($5.2 billion in 2012) is due primarily to borrowings  incurred or assumed to fund acquisitions within our property and infrastructure operations. Borrowings are generally denominated  in the same currencies as the assets they finance and therefore as the U.S. dollar appreciated during the 2013, our non-U.S. dollar  denominated borrowings decreased in value.  The decrease in subsidiary borrowings of $193 million during 2013 is attributable to the settlement of a long-dated interest  rate swap contract which was carried at $1.1 billion in the prior year. Offsetting this reduction is increased borrowings under  subsidiary credit facilities to finance acquisitions, usually as bridge financing until long-term financing can be arranged, as well  as the issuance of long-term corporate bonds by our managed listed issuers. The increase in subsidiary borrowings of $3.1 billion  during 2012 reflects acquisitions as well as the issuance of long-term corporate bonds.  Accounts payable and other liabilities with a maturity greater than one year decreased from year end, primarily a result of the  timing of payments and the completion of construction in our Brazilian residential operations, partially offset by foreign currency  translation. We also extinguished a $213 million mark-to-market liability on settlement of the interest rate swap contract. The  increase in 2012 was a result of long-term liabilities assumed on acquisitions within our property and infrastructure operations  and continued expansion of our residential development operations.  In 2012 and 2013 we redeemed C$500 million and C$350 million of capital securities, respectively, with the proceeds from  preferred shares issued at lower rates.  Consolidated equity increased by $3.2 billion in 2013 following a $6.8 billion increase during 2012. The 2013 increase primarily  reflects $3.8 billion of net income, and $1.6 billion of net equity issuances, offset by $1.5 billion of shareholder distributions  and $1.2 billion of negative revaluation from other comprehensive income, which included a $2.4 billion reduction from foreign  currency translation. We paid a $906 million special dividend of a 7.6% interest in Brookfield Property Partners L.P. (“BPY” or “Brookfield Property  Partners”) resulting in a reduction in common equity and a corresponding increase in non-controlling interests. Non-controlling  interests increased overall by $3.4 billion due to the BPY special dividend, capital called in our private equity funds and the  sale of units of Brookfield Renewable by us during the first quarter of 2013, offset by a $1.2 billion negative foreign currency  translation revaluation. In 2012 non-controlling interests increased by $4.7 billion which reflects the acquisition of consolidated businesses, particularly  within our infrastructure operations, as well as undistributed comprehensive income and increases in revaluation surplus  attributable to non-controlling interests, including fair value changes, which totalled $1.9 billion. Common equity increased  by $1.4 billion in 2012, reflecting comprehensive income for shareholders and increases in revaluation surplus less shareholder  distributions.  We provide a more detailed discussion of our capitalization in Part 4 of the MD&A.  Equity 30 BROOKFIELD ASSET MANAGEMENT  AS AT DECEMBER 31  (MILLIONS) 2013 2012 2011 2013 vs 2012  2012 vs 2011  Corporate borrowings  $  3,975 $  3,526 $  3,701 $  449 $  (175) Non-recourse borrowings Property-specific borrowings  35,495 33,720 28,487 1,775 5,233 Subsidiary borrowings  7,392 7,585 4,441 (193) 3,144 Non-current accounts payable  and other liabilities 1 4,322 5,440 3,771 (1,118) 1,669 Capital securities  791 1,191 1,650 (400) (459) Other non-current financial  liabilities  1,086 425 333 661 92 $  53,061 $  51,887 $  42,383 $  1,174 $  9,504